Document:

Exhibit 10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This Securities Purchase
Agreement (this “Agreement”) is dated as of February 12, 2021, between Antelope Enterprise Holdings Ltd.,
a company incorporated under the laws of the British Virgin Islands (the “Company”), and each purchaser identified
on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively
the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under the Securities
Act of 1933, as amended (the “Securities Act”) as to the Shares and (ii) an exemption from the registration
requirements of Section 5 of the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder
as to the Warrants, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires
to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

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

 

ARTICLE I.

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and
(ii) the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event
later than the second (2nd) Trading Day following the date hereof.

 

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

 

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

 

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

 

“Company
Counsel” means Schiff Hardin LLP, with offices located at 901 K Street NW, Suite 700, Washington, DC 20001, as to
United States law; Harney Westwood & Riegels as to British Virgin Islands law and Fujian Liheng & Partners as
to People’s Republic of China law.

 

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

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York
City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day
immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if
this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later
than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement
Agent.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

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

 

    2 

     

    

 

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

 

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

 

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

 

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

 

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

 

“KDW”
means Kelley Drye & Warren LLP, with offices located at 101 Park Ave, New York, NY 10178.

 

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

 

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

 

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

 

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

 

“Participation
Maximum” shall have the meaning ascribed to such term in Section 4.11(a).

 

“Per
Share Purchase Price” equals $3.57, subject to adjustment for reverse and forward share splits, any division of shares,
bonus share issues, dividends, share combinations and other similar transactions of the Common Shares that occur after the date
of this Agreement.

 

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

 

“Placement
Agent” means Dawson James Securities, Inc.

 

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

 

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

 

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

 

“Prospectus”
means the final prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is
filed with the Commission and delivered by the Company to each Purchaser at the Closing.

 

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

 

“Registration
Statement” means the effective registration statement with Commission file No. 333-228182 which registers the sale
of the Shares to the Purchasers.

 

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

 

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

 

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

 

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

 

“Securities”
means the Shares, the Warrants and the Warrant Shares.

 

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

 

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

 

    4 

     

    

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but
shall not be deemed to include locating and/or borrowing Common Shares).

 

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

 

“Subsequent
Financing” shall have the meaning ascribed to such term in Section 4.11(a).

 

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

 

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

 

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

 

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

 

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

 

“Transfer
Agent” means Continental Stock Transfer & Trust Company, the current transfer agent of the Company, with a mailing
address of 17 Battery Place, New York, NY 10004 and a facsimile number of 212-845-3299, and any successor transfer agent of the
Company.

 

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

 

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

 

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“Warrants”
means, collectively, the Common Shares purchase warrants delivered to the Purchasers at the Closing in accordance with Section 2.2(a) hereof,
which Warrants shall be immediately exercisable and will have a term of five (5) years, in the form of Exhibit A
attached hereto.

 

“Warrant
Shares” means the Common Shares issuable upon exercise of the Warrants.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1          Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution
and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly,
agree to purchase, up to an aggregate of $2,100,002.52 of Shares and Warrants. Each Purchaser’s Subscription Amount as set
forth on the signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment”
settlement with the Company or its designee. The Company shall deliver to each Purchaser its respective Shares and a Warrant as
determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2
deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall
occur at the offices of KDW or such other location as the parties shall mutually agree. Notwithstanding anything herein to the
contrary, if at any time on or after the time of execution of this Agreement by the Company and an applicable Purchaser, through,
and including the time immediately prior to the Closing (the “Pre-Settlement Period”), if such Purchaser sells
to any Person all, or any portion, of any Common Shares to be issued hereunder to such Purchaser at the Closing (collectively,
the “Pre-Settlement Shares”), such Purchaser shall, automatically hereunder (without any additional required
actions by such Purchaser or the Company), be deemed to be unconditionally bound to purchase, and the Company shall be deemed unconditionally
bound to sell, such Pre-Settlement Shares to such Purchaser at the Closing; provided, that the Company shall not be required to
deliver any Pre-Settlement Shares to such Purchaser prior to the Company’s receipt of the Subscription Amount for such Pre-Settlement
Shares hereunder; provided, further, that the Company hereby acknowledges and agrees that the forgoing shall not constitute a representation
or covenant by such Purchaser as to whether or not such Purchaser will elect to sell any Pre-Settlement Shares during the Pre-Settlement
Period.  The decision to sell any Common Shares will be made in the sole discretion of such Purchaser from time to time, including
during the Pre-Settlement Period. Unless otherwise directed by the Placement Agent, settlement of the Shares shall occur via “Delivery
Versus Payment” (“DVP”) (i.e., on the Closing Date, the Company shall issue the Shares registered in the
Purchasers’ names and addresses and released by the Transfer Agent directly to the account(s) at the Placement Agent
identified by each Purchaser; upon receipt of such Shares, the Placement Agent shall promptly electronically deliver such Shares
to the applicable Purchaser, and payment therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer
to the Company).

 

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2.2          Deliveries.

 

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

 

(i)             this
Agreement duly executed by the Company;

 

(ii)            a
legal opinion of Company Counsel, substantially in the form of Exhibit B attached hereto;

 

(iii)           subject
to the last sentence of Section 2.1, the Company shall have provided each Purchaser with the Company’s wire instructions,
on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(iv)           subject
to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer
Agent to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of
such Purchaser;

 

(v)            a
Warrant registered in the name of such Purchaser to purchase up to a number of Common Shares equal to 100% of such Purchaser’s
Shares, with an exercise price equal to $3.57 per share, subject to adjustment therein; and

 

(vi)           the
Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

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

 

(i)             this
Agreement duly executed by such Purchaser; and

 

(ii)            such
Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement with
the Company or its designee.

 

2.3            Closing
Conditions.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)              the
Registration Statement shall be effective and available for the issuance and sale of the Securities hereunder and the Company shall
have delivered to such Purchaser the Prospectus and the Prospectus Supplement as required thereunder;

 

(iv)            there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

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

 

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ARTICLE III.

REPRESENTATIONS AND WARRANTIES

 

3.1         Representations
and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed
a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding
section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)        Subsidiaries
and Affiliated Entities. Each of the Company’s direct and indirect subsidiaries as defined under Rule 405
(each a “Subsidiary” and collectively, the “Subsidiaries”) has been identified
on Schedule 3.1(a) hereto, and each of the consolidated entities which the Company controls and through which the Company
conducts its operations in the People’s Republic of China (“PRC”) by way of contractual arrangements (each
an “Affiliated Entity” and collectively, the “Affiliated Entities”) has been identified
on Schedule 3.1(a) hereto. Each of the Subsidiaries and Affiliated Entities has been duly incorporated, is validly
existing as a corporation in good standing under the laws of the jurisdiction of its incorporation, has the corporate power and
authority to own its property and to conduct its business as described in the Prospectus, Prospectus Supplement and SEC Reports;
all of the equity interests of each Subsidiary have been duly and validly authorized and issued, are owned directly or indirectly
by the Company, are fully paid and non-assessable and, are free and clear of all liens, encumbrances, equities or claims; all of
the equity interests in each Affiliated Entity have been duly and validly authorized and issued, are fully paid in accordance with
its constitutive or organizational documents and non-assessable and are owned directly as described in the Prospectus, Prospectus
Supplement and SEC Reports, free and clear of all liens, encumbrances, equities or claims. None of the outstanding share capital
or equity interest in any Subsidiary was issued in violation of pre-emptive or similar rights of any security holder of such Subsidiary.
All of the constitutive or organizational documents of each of the Subsidiaries and Affiliated Entities comply with the requirements
of applicable laws of its jurisdiction of incorporation or organization and are in full force and effect. Apart from the Subsidiaries
and Affiliated Entities, the Company has no direct or indirect Subsidiaries..

 

(b)          VIE
Agreements and Ownership Structure.

 

(i)            The
description of the corporate structure of the Company and each of the contracts among the Subsidiaries, the shareholders of the
Affiliated Entities and the Affiliated Entities, as the case may be (each a “VIE Agreement” and collectively
the “VIE Agreements”), as set forth in the Prospectus, Prospectus Supplement and SEC Reports, is true and
accurate and nothing has been omitted from such description which would make it misleading. There is no other agreement, contract
or other document relating to the corporate structure or the operation of the Company together with its Subsidiaries and Affiliated
Entities taken as a whole, which has not been previously disclosed or made available to the Underwriters and disclosed in Prospectus,
Prospectus Supplement and SEC Reports.

 

    9 

     

    

 

(ii)            Each
VIE Agreement has been duly authorized, executed and delivered by the parties thereto and constitutes a valid and legally binding
obligation of the parties thereto, enforceable in accordance with its terms, subject, as to enforceability, to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and general equity principles. No consent, approval, authorization, or order of, or filing or registration with, any person
(including any governmental agency or body or any court) is required for the performance of the obligations under any VIE Agreement
by the parties thereto, except as already obtained or disclosed in the Prospectus, Prospectus Supplement and SEC Reports; no consent,
approval, authorization, order, filing or registration that has been obtained is being withdrawn or revoked or is subject to any
condition precedent which has not been fulfilled or performed. The corporate structure of the Company complies with all applicable
laws and regulations of the PRC, and neither the corporate structure nor the VIE Agreements violate, breach, contravene or otherwise
conflict with any applicable laws of the PRC. There is no legal or governmental proceeding, inquiry or investigation pending against
the Company, the Subsidiaries and Affiliated Entities or shareholders of the Affiliated Entities in any jurisdiction challenging
the validity of any of the VIE Agreements, and, to the best knowledge of the Company, no such proceeding, inquiry or investigation
is threatened in any jurisdiction.

 

(iii)            The
execution, delivery and performance of each VIE Agreement by the parties thereto do not and will not result in a breach or violation
of any of the terms and provisions of or constitute a default under, or result in the imposition of any lien, encumbrance, equity
or claim upon any property or assets of the Company or any of the Subsidiaries and Affiliated Entities pursuant to (A) the
constitutive or organizational documents of the Company or any of the Subsidiaries and Affiliated Entities, (B) any statute,
rule, regulation or order of any governmental agency or body or any court, domestic or foreign, having jurisdiction over the Company
or any of the Subsidiaries and Affiliated Entities or any of their properties, or any arbitration award, or (C) any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of the Subsidiaries and Affiliated
Entities is a party or by which the Company or any of the Subsidiaries and Affiliated Entities is bound or to which any of the
properties of the Company or any of the Subsidiaries and Affiliated Entities is subject, except, in the case of (B) and (C),
where such conflict, breach, violation or default would not reasonably be expected to have a Material Adverse Effect (as defined
below). Each VIE Agreement is in full force and effect and none of the parties thereto is in breach or default in the performance
of any of the terms or provisions of such VIE Agreement. None of the parties to any of the VIE Agreements has sent or received
any communication regarding termination of, or intention not to renew, any of the VIE Agreements, and no such termination or non-renewal
has been threatened by any of the parties thereto.

 

(iv)            The
Company possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of the Affiliated
Entities, through its rights to authorize the shareholders of the Affiliated Entities to exercise their voting rights.

 

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

 

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

 

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

 

(e)          Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, give any notice
to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the
filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus Supplement,
(iii) application(s) to each applicable Trading Market for the listing of the Shares and Warrant Shares for trading thereon
in the time and manner required thereby, and (iv) the filing of Form D with the Commission and such filings as are required
to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(f)          Issuance
of the Securities; Registration. The Securities are duly authorized and, when issued and paid for in accordance with the applicable
Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company. The Warrant Shares, when issued in accordance with the terms of the Warrants, will be validly issued, fully paid and nonassessable,
free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized share capital the maximum
number of Common Shares issuable pursuant to this Agreement and the Warrants. The Company has prepared and filed the Registration
Statement in conformity with the requirements of the Securities Act, which became effective on November 19, 2018 (the
 “Effective Date”), including the Prospectus, and such amendments and supplements thereto as may have been required
to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing or
suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued
by the Commission and no proceedings for that purpose have been instituted or, to the knowledge of the Company, are threatened
by the Commission. The Company shall file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time
the Registration Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date,
the Registration Statement and any amendments thereto conformed and will conform in all material respects to the requirements of
the Securities Act and did not and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading; and the Prospectus, the Prospectus Supplement
and any amendments or supplements thereto, at the time the Prospectus, the Prospectus Supplement or any amendment or supplement
thereto was issued and at the Closing Date, conformed and will conform in all material respects to the requirements of the Securities
Act and did not and will not contain an untrue statement of a material fact or omit to state a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company was at
the time of the filing of the Registration Statement eligible to use Form F-3. The Company is eligible to use Form F-3
under the Securities Act and it meets the transaction requirements with respect to the aggregate market value of securities being
sold pursuant to this offering and during the twelve (12) months prior to this offering, as set forth in General Instruction I.B.6
of Form F-3.

 

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(g)          Capitalization.
The capitalization of the Company as of the date hereof is as set forth in the SEC Reports. The Company has not issued any share
capital since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee
share options under the Company’s share option plans, the issuance of Common Shares to employees pursuant to the Company’s
employee share purchase plans and pursuant to the conversion and/or exercise of Common Share Equivalents outstanding as of the
date of the most recently filed periodic report under the Exchange Act. No Person has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except
as a result of the purchase and sale of the Securities, there are no outstanding options, warrants, scrip rights to subscribe
to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable
or exchangeable for, or giving any Person any right to subscribe for or acquire, any Common Shares or the share capital of any
Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become
bound to issue additional Common Shares or Common Share Equivalents or share capital of any Subsidiary. The issuance and sale
of the Securities will not obligate the Company or any Subsidiary to issue Common Shares or other securities to any Person (other
than the Purchasers). There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that
adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the
Company or any Subsidiary. There are no outstanding securities or instruments of the Company or any Subsidiary that contain any
redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company
or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any
share appreciation rights or “phantom share” plans or agreements or any similar plan or agreement. All of the outstanding
share capital of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance
with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights
or similar rights to subscribe for or purchase securities. No further approval or authorization of any shareholder, the Board
of Directors or others is required for the issuance and sale of the Securities. There are no shareholders agreements, voting agreements
or other similar agreements with respect to the Company’s share capital to which the Company is a party or, to the knowledge
of the Company, between or among any of the Company’s shareholders.

 

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(h)             SEC
Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such
material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, together with
the Prospectus and the Prospectus Supplement, being collectively referred to herein as the “SEC Reports”) on
a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with International Financial Reports Standards applied on a consistent basis during the periods involved (“IFRS”),
except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements
may not contain all footnotes required by IFRS, and fairly present in all material respects the financial position of the Company
and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods
then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)             Material
Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements included
within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i) there
has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse
Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and
accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required
to be reflected in the Company’s financial statements pursuant to IFRS or disclosed in filings made with the Commission,
(iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or
distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements to purchase or redeem
any of its share capital and (v) the Company has not issued any equity securities to any officer, director or Affiliate,
except pursuant to existing Company share option plans. The Company does not have pending before the Commission any request for
confidential treatment of information. Except for the issuance of the Securities contemplated by this Agreement, no event, liability,
fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect
to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made
or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

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(j)             Litigation.
Except as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending
or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local
or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity
or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision,
have or reasonably be expected to result in a Material Adverse Effect. Except as set forth in the SEC Reports, neither the Company
nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation
of or liability under federal or state securities laws or a claim of breach of fiduciary duty. There has not been, and to the knowledge
of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current
or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the effectiveness
of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k)            Labor
Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of
the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’
employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither
the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe
that their relationships with their employees are good. To the knowledge of the Company, no executive officer of the Company or
any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract, confidentiality, disclosure
or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant
in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of
its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance
with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and
conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

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

 

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

 

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

 

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

 

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(p)             Intellectual
Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark
applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights
and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports
and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).
Except as set forth in the SEC Reports, none of, and neither the Company nor any Subsidiary has received a notice (written or
otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or
terminate or be abandoned, within two (2) years from the date of this Agreement. Neither the Company nor any Subsidiary has
received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim
or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except
as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights.
The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of
all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

 

(q)             Insurance.
The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and
in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including,
but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount. Neither the
Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business without
a significant increase in cost.

 

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

 

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(s)            Sarbanes-Oxley;
Internal Accounting Controls. The Company and the Subsidiaries are in compliance with any and all applicable requirements
of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations
promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date. Except as set forth
in the SEC Reports, the Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable
assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset accountability,
(iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken
with respect to any differences. Except as set forth in the SEC Reports, the Company and the Subsidiaries have established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries
and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the
reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified
in the Commission’s rules and forms. The Company’s certifying officers have evaluated the effectiveness of the
disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently
filed periodic report under the Exchange Act (such date, the “Evaluation Date”). The Company presented in its
most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness
of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date, there
have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company
and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial
reporting of the Company and its Subsidiaries.

 

(t)            Certain
Fees. Except as set forth in the Prospectus Supplement, no brokerage or finder’s fees or commissions are or will be payable
by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank
or other Person with respect to the transactions contemplated by the Transaction Documents. The Purchasers shall have no obligation
with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in
this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

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

 

(v)          Registration
Rights. Except as set forth in the SEC Reports, no Person has any right to cause the Company or any Subsidiary to effect the
registration under the Securities Act of any securities of the Company or any Subsidiary.

 

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(w)           Listing
and Maintenance Requirements. The Common Shares are registered pursuant to Section 12(b) or 12(g) of the Exchange
Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the
registration of the Common Shares under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration. Except as set forth in the SEC Reports, the Company has not, in the 12 months preceding the date
hereof, received notice from any Trading Market on which the Common Shares are or has been listed or quoted to the effect that
the Company is not in compliance with the listing or maintenance requirements of such Trading Market. Except as set forth in the
SEC Reports, the Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance
with all such listing and maintenance requirements. The Common Shares are currently eligible for electronic transfer through the
Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository
Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(x)            Application
of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in order to render
inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement)
or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents)
or the laws of its state of incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and
the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation
as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(y)          Disclosure.
Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company
confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel
with any information that it believes constitutes or might constitute material, non-public information which is not otherwise disclosed
in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely on the foregoing representation
in effecting transactions in securities of the Company. All of the disclosure furnished by or on behalf of the Company to the Purchasers
regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the
Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit
to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which
they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this
Agreement taken as a whole (and read in conjunction with the SEC Reports) do not contain any untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made and when made, not misleading. The Company acknowledges and agrees that no Purchaser
makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically
set forth in Section 3.2 hereof.

 

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(z)         No
Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made
any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would
require the registration of the Warrants or Warrant Shares under the Securities Act, or (ii) any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(aa)         Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the
Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets
exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small
capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and
capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would
receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend to
incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will
file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the
Closing Date. Schedule 3.1(aa) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the
Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement, “Indebtedness”
means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred
in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness
of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto),
except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course
of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized
in accordance with IFRS. Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(bb)       Tax
Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it
is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined
to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for
the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There
are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the
Company or of any Subsidiary know of no basis for any such claim.

 

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

 

(dd)     Accountants.
The Company’s accounting firm is set forth in the Prospectus Supplement. To the knowledge and belief of the Company, such
accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its
opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending
December 31, 2020.

 

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

 

(ff)   Acknowledgment
Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary notwithstanding
(except for Sections 3.2(f) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the
Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or
short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold
the Securities for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically
including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future
private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) any
Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly,
presently may have a “short” position in the Common Shares, and (iv) each Purchaser shall not be deemed to have
any affiliation with or control over any arm’s length counter-party in any “derivative” transaction. The Company
further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during
the period that the Securities are outstanding, including, without limitation, during the periods that the value of the Warrant
Shares deliverable with respect to Securities are being determined, and (z) such hedging activities (if any) could reduce
the value of the existing shareholders' equity interests in the Company at and after the time that the hedging activities are
being conducted.  The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any
of the Transaction Documents.

 

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(gg)     Regulation
M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or
indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid
to the Company’s placement agent in connection with the placement of the Securities.

 

(hh)      Reserved.

 

(ii)        Stock
Option Plans. Each share option granted by the Company under the Company’s share option plan was granted (i) in
accordance with the terms of the Company’s share option plan and (ii) with an exercise price at least equal to the fair
market value of the Common Shares on the date such share option would be considered granted under GAAP and applicable law. No share
option granted under the Company’s share option plan has been backdated. The Company has not knowingly granted, and there
is no and has been no Company policy or practice to knowingly grant, share options prior to, or otherwise knowingly coordinate
the grant of share options with, the release or other public announcement of material information regarding the Company or its
Subsidiaries or their financial results or prospects.

 

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

 

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

 

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

 

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

 

(nn)    Private
Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no
registration under the Securities Act is required for the offer and sale of the Warrants or the Warrant Shares by the Company to
the Purchasers as contemplated hereby.

 

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

 

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

 

(qq)    Other
Covered Persons. Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person)
that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale
of any Securities.

 

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(rr)    Notice
of Disqualification Events. The Company will notify the Purchasers in writing, prior to the Closing Date of (i) any Disqualification
Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, reasonably be expected
to become a Disqualification Event relating to any Issuer Covered Person, in each case of which it is aware.

 

(c)     Communist
Chinese Military Companies. The Company does not constitute a “Communist Chinese Military Company” under Executive
Order 13959, issued by former President Trump on November 12, 2020 under the authority of Section 1237 of the National
Defense Authorization Act for Fiscal Year 1999.

 

(d)       Compliance
with PRC Overseas Investment and Listing Regulations. Each of the Company and its Subsidiaries and Affiliated Entities
has complied, and has taken all reasonable steps to ensure compliance by each of its shareholders, directors and officers that
is, or is directly or indirectly owned or controlled by, a PRC resident or citizen with any applicable rules and regulations
of the relevant PRC government agencies (including but not limited to the Ministry of Commerce, the National Development and Reform
Commission, the China Securities Regulatory Commission (“CSRC”) and the State Administration of Foreign Exchange
(the “SAFE”)) relating to overseas investment by PRC residents and citizens (the “PRC Overseas
Investment and Listing Regulations”), including, without limitation, requesting each such Person that is, or is directly
or indirectly owned or controlled by, a PRC resident or citizen, to complete any registration and other procedures required under
applicable PRC Overseas Investment and Listing Regulations (including any applicable rules and regulations of the SAFE).

 

(e)       M&A
Rules. The Company is aware of and has been advised as to the content of the Rules on Mergers and Acquisitions of Domestic
Enterprises by Foreign Investors and any official clarifications, guidance, interpretations or implementation rules in connection
with or related thereto (the “PRC Mergers and Acquisitions Rules”) jointly promulgated by the Ministry of Commerce,
the State Assets Supervision and Administration Commission, the State Tax Administration, the State Administration of Industry
and Commerce, the CSRC and the State Administration of Foreign Exchange on August 8, 2006 and amended on June 22, 2009,
including the provisions thereof which purport to require offshore special purpose entities formed for listing purposes and controlled
directly or indirectly by PRC companies or individuals to obtain the approval of the CSRC prior to the listing and trading of their
securities on an overseas stock exchange. The Company has received legal advice specifically with respect to the PRC Mergers and
Acquisitions Rules from its PRC counsel, and the Company understands such legal advice. In addition, the Company has communicated
such legal advice in full to each of its directors that signed the Registration Statement and each such director has confirmed
that he or she understands such legal advice. The issuance and sale of the Shares, the listing and trading of the Shares on NASDAQ
Capital Market and the consummation of the transactions contemplated by this Agreement (i) are not and will not be, as of
the date hereof or at the Closing Date, adversely affected by the PRC Mergers and Acquisitions Rules and (ii) do not
require the prior approval of the CSRC.

 

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

 

(a)       Organization;
Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability
company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents
and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and
performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary
corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction
Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with
the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance
with its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

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

 

(c)      Purchaser
Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on each date on
which it exercises any Warrants, it will be an “accredited investor” as defined in Rule 501(a)(1), (a)(2), (a)(3),
(a)(7) or (a)(8) under the Securities Act.

 

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(d)       Experience
of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)      Access
to Information. Such Purchaser acknowledges that it has had the opportunity to review the Prospectus, Prospectus Supplement,
Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded, (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access
to information about the Company and its financial condition, results of operations, business, properties, management and prospects
sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the
Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision
with respect to the investment.  Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate
of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information
or advice necessary or desired.  Neither the Placement Agent nor any Affiliate has made or makes any representation as to
the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information
with respect to the Company which such Purchaser agrees need not be provided to it.  In connection with the issuance of the
Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary
to such Purchaser.

 

(f)        Certain
Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser has not,
nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any
purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that
such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting
forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions
made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall
only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase
the Securities covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s representatives,
including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such
Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence
and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute
a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales
or similar transactions in the future.

 

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

 

The Company acknowledges and agrees that
the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on
the Company’s representations and warranties contained in this Agreement or any representations and warranties contained
in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement
or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance of doubt, nothing
contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing
shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1          Removal
of Legends.

 

(a)       The
Warrants and Warrant Shares may only be disposed of in compliance with state and federal securities laws. In connection with any
transfer of Warrants or Warrant Shares other than pursuant to an effective registration statement or Rule 144, to the Company
or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require
the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to
the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer
does not require registration of such transferred Warrant under the Securities Act.

 

(b)       The
Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Warrants or Warrant
Shares in the following form:

 

NEITHER THIS SECURITY NOR THE
SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE HAS BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN
WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT
OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

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The Company acknowledges and agrees that a Purchaser may from
time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some
or all of the Warrants or Warrant Shares to a financial institution that is an “accredited investor” as defined in
Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer
pledged or secured Warrants or Warrant Shares to the pledgees or secured parties. Such a pledge or transfer would not be subject
to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in
connection therewith. Further, no notice shall be required of such pledge. At the appropriate Purchaser’s expense, the Company
will execute and deliver such reasonable documentation as a pledgee or secured party of Warrants and Warrant Shares may reasonably
request in connection with a pledge or transfer of the Warrants or Warrant Shares.

 

(c)      Certificates
evidencing the Warrant Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof):
(i) while a registration statement covering the resale of such security is effective under the Securities Act, or (ii) following
any sale of such Warrant Shares pursuant to Rule 144 (assuming cashless exercise of the Warrants), or (iii) if such Warrant
Shares are eligible for sale under Rule 144 (assuming cashless exercise of the Warrants), or (iv) if such legend is not
required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the
staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly
if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively.
If all or any portion of a Warrant is exercised at a time when there is an effective registration statement to cover the resale
of the Warrant Shares, or if such Warrant Shares may be sold under Rule 144 (assuming cashless exercise of the Warrants) or
if such legend is not otherwise required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission) then such Warrant Shares shall be issued free of all legends. The Company
agrees that following such time as such legend is no longer required under this Section 4.1(c), the Company will, no later
than the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement
Period (as defined below) following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing
Warrant Shares, as applicable, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver
or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends.
The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on
transfer set forth in this Section 4. Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer
Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System
as directed by such Purchaser. As used herein, “Standard Settlement Period” means the standard settlement period,
expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect
on the date of delivery of a certificate representing Warrant Shares issued with a restrictive legend.

 

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(d)     In
addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial
liquidated damages and not as a penalty, for each $1,000 of Warrant Shares (based on the VWAP of the Common Shares on the date
such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c),
$5 per Trading Day (increasing to $10 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each
Trading Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails
to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the
Securities so delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after
the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction
of a sale by such Purchaser of all or any portion of the number of Common Shares, or a sale of a number of Common Shares equal
to all or any portion of the number of Common Shares, that such Purchaser anticipated receiving from the Company without any restrictive
legend, then an amount equal to the excess of such Purchaser’s total purchase price (including brokerage commissions and
other out-of-pocket expenses, if any) for the Common Shares so purchased (including brokerage commissions and other out-of-pocket
expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Warrant Shares that the Company
was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the
Common Shares on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the Company of the
applicable Warrant Shares (as the case may be) and ending on the date of such delivery and payment under this Section 4.1(d).

 

(e)       The
Shares shall be issued free of legends.

 

4.2         Furnishing
of Information.

 

(a)        Until
the earliest of the time that (i) no Purchaser owns Securities or (ii) the Warrants have expired, the Company covenants
to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be
filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting
requirements of the Exchange Act.

 

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(b)       At
any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that
all of the Warrant Shares (assuming cashless exercise) may be sold without the requirement for the Company to be in compliance
with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall
fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been
an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any
condition set forth in Rule 144(i)(2) (a “Public Information Failure”) then, in addition to such
Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not
as a penalty, by reason of any such delay in or reduction of its ability to sell the Warrant Shares, an amount in cash equal to
two percent (2.0%) of the aggregate Exercise Price of such Purchaser’s Warrants on the day of a Public Information Failure
and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier
of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer
required  for the Purchasers to transfer the Warrant Shares pursuant to Rule 144.  The payments to which a Purchaser
shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.” 
Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such
Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure
giving rise to the Public Information Failure Payments is cured.  In the event the Company fails to make Public Information
Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month
(prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages
for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in
equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.3           Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined
in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would
require the registration under the Securities Act of the sale of the Warrants or Warrant Shares or that would be integrated with
the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require
shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing
of such subsequent transaction.

 

4.4           Securities
Laws Disclosure; Publicity. The Company shall (a) by the Disclosure Time, issue a press release disclosing the material
terms of the transactions contemplated hereby, and (b) file a Current Report on Form 6-K, including the Transaction Documents
as exhibits thereto, with the Commission within the time required by the Exchange Act. From and after the issuance of such press
release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered
to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or
agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance
of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement,
whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees
or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company
and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated
hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each
Purchaser, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except
if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice
of such public statement or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any
Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without
the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with the filing
of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market
regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause
(b).

 

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

 

4.6          Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
which shall be disclosed pursuant to Section 4.4, or as required by Section 4.11, the Company covenants and agrees that
neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information
that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser
shall have consented to the receipt of such information and agreed with the Company to keep such information confidential. The
Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company. To the extent that the Company, any of its Subsidiaries, or any of their respective officers, directors, agents,
employees or Affiliates delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the
Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries,
or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries
or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public
information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant
to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K. The Company
understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities
of the Company.

 

4.7            Use
of Proceeds. The Company shall use the net proceeds from the sale of the Securities as set forth in the Prospectus Supplement.

 

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4.8            Indemnification
of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its
directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent
role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers,
shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding
such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments,
amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser
Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants
or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against
the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any shareholder of the Company who is
not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless
such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under
the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or any violations
by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially
determined to constitute fraud, gross negligence or willful misconduct) or (c) in connection with any registration statement
of the Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants,
the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against any and all
losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses, as
incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in such registration
statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus,
or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances under which
they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions are based
solely upon information regarding such Purchaser Party furnished in writing to the Company by such Purchaser Party expressly for
use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state
securities law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser
Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (x) the employment thereof has been specifically authorized by the Company in writing, (y) the Company has
failed after a reasonable period of time to assume such defense and to employ counsel or (z) in such action there is, in the
reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of
such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such
separate counsel. The Company will not be liable to any Purchaser Party under this Agreement (1) for any settlement by a Purchaser
Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (2) to
the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach
of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other
Transaction Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof
during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained
herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any
liabilities the Company may be subject to pursuant to law.

 

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

 

4.10             Listing
of Common Shares. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Shares
on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote
all of the Shares and Warrant Shares on such Trading Market and promptly secure the listing of all of the Shares and Warrant Shares
on such Trading Market. The Company further agrees, if the Company applies to have the Common Shares traded on any other Trading
Market, it will then include in such application all of the Shares and Warrant Shares, and will take such other action as is necessary
to cause all of the Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly as possible. The
Company will then take all action reasonably necessary to continue the listing and trading of its Common Shares on a Trading Market
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of
the Trading Market. The Company agrees to maintain the eligibility of the Common Shares for electronic transfer through the Depository
Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository
Trust Company or such other established clearing corporation in connection with such electronic transfer.

 

4.11             Participation
in Future Financing.

 

(a)             From
the date hereof until the date that is the one year anniversary of the Closing Date, upon any issuance by the Company or any of
its Subsidiaries of Common Shares or Common Share Equivalents for cash consideration, Indebtedness or a combination of units
thereof (a “Subsequent Financing”), each Purchaser shall have the right to participate in up to an amount of
the Subsequent Financing equal to 35% of the Subsequent Financing (the “Participation Maximum”) on the same
terms, conditions and price provided for in the Subsequent Financing.

 

(b)             At
least three (3) Trading Days prior to the closing of the Subsequent Financing, the Company shall deliver to each Purchaser
a written notice of its intention to effect a Subsequent Financing (“Pre-Notice”), which Pre-Notice shall ask
such Purchaser if it wants to review the details of such financing (such additional notice, a “Subsequent Financing Notice”). 
Upon the request of a Purchaser, and only upon a request by such Purchaser, for a Subsequent Financing Notice, the Company shall
promptly, but no later than one (1) Trading Day after such request, deliver a Subsequent Financing Notice to such Purchaser. 
The Subsequent Financing Notice shall describe in reasonable detail the proposed terms of such Subsequent Financing, the amount
of proceeds intended to be raised thereunder and the Person or Persons through or with whom such Subsequent Financing is proposed
to be effected and shall include a term sheet or similar document relating thereto as an attachment.

 

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(c)            Any
Purchaser desiring to participate in such Subsequent Financing must provide written notice to the Company by not later than 5:30
p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice that such
Purchaser is willing to participate in the Subsequent Financing, the amount of such Purchaser’s participation, and representing
and warranting that such Purchaser has such funds ready, willing, and available for investment on the terms set forth in the Subsequent
Financing Notice. If the Company receives no such notice from a Purchaser as of such third (3rd) Trading Day, such Purchaser shall
be deemed to have notified the Company that it does not elect to participate.

 

(d)            If
by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice,
notifications by the Purchasers of their willingness to participate in the Subsequent Financing (or to cause their designees to
participate) is, in the aggregate, less than the total amount of the Subsequent Financing, then the Company may effect the remaining
portion of such Subsequent Financing on the terms and with the Persons set forth in the Subsequent Financing Notice.

 

(e)            If
by 5:30 p.m. (New York City time) on the third (3rd) Trading Day after all of the Purchasers have received the Pre-Notice,
the Company receives responses to a Subsequent Financing Notice from Purchasers seeking to purchase more than the aggregate amount
of the Participation Maximum, each such Purchaser shall have the right to purchase its Pro Rata Portion (as defined below) of the
Participation Maximum.  “Pro Rata Portion” means the ratio of (x) the Subscription Amount of Securities
purchased on the Closing Date by a Purchaser participating under this Section 4.11 and (y) the sum of the aggregate Subscription
Amounts of Securities purchased on the Closing Date by all Purchasers participating under this Section 4.11.

 

(f)          The
Company must provide the Purchasers with a second Subsequent Financing Notice, and the Purchasers will again have the right of
participation set forth above in this Section 4.11, if the Subsequent Financing subject to the initial Subsequent Financing
Notice is not consummated for any reason on the terms set forth in such Subsequent Financing Notice within thirty (30) Trading
Days after the date of the initial Subsequent Financing Notice.

 

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

 

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(h)            Notwithstanding
anything to the contrary in this Section 4.11 and unless otherwise agreed to by such Purchaser, the Company shall either confirm
in writing to such Purchaser that the transaction with respect to the Subsequent Financing has been abandoned or shall publicly
disclose its intention to issue the securities in the Subsequent Financing, in either case in such a manner such that such Purchaser
will not be in possession of any material, non-public information, by the tenth (10th) Business Day following delivery
of the Subsequent Financing Notice. If by such tenth (10th) Business Day, no public disclosure regarding a transaction
with respect to the Subsequent Financing has been made, and no notice regarding the abandonment of such transaction has been received
by such Purchaser, such transaction shall be deemed to have been abandoned and such Purchaser shall not be deemed to be in possession
of any material, non-public information with respect to the Company or any of its Subsidiaries.

 

(i)            Notwithstanding
the foregoing, this Section 4.11 shall not apply in respect of an Exempt Issuance.

 

4.12            Subsequent
Equity Sales.

 

(a)          From
the date hereof until 90 days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any Common Shares or Common Share Equivalents.

 

(b)            From
the date hereof until the earlier of (i) one (1) year from the date of this Agreement or (ii) such time as no Purchaser
holds any of the Warrants, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance
by the Company or any of its Subsidiaries of Common Shares or Common Share Equivalents (or a combination of units thereof) involving
a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in which the Company (i) issues
or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive
additional Common Shares either (A) at a conversion price, exercise price or exchange rate or other price that is based upon
and/or varies with the trading prices of or quotations for the Common Shares at any time after the initial issuance of such debt
or equity securities, or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date
after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or
indirectly related to the business of the Company or the market for the Common Shares, provided that the issuance of convertible
securities with anti-dilution provisions that provide for the adjustment of the conversion or exercise price of the securities
upon the future issuance of lower priced securities shall not be deemed to be a Variable Rate Transaction or (ii) enters into,
or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may
issue securities at a future determined price. Any Purchaser shall be entitled to obtain injunctive relief against the Company
to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

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(c)            Notwithstanding
the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction
shall be an Exempt Issuance.

 

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

 

4.14             Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither
it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including
Short Sales of any of the Company’s securities during the period commencing with the execution of this Agreement and ending
at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release
as described in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until
such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press
release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this
transaction and the information included in the Disclosure Schedules.  Notwithstanding the foregoing and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser
makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the
Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial
press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.4.  Notwithstanding the foregoing, in the
case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of
such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered
by this Agreement.

 

4.15             Exercise
Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required of the
Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required
in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares in accordance
with the terms, conditions and time periods set forth in the Transaction Documents.

 

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4.16             Form D;
Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as required
under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such action as
the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrant and Warrant
Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of
the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.17             Registration
Statement. As soon as practicable (and in any event within 45 calendar days of the date of this Agreement), the Company shall
file a registration statement on Form F-3 (or other appropriate form if the Company is not then F-3 eligible) providing for
the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of the Warrants.  The Company shall use
commercially reasonable efforts to cause such registration statement to become effective within 181 days following the Closing
Date and to keep such registration statement effective at all times until no Purchaser owns any Warrants or Warrant Shares issuable
upon exercise thereof.

 

ARTICLE V.

MISCELLANEOUS

 

5.1             Termination. 
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing
has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however,
that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2             Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and
expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident
to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Transfer Agent
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company
and any exercise notice delivered by a Purchaser), stamp taxes and other taxes and duties levied in connection with the delivery
of any Securities to the Purchasers. In addition to the Transaction Expenses, the Company shall be responsible for the payment
of any placement agent’s fees, financial advisory fees, transfer agent fees, Depositary Fees, DTC fees or broker’s
commissions (other than for Persons engaged by any Purchaser) relating to or arising out of the transactions contemplated hereby
(including, without limitation, (x) any fees or commissions payable to the Placement Agent, who is the Company’s sole
placement agent in connection with the transactions contemplated by this Agreement and (y) any fees required for same-day
processing of any instruction letter delivered by the Company and any exercise notice delivered by a Purchaser), and any stamp
taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers. The Company shall pay,
and hold each Purchaser harmless against, any liability, loss or expense (including, without limitation, reasonable attorneys’
fees and out-of-pocket expenses) arising in connection with any claim relating to any such payment. Except as otherwise set forth
in this Agreement, each party to this Agreement shall bear its own expenses in connection with the sale of the Shares to the Purchasers.

 

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

 

5.4             Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is
delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached
hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York
City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S.
nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to
be given. The address for such notices and communications shall be as set forth on the signature pages attached hereto. To
the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information
regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a
Current Report on Form 6-K.

 

5.5             Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed,
in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the
initial Subscription Amounts hereunder (or, prior to the Closing, the Company and each Purchaser) or, in the case of a waiver,
by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or
waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted
Purchaser (or group of Purchasers) shall also be required. No waiver of any default with respect to any provision, condition or
requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or
a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any
right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately,
materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations
of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in
accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

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

 

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

 

5.8             No
Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement
is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this
Section 5.8.

 

5.9             Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall
be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action
or Proceeding is improper or is an inconvenient venue for such Proceeding. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified
mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party shall commence
an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company
under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for
its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such Action or Proceeding. Prior to Closing, the Company will appoint its agent for service of process in New York and inform
the Purchasers of the same in writing. The choice of laws of the State of New York as the governing law of this Agreement will
be honored by competent courts in the British Virgin Islands and the People’s Republic of China, subject to compliance with
relevant the British Virgin Islands and/or People’s Republic of China, as applicable, civil procedural and other requirements.
None of the Company nor any of its properties, assets or revenues has any right of immunity under the British Virgin Islands,
the People’s Republic of China or New York law, from any legal action, suit or proceeding, from the giving of any relief
in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of the British Virgin Islands,
the People’s Republic of China, New York or United States federal court, from service of process, attachment upon or prior
to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding
for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities
or any other matter under or arising out of or in connection with this Agreement; and, to the extent that the Company, or any
of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court
in which proceedings may at any time be commenced, the Company hereby waives such right to the extent permitted by law and hereby
consents to such relief and enforcement as provided in this Agreement and the other Transaction Documents.

 

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

 

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

 

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

 

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

 

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

 

5.15           Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the
Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation
the defense that a remedy at law would be adequate.

 

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

 

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

 

     41 

     

    

 

5.18             Liquidated
Damages. The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction
Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other
amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages
or other amounts are due and payable shall have been canceled.

 

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

 

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

 

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

 

(Signature Pages Follow)

 

     42 

     

    

 

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

 

	Antelope Enterprise Holdings Ltd.    	 	Address for Notice:
	 	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	E-Mail:
	 	Title:	 	Fax:
	With a copy to (which shall not constitute notice):	 	 

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

     43 

     

    

 

[PURCHASER SIGNATURE PAGES TO cccl
SECURITIES PURCHASE AGREEMENT]

 

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

 

	Name of Purchaser:	 

 

	Signature of Authorized Signatory of Purchaser:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Email Address of Authorized Signatory:	 

 

	Facsimile Number of Authorized Signatory:	 

 

	Address for Notice to Purchaser:	 

 

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

 

	DWAC for Shares:	 

 

	Subscription Amount: $	 	 

 

	Shares:	 	 

 

	Warrant Shares:	 	 

 

	EIN Number:	 	 

 

[SIGNATURE PAGES CONTINUE]

 

     44Exhibit 4.1

 

Execution Version

 

 

 

 

 

 

 

 

 

 

 

GAMIDA CELL INC., as the Issuer,

 

GAMIDA CELL LTD., as a Guarantor,

 

THE OTHER GUARANTORS PARTY HERETO,

 

 

 

AND

 

Wilmington Savings Fund Society, FSB, as Trustee

 

 

 

 

INDENTURE

 

 

 

 

Dated as of February 16, 2021

 

 

 

 

 

 

 

5.875% Exchangeable Senior Notes due 2026

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article 1 Definitions	1
	Section 1.01	Definitions	1
	Section 1.02	References to Interest	31
	Section 1.03	Divisions	31
	 	 	 
	Article 2 Issue, Description, Execution, Registration and Exchange of Notes	31
	Section 2.01	Designation and Amount	31
	Section 2.02	Form of Notes	31
	Section 2.03	Date and Denomination of Notes; Interest and Defaulted Amounts	32
	Section 2.04	Execution, Authentication and Delivery of Notes	34
	Section 2.05	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	34
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	41
	Section 2.07	Temporary Notes	42
	Section 2.08	Cancellation of Notes Paid, Exchanged, Etc.	42
	Section 2.09	CUSIP and ISIN Numbers	42
	Section 2.10	Repurchases	43
	Section 2.11	Tax Treatment	43
	 	 	 
	Article 3 Satisfaction and Discharge; Covenant Defeasance	43
	Section 3.01	Satisfaction and Discharge	43
	Section 3.02	Covenant Defeasance	43
	Section 3.03	Repayment to Company	44
	Section 3.04	Deposited Moneys to be Held in Trust	45
	Section 3.05	Payment of Moneys Held by Paying Agents	45
	 	 	 
	Article 4 Particular Covenants of the Company	45
	Section 4.01	Payment of Principal and Interest	45
	Section 4.02	Maintenance of Office or Agency	45
	Section 4.03	Appointments to Fill Vacancies in Trustee’s Office	46
	Section 4.04	Provisions as to Paying Agent	46
	Section 4.05	Existence	47
	Section 4.06	Rule 144A Information Requirement and Annual Reports	47
	Section 4.07	Stay, Extension and Usury Laws	49
	Section 4.08	Limitation on Restricted Payments	50
	Section 4.09	Limitations on Incurrence of Indebtedness and Issuance of Preferred Stock or Disqualified Stock	53
	Section 4.10	[Intentionally Omitted]	59
	Section 4.11	Limitations on Asset Sales	60
	Section 4.12	Transactions with Affiliates	62
	Section 4.13	Further Guarantors	64
	Section 4.14	Compliance Certificate; Statements as to Defaults	64

 

    i

     

    

 

	Section 4.15	Further Instruments and Acts	64
	Section 4.16	Minimum Liquidity	64
	Section 4.17	Registration Rights	65
	Section 4.18	Material Assets	65
	Section 4.19	Withholding Taxes	66
	Section 4.20	Par Value Limitation	69
	Section 4.21	Ownership of the Company	69
	 	 	 
	Article 5 Lists of Holders and Reports by the Company and the Trustee	69
	Section 5.01	Lists of Holders	69
	Section 5.02	Preservation and Disclosure of Lists	69
	 	 	 
	Article 6 Defaults and Remedies	69
	Section 6.01	Events of Default	69
	Section 6.02	Acceleration; Rescission and Annulment	71
	Section 6.03	Additional Interest	72
	Section 6.04	Payments of Notes on Default; Suit Therefor	73
	Section 6.05	Application of Monies Collected by Trustee	74
	Section 6.06	Proceedings by Holders	75
	Section 6.07	Proceedings by Trustee	76
	Section 6.08	Remedies Cumulative and Continuing	76
	Section 6.09	Direction of Proceedings and Waiver of Defaults by Majority of Holders	77
	Section 6.10	Notice of Defaults	77
	Section 6.11	Undertaking to Pay Costs	77
	 	 	 
	Article 7 Concerning the Trustee	78
	Section 7.01	Duties and Responsibilities of Trustee	78
	Section 7.02	Certain Rights of Trustee	79
	Section 7.03	No Responsibility for Recitals, Etc.	81
	Section 7.04	Trustee, Paying Agents, Exchange Agents or Note Registrar May Own Notes	82
	Section 7.05	Monies to Be Held in Trust	82
	Section 7.06	Compensation and Expenses of Trustee	82
	Section 7.07	Officer’s Certificate as Evidence	83
	Section 7.08	Eligibility of Trustee	83
	Section 7.09	Resignation or Removal of Trustee	83
	Section 7.10	Acceptance by Successor Trustee	84
	Section 7.11	Succession by Merger, Etc.	85
	Section 7.12	Trustee’s Application for Instructions from the Company	85
	 	 	 
	Article 8 Concerning the Holders	86
	Section 8.01	Action by Holders	86
	Section 8.02	Proof of Execution by Holders	86
	Section 8.03	Who Are Deemed Absolute Owners	86
	Section 8.04	Company-Owned Notes Disregarded	87
	Section 8.05	Revocation of Consents; Future Holders Bound	87

 

    ii

     

    

 

	Article 9 Holders’ Meetings	87
	Section 9.01	Purpose of Meetings	87
	Section 9.02	Call of Meetings by Trustee	88
	Section 9.03	Call of Meetings by Company or Holders	88
	Section 9.04	Qualifications for Voting	88
	Section 9.05	Regulations	88
	Section 9.06	Voting	89
	Section 9.07	No Delay of Rights by Meeting	89
	 	 	 
	Article 10 Supplemental Indentures	90
	Section 10.01	Supplemental Indentures Without Consent of Holders	90
	Section 10.02	Supplemental Indentures with Consent of Holders	91
	Section 10.03	Effect of Supplemental Indentures	92
	Section 10.04	Notation on Notes	92
	Section 10.05	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	92
	 	 	 
	Article 11 Consolidation, Merger, Sale, Conveyance and Lease	92
	Section 11.01	Company May Consolidate, Etc. on Certain Terms	92
	Section 11.02	Successor Corporation to Be Substituted	93
	Section 11.03	Opinion of Counsel to Be Given to Trustee	93
	 	 	 
	Article 12 Immunity of Incorporators, Shareholders, Officers and Directors	94
	Section 12.01	Indenture and Notes Solely Corporate Obligations	94
	 	 	 
	Article 13 Guarantees 	94
	Section 13.01	Guarantees	94
	Section 13.02	Limitation on Guarantor Liability	96
	Section 13.03	Execution and Delivery of Guarantee and Supplemental Indenture	96
	Section 13.04	Guarantors May Consolidate, etc., on Certain Terms	97
	Section 13.05	Releases	98
	Section 13.06	Reliance	99
	 	 	 
	Article 14 EXCHANGE of Notes	99
	Section 14.01	Exchange Privilege	99
	Section 14.02	Exchange Procedure; Settlement Upon Exchange	99
	Section 14.03	Increased Exchange Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Period	101
	Section 14.04	Adjustment of Exchange Rate	104
	Section 14.05	Adjustments of Prices	111
	Section 14.06	Shares to Be Reserved and Fully Paid	111
	Section 14.07	Effect of Recapitalizations, Reclassifications and Changes of the Ordinary Shares	112
	Section 14.08	Certain Covenants	113
	Section 14.09	Responsibility of Trustee	114

 

    iii

     

    

 

	Section 14.10	Beneficial Ownership Limitations	114
	Section 14.11	Notice to Holders Prior to Certain Actions	116
	Section 14.12	Shareholder Rights Plans	117
	Section 14.13	Certain Provisions Related to Ordinary Shares Issued Hereunder	117
	 	 	 
	Article 15 Repurchase of Notes at Option of Holders	117
	Section 15.01	[Intentionally Omitted]	117
	Section 15.02	Repurchase at Option of Holders Upon a Fundamental Change	118
	Section 15.03	Withdrawal of Fundamental Change Repurchase Notice	120
	Section 15.04	Deposit of Fundamental Change Repurchase Price	121
	Section 15.05	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	121
	 	 	 
	Article 16 Optional Redemption	122
	Section 16.01	Optional Redemption	122
	Section 16.02	Notice of Redemption; Selection of Notes	123
	Section 16.03	Payment of Notes Called for Redemption	125
	Section 16.04	Restrictions on Redemption	126
	 	 	 
	Article 17 Miscellaneous Provisions	126
	Section 17.01	Provisions Binding on Company’s Successors	126
	Section 17.02	Official Acts by Successor Corporation	126
	Section 17.03	Addresses for Notices, Etc.	126
	Section 17.04	Governing Law; Jurisdiction	127
	Section 17.05	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	127
	Section 17.06	Legal Holidays	128
	Section 17.07	No Security Interest Created	128
	Section 17.08	Benefits of Indenture	128
	Section 17.09	Table of Contents, Headings, Etc.	128
	Section 17.10	Authenticating Agent	128
	Section 17.11	Execution in Counterparts	129
	Section 17.12	Severability	130
	Section 17.13	Waiver of Jury Trial	130
	Section 17.14	Force Majeure	130
	Section 17.15	Calculations	130
	Section 17.16	USA PATRIOT Act	130
	Section 17.17	Foreign Account Tax Compliance Act (FATCA)	130

 

EXHIBITS

 

	Exhibit A	Form of Note
	Exhibit B	Form of Supplemental Indenture
	Exhibit C	Form of Permitted Subordination Agreement
	Exhibit D	Form of Permitted Subordination Provisions

 

SCHEDULES

 

	Schedule A	Existing Indebtedness
	Schedule B	Existing Investments

 

    iv

     

    

 

THIS INDENTURE, dated
as of February 16, 2021, between GAMIDA CELL INC., a Delaware corporation, as issuer (the “Company,” as more
fully set forth in Section 1.01), GAMIDA CELL LTD., a limited liability company organized under the laws of the State of
Israel, as a guarantor (the “Parent”), the other Guarantors party hereto (as defined herein) and Wilmington
Savings Fund Society, FSB, as trustee (the “Trustee,” as more fully set forth in Section 1.01).

 

W I T N E S S E T H:

 

WHEREAS, for its lawful
corporate purposes, the Company has duly authorized the issuance of its 5.875% Exchangeable Senior Notes due 2026 (the “Notes”),
in an aggregate principal amount not to exceed $75,000,000, and in order to provide the terms and conditions upon which the Notes
are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, the Form of
Note, the certificate of authentication to be borne by each Note, the Form of Notice of Exchange, the Form of Fundamental Change
Repurchase Notice and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter
provided; and

 

WHEREAS, all acts and
things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized
authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, and this Indenture
a valid agreement according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder
of the Notes have in all respects been duly authorized; and

 

WHEREAS, all acts and
things necessary to make the Guarantees, when executed by the Guarantors party hereto, the valid, binding and legal obligations
of the respective Guarantors, and this Indenture a valid agreement according to its terms, have been done and performed, and the
execution of this Indenture and the issuance hereunder of the Guarantees have in all respects been duly authorized.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

That in order to declare
the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in consideration of
the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company, the Guarantors and the Trustee
agree, for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided
below), as follows:

 

Article
1

Definitions

 

Section 1.01 Definitions.
The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the context otherwise requires)
for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section 1.01. The words “herein,” “hereof,” “hereunder” and words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in
this Article include the plural as well as the singular. Unless the context otherwise requires, the words “including,”
“includes” and similar words shall be deemed to be followed by “without limitation.”

 

    1

     

    

 

“Acquired
Debt” means, with respect to any specified Person, (a) Indebtedness of any other Person existing at the time such other
Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in
connection with, or in contemplation of, such other Person merging with or into, or becoming, a Subsidiary of, such specified Person;
and (b) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

 

“Acquisition”
means, with respect to any Person, (a) a purchase of a controlling interest in the Capital Stock of any other Person, (b) a purchase
or other acquisition of all or substantially all of the assets or properties of, another Person or of any business unit of another
Person, or (c) any merger or consolidation of such Person with any other Person or other transaction or series of transactions
resulting in the acquisition of all or substantially all of the assets, or a controlling interest in the Capital Stock, of any
Person, in each case in any transaction or group of transactions which are part of a common plan.

 

“Additional
Amounts” shall have the meaning specified in Section 4.19(a).

 

“Additional
Interest” means all additional amounts of interest, if any, payable pursuant to Section 4.06(d), Section 4.06(e),
Section 4.17(c), the Registration Rights Agreement and Section 6.03, as applicable.

 

“Additional
Shares” shall have the meaning specified in Section 14.03(a).

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control,” when used with respect to
any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination
of whether one Person is an Affiliate of another Person for purposes of this Indenture shall be made based on the facts at the
time such determination is made or required to be made, as the case may be, hereunder.

 

“Affiliate
Transaction” shall have the meaning specified in Section 4.12.

 

“Aggregate
Payments” shall have the meaning specified in Section 13.01(e).

 

“Applicable
Procedures” means, with respect to a Depositary, as to any matter at any time, the policies and procedures of such Depositary,
if any, that are applicable to such matter at such time.

 

“Applicable
Tax Law” shall have the meaning specified in Section 17.17.

 

    2

     

    

 

“Asset Sale”
means:

 

(a) the
sale, conveyance, transfer or other Disposition (whether in a single transaction or a series of related transactions) of property
or assets outside the ordinary course of business of the Parent, the Company or any Subsidiary; or

 

(b) the
issuance or sale of Capital Stock (other than director’s qualifying shares, shares or interests required to be held by foreign
nationals or other third parties to the extent required by applicable law or Disqualified Stock) of any Subsidiary (other than
to the Parent, the Company or another Subsidiary), whether in a single transaction or a series of related transactions,

 

in each case, other than:

 

(i) a
sale, exchange or other Disposition of obsolete, damaged, unnecessary, unsuitable or worn out equipment, or other assets, in the
ordinary course of business, or Dispositions of property no longer used, useful or economically practicable to maintain in the
conduct of the business of the Parent, the Company and their Subsidiaries, taken as a whole;

 

(ii) the
sale, conveyance, lease or other Disposition of all or substantially all of the assets of the Company or any Guarantor in compliance
with the provisions described under Article 11 or Section 13.04, as applicable, or any Disposition that constitutes
a Fundamental Change;

 

(iii) any
Restricted Payment that is permitted to be made, and is made, under Section 4.08 or any transaction specifically excluded
from the definition of Restricted Payment;

 

(iv) so
long as no Event of Default is continuing or would immediately result therefrom, any Disposition of assets or issuance or sale
of Capital Stock of any Subsidiary, in a single transaction or series of related transactions, with an aggregate Fair Market Value
of less than $2,000,000;

 

(v) (x)
Dispositions among the Company and the Guarantors or by any Subsidiary to the Company or any Guarantor and (y) Dispositions among
Subsidiaries which are not Guarantors;

 

(vi) any
Recovery Event;

 

(vii) any
sale or Disposition deemed to occur in connection with the granting or creation of any Lien;

 

(viii) (A)
any Licenses that are not Exclusive Licenses, and (B) any Exclusive Licenses not involving Material Assets, in each case solely
to the extent such Licenses would not reasonably be expected to have a material adverse effect on the business of the Company or
its Subsidiaries or their respective assets, as reasonably determined by the Parent in good faith;

 

    3

     

    

 

(ix) Dispositions
of intellectual property (directly or through the Disposition of Capital Stock of the owner thereof) to the Company or a Guarantor;

 

(x) to
the extent allowable under Section 1031 of the Code, any exchange of like property (excluding any boot thereon) for use in
a Permitted Business;

 

(xi) the
settlement, termination or unwinding of any Swap Agreement;

 

(xii) issuances
of Capital Stock pursuant to benefit plans, employment agreements, equity plans, stock subscription or shareholder agreements,
stock ownership plans and other similar plans, policies, contracts or arrangements established in the ordinary course of business
or approved by Parent’s Board of Directors in good faith;

 

(xiii) Investments
in the Company, any Subsidiary or any other Person; provided that no Disposition of any Material Asset (other than Permitted Transfers
of Material Assets) shall be permitted under this clause (xiii) to any Person that is not the Company or a Guarantor;

 

(xiv) the
sale, lease, assignment or sublease of inventory, or equipment held for sale in the ordinary course of business, and Dispositions
of accounts receivable in the ordinary course of business in connection with the collection or compromise thereof;

 

(xv) the
lease, assignment, license, sublicense or sublease of any real or personal property (other than Intellectual Property) in the ordinary
course of business;

 

(xvi) any
exchange of assets for Related Business Assets (including a combination of Related Business Assets and a de minimis amount of cash
or cash equivalents) of comparable or greater market value, as determined in good faith by the Company;

 

(xvii) the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the
ordinary course of business;

 

(xviii) Dispositions
of Investments (including Capital Stock) in Joint Ventures to the extent required by, or made pursuant to customary buy/sell arrangements
between, the Joint Venture parties set forth in Joint Venture arrangements and similar binding arrangements of Joint Ventures;

 

(xix) the
sale, exchange or other Disposition of cash or Cash Equivalents or marketable securities in the ordinary course of business or
in connection with any Investment;

 

    4

     

    

 

(xx) so
long as no Default or Event of Default is continuing or would result therefrom, Permitted Transfers of Material Assets;

 

(xxi) the
lapse, abandonment or other Disposition of registered patents, trademarks and other intellectual property of the Parent, the Company
and their Subsidiaries in the ordinary course of business to the extent not economically desirable in the conduct of their businesses;
or

 

(xxii) a
Royalty Financing permitted under Section 4.09(b)(i) or Section 4.09(b)(xvii);

 

provided that, notwithstanding anything in this definition
to the contrary, each of the following shall constitute an Asset Sale: (1) any Exclusive License of Material Assets (other than
a Permitted Transfer of Material Assets) to an Person other than the Company or a Guarantor, (2) the Disposition of Capital Stock
of any Guarantor (other than the Parent) and (3) any disposition or transfer of the NAM Platform or any interest therein in any
manner that is reasonably likely to materially impair (or have a material and adverse effect on) the creation, development, manufacture,
commercialization, sale, marketing or promotion of Omidubicel in the United States and its territories or otherwise have a material
and adverse effect on the business of the Parent, the Company or their Subsidiaries or their respective assets, in each case, as
reasonably determined by the Parent in good faith.

 

“Asset Sale
Offer” shall have the meaning specified in Section 4.11(b)(ii).

 

“Bankruptcy
Law” means the Title 11 of the U.S. code or any similar federal, state or foreign law for the relief of debtors.

 

“Beneficial
Ownership Limitations” shall have the meaning specified in Section 14.10(d).

 

“Board of
Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it hereunder.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the
Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business
Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank
of New York is authorized or required by law or executive order to close or be closed.

 

“Capital Expenditures”
means, with respect to any Person for any period, (a) all expenditures made (whether made in the form of cash or other property)
or costs incurred for the acquisition or improvement of fixed or capital assets of such Person (excluding normal replacements and
maintenance which are properly charged to current operations), in each case that are (or should be) set forth as capital expenditures
in a consolidated statement of cash flows of such Person for such period, in each case prepared in accordance with IFRS, and (b)
Capital Lease Obligations incurred by a Person during such period.

 

    5

     

    

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under IFRS, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with IFRS; provided that Capital Lease Obligations shall
exclude any leases that would have been treated as operating leases under IFRS prior to the adoption of IFRS 16 Leases.

 

“Capital Stock”
means, for any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents
of or interests in (however designated) stock issued by that entity but shall not include any debt securities convertible into
or exchangeable for any securities otherwise constituting Capital Stock pursuant to this definition.

 

“Cash Equivalents”
means:

 

(a) (i)
cash or (ii) readily marketable obligations issued or directly and fully guaranteed or insured by the United States of America
or any agency or instrumentality thereof having maturities of not more than 360 days from the date of acquisition thereof; provided
that, in the case of Investments of the type described in clause (ii), the full faith and credit of the United States of America
is pledged in support thereof;

 

(b) corporate
debt issued by any Person organized under the laws of any state of the United States of America and rated at least “Prime-2”
(or the then equivalent grade) by Moody’s or at least “A-2” (or the then equivalent grade) by S&P (or, if
at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized
statistical rating agency), in each case with maturities of not more than 365 days from the date of acquisition thereof;

 

(c) time
and demand deposits with, or certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is a Lender
(as defined in any Permitted Refinancing thereof) or (B) has combined capital and surplus of at least $500,000,000;

 

(d) fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above (without
regard to the limitation on maturity contained in such clause) and entered into with a financial institution satisfying the criteria
described in clause (c) above or with any primary dealer and having a market value at the time that such repurchase agreement is
entered into of not less than 100% of the repurchase obligation of such counterparty entity with whom such repurchase agreement
has been entered into;

 

(e) commercial
paper maturing within 180 days from the date of acquisition thereof and having, at such date of acquisition, the highest credit
rating obtainable from Moody’s or S&P;

 

(f) marketable
short-term money market and similar liquid funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency);

 

    6

     

    

 

(g) securities
issued or fully guaranteed by any state, commonwealth or territory of the United States of America or by any political subdivision
(including any municipality) or taxing authority of any such state, commonwealth or territory, the securities of which state, commonwealth,
territory, political subdivision or taxing authority (as the case may be) are rated at least “A” (or A-1, SP1 or other
then equivalent grade) by S&P or at least “A1” (or “Prime-1” or MIG-1 or other then equivalent grade)
by Moody’s as of the date of acquisition and, in each case, with a maturity of not more than one year from the date of acquisition
thereof;

 

(h) Investments,
classified in accordance with IFRS as current assets of the Company or any Guarantor, in any money market fund, mutual fund, or
other investment companies that are registered under the Investment Company Act of 1940, as amended, which are administered by
financial institutions that invest solely in one or more of the types of securities described in clauses (a) through (g) above;
and

 

(i) in
the case of the Parent or a Foreign Subsidiary, other short-term investments that are analogous to the foregoing, are of comparable
credit quality and are customarily used by companies in the jurisdiction of the Parent or such Foreign Subsidiary for cash management
purposes.

 

“Change in
Tax Law” shall have the meaning specified in Section 16.01(b)(i).

 

“Clause A
Distribution” shall have the meaning specified in Section 14.04(c).

 

“Clause B
Distribution” shall have the meaning specified in Section 14.04(c).

 

“Clause C
Distribution” shall have the meaning specified in Section 14.04(c).

 

“close of
business” means 5:00 p.m. (New York City time).

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Common Equity”
of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election of directors of such Person
or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners,
managers or others that will control the management or policies of such Person.

 

“Company”
shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Article 11,
shall include its successors and assigns.

 

“Company Order”
means a written order of the Company, signed by one of its Officers and delivered to the Trustee.

 

    7

     

    

 

“Consolidated
EBITDA” means, with respect to any specified Person for any period without duplication, the Consolidated Net Income of
such Person and its Subsidiaries for such period plus, in each case to the extent deducted in computing Consolidated Net Income
for such period:

 

(a) provision
for taxes based on income, profits or capital of such Person and its Subsidiaries for such period; plus

 

(b) Consolidated
Net Interest Expense and any non-cash interest expense (including, without limitation, capitalized, accrued or accreting or paid-in-kind
interest or accreting principal and price-indexed linkage differences on Indebtedness) of such Person and its Subsidiaries for
such period; plus

 

(c) royalty
or similar payments or expenses of such Person and its Subsidiaries, whether paid or accrued, in connection with a sale of any
royalty owing to such Person and its Subsidiaries or a synthetic royalty or other financing or similar transaction based on revenues
and other proceeds; plus

 

(d) any
expenses, charges or other costs related to any equity offering, acquisition (including amounts paid in connection with the acquisition
or retention of one or more individuals comprising part of a management team retained to manage the acquired business, provided
that such payments are made at the time of such acquisition and are consistent with the customary practice in the industry at the
time of such acquisition), joint venture, disposition, recapitalization, Indebtedness permitted to be incurred by this Indenture,
or the refinancing of any other Indebtedness of such Person or any of its Subsidiaries (whether or not successful) (including any
such fees, expenses or charges related to this Indenture and the transactions contemplated hereby); plus

 

(e) depreciation,
amortization (including amortization of intangibles, deferred financing fees, debt incurrence costs, commissions, fees and expenses,
but excluding amortization of prepaid cash expenses that were paid in a prior period), depletion and other non-cash expenses or
charges (including any write-offs of debt issuance or deferred financing costs or fees and impairment charges and the impact on
depreciation and amortization of purchase accounting adjustments, but excluding any such non-cash expense to the extent that it
represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid
in a prior period) of such Person and its Subsidiaries; plus

 

(f) the
amount of net cost savings and synergies reasonably projected by Parent in connection with any acquisition or investment or otherwise
projected by the Parent in good faith to be realized as a result of specified actions taken (which cost savings or synergies shall
be subject only to an Officer’s Certificate of the Parent and shall be calculated on a pro forma basis as though such cost
savings and synergies had been realized on the first day of the relevant period), net of the amount of actual benefits realized
during such period from such actions, provided that (A) such cost savings or synergies are factually supportable and directly
attributable to such transaction or such actions, in each case, in the good faith and reasonable judgment of Parent, (B) the Parent
reasonably believes in good faith that such cost savings or synergies are reasonably anticipated to be realizable within 18 months
after the closing date of such transaction or action, and (C) no cost savings shall be added pursuant to this clause (f) to the
extent duplicative of any expenses or charges relating to such cost savings that are excluded from the calculation of Consolidated
Net Income with respect to such period (“Pro Forma Cost Savings”); provided that the aggregate amount
of Pro Forma Cost Savings, together with any addbacks and adjustments permitted to be added pursuant to clause (g) below, shall
not exceed an amount equal to 15% of Consolidated EBITDA (calculated prior to giving effect to such addbacks) in any period; plus

 

    8

     

    

 

(g) any
restructuring charges or reserves, including write-downs and write-offs, any one-time costs incurred in connection with Investments
and Dispositions (in each case, including any such transaction consummated prior to the Issue Date, and any such transaction undertaken
but not completed), costs related to the closure, consolidation and integration of facilities, information technology infrastructure
and legal entities, and severance and retention bonuses, any charges to establish accruals and reserves or to make payments associated
with the reassessment or realignment of the business and operations of the Parent and its Subsidiaries (including, without limitation,
the sale or closing of facilities, severance, stay bonuses and curtailments or modifications to pension and post-retirement employee
benefit plans, asset impairments or asset disposals (including leased facilities), charges for purchase and lease commitments,
start-up costs for new facilities, reserves for excess, obsolete or unbalanced inventories, relocation costs which are not otherwise
capitalized, and any related promotional costs of exiting products or product lines); provided that the aggregate amount
addbacks and adjustments permitted to be added pursuant to this clause (g), together with Pro Forma Cost Savings added back pursuant
to clause (f) above, shall not exceed an amount equal to 15% of Consolidated EBITDA (calculated prior to giving effect to such
addbacks) in any period.

 

Notwithstanding anything in this definition
to the contrary, in no event shall any write-down or write-off of any accounts receivable or inventory be included as an adjustment
or add-back in this definition, including any such add-back or adjustment that would be included as part of Consolidated Net Income.

 

“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss) from continuing
operations of such Person and its Subsidiaries for such period, on a consolidated basis determined in accordance with IFRS; provided,
that:

 

(a) all
extraordinary and non-recurring or unusual gains and losses will be excluded;

 

(b) the
net income of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting will be included
only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Subsidiary of
the Person (and the net loss of any such Person shall be included only to the extent that such loss is funded in cash by the specified
Person or a Subsidiary thereof);

 

    9

     

    

 

(c) the
net income for such period of any Subsidiary (other than a Guarantor) shall be excluded to the extent that the declaration or payment
of dividends or similar distributions by such Subsidiary of its net income is not at the date of determination permitted without
any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary
or its shareholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally
waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other
distributions paid in cash (or to the extent converted to cash) by any such Subsidiary to such Person, to the extent not already
included therein;

 

(d) the
cumulative effect of a change in accounting principles, together with any related provision for taxes, will be excluded;

 

(e) any
non-cash compensation charges, including non-cash costs or expenses resulting from stock option plans, employee benefit plans,
or post-employment benefit plans, or grants or awards of stock, stock appreciation or similar rights, stock options, restricted
stock, preferred stock or other rights will be excluded;

 

(f) any
gain or loss for such period from currency translation gains or losses or net gains or losses related to currency re-measurements
of Indebtedness will be excluded;

 

(g) any
unrealized net after-tax income (loss) from hedging obligations or cash management obligations or from other derivative instruments
in the ordinary course will be excluded;

 

(h) any
nonrecurring charges relating to any premium or penalty paid, write-off of deferred finance costs or other charges in connection
with redeeming or retiring any Indebtedness prior to its stated maturity will be excluded;

 

(i) effects
of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such Subsidiaries)
in amounts required or permitted by IFRS, resulting from the application of purchase accounting in relation to any consummated
acquisition or the amortization or write-off of any amounts thereof shall be excluded;

 

(j) non-cash
gains, losses, income and expenses resulting from fair value accounting required by the applicable standard under IFRS and related
interpretations shall be excluded;

 

(k) loss
or expense amounts as are actually reimbursed by insurance providers in respect of liability or casualty events or business interruption
shall be excluded; and

 

(l) fees,
costs, expenses and losses that are actually received in cash pursuant to contractual indemnities or guaranty obligations of third
parties shall be excluded.

 

    10

     

    

 

“Consolidated
Net Interest Expense” means, without duplication and in each case determined on a consolidated basis in accordance with
IFRS, the sum of:

 

(a) the
Parent’s and its Subsidiaries’ total interest expense for such period; plus

 

(b) the
interest component of the Parent’s and its Subsidiaries’ Capital Lease Obligations accrued or scheduled to be paid
or accrued during such period other than the interest component of Capital Lease Obligations between or among the Parent, the Company
and any Subsidiary or between or among Subsidiaries; plus

 

(c) the
interest expense on Indebtedness of another Person to the extent such Indebtedness is guaranteed by the Parent, the Company or
any Subsidiary or secured by a Lien on the Parent’s, the Company’s or any Subsidiary’s assets, but only to the
extent that such guarantee or Lien is permitted hereunder and such interest is actually paid by the Parent, the Company or such
Subsidiary; minus

 

(d) the
interest income of the Parent and its Subsidiaries during such period.

 

Notwithstanding any of the foregoing, Consolidated
Net Interest Expense shall not include (i) any non-cash interest expense (including, without limitation, capitalized, accrued or
accreting or paid-in-kind interest or accreting principal and price-indexed linkage differences on Indebtedness) and (ii) any payments
on any leases that would have been classified as operating leases under IFRS prior to the adoption of IFRS 16 Leases.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other
obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent:

 

(a) to
purchase any such primary obligation or any property constituting direct or indirect security therefor;

 

(b) to
advance or supply funds:

 

(i) for
the purchase or payment of any such primary obligation; or

 

(ii) to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; or

 

(c) to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

 

“Contributing
Guarantors” shall have the meaning specified in Section 13.01(e).

 

“Corporate
Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be administered,
which office at the date hereof is located at Wilmington Savings Fund Society, FSB, 500 Delaware Avenue, 11th Floor,
Wilmington, DE 19801, Attention: GCM/Gamida Cell LTD, or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such
successor trustee may designate from time to time by notice to the Holders and the Company).

 

    11

     

    

 

“Covenant
Defeasance” shall have the meaning specified in Section 3.02.

 

“Custodian”
means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any successor entity thereto.

 

“Default”
means any event that is, or after notice or passage of time, or both, would be, an Event of Default.

 

“Defaulted
Amounts” means any amounts on any Note (including, without limitation, the Fundamental Change Repurchase Price, principal,
interest and Additional Amounts, if any) that are payable but are not punctually paid or duly provided for.

 

“Definitive
Notes” means Notes that are in registered definitive non-global form.

 

“Depositary”
means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with respect to such
Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and
thereafter, “Depositary” shall mean or include such successor.

 

“Designated
Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Parent, the Company or
a Subsidiary in connection with an Asset Sale pursuant to Section 4.11(a) that is designated as Designated Non-Cash Consideration
pursuant to a certificate of a Responsible Officer of the Company or the Parent, setting forth the basis of such valuation.

 

“Disposition”
or “Dispose” means the sale, transfer, issuance, license, lease, contribution or other disposition (including
any sale and leaseback transaction or any contribution or other transfer in exchange for an Investment), whether in one transaction
or in a series of transactions, of any property or assets (including, without limitation, any Capital Stock of the Company or any
of its Subsidiaries) by any Person (or the granting of any option or other right to do any of the foregoing), including any sale,
assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims
associated therewith.

 

“Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for
which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof,
in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature (other than, in each case,
any provision requiring an offer to purchase such Capital Stock as a result of a change of control, delisting, asset sale or similar
provision or any other provision permitting holders to convert such Capital Stock so long as any right of the holders thereof upon
the occurrence of a change of control, delisting, asset sale or similar provision shall be subject to the prior repayment in full
in cash of the Notes and the other Note Obligations); provided that if such Capital Stock are issued pursuant to a plan
for the benefit of employees of the Parent or any of its Subsidiaries or by any such plan to such employees, such Capital Stock
shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent in order to satisfy applicable
statutory or regulatory obligations. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of this
Indenture will be the maximum amount that the Parent and its Subsidiaries may become obligated to pay upon maturity of, or pursuant
to any redemption provisions of, such Disqualified Stock or portion thereof, plus accrued dividends.

 

    12

     

    

 

“Distributed
Property” shall have the meaning specified in Section 14.04(c).

 

“Effective
Date” shall have the meaning specified in Section 14.03(c), except that, as used in Section 14.04 and Section
14.05, “Effective Date” means the first date on which the Ordinary Shares trade on the applicable exchange
or in the applicable market, regular way, reflecting the relevant share split or share combination, as applicable.

 

“Event of
Default” shall have the meaning specified in Section 6.01.

 

“Ex-Dividend
Date” means the first date on which the Ordinary Shares trade on the applicable exchange or in the applicable market,
regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable,
from the seller of Ordinary Shares on such exchange or market (in the form of due bills or otherwise) as determined by such exchange
or market.

 

“Excess Proceeds”
shall have the meaning specified in Section 4.11(b)(ii).

 

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

 

“Exchange
Agent” shall have the meaning specified in Section 4.02.

 

“Exchange
Date” shall have the meaning specified in Section 14.02(c).

 

“Exchange
Obligation” shall have the meaning specified in Section 14.01.

 

“Exchange
Price” means, as of any time, $1,000, divided by the Exchange Rate as of such time.

 

“Exchange
Rate” shall have the meaning specified in Section 14.01.

 

“Excluded
Entity” means (a) any Subsidiary that is an Immaterial Subsidiary, (b) any Subsidiary to the extent a guarantee of the
Note Obligations in support of such guarantee is contractually prohibited by the terms as of the date hereof of any contract with
any non-Affiliated third party existing as of the date hereof or on the date such Subsidiary is acquired (provided such contractual
prohibition was not entered into in connection with the acquisition or formation of such Subsidiary or for the purpose of circumventing
the Guarantee requirements hereunder) or would require the consent of any non-Affiliated third-party holder of the Capital Stock
thereof (unless and until such consent is obtained), (c) any Subsidiary of the Company or a Guarantor that is prohibited by
applicable law, rule or regulation existing on the Issue Date or on the date any such Subsidiary is acquired, in each case from
guaranteeing the Note Obligations or which would require governmental (including regulatory) consent, approval, license or authorization
to provide such a guarantee, for so long as such prohibition or circumstance exists, or (d) any Foreign Subsidiary of the Company
or a Guarantor for which the providing of a guarantee could, based on the written advice of counsel to the Company, result in a
breach or violation of fiduciary duties of such Subsidiary’s directors, officers or managers. Notwithstanding the foregoing,
in no event shall the Parent or the Company be an Excluded Entity.

 

    13

     

    

 

“Excluded
Taxes” means, without duplication, any of the following Taxes imposed on or with respect to a Recipient or required to
be withheld or deducted from a payment to a Recipient, (a)(i) Taxes imposed on or measured by net income (however denominated),
franchise Taxes, and branch profits Taxes, in each case, imposed as a result of such Recipient being organized under the laws of,
or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding
Taxes imposed on amounts payable to or for the account of a Recipient with respect to an applicable interest in a Note pursuant
to a law in effect on the date on which (i) such Recipient acquires such interest in a Note or (ii) such Recipient changes
its lending office, except in each case to the extent that, pursuant to Section 4.19, amounts with respect to such Taxes were
payable either to such Recipient’s assignor immediately before such Recipient became a party hereto or to such Recipient
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Sections 4.19(f) and 4.19(g) and (d) any withholding Taxes imposed under FATCA.

 

“Exclusive
License” means with respect to any drug or pharmaceutical product, any License granted to another Person to create, develop,
manufacture, commercialize, sell, market and promote such drug or pharmaceutical product, on an exclusive basis (to the exclusion
of the Company and the Guarantors) or co-exclusive basis (or any series of Licenses that have the practical or economic effect
of granting an exclusive or co-exclusive License) within the United States and its territories; provided that an “Exclusive
License” shall not include (a) any Licenses, which may be exclusive, solely to manufacture and/or package any such drug or
product on behalf of the Company, and (b) any sponsored research or similar agreement with a Person that is not an Affiliate of
the Parent or the Company providing for the research and development of such drug or product that does not grant the counterparty
any right to sell, offer to sell, have sold or otherwise commercialize such drug or product.

 

“Fair Market
Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in an arm’s length
transaction not involving distress or necessity of either party, determined in good faith by (unless otherwise provided in this
Indenture) the Parent, taking into account all relevant factors determinative of value, including, without limitation, preference
rights, lack of liquidity, control and restrictions on marketability and transferability.

 

“Fair Share”
shall have the meaning specified in Section 13.01(e).

 

“Fair Share
Contribution Amount” shall have the meaning specified in Section 13.01(e).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Indenture (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among governmental authorities and
implementing such Sections of the Code.

 

    14

     

    

 

“FDA”
means the United States Food and Drug Administration.

 

“FDA Approval”
means approval from the FDA to market and sell Omidubicel.

 

“Fixed Charge
Coverage Ratio” means, with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its
Subsidiaries incurs, assumes, acquires, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness
or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for which the Fixed Charge Coverage
Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage
Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated after giving
pro forma effect, in the reasonable and good-faith judgment of the Chief Financial Officer of the Parent or the Company as set
forth in a certificate with supporting calculations delivered to the Trustee, to such incurrence, assumption, guarantee, repayment,
repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred
stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable period. In addition,
for purposes of calculating the Fixed Charge Coverage Ratio:

 

(a) acquisitions
of business entities or property and assets constituting a division or line of business and Dispositions outside the ordinary course
of business and incurrences of Indebtedness that have been made or incurred by the specified Person or any of its Subsidiaries,
including through Investments, mergers or consolidations, or any Person or any of its Subsidiaries acquired by the specified Person
or any of its Subsidiaries, and including all related financing transactions and including increases in ownership of Subsidiaries,
during the reference period or subsequent to such reference period and on or prior to the Calculation Date, or that are to be made
on the Calculation Date, will be given pro forma effect, in the good-faith judgment of the Chief Financial Officer of the Parent,
as if they had occurred on the first day of the reference period, in accordance with Regulation S-X promulgated under the Exchange
Act;

 

(b) any
Person that is a Subsidiary on the Calculation Date will be deemed to have been a Subsidiary at all times during such reference
period;

 

(c) any
Person that is not a Subsidiary on the Calculation Date will be deemed not to have been a Subsidiary at any time during such reference
period;

 

    15

     

    

 

(d) the
interest rate, royalty payment, effective imputed interest rate or similar item (each a “Rate”) payable on any Indebtedness
shall be calculated as follows: (i) the Rate shall be equal to the all-in-yield, which shall include (x) any underlying Rate indices,
Rate margins, Rate floors, original issue discount (or equivalent) (“OID”) (with OID being equated to a Rate based
on the lesser of an assumed four-year average life to maturity or the remaining life to maturity), upfront fees (or other similar
fees to market), and similar yield-related discounts, deductions or payments and (y) any arrangement, structuring, commitment,
underwriting, amendment or similar fees, other than to the extent such fees described in this subclause (y) do not exceed 3.00%
of the total size of the applicable facility or arrangement in the aggregate and are customary bona fide arrangement, structuring
or underwriting fees that are payable solely to the applicable lead arrangers of such Indebtedness and are not shared with any
other lenders or holders of such Indebtedness and (ii) if such Indebtedness bears a floating Rate, the Rate expense on such Indebtedness
will be calculated as if the Rate in effect on the Calculation Date had been the applicable Rate for the entire period (taking
into account any hedging obligation applicable to such Indebtedness); and

 

(e) if
any Indebtedness (including, for the avoidance of doubt, any Royalty Financing) is incurred or available under any facility and
is being given pro forma effect in such calculation, the Rate on such Indebtedness shall be calculated assuming that such facility
is fully drawn (regardless of whether or not any conditions precedent or other contingencies with respect to such drawing are satisfied)
during the applicable period.

 

“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:

 

(a) the
Consolidated Net Interest Expense of such Person and its Subsidiaries for such period; plus

 

(b) the
non-cash interest expense (including capitalized, accrued or accreting or paid-in-kind interest or accreting principal and price-indexed
linkage differences on Indebtedness but excluding the amortization of deferred financing costs and non-cash interest expense relating
to fair value accounting adjustments) of such Peron and its Subsidiaries; plus

 

(c) the
royalty or similar payments or expenses of such Person and its Subsidiaries, whether paid or accrued, in connection with a sale
of any royalty owing to such Person and its Subsidiaries or a synthetic royalty or other financing or similar transaction based
on revenues and other proceeds.

 

“Foreign Subsidiary”
means any Subsidiary that is not organized in the United States, any state thereof or the District of Columbia.

 

“Form of Assignment
and Transfer” means the “Form of Assignment and Transfer” attached as Attachment 3 to the Form of Note attached
hereto as Exhibit A.

 

“Form of Fundamental
Change Repurchase Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment
2 to the Form of Note attached hereto as Exhibit A.

 

“Form of Note”
means the “Form of Note” attached hereto as Exhibit A.

 

“Form of Notice
of Exchange” means the “Form of Notice of Exchange” attached as Attachment 1 to the Form of Note attached
hereto as Exhibit A.

 

    16

     

    

 

“Fundamental
Change” shall be deemed to have occurred at the time after the Notes are originally issued if any of the following occurs:

 

(a) a
“person” or “group” within the meaning of Section 13(d) of the Exchange Act, other than the Parent,
its Wholly Owned Subsidiaries and the employee benefit plans of the Parent and its Wholly Owned Subsidiaries, becomes the direct
or indirect “beneficial owner,” as defined in Rule 13d-3 under the Exchange Act, of the Ordinary Shares representing
more than 50% of the voting power of the Parent’s Common Equity;

 

(b) the
consummation of (1) any recapitalization, reclassification or change of the Ordinary Shares (other than a change to par value,
or from par value to no par value, or changes resulting from a subdivision or combination) as a result of which the Ordinary Shares
would be converted into, or exchanged for, stock, other securities, other property or assets; (2) any share exchange, consolidation
or merger of the Parent pursuant to which the Ordinary Shares will be converted into cash, securities or other property or assets;
or (3) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the
consolidated assets of the Parent and its Subsidiaries, taken as a whole, to any Person other than one of the Parent’s Wholly
Owned Subsidiaries; provided, however, that a transaction described in clauses (1) and (2) in which the holders of all classes
of the Parent’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes
of Common Equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction
in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change
pursuant to this clause (b);

 

(c) the
shareholders of the Parent or the Company approve any plan or proposal for the liquidation or dissolution of the Parent or the
Company, as applicable; or

 

(d) the
Ordinary Shares (or other shares of common stock, ordinary shares or American depositary receipts underlying the Notes) cease to
be listed or quoted on any of The New York Stock Exchange, The NYSE American, The Nasdaq Global Select Market, The Nasdaq Global
Market or The Nasdaq Capital Market (or any of their respective successors);

 

provided, however, that a transaction or transactions
described in clause (b) above shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be
received by the shareholders of the Parent, excluding cash payments for fractional shares and cash payments made pursuant to statutory
appraisal rights, in connection with such transaction or transactions consists of shares of common stock, ordinary shares or American
depositary receipts, in each case, that are listed or quoted on any of The New York Stock Exchange, The NYSE American, The Nasdaq
Global Select Market, The Nasdaq Global Market or The Nasdaq Capital Market (or any of their respective successors) or will be
so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such transaction
or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments
made pursuant to dissenters’ appraisal rights (subject to the provisions of Section 14.02(a)). For purposes of the
definition of Fundamental Change, any transaction that constitutes a Fundamental Change pursuant to both clause (a) and clause
(b) of such definition shall be deemed a Fundamental Change solely under clause (b) of such definition. If any transaction in which
the Ordinary Shares are replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental
Change Period (or, in the case of a transaction that would have been a Fundamental Change or a Make-Whole Fundamental Change but
for the proviso immediately following clause (d) of this definition, following the effective date of such transaction) references
to the Parent in this definition shall instead be references to such other entity.

 

    17

     

    

 

“Fundamental
Change Company Notice” shall have the meaning specified in Section 15.02(c).

 

“Fundamental
Change Repurchase Date” shall have the meaning specified in Section 15.02(a).

 

“Fundamental
Change Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i).

 

“Fundamental
Change Repurchase Price” shall have the meaning specified in Section 15.02(a).

 

“Funding Guarantor”
shall have the meaning specified in Section 13.01(e).

 

“General Beneficial
Ownership Limitation” shall have the meaning specified in Section 14.10(d).

 

“Global Note”
shall have the meaning specified in Section 2.05(b).

 

“Governmental
Obligations” means securities that are (a) direct obligations of the United States of America for the payment of which
its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior
to the Maturity Date, and (x) shall also include a depositary receipt issued by a bank or trust company as custodian with respect
to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held
by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required
by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt
from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or
interest on the Governmental Obligation evidenced by such depositary receipt and (y) money market mutual funds that are registered
with the Commission under the Investment Company Act of 1940, as amended, and operated in accordance with Rule 2a-7 thereunder
and that at the time of such investment are rated Aaa by Moody’s and/or AAA by S&P, including such funds for which the
Trustee or an affiliate provides investment advice or other services.

 

    18

     

    

 

“guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided that the term “guarantee”
shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guarantee”
means the guarantees by each Guarantor of the Company’s Obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.

 

“Guarantee
Law” shall have the meaning specified in Section 13.01(b).

 

“Guarantor”
means the Parent and each Subsidiary Guarantor.

 

“Holder,”
as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person
in whose name at the time a particular Note is registered on the Note Register.

 

“Holder Beneficial
Ownership Limitation” shall have the meaning specified in Section 14.10(d).

 

“IFRS”
means International Financial Reporting Standards, as in effect from time to time.

 

“Immaterial
Subsidiary” means, as of any date of determination, any Subsidiary that, when taken together with all Immaterial Subsidiaries,
does not (a) have assets with a value in excess of five percent (5%) of the consolidated total assets of the Parent and its Subsidiaries
or (b) comprise in excess of five percent (5%) of Consolidated EBITDA of the Parent and its Subsidiaries, on a consolidated basis,
for the most recently completed four full fiscal quarters for which financial statements are available immediately preceding such
date.

 

“incur”
shall have the meaning specified in Section 4.09(a).

 

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“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other
title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred
purchase price of property or services (excluding accounts payable incurred in the ordinary course of business and not past due
by more than 90 days) and have not been paid within 90 days thereof, (e) all Indebtedness of others secured by (or for which the
holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired
by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all guarantees by, and Contingent Obligations
of, such Person of Indebtedness of others set forth in clauses (a)-(e) and (g)-(j) of this definition, (g) all Capital Lease Obligations
of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit,
letters of guaranty or bankers’ acceptances; (i) obligations in respect of a Royalty Financing, and (j) net termination obligations
under Swap Agreements (other than any such obligations that are settleable at the option of such Person in Capital Stock (other
than Disqualified Stock) of the Parent); provided, however, that notwithstanding the foregoing, Indebtedness shall be deemed
not to include: (1) Contingent Obligations (other than, for the avoidance of doubt, those described in clause (f) above) incurred
in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks
in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective
seller; (4) in connection with any acquisition, any earn-out obligations, other similar contingent consideration, purchase price
adjustments, milestone and/or bonus payments (whether performance or time-based) unless such payments are required under IFRS to
appear as a liability on the balance sheet (excluding the footnotes); (5) obligations in respect of non-exclusive time-based in-licenses
in the ordinary course of business and consistent with customary industry practices, other than in connection with the grant to
a counterparty of any right to sell, offer to sell, have sold or otherwise commercialize any Material Asset; (6) deferred compensation;
(7) accrued expenses; or (8) obligations in respect of Preferred Stock that is not Disqualified Stock.

 

“Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented.

 

“Intellectual
Property” means (a) all compounds, formulations, materials, methods, techniques, trade secrets, copyrights, know-how,
data, documentation, regulatory submissions, specifications, and other intellectual property of any kind (whether or not protectable
under patent, trademark, copyright, or similar laws) and (b) all patents and patent applications claiming the foregoing, as applicable,
and all divisions, continuations and continuations-in-part of such patent applications, all patents issuing thereon and all reissues,
reexaminations and extensions of any of the foregoing patents.

 

“Interest
Payment Date” means each February 15 and August 15 of each year, beginning on August 15, 2021.

 

“Interest
Record Date” means, with respect to any Interest Payment Date, the February 1 or August 1 (whether or not such day is
a Business Day) immediately preceding the applicable February 15 or August 15 Interest Payment Date, respectively.

 

    20

     

    

 

“Investment”
means, with respect to any specified Person, all direct or indirect investments by such specified Person in other Persons (including
Affiliates) in the forms of loans (including guarantees of Indebtedness or other Obligations), advances or capital contributions
(excluding (i) commission, travel and similar advances to Officers and employees made in the ordinary course of business and (ii)
extensions of credit to customers or advances, deposits or payment to or with suppliers, lessors or utilities or for workers’
compensation, in each case, that are incurred in the ordinary course of business), or purchases or other acquisitions for consideration
of Indebtedness, Capital Stock or other securities. The acquisition by the Company or any Subsidiary of the Company of a Person
that holds an Investment in a third Person that was acquired in contemplation of the acquisition of such Person will be deemed
to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments
held by the acquired Person in such third Person determined as provided in this Indenture. Except as otherwise provided in this
Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent
changes in value but after giving effect (without duplication) to all subsequent reductions in the amount of such Investment as
a result of the repayment or disposition thereof for cash, not to exceed the original amount of such Investment.

 

“IRS”
means the Internal Revenue Service.

 

“Issue Date”
means February 16, 2021.

 

“Joint Venture”
means any bona fide joint venture entity or any Person (other than a Subsidiary) in which the Parent or any of its Subsidiaries
holds Capital Stock and the joint venture parties of, or other investors in, which are not Affiliates of the Parent or any of its
Subsidiaries.

 

“Last Reported
Sale Price” of the Ordinary Shares on any date means the closing sale price per share (or if no closing sale price is
reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average
ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange
on which the Ordinary Shares are traded. If the Ordinary Shares are not listed for trading on a U.S. national or regional securities
exchange on the relevant date, the Last Reported Sale Price shall be the last quoted bid price for the Ordinary Shares in the over-the-counter
market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Ordinary Shares are not so
quoted, the Last Reported Sale Price shall be the average of the mid-point of the last bid and ask prices for the Ordinary Shares
on the relevant date from each of at least three nationally recognized independent investment banking firms selected by the Parent
for this purpose. Any such determination will be conclusive absent manifest error. The Last Reported Sale Price will be determined
without reference to extended or after-hours trading. On or after the occurrence of a Merger Event, the Last Reported Sale Price
of a unit of Reference Property on any date shall be determined in accordance with the four immediately preceding sentences except
that (i) in the case of a Merger Event in connection with which holders of Ordinary Shares receive only cash as set forth in Section
14.07(a), the Last Reported Sale Price shall be equal to the per share amount of cash received by holders of Ordinary Shares
in such Merger Event and (ii) in the case of a Merger Event in connection with which holders of Ordinary Shares receive a type
of consideration other than cash, shares of common stock or ordinary shares as set forth in Section 14.07(a), the Last Reported
Sale Price shall be the fair market value of such unit of Reference Property determined by a nationally recognized independent
investment banking firm retained for this purpose by the Parent.

 

“License”
means, with respect to any Intellectual Property, any licenses or sublicenses to, or covenants not to sue, or other similar rights
with respect to such Intellectual Property.

 

    21

     

    

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

 

“Make-Whole
Fundamental Change” means any transaction or event that constitutes a Fundamental Change as determined after giving effect
to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition
thereof.

 

“Make-Whole
Fundamental Change Period” shall have the meaning specified in Section 14.03(a).

 

“Material
Asset” means Omidubicel and any material Intellectual Property that claims or covers Omidubicel or that is necessary
for development, manufacture, marketing, sale or import of Omidubicel.

 

“Material
Proceeds” shall have the meaning specified in Section 4.18.

 

“Maturity
Date” means February 15, 2026.

 

“Merger Event”
shall have the meaning specified in Section 14.07(a).

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 

“NAM Platform”
means a nicotinamide-based cell expansion platform for multiple cell types including stem cells and natural killer (NK) cells.

 

“Net Proceeds”
means, (a) with respect to any Disposition or any Recovery Event by the Parent or any of its Subsidiaries, the excess, if any,
of (i) the sum of cash and Cash Equivalents received by the Parent, the Company or any Guarantor in connection with such transaction
(including any cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization of, a note receivable
or otherwise, but only as and when so received, unless, for the avoidance of doubt, any such cash or Cash Equivalents received
by monetization is in the form of retained collections that do not constitute purchase price or consideration for the sale or other
Disposition of the asset subject to such Disposition received by the Parent or any of its Subsidiaries for such Disposition) over
(ii) the sum of (A) all payments on account of any Indebtedness that is secured by the applicable asset by a Lien permitted hereunder
and that is required to be repaid (or to establish an escrow for the future repayment thereof) in connection with such transaction
(other than Indebtedness under the loan documents), (B) the reasonable and customary out-of-pocket expenses incurred by such Person
in connection with such transaction (including, without limitation, appraisals, brokerage, legal, title and recording or transfer
tax expenses and commissions and legal, accounting and investment banking fees, sales commissions and other reasonable and customary
fees and expenses) paid by such Person to third parties (other than Affiliates), (C) the taxes paid or the Parent’s good
faith and reasonable estimation of income, franchise, sales and other applicable taxes required to be paid as a result of such
transaction, and (D) any amount subject to an escrow or provided as a reserve against any liabilities in respect of any indemnification
obligations or purchase price adjustment associated with any such Disposition and which are reasonably expected to be paid (provided
that, to the extent and at any time such amounts are not paid and are released from such escrow or reserve to the Company or any
Guarantor, such amounts shall constitute Net Proceeds) and (b) in connection with any issuance or sale of Indebtedness by the Company
or any Guarantor or any of their Subsidiaries, or any issuance or sale of Capital Stock by the Parent, the cash proceeds received
from such issuance or incurrence, net of the reasonable and customary out-of-pocket expenses incurred by such Person in connection
with such transaction, including attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts
and commissions and other customary fees and expenses actually incurred in connection therewith paid by such Person to third parties
(other than Affiliates). In the case of any non-Wholly Owned Subsidiary or Joint Venture, “Net Proceeds” shall be reduced
by the pro rata portion thereof attributable to such minority interests or interests of Joint Venture partners.

 

    22

     

    

 

“Note”
or “Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture.

 

“Note Obligations”
means the Obligations of the Company and the other obligors (including the Guarantors) under this Indenture, the Notes or the Guarantees
to pay principal, premium, if any, interest (including all interest accruing after the commencement of any bankruptcy, insolvency,
reorganization or similar proceeding, whether or not a claim for such post-petition interest is allowed or allowable in such proceeding)
and Additional Amounts when due and payable, and all other amounts due or to become due under or in connection with this Indenture,
the Notes or the Guarantees and the performance of all other Obligations of the Company and the Guarantors under this Indenture,
the Notes or the Guarantees, according to the respective terms thereof.

 

“Note Register”
shall have the meaning specified in Section 2.05(a).

 

“Note Registrar”
shall have the meaning specified in Section 2.05(a).

 

“Notice of
Exchange” shall have the meaning specified in Section 14.02(b).

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement
obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the
documentation governing any Indebtedness.

 

“Offer Amount”
shall have the meaning specified in Section 4.11(b)(ii).

 

“Officer”
means, with respect to either the Company and/or the Parent, a chief executive officer, a president, a chief business officer,
a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president
(whether or not designated by a number or numbers or word or words added before or after the title “vice president”),
the treasurer or any assistant treasurer, the controller or any assistant controller or the secretary or any assistant secretary
of such Person.

 

“Officer’s
Certificate,” means a certificate that is delivered to the Trustee and that is signed by any Officer. Each such certificate
shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section.
The Officer giving an Officer’s Certificate pursuant to Section 4.14 shall be the principal executive, financial or
accounting officer of the Company or the Parent.

 

    23

     

    

 

“Omidubicel”
means a stem/progenitor cell-based bone marrow transplant graft product composed of nicotinamide-expanded allogeneic cells from
umbilical cord blood.

 

“open of business”
means 9:00 a.m. (New York City time).

 

“Opinion of
Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or
the Parent, who is reasonably acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary
exceptions and qualifications as to the matters set forth therein. Each such opinion shall include the statements provided for
in Section 17.05 if and to the extent required by the provisions of such Section 17.05.

 

“Optional
Redemption” shall have the meaning specified in Section 16.01.

 

“Ordinary
Shares” means the Parent’s ordinary shares with a nominal value of New Israeli Shekel (NIS) 0.01 per share, at
the date of this Indenture, subject to Section 14.07.

 

“Organization
Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or
equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; (c) with respect to any partnership,
joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation
or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable governmental authority in the jurisdiction of its formation or organization and, if applicable,
any certificate or articles of formation or organization of such entity, and (d) in each case, all shareholder or other equity
holder agreements, voting trusts and similar arrangements to which such Person is a party or which is applicable to its Capital
Stock and all other arrangements relating to the control or management of such Person.

 

“Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection
between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced this Indenture, or sold or assigned an interest in any Note or
this Indenture).

 

“outstanding,”
when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any particular time, all
Notes authenticated and delivered by the Trustee under this Indenture, except:

 

(a) Notes
theretofore canceled by the Trustee or accepted by the Trustee for cancellation;

 

(b) Notes,
or portions thereof, that have become due and payable and in respect of which monies in the necessary amount shall have been deposited
in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust
by the Company (if the Company shall act as its own Paying Agent);

 

    24

     

    

 

(c) Notes
that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in substitution for which, other Notes shall
have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is
presented that any such Notes are held by protected purchasers in due course;

 

(d) Notes
exchanged pursuant to Article 14 and required to be cancelled pursuant to Section 2.08;

 

(e) Notes
that have been redeemed pursuant to Article 16; and

 

(f) Notes
repurchased by the Company pursuant to the penultimate sentence of Section 2.10 and delivered to the Trustee for cancellation.

 

“Parent”
shall have the meaning specified in the first paragraph of this Indenture, and subject to the provisions of Section 13.04,
shall include its successors and assigns.

 

“Parent’s
Board of Directors” means the board of directors of the Parent or a committee of such board duly authorized to act for
it hereunder.

 

“Paying Agent”
shall have the meaning specified in Section 4.02.

 

“Payor”
shall have the meaning specified in Section 4.19(a).

 

“Permitted
Business” means any business conducted by the Parent or any of its Subsidiaries on the Issue Date and any business that,
in the good faith judgment of the Board of Directors or the Parent’s Board of Directors, is similar or reasonably related,
ancillary, supplemental or complementary thereto or a reasonable extension, development or expansion thereof.

 

“Permitted
Debt” shall have the meaning specified in Section 4.09(b).

 

“Permitted
Equity Derivatives” means any forward purchase, accelerated share purchase or other equity derivative transactions relating
to the Capital Stock of the Parent entered into by the Parent or any Subsidiary, provided that any Restricted Payment made in connection
with such transaction is permitted pursuant to the covenant described under Section 4.08 other than Section 4.08(b)(ix).

 

    25

     

    

 

“Permitted
Refinancing” and “Permitted Refinancing Indebtedness” means, with respect to any Person, any Indebtedness
promptly issued in exchange for, or the Net Proceeds of which are promptly used to extend, refinance, renew, replace, defease or
refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting
a Permitted Refinancing); provided that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing
Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced,
replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees, commissions and expenses,
including reasonable and customary premiums, underwriting discounts defeasance costs, original issue discount, incurred in connection
therewith); (b) such Permitted Refinancing Indebtedness has a final maturity date the same as or later than the final maturity
date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged; (c) if the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged is Subordinated Indebtedness, such Permitted Refinancing Indebtedness is subordinated in right
of payment on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness
being renewed, refunded, refinanced, replaced, defeased or discharged (provided that payments necessary to avoid such Subordinated
Indebtedness being classified as applicable high yield discount obligation for purposes of Code Section 163(i) shall be permitted
even if the Indebtedness being so refinanced did not expressly provide for such payments); (d) if the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged is unsecured Indebtedness, such Permitted Refinancing Indebtedness is unsecured
Indebtedness; (e) such Permitted Refinancing Indebtedness is not incurred by a Person other than the Company and any of the Guarantors
to renew refund, refinance, replace, defease or discharge any Indebtedness of the Company or a Guarantor and (f) is not secured
by a Lien on any assets other than the assets securing the Indebtedness being Refinanced.

 

“Permitted
Subordination Agreement” means a subordination agreement substantially in the form of Exhibit C.

 

“Permitted
Subordination Provisions” means subordination provisions substantially in the form of Exhibit D.

 

“Permitted
Transfer of Material Assets” means any Disposition of Material Assets by the Parent, the Company or any of their Subsidiaries
in the form of (a) any License that is not an Exclusive License, (b) any Exclusive License for the manufacture, development, use,
distribution and/or sale of Material Assets outside of the United States and its territories or (c) Licensing and collaboration
transactions involving NAM Platform (including any Exclusive License) that does not involve Omidubicel and is not reasonably likely
to materially impair (or have a material and adverse effect on) the creation, development, manufacture, commercialization, sale,
marketing or promotion of Omidubicel within the United States and its territories or otherwise have a material and adverse effect
on the business of the Parent, the Company or their Subsidiaries or their respective assets, as reasonably determined by the Parent
in good faith.

 

“Person”
means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a joint stock
company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof.

 

“Physical
Notes” means permanent certificated Notes in registered form issued in minimum denominations of $1,000 principal amount
and integral multiples of $1,000 in excess thereof.

 

“Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06
in lieu of or in exchange for a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note that it replaces.

 

    26

     

    

 

“Preferred
Stock” means, with respect to any Person, any Capital Stock with preferential rights to any other Capital Stock of such
Person with respect to payment of dividends or preferential rights upon liquidation, dissolution, or winding up.

 

“Recipient”
means any Holder (including, for the avoidance of doubt, a holder of a participation in a Note), including a Holder who holds a
Note or a participation in a Note by virtue of an assignment.

 

“Record Date”
means, with respect to any dividend, distribution or other transaction or event in which the holders of Ordinary Shares (or other
applicable security) have the right to receive any cash, securities or other property or in which the Ordinary Shares (or such
other security) are exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination
of holders of Ordinary Shares (or such other security) entitled to receive such cash, securities or other property (whether such
date is fixed by the Board of Directors, by statute, by contract or otherwise).

 

“Recovery
Event” means any settlement of or payment in respect of any property or casualty insurance claim or any foreclosure,
condemnation, expropriation or similar proceeding relating to any property or assets of the Parent, the Company or any of their
Subsidiaries.

 

“Redemption”
means Optional Redemption or Tax Redemption, as applicable.

 

“Redemption
Date” shall have the meaning specified in Section 16.02(a).

 

“Redemption
Notice” shall have the meaning specified in Section 16.02(a).

 

“Redemption
Notice Date” means, with respect to any Redemption, the date on which the Company delivers a Redemption Notice with respect
to such Redemption pursuant to Section 16.02.

 

“Redemption
Period” means, with respect to any Notes that are called for Redemption and exchanged, the period from and including
the Redemption Notice Date until the close of business on the Business Day immediately preceding the Redemption Date.

 

“Redemption
Price” means, for any Notes that are called for Redemption, 100% of the principal amount of such Notes, plus accrued
and unpaid interest, if any, and any Additional Amounts, to, but excluding, the Redemption Date (unless the Redemption Date falls
after an Interest Record Date but on or prior to the immediately succeeding Interest Payment Date, in which case interest accrued
to the Interest Payment Date will be paid to Holders of record of such Notes on such Interest Record Date, and the Redemption Price
will be equal to 100% of the principal amount of such Notes plus any Additional Amounts).

 

“Reference
Property” shall have the meaning specified in Section 14.07(a).

 

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“Registrable
Securities” shall have the meaning set forth in the Registration Rights Agreement.

 

“Registration
Rights Agreement” means the Resale Registration Rights Agreement, among the Company, each Guarantor and the other persons
party thereto, dated as of February 16, 2021 (as it may be further amended, restated, replaced, supplemented or otherwise modified
from time to time).

 

“Related Business
Assets” means assets (other than cash or Cash Equivalents) used or useful in a Permitted Business; provided that
any assets received by the Parent, the Company or a Subsidiary in exchange for assets transferred by the Parent, the Company or
a Subsidiary will not be deemed to be Related Business Assets if they consist of securities of a Person, unless such Person is,
or upon receipt of the securities of such Person, such Person would become, a Subsidiary that is a Guarantor.

 

“Relevant
Taxing Jurisdiction” shall have the meaning specified in Section 4.19(a).

 

“Resale Restriction
Termination Date” shall have the meaning specified in Section 2.05(c).

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee,
including any vice president, assistant vice president, assistant secretary, trust officer or any other officer of the Trustee
who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter relating to this Indenture is referred because of such person’s knowledge of and familiarity
with the particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture.

 

“Restricted
Payments” shall have the meaning specified in Section 4.08(a).

 

“Restricted
Securities” shall have the meaning specified in Section 2.05(c).

 

“Royalty Financing”
means any sale of future revenues or synthetic royalty or other financing based on future revenues derived from, and other proceeds
arising out of, any product or drug marketed or sold by the Parent and its Subsidiaries.

 

“Royalty Facility”
shall have the meaning specified in Section 4.09(b)(i).

 

“Rule 144”
means Rule 144 as promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A as promulgated under the Securities Act.

 

“S&P”
means Standard & Poor’s Ratings Services or any successor to the rating agency business thereof.

 

“Scheduled
Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or regional securities
exchange or market on which the Ordinary Shares are listed or admitted for trading. If the Ordinary Shares are not so listed or
admitted for trading, “Scheduled Trading Day” means a Business Day.

 

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“Secured Facility”
shall have the meaning specified in Section 4.09(b)(xxii).

 

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

 

“Significant
Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in Article
1, Rule 1-02 of Regulation S-X under the Exchange Act.

 

“Spin-Off”
shall have the meaning specified in Section 14.04(c).

 

“Stock Price”
shall have the meaning specified in Section 14.03(c).

 

“Subject Excess
Proceeds” shall have the meaning specified in Section 4.11(b)(ii).

 

“Subordinated
Indebtedness” means, with respect to the Company, any Indebtedness of the Company or any Guarantor which (i) is unsecured,
(ii) by its terms expressly and contractually subordinated in right of payment to the Notes or any Guarantee (including the Note
Obligations), pursuant to (A) a Permitted Subordination Agreement or (B) Permitted Subordination Provisions, (iii) matures after
the Maturity Date, and (iv) is incurred from a non-Affiliate of the Company, any Guarantor or any of their Subsidiaries.

 

“Subsidiary”
means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of
the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard
to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at
the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such
Person; or (iii) one or more Subsidiaries of such Person. Unless the context otherwise requires, “Subsidiary” shall
refer to a Subsidiary of the Parent.

 

“Subsidiary
Guarantor” means each current and future direct and indirect Subsidiary of the Parent, other than the Company and an
Excluded Entity, in each case until the Guarantee of such Subsidiary has been released in accordance with the provisions of this
Indenture

 

“Successor
Company” shall have the meaning specified in Section 11.01(a).

 

“Swap Agreement”
means any agreement with respect to any swap, forward, spot, future, credit default or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities,
or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Parent, the Company or the
Subsidiaries shall be a Swap Agreement.

 

“Tax Redemption”
shall have the meaning specified in Section 16.01(b).

 

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“Taxes”
shall have the meaning specified in Section 4.19(a).

 

“Trading Day”
means a day on which (i) trading in the Ordinary Shares (or other security for which a closing sale price must be determined) generally
occurs on The Nasdaq Global Select Market or, if the Ordinary Shares (or such other security) are not then listed on The Nasdaq
Global Select Market, on the principal other U.S. national or regional securities exchange on which the Ordinary Shares (or such
other security) are then listed or, if the Ordinary Shares (or such other security) are not then listed on a U.S. national or regional
securities exchange, on the principal other market on which the Ordinary Shares (or such other security) are then traded and (ii)
a Last Reported Sale Price for the Ordinary Shares (or closing sale price for such other security) is available on such securities
exchange or market; provided that if the Ordinary Shares (or such other security) are not so listed or traded, “Trading
Day” means a Business Day.

 

“transfer”
shall have the meaning specified in Section 2.05(c).

 

“Transfer
Agent” means, initially, Broadridge Corporate Issuer Solutions, Inc., in its capacity as the transfer agent for the Ordinary
Shares, and any successor entity acting in such capacity.

 

“Treasury
Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management
services, including, without limitation, deposit accounts, overdraft, overnight draft, credit cards, debit cards, p-cards (including
purchasing cards, employee credit card programs and commercial cards), funds transfer, automated clearinghouse, direct debit, zero
balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade
finance services, netting services, cash pooling arrangements, credit and debit card acceptance or merchant services and other
treasury or cash management services.

 

“Trigger Event”
shall have the meaning specified in Section 14.04(c).

 

“Trust Indenture
Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this Indenture;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust
Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as so amended.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean
or include each Person who is then a Trustee hereunder.

 

“unit of Reference
Property” shall have the meaning specified in Section 14.07(a).

 

“Valuation
Period” shall have the meaning specified in Section 14.04(c).

 

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“Weighted
Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:

 

(a) the
sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of such Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by

 

(b) the
then-outstanding principal amount of such Indebtedness.

 

“Wholly Owned
Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes of this
definition, the reference to “more than 50%” in the definition of Subsidiary shall be deemed replaced by a reference
to “100%.”

 

Section 1.02 References
to Interest. All references to interest on, or in respect of, any Note in this Indenture shall be deemed to include Additional
Interest (if, in such context, Additional Interest is, was or would be payable pursuant to any of Section 4.06(d), Section
4.06(e), Section 4.17(c), the Registration Rights Agreement and Section 6.03) and to any interest payable on
any Defaulted Amounts as set forth in Section 2.03(c). Unless the context otherwise requires, any express mention of Additional
Interest or interest on Defaulted Amounts in any provision hereof shall not be construed as excluding Additional Interest or interest
on Defaulted Amounts, as applicable, in those provisions hereof where such express mention is not made.

 

Section 1.03 Divisions.
For all purposes under this Indenture, in connection with any division or plan of division under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the
asset, right, obligation or liability of a different Person, then it, shall be deemed to have been transferred from the original
Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Capital Stock at such time.

 

Article
2

Issue, Description, Execution, Registration and Exchange of Notes

 

Section 2.01 Designation
and Amount. The Notes shall be designated as the “5.875% Exchangeable Senior Notes due 2026.” The aggregate principal
amount of Notes that may be authenticated and delivered under this Indenture is limited to $75,000,000. Except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted
hereunder, the Company may not issue additional Notes without the consent of at least a majority of the aggregate principal amount
of the Notes then outstanding (determined in accordance with Article 8).

 

Section 2.02 Form
of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially
in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated
in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by their execution and delivery of
this Indenture, expressly agree to such terms and provisions and to be bound thereby. In the case of any conflict between this
Indenture and a Note, the provisions of this Indenture shall control and govern to the extent of such conflict.

 

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Any Global Note may
be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions
of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any applicable law
or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which
the Notes may be listed or traded or designated for issuance or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Notes are subject.

 

Any of the Notes may
have such letters, numbers or other marks of identification and such notations, legends (other than legends restricting transfer)
or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and
as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which
the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions
to which any particular Notes are subject.

 

Each Global Note shall
represent such principal amount of the outstanding Notes as shall be specified therein and shall provide that it shall represent
the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount
of outstanding Notes represented thereby may from time to time be increased or reduced to reflect repurchases, redemptions, cancellations,
transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in
the amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee,
in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, accrued and unpaid interest on,
a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining
Holders eligible to receive payment is provided for herein.

 

Section 2.03 Date
and Denomination of Notes; Interest and Defaulted Amounts. (a) The Notes shall be issuable in registered form without coupons
in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess thereof. Each Note shall be dated
the date of its authentication and shall bear interest from the date specified on the face of such Note. Interest on the Notes
shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the
number of days actually elapsed in a 30-day month.

 

(b) The
Person in whose name any Note (or its Predecessor Note) is registered on the Note Register at the close of business on any Interest
Record Date with respect to any Interest Payment Date shall be entitled to receive any interest payable on such Interest Payment
Date. The principal amount of any Note (x) in the case of any Physical Note, at the office or agency of the Company designated
by the Company for such purposes in the United States of America, which shall initially be the Corporate Trust Office, and (y)
in the case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary
or its nominee in accordance with the Applicable Procedures of the Depositary. The Company shall pay (or cause the Paying Agent
to pay) interest (i) on any Physical Notes, by wire transfer in immediately available funds to that Holder’s account within
the United States of America if such Holder has provided the Company and the Trustee or the Paying Agent (if other than the Trustee)
with the requisite information necessary (including, but not limited to, applicable tax forms) to make such wire transfer or (ii)
on any Global Note by wire transfer of immediately available funds to the account of the Depositary or its nominee.

 

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(c) Any
Defaulted Amounts shall forthwith cease to be payable to the Holder on the relevant payment date but shall accrue interest per
annum at the then-applicable interest rate borne by the Notes, subject to the enforceability thereof under applicable law, from,
and including, such relevant payment date, and such Defaulted Amounts together with any such interest thereon shall be paid by
the Company, at its election in each case, as provided in clause (i) or (ii) below:

 

(i) The
Company may elect to make payment of any Defaulted Amounts to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall
be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed
to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee
of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall fix a
special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment
(unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee of such special record date
and the Trustee, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Amounts
and the special record date therefor to be delivered to each Holder not less than 10 days prior to such special record date. Notice
of the proposed payment of such Defaulted Amounts and the special record date therefor having been so delivered, such Defaulted
Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close
of business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section
2.03(c).

 

(ii) The
Company may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may
be required by such exchange or automated quotation system, if, after notice given by the Company to the Trustee of the proposed
payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee (in its sole discretion).

 

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Section 2.04 Execution,
Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the Company by the manual or
facsimile signature of one or more of its Officers.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Notes and an Officer’s Certificate
and an Opinion of Counsel, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without
any further action by the Company hereunder.

 

Only such Notes as
shall bear thereon a certificate of authentication substantially in the form set forth on the Form of Note attached as Exhibit
A hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as
provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose.
Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence
that the Note so authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits
of this Indenture.

 

In case any Officer
of the Company who shall have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been
authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered
or disposed of as though the person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be
signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of
the Company, although at the date of the execution of this Indenture any such person was not such an Officer.

 

Section 2.05 Exchange
and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the
Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated
pursuant to Section 4.02, the “Note Register”) in which, subject to such reasonable regulations as it
may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written
form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially
appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.
The Company may appoint one or more co-Note Registrars in accordance with Section 4.02.

 

Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such
transfer set forth in this Section 2.05, the Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate
principal amount and bearing such restrictive legends as may be required by this Indenture.

 

Notes may be exchanged
for other Notes of any authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged
at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange
is entitled to receive, bearing registration numbers not contemporaneously outstanding.

 

    34

     

    

 

All Notes presented
or surrendered for registration of transfer or for exchange or repurchase shall (if so required by the Company, the Trustee, the
Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer
in form reasonably satisfactory to the Company, and duly executed by the Holder thereof or its attorney-in-fact duly authorized
in writing.

 

No service charge shall
be imposed to a Holder by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange
or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp
or similar issue or transfer tax required in connection therewith as a result of the name of the Holder of the new Notes issued
upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange
or registration of transfer.

 

None of the Company,
the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a transfer of (i) any Notes
surrendered for exchange or, if a portion of any Note is surrendered for exchange, such portion thereof surrendered for exchange,
(ii) any Notes, or a portion of any Note, surrendered for repurchase (and not withdrawn) in accordance with Article 15 or
(iii) any Notes selected for Optional Redemption in accordance with Article 16.

 

All Notes issued upon
any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration
of transfer or exchange.

 

(b) So
long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law, subject to the
fifth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each,
a “Global Note”) registered in the name of the Depositary or the nominee of the Depositary. Each Global Note
shall bear the legend required on a Global Note set forth in Exhibit A hereto. The transfer and exchange of beneficial interests
in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee
or the Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the Applicable
Procedures of the Depositary.

 

(c) Every
Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section 2.05(c) (together
with any Ordinary Shares issued upon exchange of the Notes that are required to bear the legend set forth in Section 2.05(d),
collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this
Section 2.05(c) (including those contained in the legend set forth below), unless such restrictions on transfer shall be
eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s
acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and Section
2.05(d), the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any
Restricted Security.

 

    35

     

    

 

Until the date (the
“Resale Restriction Termination Date”) that is the later of (1) the date that is one year after the last date
of original issuance of the Notes, or such shorter period of time as permitted by Rule 144 or any successor provision thereto,
and (2) such later date, if any, as may be required by applicable law, any certificate evidencing such Note (and all securities
issued in exchange therefor or substitution thereof, other than Ordinary Shares, if any, issued upon exchange therefor, which shall
bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following form (unless
such Notes have been sold pursuant to an effective registration statement under the Securities Act that continues to be effective
at the time of such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision
then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee):

 

THIS SECURITY AND THE
ORDINARY SHARES, IF ANY, ISSUABLE UPON EXCHANGE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE
WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2) AGREES
FOR THE BENEFIT OF GAMIDA CELL INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

(A) TO
THE COMPANY OR GAMIDA CELL LTD. (THE “PARENT”) OR ANY OF THEIR RESPECTIVE SUBSIDIARIES, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C) TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

    36

     

    

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY, THE PARENT AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE
DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

 

No transfer of any
Note prior to the Resale Restriction Termination Date will be registered by the Note Registrar unless the applicable box on the
Form of Assignment and Transfer has been checked.

 

Any Note (or security
issued in exchange or substitution therefor) (i) as to which such restrictions on transfer shall have expired in accordance with
their terms, (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective
under the Securities Act and that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to
the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon
surrender of such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged
for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend required by
this Section 2.05(c) and shall not be assigned a restricted CUSIP
number. The Company may instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set
forth in clause (i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian
shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the restrictive
legend specified in this Section 2.05(c) and shall not be
assigned a restricted CUSIP number. In addition, the Company may effect the removal of the Restrictive Notes Legend upon
the Company’s delivery to the Trustee of written notice to such effect, whereupon the Restrictive Notes Legend set forth
above and affixed on any Note shall be deemed, in accordance with the terms of the certificate representing such Note, to be removed
therefrom without further action by the Company, the Trustee, the Holder(s) thereof or any other Person; at such time, such Note
shall be deemed to be assigned an unrestricted CUSIP number as provided in the certificate representing such Note, it being understood
that the Depositary of any Global Note may require (and, if required, the Issuer shall promptly undertake) a mandatory exchange
or other process to cause such Global Note to be identified by an unrestricted CUSIP number in the facilities of such Depositary.
The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction Termination Date and promptly after
a registration statement, if any, with respect to the Notes or any Ordinary Shares issued upon exchange of the Notes has been declared
effective under the Securities Act.

 

Notwithstanding any
other provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not
be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary
to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes
in accordance with the second immediately succeeding paragraph.

 

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The Depositary shall
be a clearing agency registered under the Exchange Act. The Company initially appoints The Depository Trust Company to act as Depositary
with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede
& Co., as the nominee of the Depositary, and deposited with the Trustee as custodian for Cede & Co.

 

If (i) the Depositary
notifies the Company at any time that the Depositary is unwilling or unable to continue as depositary for the Global Notes and
a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under
the Exchange Act and a successor depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes
has occurred and is continuing and, subject to the Depositary’s Applicable Procedures, a beneficial owner of any Note requests
that its beneficial interest therein be issued as a Physical Note, the Company shall execute, and the Trustee, upon receipt of
an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver
(x) in the case of clause (iii), a Physical Note to such beneficial owner in a principal amount equal to the principal amount of
such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical
Notes to each beneficial owner of the related Global Notes (or a portion thereof) in an aggregate principal amount equal to the
aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the
Trustee such Global Notes shall be canceled.

 

Physical Notes issued
in exchange for all or a part of the Global Note pursuant to this Section 2.05(c) shall be registered in such names and
in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise,
or, in the case of clause (iii) of the immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee.
Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes
are so registered.

 

At such time as all
interests in a Global Note have been exchanged pursuant to Article 14, canceled, repurchased, redeemed or transferred, such
Global Note shall be, upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions
between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged
for Physical Notes, exchanged pursuant to Article 14, canceled, repurchased, redeemed or transferred to a transferee who
receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount
of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary and the
Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by
the Trustee or the Custodian, at the direction of the Trustee, to reflect such reduction or increase.

 

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The Trustee shall have
no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, the Depositary or other
Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with
respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or
other Person (other than the Depositary) of any notice (including any notice of redemption or purchase) or the payment of any amount
or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to
be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the
order of the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial
owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the
Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect
to its members, participants and any beneficial owners.

 

None of the Note Registrar,
the Trustee or the Exchange Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any
Note (including any transfers between or among the Depositary participants, members or beneficial owners in any Global Note) other
than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if
and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof. None of the Trustee, the Exchange Agent or any of their agents shall have any responsibility
for any actions taken or not taken by the Depositary.

 

(c) Until
the Resale Restriction Termination Date, any stock certificate or book-entry representing Ordinary Shares issued upon exchange
of a Note shall bear (in the case of a stock certificate) or have associated with it (in the case of a book-entry) a legend in
substantially the following form (unless such Ordinary Shares have been transferred pursuant to an effective registration statement
under the Securities Act and that continues to be effective at the time of such transfer, or transferred pursuant to the exemption
from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Ordinary Shares
have been issued upon exchange of a Note that has transferred pursuant to an effective registration statement under the Securities
Act that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule
144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice
thereof to the Trustee and any Transfer Agent for the Ordinary Shares):

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED,
SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:

 

		(1)	REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING
OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

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		(2)	AGREES FOR THE BENEFIT OF GAMIDA CELL INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL
ISSUE DATE OF THE SERIES OF NOTES UPON THE EXCHANGE OF WHICH THIS SECURITY WAS ISSUED OR SUCH SHORTER PERIOD OF TIME AS PERMITTED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY
APPLICABLE LAW, EXCEPT:

 

(A) TO
THE COMPANY OR GAMIDA CELL LTD. (THE “PARENT”)
OR ANY OF THEIR RESPECTIVE SUBSIDIARIES, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

(C) TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY, THE PARENT AND THE TRANSFER AGENT FOR THE COMPANY’S
ORDINARY SHARES RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY
BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE
STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT.

 

Any such Ordinary Shares
(i) as to which such restrictions on transfer shall have expired in accordance with their terms, (ii) that have been transferred
pursuant to an effective registration statement under the Securities Act that continues to be effective at the time of such transfer
or (iii) that have been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in
force under the Securities Act, may, upon surrender of the certificates representing such Ordinary Shares for exchange in accordance
with the procedures of the Transfer Agent for the Ordinary Shares, or upon request for any Ordinary Shares represented by a book
entry, be exchanged for a new certificate or certificates or updated book entry or entries, as applicable, for a like aggregate
number of Ordinary Shares, which shall not bear the restrictive legend required by this Section 2.05(d).

 

    40

     

    

 

(e) The
Company will use commercially reasonable efforts to prevent any Affiliate (or any Person who was an Affiliate of the Company at
any time during the three months immediately preceding) from acquiring any Note; provided, however, that any Note
or Ordinary Shares issued upon the exchange of a Note pursuant to Article 14 or exchange of a Note that is repurchased or
owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately
preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act
or resold pursuant to an exemption from the registration requirements of the Securities Act in a transaction that results in such
Note or Ordinary Shares, as the case may be, no longer being a “restricted
security” (as defined under Rule 144). The Company shall
cause any Note that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section
2.08.

 

Section 2.06 Mutilated,
Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company shall
issue and the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing
a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and
in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to
the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by
them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and,
in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable,
to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof.

 

The Trustee or such
authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity
as the Trustee, the Company and, if applicable, such authenticating agent may reasonably require. No service charge shall be imposed
by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the issuance of any substitute
Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer
tax required in connection therewith as a result of the name of the Holder of the new substitute Note being different from the
name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or
is about to mature or has been surrendered for required repurchase or is about to be exchanged in accordance with Article 14
shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute
Note, pay or authorize the payment of or exchange or authorize the exchange of the same (without surrender thereof except in the
case of a mutilated Note), as the case may be, if the applicant for such payment or exchange shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of
them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction,
loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Exchange Agent of the
destruction, loss or theft of such Note and of the ownership thereof.

 

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Every substitute Note
issued pursuant to the provisions of this Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be
found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth in) this
Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes
shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement,
payment, exchange or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies
notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, exchange
or repurchase of negotiable instruments or other securities without their surrender.

 

Section 2.07 Temporary
Notes. Pending the preparation of Definitive Notes, the Company may execute and the Trustee or an authenticating agent appointed
by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed).
Temporary Notes shall be issuable in any authorized denomination, and substantially in the form of the Physical Notes but with
such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company.
Every such temporary Note shall be executed by the Company and authenticated by the Trustee or such authenticating agent upon
the same conditions and in substantially the same manner, and with the same effect, as the Definitive Notes. Without unreasonable
delay, the Company shall execute and deliver to the Trustee or such authenticating agent Definitive Notes (other than any Global
Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office
or agency maintained by the Company pursuant to Section 4.02 and the Trustee or such authenticating agent shall authenticate
and deliver in exchange for such temporary Notes an equal aggregate principal amount of Definitive Notes. Such exchange shall
be made by the Company at its own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits and subject to the same limitations under this Indenture as Definitive Notes authenticated
and delivered hereunder.

 

Section 2.08 Cancellation
of Notes Paid, Exchanged, Etc. The Company shall cause all Notes surrendered for the purpose of payment, repurchase,
redemption, registration of transfer or exchange, if surrendered to any Person other than the Trustee (including any of the
Company’s agents, Subsidiaries or Affiliates), to be delivered to the Trustee for cancellation. All Notes delivered to
the Trustee shall be canceled promptly by the Trustee. Except for any Notes surrendered for registration of transfer or
exchange, or as otherwise expressly permitted by any of the provisions of this Indenture, no Notes shall be authenticated in
exchange for any Notes canceled as provided herein. The Trustee shall dispose of canceled Notes in accordance with its
customary procedures and shall deliver a certificate of such cancellation to the Company, at the Company’s written
request in a Company Order.

 

Section 2.09 CUSIP
and ISIN Numbers. The Company in issuing the Notes may use “CUSIP” numbers and ISIN numbers (if then generally
in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such
Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either
as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on
the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” or ISIN numbers.

 

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Section 2.10 Repurchases.
The Company may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered
to the Company), repurchase Notes in the open market or otherwise, whether by the Parent, the Company or their Subsidiaries or
through a private or public tender or exchange offer or through counterparties to private agreements, including by cash-settled
swaps or other derivatives. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled
swaps or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.08 and such
Notes shall no longer be considered outstanding under this Indenture upon their repurchase.

 

Section 2.11 Tax
Treatment. It is intended that the Notes will be treated as indebtedness for all purposes of United States federal, state,
and local income or franchise taxes, foreign income or franchise taxes, and any other tax imposed on or measured by income. The
provisions of this Indenture shall be interpreted to further this intention.

 

Article
3

Satisfaction and Discharge; Covenant Defeasance

 

Section 3.01 Satisfaction
and Discharge. This Indenture shall upon request of the Company contained in an Officer’s Certificate cease to be of
further effect, and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company
acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and delivered (other
than Notes which have been destroyed, lost or stolen and which have been replaced, paid or exchanged as provided in Section
2.06) have been delivered to the Trustee for cancellation;
or (ii) the Company has irrevocably deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become
due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date, upon exchange or otherwise,
cash and/or (solely to satisfy the Company’s Exchange Obligations) Ordinary Shares, sufficient to pay all of the outstanding
Notes and all other sums due and payable under this Indenture by the Company (including, for the avoidance of doubt, any amounts
owed to the Trustee, Paying Agent, Exchange Agent, and/or Custodian); and (b) the Company has delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.06 shall survive.

 

Section 3.02 Covenant
Defeasance. (a) The Company may elect, at its option, to have its obligations released with respect to the covenants described
in Section 4.08, Section 4.09, Section 4.11, Section 4.12, Section 4.12(a), Section 4.16
and Section 4.18 (“Covenant Defeasance”) and any omission to comply with such obligations shall
not constitute a Default or an Event of Default with respect to the Notes. In the event Covenant Defeasance occurs, certain events
(not including those events described in Section 6.01(a), (b), (c), (d), (e), (i), (j)
and (k)) will no longer constitute an Event of Default with respect to the Notes. In addition, if the Company exercises
Covenant Defeasance, each Guarantor (other than the Parent) will be released from all of its obligations with respect to its applicable
guarantee.

 

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(b) To
exercise Covenant Defeasance with respect to the Notes:

 

(i) The
Company must irrevocably have deposited or cause to be deposited with the Trustee as trust funds in trust for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders (A) money
in an amount, (B) Governmental Obligations, which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than the due date of any payment, money in an amount or (C) a combination thereof,
in each case sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee to pay and discharge, the entire indebtedness in respect of the principal of and premium, if any, interest and Additional
Amounts (to the extent payable at the time of such deposit) on such Notes at maturity thereof, in accordance with the terms of
this Indenture and such Notes;

 

(ii) no
Default or Event of Default with respect to the outstanding Notes shall have occurred and be continuing at the time of such deposit
after giving effect thereto;

 

(iii) such
Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or material
instrument (other than this Indenture) to which the Company is a party or by which the Company is bound;

 

(iv) delivery
to the Trustee of an opinion of counsel to the effect that beneficial owners of the Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax
on the same amount and in the same manner and at the same times as would have been the case if such deposit and defeasance had
not occurred; and

 

(v) the
Company shall have delivered to the Trustee an Officer’s
Certificate and an Opinion of Counsel, each stating that all conditions precedent with respect to such Covenant Defeasance have
been complied with.

 

Section 3.03 Repayment
to Company. Any money and Ordinary Shares deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, any Additional Amounts and accrued and unpaid interest on and the consideration due upon exchange of any Note and remaining
unclaimed for two years after such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, any Additional Amounts, interest or consideration due upon exchange has become due and payable shall be paid to the Company
on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and Ordinary Shares, and all liability
of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee, or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper
published in the English language, customarily published on each Business Day and of general circulation in The Borough of Manhattan,
The City of New York, notice that such money and Ordinary Shares remain unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such money and Ordinary Shares then
remaining will be repaid or delivered to the Company.

 

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Section 3.04 Deposited
Moneys to be Held in Trust. All moneys, Ordinary Shares or Governmental Obligations deposited with the Trustee pursuant to
Section 3.01, Section 3.02 or Section 3.03 shall be held in trust and shall be available for payment of all
sums due and to become due on the Notes or under this Indenture in respect of principal, premium, Additional Amounts and interest
as due to the Holders of such Notes, either directly or through any Paying Agent (including the Company acting as its own Paying
Agent), in accordance with the provisions of such Notes and this Indenture, but such money need not be segregated from other funds
except to the extent required by law.

 

The Company will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Governmental Obligations
deposited pursuant to Section 3.01, Section 3.02 or Section 3.03 or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding
Notes.

 

Section 3.05 Payment
of Moneys Held by Paying Agents. In connection with the satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any Paying Agent under the provisions of this Indenture shall, upon demand of the Company, be paid to
the Trustee and thereupon such Paying Agent shall be released from all further liability with respect to such moneys or Governmental
Obligations.

 

Article
4

Particular Covenants of the Company

 

Section 4.01 Payment
of Principal and Interest. The Company covenants and agrees that it will cause to be paid the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and any Additional Amounts and accrued and unpaid interest
on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.

 

Section 4.02 Maintenance
of Office or Agency. The Company will maintain in the contiguous United States an office or agency where the Notes may be
surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”)
or for exchange pursuant to Article 14 (“Exchange Agent”) and where notices and demands to or upon the
Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office; provided that no service of legal process against
the Company or any Guarantor may be made at any office of the Trustee.

 

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The Company may also
from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency. The terms Paying Agent and Exchange Agent include any such additional or other
offices or agencies, as applicable.

 

The Company hereby
initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Exchange Agent and the Corporate Trust Office
as the office or agency in the contiguous United States where Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or repurchase or for exchange pursuant to Article 14 and where notices and demands to or
upon the Company in respect of the Notes and this Indenture may be served.

 

Section 4.03 Appointments
to Fill Vacancies in Trustee’s Office. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09,
a Trustee, so that there shall at all times be a Trustee hereunder.

 

Section 4.04 Provisions
as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the Company will cause such Paying
Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section 4.04:

 

(i) that
it will hold all sums held by it as such agent for the payment of the principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, and any Additional Amounts and accrued and unpaid interest on, the Notes in trust for
the benefit of the Trustee and the Holders of the Notes;

 

(ii) that
it will give the Trustee prompt notice of any failure by the Company to make any payment of the principal (including the Redemption
Price and the Fundamental Change Repurchase Price, if applicable) of, and any Additional Amounts and accrued and unpaid interest
on, the Notes when the same shall be due and payable; and

 

(iii) that
at any time during the continuance of an Event of Default, upon request of the Trustee, it will forthwith pay to the Trustee all
sums so held in trust.

 

The Company shall,
on or before each due date of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, or any Additional Amounts and accrued and unpaid interest on, the Notes, deposit with the Paying Agent a sum sufficient to
pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) or any such Additional
Amounts and accrued and unpaid interest, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee
of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received
by the Paying Agent by 11:00 a.m., New York City time, on such date.

 

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(b) If
the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of, and any Additional Amounts and accrued and unpaid interest on,
the Notes, set aside, segregate and hold in trust for the benefit of the Trustee and the Holders of the Notes a sum sufficient
to pay such principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), any such Additional
Amounts and accrued and unpaid interest so becoming due and will promptly notify the Trustee in writing of any failure to take
such action and of any failure by the Company to make any payment of the principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable) of, or any Additional Amounts and accrued and unpaid interest on, the Notes when the same
shall become due and payable.

 

(c) Anything
in this Section 4.04 to the contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction
and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held
in trust by the Company or any Paying Agent hereunder as required by this Section 4.04, such sums or amounts to be held
by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee,
the Company or such Paying Agent shall be released from all further liability but only with respect to such sums or amounts.

 

(d) Subject
to applicable abandoned property laws, any money deposited with the Trustee or any Paying Agent and Ordinary Shares deposited with
the Transfer Agent, or then held by the Company, in trust for the payment of the principal (including the Redemption Price and
the Fundamental Change Repurchase Price, if applicable) of, any Additional Amounts, accrued and unpaid interest on and the consideration
due upon exchange of any Note and remaining unclaimed for two years after such principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable), any Additional Amounts, interest or consideration due upon exchange has become
due and payable shall be paid to the Company on request of the Company contained in an Officer’s
Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter,
as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee, such Paying Agent
or Transfer Agent with respect to such trust money and Ordinary Shares, and all liability of the Company as trustee thereof, shall
thereupon cease.

 

Section 4.05 Existence.
Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force
and effect its corporate existence. Subject to Section 13.04, the Parent shall do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence.

 

Section 4.06 Rule
144A Information Requirement and Annual Reports. (a) At any time the Parent is not subject to Section 13 or 15(d) of
the Exchange Act, the Company shall, so long as any of the Notes or any Ordinary Shares issuable upon exchange thereof shall,
at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly
provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes or any Ordinary
Shares issuable upon exchange of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act to facilitate the resale of such Notes or Ordinary Shares pursuant to Rule 144A. The Company shall take such further action
as any Holder or beneficial owner of such Notes or such Ordinary Shares may reasonably request to the extent from time to time
required to enable such Holder or beneficial owner to sell such Notes or Ordinary Shares in accordance with Rule 144A, as such
rule may be amended from time to time.

 

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(b) The
Parent shall deliver to the Trustee, within 15 days after the same are required to be filed with the Commission, copies of any
reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding
any such information, documents or reports, or portions thereof, subject to confidential treatment and any correspondence with
the Commission, and giving effect to any grace period provided by Rule 12b-25 under the Exchange Act). Any such document or report
that the Company files with the Commission via the Commission’s
EDGAR system shall be deemed to be delivered with the Trustee for purposes of this Section 4.06(b) at the time such documents
are filed via the EDGAR system; provided that the Trustee has no duty to determine whether any such filings have been made.

 

(c) The
Trustee shall have no duty to review or analyze any report furnished or made available to it. Delivery of the reports and documents
described in Section 4.06(b) to the Trustee is for informational purposes only, and the Trustee’s
receipt of such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable
from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s
Certificate).

 

(d) If,
at any time during the six-month period beginning on, and including, the date that is six months after the last date of original
issuance of the Notes, the Parent fails to timely file any document or report that it is required to file with the Commission pursuant
to Section 13 or 15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods thereunder
and other than reports on Form 6-K to the extent that the Company continues to satisfy the “current
public information” requirements of Rule 144), or the Notes
are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Parent’s
or Company’s Affiliates or Holders that were the Parent’s
or Company’s Affiliates at any time during the three months
immediately preceding (as a result of restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes),
the Company shall pay Additional Interest on the Notes. Such Additional Interest shall accrue on the Notes at the rate of 0.50%
per annum of the principal amount of the Notes outstanding for each day during such period for which the Company’s
failure to file has occurred and is continuing or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other
than the Parent’s or Company’s
Affiliates (or Holders that were the Parent’s or Company’s
Affiliates at any time during the three months immediately preceding) without restrictions pursuant to U.S. securities laws or
the terms of this Indenture or the Notes. As used in this Section 4.06(d), documents or reports that the Company is required
to “file”
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act does not include documents or reports that the Company
furnishes to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

 

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(e) If,
and for so long as, the restrictive legend on the Notes specified in Section 2.05(c) has not been removed, the Notes are
assigned a restricted CUSIP or the Notes are not otherwise freely tradable pursuant to Rule 144 by Holders other than the Parent’s
or Company’s Affiliates or Holders that were the Parent’s
or Company’s Affiliates at any time during the three months
immediately preceding (without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes) as of
the 380th day after the last date of original issuance of the Notes, the Company shall pay Additional Interest on the Notes at
a rate equal to 0.50% per annum of the principal amount of Notes outstanding until the restrictive legend on the Notes has been
removed in accordance with Section 2.05(c), the Notes are assigned an unrestricted CUSIP and the Notes are freely tradable
pursuant to Rule 144 by Holders other than the Parent’s or
Company’s Affiliates (or Holders that were the Parent’s
or Company’s Affiliates at any time during the three months
immediately preceding) without restrictions pursuant to U.S. securities laws or the terms of this Indenture or the Notes. For the
avoidance of doubt, Notes represented by a restricted CUSIP in the Depositary’s
systems are not freely tradeable.

 

(f) Interest
will be payable in arrears on each Interest Payment Date following accrual as set forth in Section 2.03.

 

(g) The
Additional Interest that is payable in accordance with Section 4.06(d) or Section 4.06(e) shall, subject to the immediately
succeeding sentence, be in addition to, and not in lieu of, any Additional Interest that may be payable as a result of the Company’s
election pursuant to Section 6.03. In no event shall Additional Interest accrue under the terms of this Indenture and the
Registration Rights Agreement at a rate in excess of 0.50% per annum pursuant to this Indenture and the Registration Rights Agreement,
regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. Notwithstanding
the foregoing, if a Registration Statement (satisfying the terms of and as defined in the Registration Rights Agreement) has been
declared effective by the SEC with respect to the Registrable Securities, and remains effective and available for use (including
as part of such Registration Statement a current Prospectus (as defined in the Registration Rights Agreement)) in connection with
the sale of the Registrable Securities in accordance with the terms of the Registration Rights Agreement, no Additional Interest
pursuant to Section 4.06(d) or Section 4.06(e) shall be due and payable.

 

(h) If
Additional Interest is payable by the Company pursuant to Section 4.06(d) or Section 4.06(e), the Company shall deliver
to the Trustee an Officer’s Certificate to that effect stating
(i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional Interest is payable. Unless
and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume
without inquiry that no such Additional Interest is payable. If the Company has paid Additional Interest directly to the Persons
entitled to it, the Company shall deliver to the Trustee an Officer’s
Certificate setting forth the particulars of such payment.

 

Section 4.07 Stay,
Extension and Usury Laws. Each of the Company and the Guarantors covenants (to the extent that it may lawfully do so) that
it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law that would prohibit or forgive the Company or such Guarantor from paying all or any portion
of the principal of or any interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force,
or that may affect the covenants or the performance of this Indenture; and the Company and each Guarantor (to the extent it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to
any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.

 

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Section 4.08 Limitation
on Restricted Payments. (a) The Parent and the Company will not, and will not permit any of their Subsidiaries to, directly
or indirectly:

 

(i) declare
or pay any dividend or make any payment or distribution (x) on account of the Parent’s,
the Company’s or any of their Subsidiaries’
Capital Stock, (including any payment made in connection with any merger or consolidation involving the Parent, the Company or
any of their Subsidiaries) or (y) to the direct or indirect holders of the Parent’s,
the Company’s or any of their Subsidiaries’
Capital Stock in their capacity as holders, other than (A) dividends or distributions by the Parent payable solely in Capital Stock
(other than Disqualified Stock) of the Parent or (B) dividends or distributions by the Company or a Subsidiary of the Parent to
the Parent, the Company or another Subsidiary of the Parent (and in the case of any dividend or distribution payable on or in respect
of any class or series of securities issued by a Subsidiary of the Company other than a Wholly Owned Subsidiary of the Parent,
the Company or a Subsidiary of the Parent receives at least its pro rata share of such dividend or distribution in accordance with
its Capital Stock in such class or series of securities);

 

(ii) purchase,
redeem, defease or otherwise acquire or retire for value (including any payment made in connection with any merger or consolidation
involving the Parent, the Company or any of their Subsidiaries) any Capital Stock of the Parent or the Company held by Persons
other than the Parent, the Company or any Subsidiary; or

 

(iii) purchase,
repay, prepay, repurchase, redeem, defease, acquire or retire for value any (x) Disqualified Stock of the Parent, the Company or
any Subsidiary or (y) Subordinated Indebtedness;

 

(all such payments and other actions set
forth in clauses (i) through (iii) above being collectively referred to as “Restricted Payments”).

 

(b) Notwithstanding
anything to the contrary contain herein, the provisions of this Section 4.08 will not prohibit:

 

(i) the
payment of any dividend or distribution or consummation of any redemption within 60 days after the date of declaration thereof
or the giving of a redemption notice related thereto, if at the date of declaration or notice such payment would have complied
with any other provision of this Section 4.08; provided that the making of such payment will reduce capacity for
Restricted Payments pursuant to such provisions when so made;

 

(ii) the
repurchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness with the Net Cash
Proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness permitted under Section 4.09;

 

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(iii) so
long as no Default or Event of Default has occurred and is continuing or would be caused thereby, the repurchase, redemption or
other acquisition or retirement for value of any Capital Stock of the Parent, the Company or any Subsidiary held by any current
or former officer, director, employee or consultant of the Parent, the Company or any Subsidiary or any permitted transferee of
the foregoing pursuant to any equity subscription agreement, stock option agreement, shareholders’
agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired
Capital Stock may not exceed $1,000,000 in any fiscal year (with any unused amount in any calendar year being carried forward and
available in the next succeeding year in an aggregate amount not to exceed $2,000,000 in any fiscal year); provided, further,
that such amount in any twelve-month period may be increased by an amount not to exceed:

 

(A) the
cash proceeds from the sale of Capital Stock (other than Disqualified Stock) of the Parent to officers, directors, employees or
consultants of the Parent or the Company, any of their Subsidiaries or any of their direct or indirect parent companies that occurs
after the Issue Date to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied to the
making of Restricted Payments pursuant to this Section 4.08; plus

 

(B) the
cash proceeds of key man life insurance policies received by the Parent, the Company or any Subsidiary after the Issue Date; and
in addition, cancellation of Indebtedness owing to the Parent, the Company or any Subsidiary from any current or former officer,
director or employee (or any permitted transferees thereof) of the Parent, the Company or any Subsidiary in connection with a repurchase
of Capital Stock of the Parent, the Company or any Subsidiary from such Persons will not be deemed to constitute a Restricted Payment
for purposes of this Section 4.08 or any other provisions of this Indenture;

 

(iv) cashless
repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants or other securities convertible into
or exchangeable for Capital Stock if such Capital Stock represents a portion of the exercise, conversion or exchange price thereof;

 

(v) any
purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of unsecured Indebtedness or Disqualified
Stock of the Parent, the Company or any Subsidiary upon a Fundamental Change or Asset Sale to the extent required by this Indenture
or other instrument pursuant to which such Indebtedness or Disqualified Stock was issued pursuant to a provision no more favorable,
including purchase price, to the holders thereof than the provisions set forth under Section 15.02 and Section 4.11,
as applicable, but only if the Parent, the Company or such Subsidiary has first complied with its obligations under Section
15.02 and Section 4.11, as applicable;

 

(vi) each
Subsidiary of the Parent or the Company may make Restricted Payments to the Company, any Guarantor or another Subsidiary of the
Parent or the Company which is the immediate parent of the Subsidiary making such Restricted Payment;

 

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(vii) repurchases
of Capital Stock deemed to occur upon the withholding of a portion of the Capital Stock granted or awarded to a current or former
director, officer, employee, manager or director of the Parent, the Company or any of their Subsidiaries (or consultant or advisor
or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of any of the foregoing)
solely to the extent necessary to pay for the taxes payable by such Person upon such grant or award (or upon the vesting thereof);

 

(viii) the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds from the substantially concurrent contribution
to the Common Equity of the Parent or the Company or from the substantially concurrent sale (other than to a Subsidiary of the
Parent or the Company) of, Capital Stock (other than Disqualified Stock) of the Parent or the Company to the extent such proceeds
are not otherwise applied to the making of Restricted Payments pursuant to this Section 4.08;

 

(ix) the
purchase of any Permitted Equity Derivative with the proceeds of any incurrence of any convertible or exchangeable Indebtedness
permitted pursuant to Section 4.09, and any subsequent settlement or termination thereof;

 

(x) the
making of cash payments in connection with any exchange or redemption of the Notes, in each case, pursuant to the terms of this
Indenture;

 

(xi) payments
of intercompany Subordinated Indebtedness, the incurrence of which was permitted under Section 4.09(b);

 

(xii) payments
on any Subordinated Indebtedness permitted under Section 4.09(a) to the extent such payments are expressly permitted under
the Permitted Subordination Agreement or the Permitted Subordination Provisions, as applicable, covering such Subordinated Indebtedness;

 

(xiii) any
non-Wholly Owned Subsidiary of the Parent or the Company may make Restricted Payments (which may be in cash) to its shareholders,
members or partners generally, so long as the Parent, the Company or the Subsidiary which owns the Capital Stock in the Subsidiary
making such Restricted Payment receives at least its proportionate share thereof (based upon its relative holding of the Capital
Stock in the Subsidiary making such Restricted Payment and taking into account the relative preferences, if any, of the various
classes of Capital Stock of such Subsidiary); and

 

(xiv) the
payment of cash in lieu of the issuance of fractional shares of Capital Stock in connection with any dividend or split of, or upon
exercise, conversion or exchange of warrants, options or other securities exercisable or convertible into, or exchangeable for,
Capital Stock of the Parent or in connection with the issuance of any dividend otherwise permitted to be made under this Section
4.08.

 

(c) Notwithstanding
anything in the foregoing Section 4.08(b), in no event shall the distribution, as a dividend or otherwise, of (A) any Material
Assets or the Material Proceeds be permitted under this Section 4.08 (other than a distribution to the Company or a Guarantor),
(B) the Capital Stock of the Company or any Guarantor (other than a distribution by the Parent pursuant to Section 4.08(a)(i)(A))
be permitted under this Section 4.08 or (C) the NAM Platform or any interest therein in any manner that is reasonably likely
to materially impair (or have a material and adverse effect on) the creation, development, manufacture, commercialization, sale,
marketing or promotion of Omidubicel in the Unites States or otherwise have a material and adverse effect on the business of the
Parent, the Company or their Subsidiaries or their respective assets, as reasonably determined by the Parent in good faith, be
permitted under this Section 4.08.

 

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(d) For
purposes of determining compliance with this Section 4.08, if any Restricted Payment (or portion thereof) would be permitted
pursuant to one or more provisions described above, the Company may divide and classify such Restricted Payment in any manner that
complies with this covenant and may later divide and classify any such Restricted Payment so long as the Restricted Payment (as
so divided and/or reclassified) would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.

 

(e) This
Section 4.08 shall cease to apply at such time that less than $15,000,000 aggregate principal amount of Notes remain outstanding.

 

Section 4.09 Limitations
on Incurrence of Indebtedness and Issuance of Preferred Stock or Disqualified Stock. (a) The Parent and the Company will not,
and will not permit any of their Subsidiaries and Joint Ventures, in each case, to, directly or indirectly, create, incur, issue,
assume, enter into a guarantee of or otherwise become directly or indirectly liable, contingently or otherwise, with respect to
(collectively, “incur”) any Indebtedness (including Acquired Debt), and the Parent and the Company will not
issue any Disqualified Stock and will not permit any of their Subsidiaries to issue any shares of Preferred Stock; provided,
however, that, so long as no Default or Event of Default has occurred and is continuing or would be caused thereby, the Company
and any Guarantor may incur Subordinated Indebtedness; provided, further, that the Parent will be entitled to incur
Indebtedness (including Acquired Debt) or issue Disqualified Stock and any Subsidiary will be entitled to incur Indebtedness or
issue Preferred Stock if, on the date of such incurrence or issuance and after giving effect thereto on a pro forma basis, the
Fixed Charge Coverage Ratio would be at least 2.0 to 1.0; provided, further, that, the amount of Indebtedness incurred
or Disqualified Stock by any Subsidiary that is not a Guarantor under the immediately preceding proviso shall not exceed $1,000,000
at any time outstanding.

 

(b) Notwithstanding
anything to the contrary therein, Section 4.09(a) will not prohibit the incurrence of any of the following items of Indebtedness
or the issuance of any of the following Disqualified Stock or Preferred Stock (collectively, “Permitted
Debt”):

 

(i) the
incurrence by the Parent, the Company and their Subsidiaries of Indebtedness in connection with a Royalty Financing based on revenues
and other proceeds arising out of Omidubicel (the “Royalty
Facility”); provided, however, that (A)
the aggregate invested amount in respect of such Royalty Facility shall not exceed $150,000,000 after the Issue Date, and (B) the
aggregate amount of Indebtedness incurred under the Royalty Facility (or, if greater, the aggregate put price or other amount payable
by the Parent, the Company or their Subsidiaries upon a put event or other termination of such Indebtedness) when combined with
any Indebtedness outstanding under the Secured Facility and the aggregate amount of any Permitted Refinancing incurred pursuant
to clause (v) of the Royalty Facility (or, if greater, the aggregate put price or other amount payable by the Parent, the Company
or their Subsidiaries upon a put event or other termination of such Permitted Refinancing) or the Secured Facility shall not in
the aggregate exceed $70,000,000 outstanding (for the avoidance of doubt, it being agreed that for purposes of determining the
amount that is outstanding under this clause (i), the greater of (x) the amount invested or (y) the aggregate put price or other
amount payable upon a put event or other termination event shall be used) at any time prior to the receipt of FDA Approval;

 

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(ii) the
incurrence by the Parent, the Company and their Subsidiaries of the existing Indebtedness listed on Schedule A (Existing
Indebtedness) hereto;

 

(iii) the
incurrence by the Company and the Guarantors of the Notes and the related Guarantees (and any exchanges of Notes and Guarantees
thereof) in an aggregate amount at any time outstanding not to exceed $75,000,000;

 

(iv) the
incurrence by the Parent, the Company or any of their Subsidiaries of purchase money Indebtedness to finance the acquisition of
any personal property consisting solely of fixed or capital assets, including Capital Lease Obligations, and any Indebtedness assumed
in connection with the acquisition of any such assets (other than intellectual property) or secured by a Lien on any such assets
prior to the acquisition thereof, and Permitted Refinancing thereof; provided, however, that (A) the aggregate principal
amount of Indebtedness permitted by this clause (iv) shall not exceed, at any one time outstanding, $5,000,000 and (B) if secured,
such Liens shall attach only to the assets acquired with such Indebtedness and shall not extend to any other property or assets
of the Company and any Guarantor;

 

(v) the
incurrence by the Parent, the Company or any of their Subsidiaries of Permitted Refinancing Indebtedness to Refinance any Indebtedness
that was permitted to be incurred under Section 4.09(a) or Section 4.09(b) (other than clauses (iii) and (iv) thereof);

 

(vi) the
incurrence by the Parent, the Company or any of their Subsidiaries of intercompany Indebtedness (or the guarantees of any such
intercompany Indebtedness) between or among Parent, the Company or any of their Subsidiaries; provided, however, that if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, then such Indebtedness
(other than Indebtedness incurred in the ordinary course in connection with the cash or tax management operations of the Parent,
the Company and their Subsidiaries) must be expressly subordinated to the prior payment in full in cash of all Note Obligations,
in the case of the Company, or the Guarantee, in the case of a Guarantor; provided, further, that (A) any subsequent
issuance or transfer of Capital Stock that results in any such Indebtedness being held by a Person other than the Parent, the Company
or a Subsidiary and (B) any sale or other transfer of any such Indebtedness to a Person that is not the Parent, the Company or
a Subsidiary, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Parent, the Company or such
Subsidiary, as the case may be, that was not permitted by this clause (vi);

 

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(vii) the
issuance by any of the Parent’s or Company’s
Subsidiaries to the Parent, the Company or any of their Subsidiaries of shares of Preferred Stock; provided, however, that
(A) any subsequent issuance or transfer of Capital Stock that results in any such Preferred Stock being held by a Person other
than the Parent, the Company or a Subsidiary and (B) any sale or other transfer of any such Preferred Stock to a Person that is
not the Parent or the Company, will be deemed, in each case, to constitute an issuance of such Preferred Stock by such Subsidiary
that was not permitted by this clause (vii);

 

(viii) contingent
liabilities under performance, indemnity, bid, stay, customs, appeal, replevin and surety bonds, performance and completion guarantees
or similar instruments incurred in the ordinary course of business;

 

(ix) hedging
obligations that are not incurred for speculative purposes but for the purpose of (A) fixing or hedging interest rate risk with
respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding, (B) fixing or hedging currency
exchange rate risk with respect to any currency exchanges or (C) fixing or hedging commodity price risk, including the price or
cost of raw materials, emission rights, manufactured products or related commodities, with respect to any commodity purchases or
sales;

 

(x) the
guarantee by the Company or any of the Guarantors of Indebtedness of the Company or a Guarantor permitted to be incurred under
Section 4.09(a) or any other provision of Section 4.09(b), and the guarantee by any Subsidiary that is not a Guarantor
of Indebtedness of another Subsidiary that is not a Guarantor, in each case, to the extent that the guaranteed Indebtedness was
permitted to be incurred by another provision of this Section 4.09; provided that if the Indebtedness being guaranteed
is subordinated in right of payment to or pari passu with the Notes, then the guarantee must be subordinated or pari
passu, as applicable, in right of payment to the same extent as the Indebtedness guaranteed;

 

(xi) the
incurrence by the Parent, the Company or any of their Subsidiaries of unsecured Indebtedness (other than for borrowed money) arising
from customary agreements of the Parent, the Company or any such Subsidiary providing indemnification, deferred purchase price,
non-cash earn-outs, cash earn-outs, purchase price adjustments and other similar obligations, in each case, incurred or assumed
in connection with the acquisition or sale or other Disposition of any business, assets or Capital Stock of the Parent, the Company
or any of their Subsidiaries, other than, in the case of any such Disposition by the Parent, the Company or any of their Subsidiaries,
guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Capital Stock;

 

(xii) the
incurrence of contingent liabilities arising out of endorsements of checks, drafts and other similar instruments for deposit or
collection in the ordinary course of business;

 

(xiii) the
incurrence of Indebtedness in the ordinary course of business under any agreement between the Parent, the Company or any of their
Subsidiaries and any commercial bank or other financial institution relating to Treasury Management Arrangements;

 

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(xiv) (A)
Indebtedness (other than for borrowed money) owed to any Person providing property, casualty, liability or other insurance to the
Company or any Guarantor, so long as the amount of such Indebtedness is not in excess of the amount of the unpaid cost of, and
shall be incurred only to defer the cost of, the premiums with respect to such insurance for the period in which such Indebtedness
is incurred and such Indebtedness is outstanding only for a period not exceeding twelve months and (B) take-or-pay obligations
contained in supply agreements in the ordinary course of business;

 

(xv) Obligations
in respect of governmental grants, financial aid, tax incentives, subsidies, tax holidays and other similar governmental benefits
or incentives, and guarantees or restrictions related thereto;

 

(xvi) Indebtedness
incurred by the Parent, the Company or any of their Subsidiaries constituting reimbursement obligations with respect to letters
of credit and bank guarantees issued in the ordinary course of business, including, without limitation, letters of credit in respect
of workers’ compensation claims, health, disability or other
employee benefits (whether current or former) or property, casualty or liability insurance or self-insurance, or to landlords,
utilities and/or vendors in the ordinary course of business, or other Indebtedness with respect to reimbursement-type obligations
regarding workers’ compensation claims; provided that
any reimbursement obligations in respect thereof are reimbursed within 90 days following the due date thereof;

 

(xvii) Royalty
Financings relating to products other than Omidubicel and Dispositions of royalties and other rights to proceeds, in each case
subject to compliance with Section 4.11; provided that (A) such Royalty Financing is entered into the later of (x) on
or after January 1, 2024 and (y) following FDA Approval, and (B) if secured, any Liens securing such Royalty Financing shall not
extend to Omidubicel and are not reasonably likely to impair the creation, development, manufacture, commercialization, sale, marketing
or promotion by the Parent, its Subsidiaries and its licensees of Omidubicel in the United States and its territories;

 

(xviii) Indebtedness
representing deferred compensation or similar obligation to employees of the Company or any Guarantor or any of their Subsidiaries
or incurred in the ordinary course of business;

 

(xix) unsecured
Indebtedness consisting of Indebtedness issued by the Parent, the Company or any Subsidiary or any direct or indirect parent company
of the Parent or the Company to future, current or former officers, directors, employees, consultants and independent contractors
thereof, their respective estates, heirs, family members, spouses or former spouses, in each case to finance the purchase or redemption
of Capital Stock of the Parent or the Company or any direct or indirect parent company of the Parent or the Company to the extent
described in Section 4.08(b)(ii);

 

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(xx) customer
deposits and advance payments received in the ordinary course of business from customers for goods and services in the ordinary
course of business;

 

(xxi) Indebtedness
of the Parent, the Company and their Subsidiaries, to the extent the Net Proceeds thereof are promptly used (A) to purchase all
of the outstanding Notes tendered for repurchase in connection with a Fundamental Change, (B) to redeem all of the outstanding
Notes in an Optional Redemption pursuant to Section 16.01, or (C) to repurchase or redeem such principal amount of
Notes that, after giving effect thereto, less than $15,000,000 principal amount of Notes remain outstanding;

 

(xxii) Indebtedness
of the Parent, the Company and their Subsidiaries incurred under revolving lines of credit and/or term loan facilities, which may
be secured (the “Secured Facility”)
(including any letters of credit issued thereunder), not to exceed the sum of (A) the greater of (I) $25,000,000 and (II)
80% of the Parent’s, the Company’s
and their Subsidiaries’ consolidated accounts receivable
and inventory, plus (B) (I) an additional amount so long as if the Fixed Charge Coverage Ratio for the Parent, the Company and
their Subsidiaries, on a consolidated basis, for the most recently completed four full fiscal quarters for which financial statements
are available immediately preceding the date on which such Indebtedness is incurred would have been at least 2.00 to 1.00, determined
on a pro forma basis (including pro forma application of the Net Proceeds therefrom) as if the additional Indebtedness had been
incurred at the beginning of such four-quarter period or (II) $0, otherwise; provided, however, that prior to the
receipt of FDA Approval, the aggregate amount of Indebtedness incurred under the Royalty Facility (or, if greater, the aggregate
put price or other amount payable by the Parent, the Company or their Subsidiaries upon a put event or other termination of such
Indebtedness) when combined with any Indebtedness outstanding under the Secured Facility and the aggregate amount of any Permitted
Refinancing incurred pursuant to clause (v) of the Royalty Facility (or, if greater, the aggregate put price or other amount payable
by the Parent, the Company or their Subsidiaries upon a put event or other termination of such Permitted Refinancing) or the Secured
Facility shall not in the aggregate exceed $70,000,000 outstanding (for the avoidance of doubt, it being agreed that for purposes
of determining the amount that is outstanding under this clause (xxii), the greater of (x) the amount invested or (y) the aggregate
put price or other amount payable upon a put event or other termination event shall be used) at any time;

 

(xxiii) Indebtedness
in respect of an Acquisition permitted hereunder, which Indebtedness is existing at the time such Person becomes a Subsidiary of
the Company or a Guarantor (other than Indebtedness incurred solely in contemplation of such Person’s
becoming a Subsidiary of the Company or a Guarantor); provided that any such Indebtedness shall (A) not exceed at any one
time outstanding $5,000,000 and (B) if secured, such Liens are not incurred in connection with or in anticipation of such Acquisition
and do not attach to any other property, assets or Capital Stock of the Company or a Guarantor or any of its Subsidiaries;

 

(xxiv) Indebtedness
incurred in connection with judgments, decrees, attachments or awards that do not constitute an Event of Default under Section
6.01(h) and for which no enforcement actions have been commenced;

 

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(xxv) Indebtedness
in the form of (A) unsecured guarantees of loans and advances to officers, directors, consultants and employees, in an aggregate
amount not to exceed $1,000,000 at any one time outstanding, and (B) reimbursements owed to officers, directors, consultants
and employees of the Parent, the Company or any of their Subsidiaries, in each case, in the ordinary course of business; and

 

(xxvi) Royalties,
milestones and other deferred payments pursuant to any in-license, collaboration agreement or similar agreement providing Parent
or any Subsidiary the rights in respect of any product or Intellectual Property; provided that no such royalties, milestones
or deferred payments shall be payable by Parent or any Subsidiary prior to FDA Approval; and

 

(xxvii) Disqualified
Stock of Parent and Indebtedness in an aggregate principal amount that, when taken together with the principal amount of all other
Indebtedness then outstanding and incurred pursuant to this clause (xxvi), does not exceed $1,000,000 at any time outstanding;
provided that any such Indebtedness of the Company or any Guarantor shall be unsecured.

 

(c) For
purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness or Disqualified
Stock meets the criteria of more than one of the categories of Permitted Debt described in Section 4.09(b) above, or is
entitled to be incurred pursuant to Section 4.09(a), the Company will be permitted to classify all or a portion of such
item of Indebtedness or Disqualified Stock on the date of its incurrence, or later reclassify all or a portion of such item of
Indebtedness or Disqualified Stock (based on circumstances existing on the date of reclassification), in any manner that complies
with this covenant. The accrual of interest, the accrual of dividends, the accretion or amortization of original issue discount,
the amortization of debt discount, the payment of interest on any Indebtedness in the form of additional Indebtedness, the payment
of interest in the form of additional shares of preferred Capital Stock or Disqualified Stock, the reclassification of Preferred
Stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form
of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance
of Disqualified Stock for purposes of this covenant, provided, in each such case, that the amount of any such accrual, accretion
or payment is included in Fixed Charges of the Company as accrued.

 

(d) The
amount of any Indebtedness outstanding as of any date will be:

 

(i) the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

 

(ii) the
aggregate principal amount outstanding, in the case of Indebtedness issued with interest payable in kinds;

 

(iii) the
principal amount of the Indebtedness, in the case of any other Indebtedness; and

 

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(iv) in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: (A) the Fair
Market Value of such assets at the date of determination; and (B) the amount of the Indebtedness of the other Person.

 

(d) For
purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent
principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of
revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such Permitted Refinancing Indebtedness does not exceed
the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.09, the
maximum amount of Indebtedness that the Company may incur pursuant to this Section 4.09 shall not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such Permitted Refinancing Indebtedness is denominated that is in
effect on the date of such refinancing.

 

(e) Notwithstanding
anything to the contrary set forth herein, the Parent will not, and will not permit any of its Subsidiaries to, directly or indirectly,
incur any Indebtedness (including Acquired Debt), that is (A) higher in priority in right of payment (other than through lien priority
by virtue of being secured and other than any structural priority in relation to Indebtedness incurred by a Subsidiary that is
not the Company or a Guarantor) to the Note Obligations, other than Indebtedness permitted pursuant to Section 4.09(b)(ii),
Section 4.09(b)(iv) or Section 4.09(b)(xv), (B) secured, other than Indebtedness permitted pursuant to Section
4.09(b)(i), Section 4.09(b)(ii), Section 4.09(b)(iv), Section 4.09(b)(v) (to the extent the Indebtedness
being refinanced was permitted to be secured hereunder), Section 4.09(b)(x) (to the extent the Indebtedness being guaranteed
is permitted to be secured hereunder), Section 4.09(b)(xiii), Section 4.09(b)(xiv)(A), Section 4.09(b)(xv),
Section 4.09(b)(xvi), Section 4.09(b)(xvii), Section 4.09(b)(xxii), and Section 4.09(b)(xxiii), any
guarantee of the foregoing permitted pursuant to Section 4.09(b)(x) and any Permitted Refinancing Indebtedness of the foregoing
permitted pursuant to Section 4.09(b)(v), or (C) secured by Material Assets other than Indebtedness permitted pursuant to
Section 4.09(b)(i), Section 4.09(b)(ii), Section 4.09(b)(v) (to the extent the Indebtedness being refinanced
was permitted to be secured by Material Assets hereunder), Section 4.09(b)(x) (to the extent the Indebtedness being guaranteed
is permitted to be secured by Material Assets hereunder), Section 4.09(b)(xv), Section 4.09(b)(xvii) (which Indebtedness
may not be secured by Omidubicel), and Section 4.09(b)(xxii).

 

(f) This
Section 4.09 shall cease to apply at such time that less than $15,000,000 aggregate principal amount of Notes remain outstanding.

 

Section 4.10 [Intentionally
Omitted].

 

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Section 4.11 Limitations
on Asset Sales. (a) The Parent and the Company will not, and will not permit any of their Subsidiaries to, consummate an Asset
Sale, unless (i) the Parent or the Company (or the Subsidiary, as the case may be) receives consideration at the time of the Asset
Sale at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale)
of the assets, property or Capital Stock issued or sold or otherwise disposed of, (ii) no Default or Event of Default shall have
occurred and be continuing at the time of the consummation of such Asset Sale or would be caused thereby and (iii) at least 75%
of the consideration received from such Asset Sale is, or will be when paid (in the case of milestones, royalties and other deferred
payment obligations), in the form of cash or Cash Equivalents; provided that for purposes of this clause (iii), the following
shall be deemed to be cash:

 

(1) any
Designated Non-Cash Consideration received by the Parent or the Company or such Subsidiary in respect of such Asset Sale having
an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this clause
(iii), not in excess of $5,000,000, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured
at the time received and without giving effect to subsequent changes in value,

 

(2) any
liabilities (as shown on the Parent’s, Company’s or such Subsidiary’s most recent balance sheet or in the footnotes
thereto) of the Parent, the Company or any Subsidiary (other than liabilities that are by their terms contractually subordinated
to the Notes or any Guarantee) (A) that are assumed by the transferee of any such assets and for which the Parent, the Company
or such Subsidiary, as the case may be, has been released or indemnified against further liability or (B) in respect of which
none of the Parent, the Company or any Subsidiary following such Asset Sale has any obligation; and

 

(3) any
securities, notes or other obligations received by the Parent, the Company or any such Subsidiary from such transferee that are
converted by the Parent, the Company or such Subsidiary within 365 days into cash or Cash Equivalents, to the extent of the cash
or Cash Equivalents received in that conversion.

 

(b) Within
12 months after the receipt of any Net Proceeds by the Parent, the Company or any Subsidiary from an Asset Sale, the Parent or
the Company (or the applicable Subsidiary, as the case may be) may apply such Net Proceeds:

 

(i) to
fund commitments to research, development or manufacture the Parent’s,
the Company’s or a Subsidiary’s,
or their respective collaboration or licensing partners’,
products or other potential product candidates as may be required under the terms of a license agreement, co-development agreement
or Joint Venture;

 

(ii) to
make Capital Expenditures for the benefit of the business of the Company or any Subsidiary taken as a whole;

 

(iii) to
purchase, redeem, or otherwise acquire any Notes;

 

(iv) to
acquire other assets that are not classified as current assets under IFRS and that are used or useful in the business of the Parent,
the Company or any Subsidiary; or

 

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(v) to
prepay, repay, redeem or purchase Indebtedness and other obligations under the Secured Facility, the Royalty Facility or other
Indebtedness secured by the assets subject to such Asset Sale (and if the Indebtedness repaid is revolving credit Indebtedness,
to correspondingly reduce commitments with respect thereto); provided, that, no such Indebtedness shall be repaid, redeemed
or purchased under this clause (v) with the Material Proceeds.

 

Pending the final application
of any Net Proceeds, the Parent or the Company (or the applicable Subsidiary) may temporarily reduce revolving credit borrowings
or invest the Net Proceeds in any manner that is permitted under this Indenture.

 

(c) Any
Net Proceeds from Asset Sales received by the Parent, the Company or any Subsidiary in the form of cash that are not applied or
invested within 12 months as provided in Section 4.11(b) will constitute “Excess
Proceeds.” At any time when the aggregate amount of Excess
Proceeds not applied or reinvested in accordance with Section 4.11(b) exceeds $5,000,000 (the amount of Excess Proceeds
above $5,000,000, the “Subject Excess Proceeds”),
within five days thereafter, the Company will make an offer (each, an “Asset
Sale Offer”) to all Holders of Notes, to purchase, prepay
or redeem the maximum principal amount of Notes after deducting from such Excess Proceeds all accrued and unpaid interest on the
Notes and the amount of all fees and expenses, including premiums, incurred in connection with such purchase, prepayment or redemption
(the “Offer Amount”).
The offer price in any Asset Sale Offer will be equal to 100% of the aggregate principal amount purchased, prepaid or redeemed,
plus accrued and unpaid interest on such principal amount to the date of purchase, subject to the rights of Holders of Notes on
the relevant Interest Record Date as and to the extent provided in Section 15.02, and will be payable in cash. If any Subject
Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not
otherwise prohibited by this Indenture. If the aggregate principal amount of Notes tendered in or required to be prepaid or redeemed
in connection with such Asset Sale Offer exceeds the Offer Amount, the Company will select the Notes to be purchased, prepaid or
redeemed on a pro rata basis (subject to adjustment to maintain the authorized minimum denomination of the Notes), based on the
amounts tendered or required to be prepaid or redeemed. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds
will be reset at zero.

 

(d) The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 15.02 or
this Section 4.11, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under Section 15.02 or this Section 4.11 by virtue of such compliance.

 

(e) This
Section 4.11 shall cease to apply at such time that less than $15,000,000 aggregate principal amount of Notes remain outstanding.

 

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Section 4.12 Transactions
with Affiliates.

 

(a) The
Parent and the Company will not, and will not permit any of their Subsidiaries to, directly or indirectly, make any payment to,
or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or
enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Parent, the Company or any of their Subsidiaries (each, an “Affiliate
Transaction”) involving aggregate payments or consideration
in excess of $500,000, unless:

 

(i) the
Affiliate Transaction is on terms that are not materially less favorable to the Parent, the Company or the relevant Subsidiary,
taken as a whole, than those that would have been obtained in a comparable arms-length transaction by the Parent, the Company or
such Subsidiary with a Person that is not an Affiliate of the Parent, the Company or any of their Subsidiaries;

 

(ii) the
Company delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of $5,000,000, a resolution of the Board of Directors accompanied by an Officer’s
Certificate certifying that such Affiliate Transaction complies with this Section 4.12 and that such Affiliate Transaction
has been approved by a majority of the disinterested members of the Board of Directors;

 

(b) The
following items will be deemed not to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section
4.12(a):

 

(i) any
consulting or employment agreement or compensation plan, stock option or stock ownership plan or reasonable and customary officer
or director indemnification arrangement entered into by the Parent, the Company or any of their Subsidiaries in the ordinary course
of business for the benefit of directors, officers, employees and consultants of the Parent, the Company or their Subsidiaries
and payments and transactions pursuant thereto;

 

(ii) transactions
between or among the Parent and/or its Subsidiaries;

 

(iii) payment
of reasonable fees or other reasonable compensation to, provision of customary benefits or indemnification agreements to and reimbursement
of expenses of directors, officer and employees of the Parent, the Company or any of their Subsidiaries;

 

(iv) any
transaction in which the only consideration paid by the Company or any Subsidiary consists of Capital Stock (other than Disqualified
Stock) of the Company or any contribution of capital to the Company;

 

(v) Restricted
Payments that do not violate the provisions of Section 4.08 of this Indenture;

 

(vi) transactions
pursuant to agreements or arrangements as in effect on the Issue Date, or any amendment, modification, or supplement thereto or
replacement thereof (so long as such agreement or arrangement, as so amended, modified or supplemented or replaced, is not materially
more disadvantageous, taken as a whole, than such agreement or arrangement as in effect on the Issue Date, as determined in good
faith by the Company);

 

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(vii) purchases
or sales of goods and/or services with customers, suppliers, sales agents or sellers of goods and services in the ordinary course
of business on terms that are no less favorable to the Parent, the Company or the relevant Subsidiary than those that would have
been obtained at the time in a comparable transaction by the Parent, the Company or such Subsidiary with a Person that is not an
Affiliate of the Parent or the Company;

 

(viii) if
such Affiliate Transaction is with an Affiliate in its capacity as a holder of Indebtedness of the Parent, the Company or any Subsidiary,
a transaction in which such Affiliate is treated no more favorably than the other non-Affiliated holders of Indebtedness of the
Parent, the Company or such Subsidiary;

 

(ix) transactions
in the ordinary course of business between the Parent, the Company or a Subsidiary with any Joint Venture engaged in a Permitted
Business; provided that all the outstanding ownership interests of such Joint Venture are owned only by the Parent, the
Company, their Subsidiaries and Persons that are not Affiliates of the Company (other than by virtue of such joint venture arrangement);

 

(x) any
Investment of the Parent, the Company or any of their Subsidiaries existing on the Issue Date listed on Schedule B (Existing
Investments) hereto, and any extension, modification or renewal of such existing Investments, to the extent not involving any additional
Investment other than as the result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind
securities, in each case, pursuant to the terms of such Investments as in effect on the Issue Date;

 

(xi) the
formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the
ordinary course of business or transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency
of the Parent, the Company or any of their Subsidiaries and not for the purpose of circumventing any provision of this Indenture;

 

(xii) to
the extent permitted under this Indenture, including in compliance with Article 11, any merger, consolidation or reorganization
of the Parent or the Company with an Affiliate of the Parent solely for the purpose of (A) forming or collapsing a holding company
structure or (B) reincorporating the Parent or the Company in a new jurisdiction;

 

(xiii) entering
into one or more agreements that provide registration and/or information rights to the security holders of the Parent or any Subsidiary
or any direct or indirect parent of the Parent or amending such agreement with security holders of the Parent or any Subsidiary
or any direct or any indirect parent of the Parent;

 

(xiv) transactions
contemplated by, or in connection with, any customary transition services agreement entered into in connection with any Disposition
which is permitted hereunder;

 

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(xv) any
incurrence of Indebtedness permitted by Section 4.09(b)(vi), (b)(vii), (b)(x), (b)(xix) or (b)(xxv);

 

(xvi) customary
fees, indemnities and reimbursements may be paid to non-officer directors of the Parent, the Company and their Subsidiaries; and

 

(xvii) advances
to employees of the Parent, the Company or any of their Subsidiaries made in the ordinary course of business, in a manner that
is consistent with past practice.

 

(c) This
Section 4.12 shall cease to apply at such time that less than $15,000,000 aggregate principal amount of Notes remain outstanding.

 

Section 4.13 Further
Guarantors. If, after the date of this Indenture,

 

(a) the
Parent or any Subsidiary forms or acquires any Subsidiary, other than an Excluded Entity, then the Parent will promptly (and in
any event within 45 days or, in the case of any Foreign Subsidiary, 60 days) after the date of formation or acquisition cause such
Subsidiary to provide a Guarantee hereunder; or

 

(b) any
Subsidiary of the Parent that is an Excluded Entity ceases to be an Excluded Entity, then the Parent will promptly (and in any
event within 45 days or, in the case of any Foreign Subsidiary, 60 days) thereafter cause such Subsidiary to provide a Guarantee
hereunder.

 

Section 4.14 Compliance
Certificate; Statements as to Defaults. The Company shall deliver to the Trustee within 120 days after the end of each fiscal
year of the Company (beginning with the fiscal year ending on December 31, 2021) an Officer’s Certificate stating whether
the signers thereof have knowledge of any Default that has occurred and is continuing during the prior fiscal year and, if so,
specifying each such Default and the nature thereof.

 

In addition, the Company
shall deliver to the Trustee, within 30 days after the Company obtains knowledge of the occurrence of any Event of Default or Default,
an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the
Company is taking or proposing to take in respect thereof; provided that the Company is not required to deliver such notice
if such Event of Default or Default has been cured or is no longer continuing.

 

Section 4.15 Further
Instruments and Acts. Upon request of the Trustee, the Company and each Guarantor will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

 

Section 4.16 Minimum
Liquidity. The Parent will maintain a minimum consolidated balance of cash and Cash Equivalents of at least $20,000,000 at
all times; provided, that this Section 4.16 shall cease to apply at such time that less than $15,000,000 of the
initial aggregate principal amount of the Notes remain outstanding.

 

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Section 4.17 Registration
Rights. (a) The Parent and the Company agree that the Holders from time to time of Registrable Securities are entitled to
the benefits of the Registration Rights Agreement.

 

(b) By
its acceptance thereof, the Holder of Registrable Securities will have agreed to be bound by the terms of the Registration Rights
Agreement relating to the Registrable Securities.

 

(c) Additional
Interest payable by the Company pursuant to the Registration Rights Agreement will be payable in arrears on each Interest Payment
Date following accrual as regular interest on the Notes and will be in addition to any other Additional Interest that may accrue
pursuant to this Indenture; provided that in no event shall Additional Interest accrue under the terms of this Indenture
and the Registration Rights Agreement at a rate per year in excess of 0.50%, regardless of the number of events or circumstances
giving rise to the requirement to pay such Additional Interest.

 

(d) If
Additional Interest is payable by the Company pursuant to the Registration Rights Agreement, the Company shall, no later than two
Business Days prior to the date on which any such Additional Interest is scheduled to be paid, deliver to the Trustee (with a copy
to the Paying Agent) an Officer’s Certificate to that effect
stating (i) the amount of such Additional Interest that is payable, (ii) the date on which such Additional Interest is payable,
(iii) a direction to the Paying Agent to make payment to the extent the Paying Agent receives funds from the Company to do so,
and (iv) a notice to Holders detailing the Additional Interest that is payable and the date on which such payment is to be made.
Unless and until a Responsible Officer of the Trustee and Paying Agent receives at the Corporate Trust Office such a certificate,
the Trustee and Paying Agent may assume without inquiry that no such Additional Interest is payable. If the Company has paid Additional
Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee (with a copy to the Paying Agent) an
Officer’s Certificate setting forth the particulars of such
payment.

 

Section 4.18 Material
Assets. Notwithstanding anything to the contrary set forth in this Indenture (including, without limitation, in Section
4.11), the Parent and the Company will not, and will not permit any of their Subsidiaries to Dispose (other than the grant
of Liens not otherwise prohibited under this Indenture or a Disposition to the Company or a Guarantor), directly or through the
Disposition of the Capital Stock of a Guarantor, of (i) Material Assets (other than pursuant to a Permitted Transfer of Material
Assets), (ii) the NAM Platform in any manner that is, in the case of this clause (ii), reasonably likely to materially impair
(or have a material and adverse effect on) the creation, development, manufacture, commercialization, sale, marketing or promotion
of Omidubicel in the United States and its territories or otherwise have a material adverse effect on the business of the Parent,
the Company or their Subsidiaries or their respective assets or (iii) the revenues (or equivalent) generated by Omnidubicel (other
than pursuant to a Royalty Financing permitted pursuant to Section 4.09(b)(i) or pursuant to a Permitted Transfer of Material
Assets), in each case, unless the consideration paid to the Parent, the Company and their Subsidiaries for such transaction is
paid or payable in cash for fair market value and 100% of the cash proceeds of such sale, transfer or license (the “Material
Proceeds”) shall constitute Subject Excess Proceeds and shall not be permitted to be reinvested or otherwise utilized
pursuant to Section 4.11 or any other provisions hereof unless an Asset Sale Offer has been made (it being agreed that
100% of such cash shall be used to purchase, prepay or redeem the Notes in accordance with Section 4.11(c)).

 

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This Section 4.18 shall cease to
apply at such time that less than $15,000,000 aggregate principal amount of Notes remain outstanding.

 

Section 4.19 Withholding
Taxes. (a) All payments (in cash or in kind) made by or on behalf of the Company or the Guarantors or any successors thereto
(a “Payor”) on or with respect to the Notes, the Guarantees or the Exchange Obligation, as applicable, will
be made without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental
charges of whatever nature (including, without limitation, penalties and interest and other similar liabilities related thereto)
(“Taxes”) unless the withholding or deduction of such Taxes is then required by law or by the official interpretation
or administration thereof. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf
of:

 

(i) the
State of Israel or any political subdivision or governmental authority thereof or therein having power to tax;

 

(ii) any
jurisdiction from or through which payment on the Notes or the Guarantees is made, or any political subdivision or governmental
authority thereof or therein having the power to tax; or

 

(iii) any
other jurisdiction in which a Payor is incorporated, organized or otherwise considered to be a resident for tax purposes, or any
political subdivision or governmental authority thereof or therein having the power to tax (each of clause (i), (ii) and (iii)
of this Section 4.19(a), a “Relevant Taxing Jurisdiction”),

 

will at any time be required from any payments
or other consideration made with respect to the Notes, the Guarantees or the Exchange Obligation, including, without limitation,
payments of principal, redemption price, interest or premium, the Payor will pay (together with such payments) such additional
amounts (the “Additional Amounts”)
as may be necessary in order that the net amounts or other consideration received in respect of such payments after such withholding
or deduction (including any such deduction or withholding from such Additional Amounts) will equal the amounts or other consideration
which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however,
that no such Additional Amounts will be payable with respect to:

 

(A) any
Excluded Taxes;

 

(B) any
Note presented for payment (where presentation is required) more than 30 days after the relevant payment is first made available
for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been
presented during such 30-day period); or

 

(C) without
duplication, any combination of the foregoing.

 

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For the avoidance of doubt, payment of Additional
Amounts pursuant to this Section 4.19 shall also apply with respect to any Taxes resulting from past payments that were
made to the Holders without withholding Tax (subject to the exceptions mentioned in Section 4.19(a)(A) through (C) above),
except to the extent such past withholding arises from a payee’s fraud, gross negligence or willful misconduct. Without derogating
from the foregoing, but without duplication, the Company and Guarantors shall, jointly and severally, indemnify and hold harmless
the Holders for any Tax, loss, claim, damage, liability, or expense incurred as a result of any such Taxes levied, claimed or imposed
by a Relevant Taxing Jurisdiction in connection with any such past payments, except to the extent arising from a payee’s
fraud, gross negligence or willful misconduct.

 

(b) The
Payor will (i) make any withholding or deduction required to be made by it and (ii) remit the full amount deducted or withheld
to the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor will use all reasonable efforts to obtain certified
copies of tax receipts evidencing the payment of any Taxes so deducted or withheld by the Payor from each Relevant Taxing Jurisdiction
imposing such Taxes and will provide such certified copies (or, if certified copies are not available despite reasonable efforts
of the Payor, other evidence of payment reasonably satisfactory to the Trustee) to each holder. The Payor will attach to each certified
copy (or other evidence) a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid
in connection with payments in respect of the principal amount of Notes then outstanding and (y) the amount of such withholding
Taxes paid per US$1 principal amount of the Notes. Copies of such documentation will be available for inspection during ordinary
business hours at the office of the Trustee by the holders of the Notes upon request and will be made available at the offices
of the Company.

 

(c) At
least 30 days prior to each date on which any payment under or with respect to the Notes is due and payable (unless such obligation
to pay Additional Amounts arises shortly before or after the 30th day prior to such date, in which case it shall be promptly thereafter),
if the Payor will be obligated to pay Additional Amounts with respect to such payment, the Payor will deliver to the Trustee and
the Paying Agent an Officer’s Certificate stating the fact
that such Additional Amounts will be payable, the amounts so payable and will set forth such other information necessary to enable
the Paying Agent to pay such Additional Amounts to holders on the payment date. Each such Officer’s
Certificate shall be relied upon until receipt of a further Officer’s
Certificate addressing such matters. The Trustee and the Paying Agent shall be entitled to rely solely on each such Officer’s
Certificate as conclusive proof that such payments are necessary.

 

(d) Wherever
mentioned in this Indenture or the Notes, in any context, (1) the payment of principal, (2) purchase prices in connection with
a purchase of Notes, (3) interest, (4) the Redemption Price, (5) the Fundamental Change Repurchase Price, or (5) any other amount
payable on or with respect to the Notes or the Guarantees, such reference shall be deemed to include payment of Additional Amounts
as described under this heading to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof.

 

(e) The
Payor will pay any present or future stamp, court, documentary or other similar Taxes or any other excise, property or other similar
Taxes which arise in any jurisdiction from the execution, delivery or registration of any Notes, the Guarantees, the Indenture
or any other document or instrument referred to therein, or the receipt of any payments with respect thereto, excluding any such
Taxes imposed by any jurisdiction that is not a Relevant Taxing Jurisdiction, other than those resulting from, or required to be
paid in connection with, the enforcement thereof following the occurrence of any Event of Default with respect to the Notes.

 

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(f) Any
Recipient that is entitled to an exemption from or reduction of withholding tax with respect to payments made or with respect to
the Notes, the Guarantees or the Exchange Obligation shall deliver to the Company, at the time or times reasonably requested by
the Company, such properly completed and executed documentation reasonably requested by the Company as will permit such payments
to be made without withholding or at a reduced rate of withholding. In addition, any Recipient, if reasonably requested by the
Company, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Company as will enable
the Company to determine whether or not such Recipient is subject to backup withholding or information reporting requirements.
For Israeli Tax purposes only, it being understood that for purposes of this Section 4.19(f), with respect to the Guarantees
or the Exchange Obligation, a Holder shall be deemed to have fulfilled its obligations if such Holder provided a completed ITA
Form A/114 (Claim for Reduced Rate of Withholding Tax/Exemption from Withholding Tax in the State of Israel on Payments to a Non
Resident) to the Payor.  For the avoidance of doubt, the ITA Form A/114 will be deemed to be completed if the relevant Holder
has provided a tax residency certificate to the extent required by the ITA in lieu of completing Part H of the ITA Form A/114.
It is further understood that, for United States tax purposes only, (1) any Recipient that is a “United
States person” as defined in Section 7701(a)(30) of the Code
shall be deemed to fulfill its obligations under this Section 4.19(f) by delivering to the Company on or about the date
on which such Recipient becomes entitled to the benefits under this Indenture (and from time to time thereafter upon the reasonable
request of the Company), an executed copy of IRS Form W-9 certifying that such Recipient is exempt from U.S. federal backup withholding
tax and (2) any other Recipient shall be deemed to fulfill its obligations under this Section 4.19(f) by, to the extent
it is legally entitled to do so, delivering to the Company on or about the date on which such Recipient becomes entitled to the
benefits under this Indenture (and from time to time thereafter upon the reasonable request of the Company), an executed copy of
IRS Form W-8, W-8BEN, W-8BEN-E, W-8CE, W-8ECI, W-8EXP, or W-8IMY, as applicable, certifying that such recipient is exempt from
U.S. withholding tax or subject to U.S. withholding tax at a reduced rate, as the case may be.

 

(g) If
a payment made or with respect to the Notes, the Guarantees or the Exchange Obligation would be subject to U.S. federal withholding
Tax imposed by FATCA if such Recipient were to fail to comply with the applicable reporting requirements of FATCA (including those
contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Recipient shall deliver to the Company at the time
or times prescribed by law and at such time or times reasonably requested by the Company such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Company as may be necessary for the Company to comply with its obligations under FATCA and to determine that such Recipient
has complied with such Recipient’s obligations under FATCA
or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Indenture.

 

(h) The
obligations of this Section 4.19 will survive any termination, defeasance or discharge of this Indenture and will apply
mutatis mutandis to any jurisdiction in which any successor to a Payor is incorporated, organized or otherwise resident
for tax purposes, or any jurisdiction from or through which payment on the Notes or the Guarantees is made, or any political subdivision
or taxing authority or agency thereof or therein.

 

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Section 4.20 Par
Value Limitation. The Parent and the Company will not take any action that, after giving effect to any adjustment pursuant
to Section 14.03 or Section 14.04, would result in the Exchange Price becoming less than the par value of one Ordinary
Share.

 

Section 4.21 Ownership
of the Company. The Parent shall at all times own (directly or indirectly) 100% of the Common Equity of the Company.

 

Article
5

Lists of Holders and Reports by the Company and the Trustee

 

Section 5.01 Lists
of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee, semi-annually,
not more than 15 days after each February 1 and August 1 in each year beginning with August 1, 2021, and at such other times as
the Trustee may request in writing, within 30 days after receipt by the Company of any such request (or such lesser time as the
Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such
form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such
other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is
furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar.

 

Section 5.02 Preservation
and Disclosure of Lists. (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information
as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01
or maintained by the Trustee in its capacity as Note Registrar, if so acting. The Trustee may destroy any list furnished to
it as provided in Section 5.01 upon receipt of a new list so furnished.

 

(a) Every
Holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee
nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders.

 

Article
6

Defaults and Remedies

 

Section 6.01 Events
of Default. Each of the following events shall be an “Event of Default” with respect to the Notes:

 

(a) default
in any payment of interest or Additional Amounts on any Note when due and payable, and the default continues for a period of 30
days;

 

(b) default
in the payment of principal of any Note when due and payable on the Maturity Date, upon Redemption, upon any required repurchase,
upon declaration of acceleration or otherwise;

 

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(c) failure
by the Company to comply with its obligation to exchange the Notes in accordance with this Indenture upon exercise of a Holder’s
exchange right;

 

(d) failure
by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c),
notice of a Make-Whole Fundamental Change in accordance with Section 14.03(b) or notice of a Merger Event in accordance
with Section 14.07(a), in each case, when due;

 

(e) failure
by the Company to comply with its obligations under Article 11 or
the failure by any Guarantor to comply with its obligations under Section 13.04;

 

(f) failure
by the Company for 60 days after written notice from the Trustee or the Holders of at least 25% in aggregate principal amount of
the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or
this Indenture;

 

(g) default
by the Parent, the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or other instrument
under which there may be outstanding, or by which there may be secured or evidenced, any Indebtedness for money borrowed in excess
of $10,000,000 (or its foreign currency equivalent) in the aggregate of the Parent, the Company and/or of any such Significant
Subsidiary, whether such Indebtedness now exists or shall hereafter be created (i) resulting in such Indebtedness becoming or being
declared due and payable prior to its stated maturity date or (ii) constituting a failure to pay the principal of any such debt
when due and payable (after the expiration of all applicable grace periods) at its stated maturity, upon Redemption, required repurchase,
declaration of acceleration or otherwise, and such acceleration shall not have been rescinded or annulled or such failure to pay
shall not have been cured or waived, or such indebtedness not paid or discharged, as the case may be, within 30 days after written
notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in aggregate principal amount
of the Notes then outstanding;

 

(h) a
final judgment or judgments for the payment of $20,000,000 (or its foreign currency equivalent) or more (excluding any amounts
covered by insurance policies issued by insurers believed by the Company in good faith to be credit-worthy) in the aggregate rendered
against the Parent, the Company or any Significant Subsidiary of the Company, which judgment is not discharged or stayed within
60 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on
which all rights to appeal have been extinguished;

 

(i) the
Parent, the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to the Parent, the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of the Parent, the Company or any such Significant Subsidiary or any substantial part of its property, or shall
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it, or shall make a general assignment for the benefit of creditors;

 

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(j) an
involuntary case or other proceeding shall be commenced against the Parent, the Company or any Significant Subsidiary seeking liquidation,
reorganization or other relief with respect to the Parent, the Company or such Significant Subsidiary or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian
or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary
case or other proceeding shall remain undismissed and unstayed for a period of 60 consecutive days;

 

(k) the
Parent, the Company or any Significant Subsidiary becomes unable or admits in writing its inability or fails generally to pay its
debts as they become due;

 

(l) any
Guarantee ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or any Guarantor denies
or disaffirms its obligations under its Guarantee or gives notice to such effect; or

 

(m) any
provisions of a Permitted Subordination Agreement or any Permitted Subordination Provision shall for any reason be revoked or invalidated,
or otherwise cease to be in full force and effect, or any Person shall contest in any manner the validity or enforceability thereof
or deny that it has any further liability or obligation thereunder, or the Note Obligations for any reason shall not have the priority
contemplated by this Indenture or such Permitted Subordination Agreement or Permitted Subordination Provision, as applicable.

 

Section 6.02 Acceleration;
Rescission and Annulment. If one or more Events of Default shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body), then, and in each and
every such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to
the Parent or the Company), unless the principal of all of the Notes shall have already become due and payable, either the Trustee
or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section
8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may (and the Trustee, at the written request
of such Holders, shall) declare 100% of the principal of, and any Additional Amounts and accrued and unpaid interest on, all the
Notes to be due and payable immediately, and upon any such declaration the same shall become and shall automatically be immediately
due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default
specified in Section 6.01(i) or Section 6.01(j) with respect to the Parent or the Company occurs and is continuing,
100% of the principal of, and any Additional Amounts and accrued and unpaid interest, if any, on, all Notes shall become and shall
automatically be immediately due and payable.

 

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The immediately preceding
paragraph, however, is subject to the conditions that if, at any time after the principal of the Notes shall have been so declared
due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter
provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay installments of any accrued and unpaid
interest upon all Notes and the principal of any and all Notes that shall have become due otherwise than by acceleration (with
interest on overdue installments of any accrued and unpaid interest to the extent that payment of such interest is enforceable
under applicable law, and on such principal, in each case, at the then-applicable interest rate borne by the Notes at such time)
and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree
of a court of competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment
of the principal of and accrued and unpaid interest, if any, on Notes that shall have become due solely by such acceleration, shall
have been cured or waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding
sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company
and to the Trustee, may waive all Defaults or Events of Default with respect to the Notes and rescind and annul such declaration
and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect
any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary
herein, no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from
(i) the nonpayment of the principal (including the Fundamental Change Repurchase Price, if applicable) of, or any Additional Amounts
or accrued and unpaid interest on, any Notes, (ii) a failure to repurchase any Notes when required or (iii) a failure to pay or
deliver, as the case may be, the consideration due upon exchange of the Notes.

 

Section 6.03 Additional
Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the Company elects, the
sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section
4.06(b) shall for the first 360 days after the occurrence of such an Event of Default consist exclusively of the right to
receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the principal amount of the Notes outstanding for
each day during the first 180 days during which such Event of Default is continuing and 0.50% per annum of the principal amount
of the Notes outstanding from the 181st day to, and including, the 360th day during which such Event of Default is continuing.
Additional Interest payable pursuant to this Section 6.03 shall be in addition to, not in lieu of, any Additional Interest
payable pursuant to Section 4.06(d) or Section 4.06(e), subject to the second immediately succeeding paragraph.
If the Company so elects, such Additional Interest shall be payable as set forth in Section 2.03. On the 361st day after
such Event of Default (if the Event of Default relating to the Company’s failure to comply with its obligations under ‎Section
4.06(b) is not cured or waived prior to such 361st day), the Notes shall be immediately subject to acceleration as provided
in Section 6.02. The provisions of this paragraph will not affect the rights of Holders of Notes in the event of the occurrence
of any Event of Default other than the Company’s failure to comply with its obligations as set forth in ‎Section
4.06(b). In the event the Company does not elect to pay Additional Interest following an Event of Default in accordance with
this Section 6.03 or the Company elected to make such payment but does not pay the Additional Interest when due, the Notes
shall be immediately subject to acceleration as provided in Section 6.02. No Additional Interest shall accrue pursuant
to this Section 6.03, and no right to declare the principal or other amounts due and payable in respect of the Notes shall
exist, commencing on the date that the Event of Default has been cured; provided that such Event of Default is cured during
such 360 day period.

 

In order to elect to
pay Additional Interest as the sole remedy during the first 360 days after the occurrence of any Event of Default described in
the immediately preceding paragraph, the Company must notify in writing all Holders of the Notes, the Trustee and the Paying Agent
(if other than the Trustee) of such election on or before the close of business on the date on which such Event of Default first
occurs. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section
6.02.

 

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In no event shall Additional
Interest accrue under the terms of this Indenture and the Registration Rights Agreement at a rate per year in excess of 0.50%,
regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

Section 6.04 Payments
of Notes on Default; Suit Therefor. If an Event of Default described in Section 6.01(a) or
Section 6.01(b) shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for principal (including
the Redemption Price and the Fundamental Change Repurchase Price, if applicable), Additional Amounts and interest, if any, with
interest on any overdue principal and interest at the then-applicable interest rate borne by the Notes, and, in addition thereto,
such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the Company shall
fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute
a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree
and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to
be payable in the manner provided by law out of the property of the Company or any other obligor upon the Notes, wherever situated.

 

In the event there
shall be pending proceedings for the bankruptcy or for the reorganization of the Company or any other obligor on the Notes under
Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Company or such other obligor,
the property of the Company or such other obligor, or in the event of any other judicial proceedings relative to the Company or
such other obligor upon the Notes, or to the creditors or property of the Company or such other obligor, the Trustee, irrespective
of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be entitled and
empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal
and accrued and unpaid interest, if any, in respect of the Notes, and, in case of any judicial proceedings, to file such proofs
of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee
and its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor
on the Notes, its or their creditors, or its or their property, and to collect and receive any monies or other property payable
or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section
7.06; and any receiver, assignee or trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby
authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to them for
reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts
due to the Trustee under Section 7.06, incurred by it up to the date of such distribution. To the extent that such payment
of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for
any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends,
monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings, whether in
liquidation or under any plan of reorganization or arrangement or otherwise.

 

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Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding.

 

All rights of action
and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession
of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents
and counsel, be for the ratable benefit of the Holders of the Notes.

 

In any proceedings
brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the Trustee
shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any
Holders of the Notes parties to any such proceedings.

 

In case the Trustee
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned because
of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other
reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the Parent, the Holders
and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and
rights hereunder, and all rights, remedies and powers of the Company, the Parent, the Holders and the Trustee shall continue as
though no such proceeding had been instituted.

 

Section 6.05 Application
of Monies Collected by Trustee. Any monies or property collected by the Trustee pursuant to this Article 6 with respect
to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies
or property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender
thereof, if fully paid:

 

First, to the
payment of all amounts due to the Trustee under Section 7.06;

 

Second, in case
the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of any interest on, and any cash
due upon exchange of, the Notes in default in the order of the date due of the payments of such interest and cash due upon exchange,
as the case may be, with interest (to the extent that any interest is payable on such Notes and has been collected by the Trustee)
upon such overdue payments at the rate of interest then payable on such Note, if any, such payments to be made ratably to the Persons
entitled thereto;

 

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Third, in case
the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment of the
whole amount (including, if applicable, the payment of the Redemption Price, Fundamental Change Repurchase Price, any Additional
Amounts, and any cash due upon exchange) then owing and unpaid upon the Notes for principal and interest, if any, with interest
on the overdue principal and, to the extent that such interest has been collected by the Trustee, upon overdue installments of
interest, payable upon such overdue amounts at the rate of interest then payable on such Notes, if any, and in case such monies
shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal
(including the Fundamental Change Repurchase Price, if applicable, and any cash due upon exchange), any Additional Amounts and
interest without preference or priority of principal over such interest, or of any interest over principal or of any installment
of interest over any other installment of interest, or of any Note over any other Note, ratably to the aggregate of such principal
(including, if applicable, the Redemption Price, Fundamental Change Repurchase Price, and any cash due upon exchange), any Additional
Amounts and any accrued and unpaid interest; and

 

Fourth, to the
payment of the remainder, if any, to the Company.

 

Section 6.06 Proceedings
by Holders. Except to enforce the right to receive payment of principal (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable), any Additional Amounts or any interest when due, or the right to receive payment or delivery
of the consideration due upon exchange, no Holder of any Note shall have any right by virtue of or by availing of any provision
of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture,
or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder,
unless:

 

(a) such
Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein
provided;

 

(b) Holders
of at least 25% in aggregate principal amount of the Notes then outstanding shall have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder;

 

(c) such
Holders shall have offered, and if requested, provided to the Trustee such security or indemnity reasonably satisfactory to it
against any loss, liability or expense to be incurred therein or thereby;

 

(d) the
Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or
refused to institute any such action, suit or proceeding; and

 

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(e) no
direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given to the Trustee by
the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to
Section 6.09, it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with
every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue
of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain
or seek to obtain priority over or preference to any other such Holder (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders), or to enforce any right
under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except
as otherwise provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee
shall be entitled to such relief as can be given either at law or in equity.

 

Notwithstanding any
other provision of this Indenture and any provision of any Note, each Holder shall have the right to receive payment or delivery,
as the case may be, of (x) the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable)
of, (y) any Additional Amounts and accrued and unpaid interest, if any, on, and (z) the consideration due upon exchange of, such
Note, on or after the respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for
the enforcement of any such payment or delivery, as the case may be, which right shall not be impaired or affected without the
consent of such Holder.

 

Section 6.07 Proceedings
by Trustee. In case of an Event of Default, the Trustee may proceed to protect and enforce the rights vested in it by this
Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit
in equity or by action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant
or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other
legal or equitable right vested in the Trustee by this Indenture or by law.

 

Section 6.08 Remedies
Cumulative and Continuing. Except as provided in the last paragraph of Section 2.06, all powers and remedies given
by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not
exclusive of any thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture,
and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any
Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or
Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given
by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall
be deemed expedient, by the Trustee or by the Holders.

 

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Section 6.09 Direction
of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount
of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in conflict with
any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is unduly prejudicial to the
rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not
such direction is unduly prejudicial to any Holder) or that would involve the Trustee in personal liability. The Holders of a
majority in aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04
may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except
(i) a default in the payment of accrued and unpaid interest, if any, on, the principal (including the Redemption Price and the
Fundamental Change Repurchase Price, if applicable) of, or any Additional Amounts on, the Notes when due that has not been cured
pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration
due upon exchange of the Notes or (iii) a default in respect of a covenant or provision hereof which under Article 10 cannot
be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the
Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or
Event of Default hereunder shall have been waived as permitted by this Section 6.09, said Default or Event of Default shall
for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall
extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

 

Section 6.10 Notice
of Defaults. The Trustee shall, within 90 days after the occurrence and continuance of a Default of which a Responsible Officer
has received written notice, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such Defaults
shall have been cured or waived before the giving of such notice; provided that, except in the case of a Default in the
payment of the principal of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable), any Additional
Amounts or accrued and unpaid interest on, any of the Notes or a Default in the payment or delivery of the consideration due upon
exchange, the Trustee shall be protected in withholding such notice if and so long as a committee of Responsible Officers of the
Trustee in good faith determines that the withholding of such notice is in the interests of the Holders.

 

Section 6.11 Undertaking
to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to
have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this
Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant
in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined
in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal
of or accrued and unpaid interest, if any, on any Note (including, but not limited to, the Redemption Price and Fundamental Change
Repurchase Price, if applicable) and any Additional Amounts on or after the due date expressed or provided for in such Note or
to any suit for the enforcement of the right to exchange any Note, or receive the consideration due upon exchange, in accordance
with the provisions of Article 14.

 

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Article
7

Concerning the Trustee

 

Section 7.01 Duties
and Responsibilities of Trustee. (a) Except during the continuance of an Event of Default,

 

(i) the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and

 

(ii) in
the absence of bad faith or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein).

 

(b) In
the event an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in
it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs.

 

(c) No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its
own grossly negligent failure to act or its own willful misconduct, except that:

 

(i) the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the
Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts;

 

(ii) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined
as provided in Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture;

 

(iii) no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it; and

 

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(iv) this
subsection shall not be construed to limit the effect of Section 7.01(a);

 

(d) Whether
or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section.

 

Section 7.02 Certain
Rights of Trustee. Except as otherwise provided in Section 7.01:

 

(a) the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed
by it in good faith to be genuine and to have been signed or presented by the proper party or parties;

 

(b) any
request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officer’s
Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced
to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company;

 

(c) the
Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance
with such advice or Opinion of Counsel;

 

(d) the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee
shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney at the expense of the Company and shall incur no liability of any kind by reason
of such inquiry or investigation;

 

(e) the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents,
custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any
agent, custodian, nominee or attorney appointed by it with due care hereunder;

 

(f) the
permissive rights of the Trustee or any rights of the Trustee to perform discretionary acts enumerated herein shall not be construed
as duties;

 

(g) in
no event shall the Trustee be liable for any special, indirect, punitive or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

 

(h) the
Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless written notice
of such Default or Event of Default shall have been received by a Responsible Officer of the Trustee, and such notice references
the Notes and this Indenture;

 

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(i) the
Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed
by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture;

 

(j) the
Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered, and if requested, provided to the Trustee
security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction;

 

(k) the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Company, any Paying Agent or the Transfer Agent or any records maintained by any
co-Note Registrar with respect to the Notes or for any actions or omissions of any Paying Agent (other than the Trustee), any Transfer
Agent or any co-Note Registrar;

 

(l) if
any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent
to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred;

 

(m) in
the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account. If the Company elects to direct the Trustee to invest amounts held in the non-interest bearing trust accounts,
these amounts may only be invested in money market funds and the Company must provide an executed direction to the Trustee electing
such investment. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon
or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party
directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written
investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence
of such written investment direction from the Company;

 

(n) the
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder (including, without limitation, if
it is acting as Paying Agent, Custodian, Note Registrar, and/or Exchange Agent), and each agent, custodian and other Person employed
to act hereunder;

 

(o) the
Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture;

 

(p) the
Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder;

 

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(q) the
Trustee shall not be bound to make any investigation into (i) the performance or observance by the Company or any other Person
of any of the covenants, agreements or other terms or conditions set forth in this Indenture or in any related document, (ii) the
occurrence of any default, or the validity, enforceability, effectiveness or genuineness of this Indenture, any related document
or any other agreement, instrument or document, or (iii) the satisfaction of any condition set forth in this Indenture or any related
document;

 

(r) the
Trustee shall not have any duty or responsibility in respect of (i) any recording, filing, or depositing of this Indenture or any
other agreement or instrument, (ii) the acquisition or maintenance of any insurance or (iii) the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against
the Company;

 

(s) if
the Trustee requests instructions from the Company or the Holders with respect to any action or omission in connection with this
Indenture, the Trustee shall be entitled (without incurring any liability therefor) to refrain from taking such action and continue
to refrain from acting unless and until the Trustee shall have received written instructions from the Company or the Holders, as
applicable, with respect to such request. The Trustee shall not be liable for failing to comply with its obligations under this
Indenture in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information
from any other person which are not received or not received by the time required;

 

(t) the
Trustee shall be fully justified in failing or refusing to take any action under this Indenture or any other related document if
such action (i) would, in the reasonable opinion of the Trustee, in good faith (which may be based on the advice or opinion of
counsel), be contrary to applicable law, this Indenture or any other related document, or (ii) is not provided for in this Indenture
or any other related document. The Trustee shall not be required to take any action under this Indenture or any related document
if taking such action (i) would subject the Trustee to a tax in any jurisdiction where it is not then subject to a tax, or (i)
would require the Trustee to qualify to do business in any jurisdiction where it is not then so qualified; and

 

(u) Each
Holder, by its acceptance of a Note hereunder, represents that it has, independently and without reliance upon the Trustee or any
other Person, and based on such documents and information as it has deemed appropriate, made its own investment decision in respect
of the Notes. Each Holder also represents that it will, independently and without reliance upon the Trustee or any other Person,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking
or not taking action under this Indenture and in connection with the Notes. Except for notices, reports and other documents expressly
required to be furnished to the Holders by the Trustee hereunder, the Trustee shall not have any duty or responsibility to provide
any Holder with any other information concerning the Company or any other parties to any related documents which may come into
the possession of the Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

 

Section 7.03 No
Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of
the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any
Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture.

 

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Section 7.04 Trustee,
Paying Agents, Exchange Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Exchange Agent or Note
Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have
if it were not the Trustee, Paying Agent, Exchange Agent or Note Registrar.

 

Section 7.05 Monies
to Be Held in Trust. All monies received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other
funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder
except as may be agreed from time to time by the Company and the Trustee.

 

Section 7.06 Compensation
and Expenses of Trustee. The Company and Guarantors, jointly and severally, covenant and agree to pay to the Trustee from
time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which
shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed
to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the provisions
of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its
agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or advance as shall have
been caused by its gross negligence or willful misconduct as determined by a final order of a court of competent jurisdiction.
The Company and Guarantors, jointly and severally, also covenant to indemnify the Trustee in any capacity under this Indenture
and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and
to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross negligence or willful misconduct
(as determined by a final order of a court of competent jurisdiction) on the part of the Trustee or its officers, directors, agents
or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance
or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves
against any claim of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or
indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a lien
to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the
effect of Section 6.05, funds held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s
right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or
indebtedness of the Company. The obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge
of this Indenture and the earlier resignation or removal of the Trustee. The Company need not pay for any settlement made without
its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall
extend to the officers, directors, agents and employees of the Trustee.

 

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Without prejudice to
any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating agent incur
expenses or render services after an Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any bankruptcy, insolvency
or similar laws.

 

Section 7.07 Officer’s
Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting
any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence
of gross negligence or willful misconduct on the part of the Trustee as determined by a final order of a court of competent jurisdiction,
be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s
Certificate, in the absence of gross negligence or willful misconduct on the part of the Trustee as determined by a final order
of a court of competent jurisdiction, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions
of this Indenture upon the faith thereof.

 

Section 7.08 Eligibility
of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust
Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of
at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements
of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Company
may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve
as Trustee. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 7.09 Resignation
or Removal of Trustee. (a) The Trustee may at any time resign by giving 30 days’ prior written notice of such resignation
to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have
been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation to the Holders,
the resigning Trustee may (at the expense of the Company), upon 10 Business Days’ notice to the Company and the Holders,
petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide
holder of a Note or Notes for at least six months (or since the date of this Indenture) may, subject to the provisions of Section
6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

 

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(b) In
case at any time any of the following shall occur:

 

(i) the
Trustee shall cease to be eligible in accordance with the provisions of Section 7.08 and shall fail to resign after written
request therefor by the Company or by any such Holder, or

 

(ii) the
Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding,
or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation,

 

then, in either case, the Company may remove the Trustee and
appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which
instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.11, any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of
this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any,
as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.

 

(c) The
Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in accordance with Section
8.04, may at any time with 30 days’ prior written notice
to the Company and the Trustee remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor
trustee unless within 10 days after notice to the Company of such nomination the Company objects thereto, in which case the Trustee
so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may (at the expense
of the Company) petition any court of competent jurisdiction for an appointment of a successor trustee.

 

(d) Any
resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section
7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10.

 

Section 7.10 Acceptance
by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute, acknowledge and deliver
to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation
or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally
named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing
to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an
instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of
any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly vesting
in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain
a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such trustee as such,
except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the
provisions of Section 7.06.

 

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No successor trustee
shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor trustee shall
be eligible under the provisions of Section 7.08.

 

Upon acceptance of
appointment by a successor trustee as provided in this Section 7.10, each of the Company and the successor trustee, at the
written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee
hereunder to the Holders. If the Company fails to deliver such notice within 10 days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company.

 

Section 7.11 Succession
by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business
of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the
execution or filing of any paper or any further act on the part of any of the parties hereto; provided that in the
case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee
such corporation or other entity shall be eligible under the provisions of Section 7.08.

 

In case at the time
such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated
but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or
authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any
of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor
trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee;
and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication
of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or
successors by merger, conversion or consolidation.

 

Section 7.12 Trustee’s
Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other
than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders
of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or
omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall
be effective. The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee 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 three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application
is deemed to receive such application in accordance with Section 17.03, unless any such officer shall have consented in
writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the
Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying
the action to be taken or omitted.

 

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Article
8

Concerning the Holders

 

Section 8.01 Action
by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the aggregate principal
amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver
or the taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage
have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by Holders in
person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of
Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument
or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any
action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation,
a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not
more than 15 days prior to the date of commencement of solicitation of such action. No authorization, agreement or consent by
Holders as of any such record date shall be deemed effective unless such authorization, agreement or consent shall become effective
pursuant to the provisions of this Indenture not later than six months after such record date.

 

Section 8.02 Proof
of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof
of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee.
The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’
meeting shall be proved in the manner provided in Section 9.06.

 

Section 8.03 Who
Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Exchange Agent and any
Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as,
the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other
writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on
account of the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, any Additional
Amounts on, and (subject to Section 2.03) any accrued and unpaid interest on such Note, for exchange of such Note and for
all other purposes under this Indenture; and neither the Company nor the Trustee nor any Paying Agent nor any Exchange Agent nor
any Note Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for
the time being, or upon its order, shall be valid, and, to the extent of the sums or Ordinary Shares so paid or delivered, effectual
to satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to
the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note
may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary
or any other Person, such holder’s right to exchange such beneficial interest for a Note in certificated form in accordance
with the provisions of this Indenture.

 

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Section 8.04 Company-Owned
Notes Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred
in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Parent, by the Company, by
any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer has
received written notice as being so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be
regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the
Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Parent, the Company, a
Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision
by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company
shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company
to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee
shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Notes not listed therein are outstanding for the purpose of any such determination.

 

Section 8.05 Revocation
of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified
in this Indenture in connection with such action, any Holder of a Note that is shown by the evidence to be included in the Notes
the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office
and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid,
any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and
owners of such Note and of any Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective
of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon
registration of transfer thereof.

 

Article
9

Holders’ Meetings

 

Section 9.01 Purpose
of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions of this Article
9 for any of the following purposes:

 

(a) to
give any notice to the Company or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to
consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences,
or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6;

 

 

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(b) to
remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7;

 

(c) to
consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02;
or

 

(d) to
take any other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the
Notes under any other provision of this Indenture or under applicable law.

 

Section 9.02 Call
of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in Section 9.01,
to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth
the time and the place of such meeting and in general terms the action proposed to be taken at such meeting and the establishment
of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered
to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the date fixed for the meeting.

 

Any meeting of Holders
shall be valid without notice if the Holders of all Notes then outstanding are present in person or by proxy or if notice is waived
before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present
by duly authorized representatives or have, before or after the meeting, waived notice.

 

Section 9.03 Call
of Meetings by Company or Holders. In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least
10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders,
by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not
have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine
the time and the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by delivering
notice thereof as provided in Section 9.02.

 

Section 9.04 Qualifications
for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of one or more Notes on the record
date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes
on the record date pertaining to such meeting. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and
its counsel and any representatives of the Company and its counsel.

 

Section 9.05 Regulations.
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable
for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the
right to vote, and such other matters concerning the conduct of the meeting as it shall think fit.

 

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The Trustee shall,
by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the Company
or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote
at the meeting.

 

Subject to the provisions
of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each $1,000 principal
amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any
meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid
duly designating it as the proxy to vote on behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions
of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate
principal amount of Notes represented at the meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned
without further notice.

 

Section 9.06 Voting.
The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures
of the Holders or of their representatives by proxy and the outstanding aggregate principal amount of the Notes held or represented
by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting
for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in
duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared
by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on
any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the
notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the
aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company
and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting.

 

Any record so signed
and verified shall be conclusive evidence of the matters therein stated.

 

Section 9.07 No
Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or permit,
by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any
hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the Holders under any
of the provisions of this Indenture or of the Notes.

 

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Article
10

Supplemental Indentures

 

Section 10.01 Supplemental
Indentures Without Consent of Holders. The Company, when authorized by the resolutions of the Board of Directors, and the
Trustee, at the Company’s expense, may from time to time and at any time enter into one or more amendments or supplements
to the Indenture for one or more of the following purposes:

 

(a) to
cure any ambiguity, omission, defect or inconsistency;

 

(b) to
provide for the assumption by a Successor Company of the obligations of the Company pursuant to Article 11;

 

(c) to
add additional guarantors with respect to the Notes or to release any Guarantor’s
Guarantee to the extent permitted under this Indenture;

 

(d) to
secure the Notes;

 

(e) to
add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right or power conferred
upon the Company;

 

(f) to
make any change that does not adversely affect the rights of any Holder;

 

(g) in
connection with any Merger Event, to provide that the Notes are exchangeable into Reference Property, subject to the provisions
of Section 14.02, and make such related changes to the terms of the Notes to the extent expressly required by Section
14.07;

 

(h) to
evidence and provide for the acceptance of appointment by a successor trustee;

 

(i) to
comply with any requirement of the Commission in connection with the qualification of this Indenture under the Trust Indenture
Act; or

 

(j) to
comply with the rules of any applicable Depositary, including The Depository Trust Company, so long as such amendment does not
adversely affect the rights of any Holder.

 

Upon the written request
of the Company, the Trustee shall join with the Company in the execution of such amendment or supplement unless such amendment
or supplement affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

Any supplemental indenture
authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of
the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02.

 

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Section 10.02 Supplemental
Indentures with Consent of Holders. With the consent (evidenced as provided in Article 8) of the Holders of at least
a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and
including, without limitation, consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes),
the Company, when authorized by the resolutions of the Board of Directors, and the Trustee, at the Company’s expense, may
from time to time and at any time enter into one or more supplements to the Indenture for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying
in any manner the rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding
Note affected, no such supplemental indenture shall:

 

(a) reduce
the principal amount of Notes whose Holders must consent to an amendment or waiver;

 

(b) reduce
the rate of or extend the stated time for payment of any interest on any Note or any Additional Amounts;

 

(c) reduce
the principal of or extend the Maturity Date of any Note;

 

(d) make
any change that adversely affects the exchange rights of any Notes;

 

(e) reduce
the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or modify in any manner adverse to the Holders
the Company’s obligation to make such payments, whether through
an amendment or waiver of provisions in the covenants, definitions or otherwise;

 

(f) make
any Note payable in a currency, or at a place of payment, other than that stated in the Note;

 

(g) change
the ranking of the Notes;

 

(h) impair
the right of any Holder to receive payment of principal and interest on such Holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Notes; or

 

(i) make
any change in this Article 10 that requires each Holder’s
consent or in the waiver provisions in Section 6.02 or Section 6.09.

 

Upon the written request
of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section
10.05, the Trustee shall join with the Company in the execution of such amendment or supplement unless such amendment or supplement
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but shall not be obligated to, enter into such supplemental indenture.

 

Holders do not need
under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be sufficient if
such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver
to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such notice to all the Holders,
or any defect in the notice, will not impair or affect the validity of the supplemental indenture.

 

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Section 10.03 Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of this Article
10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation
of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the Holders shall thereafter
be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

 

Section 10.04 Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of
this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided
for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Trustee and the Company, to any modification of this Indenture contained in any such supplemental indenture
may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating
agent duly appointed by the Trustee pursuant to Section 17.10) and delivered in exchange for the Notes then outstanding,
upon surrender of such Notes then outstanding.

 

Section 10.05 Evidence
of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.05,
the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by
this Indenture.

 

Article
11

Consolidation, Merger, Sale, Conveyance and Lease

 

Section 11.01 Company
May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall not consolidate
with, merge with or into, or sell, convey, transfer or lease all or substantially all of its consolidated properties and assets
to another Person, unless:

 

(a) the
resulting, surviving or transferee Person (the “Successor
Company”), if not the Company, shall be a corporation
organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, and the Successor
Company (if not the Company) shall expressly assume, by supplemental indenture and any other necessary agreements all of the obligations
of the Company under the Notes and this Indenture; and

 

(b) immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing under this Indenture.

 

For purposes of this
Section 11.01, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or
more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries,
would constitute all or substantially all of the consolidated properties and assets of the Company on a consolidated basis, shall
be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company
to another Person.

 

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Section 11.02 Successor
Corporation to Be Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the
assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee satisfactory in form to
the Trustee, of the due and punctual payment of the principal of and any Additional Amounts or accrued and unpaid interest on
all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon exchange of the
Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Company,
such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of
the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had been named
herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own
name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not have been signed by
the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to
all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause
to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company
to the Trustee for authentication, and any Notes that such Successor Company thereafter shall cause to be signed and delivered
to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes
had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer
(but not in the case of a lease), upon compliance with this Article 11 the Person named as the “Company” in
the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this
Article 11) may be dissolved, wound up and liquidated at
any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker
of the Notes and from its obligations under this Indenture and the Notes.

 

In case of any such
consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance) may be
made in the Notes thereafter to be issued as may be appropriate.

 

Section 11.03 Opinion
of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease in which the Successor
Company is not the Company shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of
Counsel as conclusive evidence that any such , merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental
indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article
11.

 

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Article
12

Immunity of Incorporators, Shareholders, Officers and Directors

 

Section 12.01 Indenture
and Notes Solely Corporate Obligations. No recourse for the payment of the principal of or any accrued and unpaid interest
on any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant
or agreement of the Company in this Indenture or in any supplemental indenture or in any Note, nor because of the creation of
any indebtedness represented thereby, shall be had against any incorporator, shareholder, employee, agent, Officer or director
or Subsidiary, as such, past, present or future, of the Company or of any successor corporation, either directly or through the
Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released
as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes.

 

Article
13

Guarantees

 

Section 13.01 Guarantees.
(a) Subject to this Article 13, each of the Guarantors hereby, as a primary obligor and not merely as surety, jointly and
severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and
their successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations
of the Company hereunder or thereunder, that:

 

(i) the
principal of, premium, if any, interest and Additional Amounts on, the Notes and such other Note Obligations will be promptly paid
in full in cash when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal
of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders, the Trustee hereunder
or thereunder will be promptly paid in full in cash or performed, all in accordance with the terms hereof and thereof, and

 

(ii) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations (including Note Obligations),
that same will be promptly paid in full in cash when due or performed in accordance with the terms of the extension or renewal,
whether at maturity, by acceleration or otherwise.

 

Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately.
Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

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(b) The
Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any amendment, waiver or consent by any Holder of
the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company or any other Guarantor,
any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense
of a Guarantor. Each Guarantor hereby unconditionally and irrevocably waives and agrees not to assert any claim, defense, setoff
or counterclaim based on diligence, promptness, presentment, requirements for any demand or notice hereunder, including any of
the following: (i) any demand for payment or performance and protest and notice of protest; (ii) any notice of acceptance; (iii)
any presentment, demand, protest or further notice or other requirements of any kind with respect to any Note Obligation (including
any accrued but unpaid interest thereon) becoming immediately due and payable; and (iv) any other notice in respect of any Note
Obligation or any part thereof, and any defense arising by reason of any disability or other defense of the Company or any Guarantor.
Subject to the provisions of subsection (d) below, each Guarantor further unconditionally and irrevocably agrees not to (x) enforce
or otherwise exercise any right of subrogation or any right of reimbursement or contribution or similar right against the Company
or any Guarantor or (y) assert any claim, defense, setoff or counterclaim it may have against the Company or any other Guarantor
or set off any of its obligations to the Company or any other Guarantor against obligations of such Guarantor to the Company or
such other Guarantor. No obligation of any Guarantor hereunder shall be discharged other than by complete performance. Each Guarantor
further waives any right such Guarantor may have under any applicable requirement of law to require the Trustee or any Holder to
seek recourse first against the Company or any other Person, as a condition precedent to enforcing such Guarantor’s
liability and obligations under this Article 13. Without derogating from any other provisions of this Indenture, each Guarantor,
to the extent applicable, hereby expressly waives all rights and defenses under sections 4(b), 4(c), 5, 6, 7(b), 8, (subject to
the provisions of subsection (d) below) 9, 11, 12, 15 and 17 of the Israeli Guarantee Law, 1967 (the “Guarantee
Law”), and confirms that all the provisions of the Guarantee
Law affording such rights or defenses to such Guarantor shall be waived and shall not apply to the rights granted to the Holders
and the Trustee under this Indenture.

 

(c) If
any Holder or the Trustee is required by any court or otherwise to return any amount paid by the Company or any Guarantor to the
Trustee or such Holder, this Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.

 

(d) Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full in cash of all obligations (including the Note Obligations) guaranteed hereby. Each Guarantor
further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity
of the obligations guaranteed hereby may be accelerated as provided in Section 6.02 for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Guarantee.

 

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(e) Without
limiting the joint and several obligations of the Subsidiary Guarantors to the Trustee and Holders, all Subsidiary Guarantors desire
to allocate among themselves (collectively, the “Contributing
Guarantors”), in a fair and equitable manner, their obligations
arising under this Indenture. Accordingly, in the event any payment or distribution is made on any date by a Subsidiary Guarantor
(a “Funding Guarantor”)
under its Guarantee of the Notes such that its Aggregate Payments exceed its Fair Share as of such date, such Funding Guarantor
shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing
Guarantor’s Aggregate Payments to equal its Fair Share as
of such date. “Fair Share”
means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair
Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts
with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid or distributed on or before such date
by all Funding Guarantors under its guarantee of the Notes in respect of the obligations guaranteed. “Fair
Share Contribution Amount” means, with respect to a Contributing
Guarantor as of any date of determination, the maximum aggregate amount of the obligations of such Contributing Guarantor under
its guarantee of the Notes that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer
or conveyance under Section 548 of the Bankruptcy Law or any comparable applicable provisions of state law, provided
that solely for purposes of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for purposes
of this Section 13.01, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation,
reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or
liabilities of such Contributing Guarantor. “Aggregate
Payments” means, with respect to a Contributing Guarantor
as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before
such date by such Contributing Guarantor in respect of its guarantee of the Notes (including in respect of this Section 13.01),
minus (2) the aggregate amount of all payments received on or before such date by such Contributing Guarantor from the other Contributing
Guarantors as contributions under this Section 13.01. The amounts payable as contributions hereunder shall be determined
as of the date on which the related payment or distribution is made by the applicable Funding Guarantor. Each Guarantor is a third
party beneficiary to the contribution agreement set forth in this Section 13.01. Notwithstanding anything to the contrary,
the Guarantors shall not have the right to seek contribution from the Parent, the Company and any non-paying Guarantor until payment
in full in cash of all Note Obligations.

 

Section 13.02 Limitation
on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention
of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of applicable
Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or foreign
law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving
effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 13, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. Each Guarantor acknowledges that it will receive
direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its Guarantee, and the waivers
set forth herein, are knowingly made in contemplation of such benefits.

 

Section 13.03 Execution
and Delivery of Guarantee and Supplemental Indenture. To evidence a Guarantee set forth in Section 13.01, this Indenture will
be executed on behalf of each Guarantor by one of its Officers or authorized representatives and, with respect to any Guarantors
providing a Guarantee after the date hereof, a Supplemental Indenture substantially in the form attached as Exhibit B will
be executed on behalf of such Guarantor by one of its Officers.

 

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Each Guarantor hereby
agrees that its Guarantee set forth in Section 13.01 will remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Guarantee.

 

If an Officer whose
signature is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on
which a Guarantee is endorsed, the Guarantee will be valid nevertheless.

 

The delivery of any
Note by the Trustee, after the authentication thereof hereunder, will be deemed to constitute due delivery of the Guarantee set
forth in this Indenture on behalf of the Guarantors.

 

Section 13.04 Guarantors
May Consolidate, etc., on Certain Terms. Except as otherwise provided in Section 13.05, a Guarantor may not, directly
or indirectly, (1) consolidate with or merge with or into, or (2) sell, convey, transfer or lease all or substantially all of
its consolidated properties and assets to (whether or not such Guarantor is the surviving Person), any other Person, other than
the Company or another Guarantor, unless:

 

(a) immediately
after giving effect to that transaction, no Default or Event of Default has occurred and is continuing or would be caused thereby;
and

 

(b) either:

 

(i) the
Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger
(if other than the Parent, the Company or another Guarantor) is an entity organized under the laws of Israel, Bermuda, the British
Virgin Islands, Cayman Islands, Guernsey, Jersey, Switzerland, the United Kingdom, the Netherlands, Luxembourg, Ireland or any
other jurisdiction within the European Union, or the United States, any state thereof or the District of Columbia and expressly
assumes, by executing and delivering a supplemental indenture to the Trustee in substantially the form attached hereto as Exhibit
B in accordance with Article 10 hereof and any other agreements, all of the obligations of that Guarantor under its
Guarantee and this Indenture; or

 

(ii) such
transaction is permitted by Section 4.08 and Section 4.11.

 

In case of any such
consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee of such Guarantor and the due and
punctual performance of all of the covenants and conditions of this Indenture to be performed by such Guarantor, such successor
Person will succeed to and be substituted for such Guarantor with the same effect as if it had been named herein as a Guarantor.
Such successor Person thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable
hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; provided, however, that
the Guarantee of such successor Person will remain in full force and effect notwithstanding any failure to endorse on each Note
a notation of such Guarantee. All the Guarantees so issued will in all respects have the same legal rank and benefit under this
Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such
Guarantees had been issued at the date of the execution.

 

    97

     

    

 

No such , merger, sale,
conveyance, transfer or lease in which the Person formed by or surviving any such , merger, sale, conveyance, transfer or lease
is not the Parent, the Company or another Guarantor shall be effective unless the Trustee shall receive an Officer’s Certificate
and an Opinion of Counsel as conclusive evidence that any such , merger, sale, conveyance, transfer or lease and any such assumption
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the
provisions of this Section 13.04.

 

Except as set forth
in Article 4, and notwithstanding Section 13.04(a), Section 13.04(b)(i) and Section 13.04(b)(ii) above,
nothing contained in this Indenture or in any of the Notes will prevent any consolidation, amalgamation or merger of a Guarantor
with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety
or substantially as an entirety to the Company or another Guarantor.

 

Section 13.05 Releases.
The Guarantee of any Subsidiary Guarantor will be automatically released:

 

(a) in
connection with any sale or other disposition of all of the Capital Stock or all or substantially all of the assets of a Subsidiary
Guarantor (including by way of merger or consolidation) to such Person that is not the Company or a Guarantor if the sale or other
Disposition does not violate Section 4.11 and the other provisions of this Indenture; or

 

(b) upon
the liquidation or dissolution of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another
Guarantor as permitted hereunder.

 

If the Guarantee of
any Subsidiary Guarantor or all or substantially all of the assets of a Subsidiary Guarantor or the Capital Stock of any Subsidiary
Guarantor are sold or disposed of in the manner described in clauses (a) or (b) above, and such Subsidiary Guarantor is released,
the Company shall deliver to the Trustee an Officer’s Certificate stating and certifying the identity of the released Subsidiary
Guarantor, the basis for release in reasonable detail and that such release complies with this Indenture. Upon delivery by the
Company to the Trustee of an Officer’s Certificate and an Opinion of Counsel to the effect that the conditions of any of
clauses (a) or (b) of this Section 13.05 have been met with respect to a Subsidiary Guarantor in accordance with the provisions
of this Indenture, the Trustee will execute any documents reasonably requested that are necessary or advisable in order to evidence
the release of such Subsidiary Guarantor from its obligations under its Guarantee. Any Subsidiary Guarantor not released from its
obligations under its Guarantee as provided in this Section 13.05 will remain liable for the full amount of principal of
and interest and premium, if any, on the Notes and for the other obligations (including the Note Obligations) of any Subsidiary
Guarantor under this Indenture as provided in this Article 13 notwithstanding the release of any other Subsidiary Guarantor.

 

    98

     

    

 

Section 13.06 Reliance.
Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Company, each other
Guarantor and any other guarantor, maker or endorser of any Note Obligation or any part thereof, and of all other circumstances
bearing upon the risk of nonpayment of any Note Obligation or any part thereof that diligent inquiry would reveal, and each Guarantor
hereby agrees that the Trustee and each Holder shall not have any duty to advise any Guarantor of information known to it regarding
such condition or any such circumstances. In the event any of the Trustee or any Holder, in its sole discretion, undertakes at
any time or from time to time to provide any such information to any Guarantor, then the Trustee or such Holder shall be under
no obligation to (a) undertake any investigation not a part of its regular business routine, (b) disclose any information that
such Person, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (c)
make any future disclosures of such information or any other information to any Guarantor.

 

Article
14

EXCHANGE of Notes

 

Section 14.01 Exchange
Privilege. Subject to and upon compliance with the provisions of this Article 14, each Holder of a Note shall have
the right, at such Holder’s option, to exchange all or any portion (if the portion to be exchanged is $1,000 principal amount
or an integral multiple thereof) of such Note at any time prior to the close of business on the Business Day immediately preceding
the Maturity Date at an initial exchange rate of 56.3063 Ordinary Shares (subject to adjustment as provided in this
Article 14, the “Exchange Rate”) per $1,000 principal amount of Notes (subject to, and in accordance
with, the settlement provisions of Section 14.02, the “Exchange Obligation”).

 

Section 14.02 Exchange
Procedure; Settlement Upon Exchange. (a) Subject to this Section 14.02, Section 14.03(b) and Section 14.07(a),
upon exchange of any Note, the Company shall satisfy its Exchange Obligation by causing to be delivered to the exchanging Holder,
in respect of each $1,000 principal amount of Notes being exchanged, a number of Ordinary Shares equal to the Exchange Rate, together
with a cash payment, if applicable, in lieu of delivering any fractional Ordinary Share in accordance with Section 14.02(j)
on the second Business Day immediately following the relevant Exchange Date.

 

(b) Subject
to Section 14.02(e), before any Holder of a Note shall be
entitled to exchange a Note as set forth above, such Holder shall (i) in the case of a Global Note, comply with the Applicable
Procedures of the Depositary in effect at that time and, if required, pay funds equal to any interest payable on the next Interest
Payment Date to which such Holder is not entitled as set forth in Section 14.02(h) and (ii) in the case of a Physical Note
(1) complete, manually sign and deliver an irrevocable notice (or a facsimile, PDF or other electronic transmission thereof) to
the Exchange Agent as set forth in the Form of Notice of Exchange (a “Notice
of Exchange”) at the office of the Exchange Agent and
state in writing therein the principal amount of Notes to be exchanged and the name or names (with addresses) in which such Holder
wishes the certificate or certificates for the Ordinary Shares to be delivered upon settlement of the Exchange Obligation to be
registered, (2) surrender such Notes, duly endorsed to the Company or in blank (and accompanied by appropriate endorsement and
transfer documents), at the office of the Exchange Agent, (3) if required, furnish appropriate endorsements and transfer documents
and (4) if required, pay funds equal to any interest payable on the next Interest Payment Date to which such Holder is not entitled
as set forth in Section 14.02(h). The Trustee (or if different, the Exchange Agent) shall notify the Company of any exchange
pursuant to this Article 14 on the Exchange Date for such exchange. No Notice of Exchange with respect to any Notes may
be delivered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect
of such Notes and has not validly withdrawn such Fundamental Change Repurchase Notice in accordance with Section 15.03.

 

    99

     

    

 

If more than one Note
shall be surrendered for exchange at one time by the same Holder, the Exchange Obligation with respect to such Notes shall be computed
on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so
surrendered.

 

(c) A
Note shall be deemed to have been exchanged immediately prior to the close of business on the date (the “Exchange
Date”) that the Holder has complied with the requirements
set forth in Section 14.02(b). The Company shall issue or cause to be issued, and cause to be delivered (if applicable)
to such Holder, or such Holder’s nominee or nominees, the
full number of Ordinary Shares to which such Holder shall be entitled, in book-entry format through the Depositary (if such facilities
are then available), in satisfaction of the Company’s Exchange
Obligation.

 

(d) In
case any Note shall be surrendered for partial exchange, the Company shall deliver a Company Order, and the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note
or Notes in authorized denominations in an aggregate principal amount equal to the unexchanged portion of the surrendered Note,
without payment of any service charge by the exchanging Holder but, if required by the Company or Trustee, with payment of a sum
sufficient to cover any documentary, stamp or similar issue or transfer tax or similar governmental charge required by law or that
may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange being different
from the name of the Holder of the old Notes surrendered for such exchange.

 

(e) If
a Holder submits a Note for exchange, the Company shall pay any documentary, stamp or similar issue or transfer tax due on the
issuance of any Ordinary Shares upon exchange, unless the tax is due because the Holder requests such shares to be issued in a
name other than the Holder’s name, in which case the Holder
shall pay that tax. The Company or the Exchange Agent, as applicable, may refuse to deliver the certificates representing the Ordinary
Shares being issued in a name other than the Holder’s name
until the Trustee receives a sum sufficient to pay any tax that is due by such Holder in accordance with the immediately preceding
sentence.

 

(f) Except
as provided in Section 14.04, no adjustment shall be made for dividends on any Ordinary Shares issued upon the exchange
of any Note as provided in this Article 14.

 

(g) Upon
the exchange of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee, shall make a notation
on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing
of any exchange of Notes effected through any Exchange Agent other than the Trustee.

 

    100

     

    

 

(h) Upon
exchange, a Holder shall not receive any separate cash payment for accrued and unpaid interest, if any. The Company’s
settlement of the full Exchange Obligation shall be deemed to satisfy in full its obligation to pay the principal amount of the
Note and accrued and unpaid interest, if any, to, but not including, the relevant Exchange Date. As a result, accrued and unpaid
interest, if any, to, but not including, the relevant Exchange Date shall be deemed to be paid in full rather than cancelled, extinguished
or forfeited. Notwithstanding the foregoing, if Notes are exchanged after the close of business on an Interest Record Date, but
prior to the open of business on the immediately following Interest Payment Date, Holders of such Notes as of the close of business
on such Interest Record Date shall receive the full amount of interest payable on such Notes on the corresponding Interest Payment
Date notwithstanding the exchange. Notes surrendered for exchange during the period from the close of business on any Interest
Record Date to the open of business on the immediately following Interest Payment Date must be accompanied by funds equal to the
amount of interest payable on the Notes so exchanged on the corresponding Interest Payment Date; provided that no such payment
shall be required (1) for exchanges following the Interest Record Date immediately preceding the Maturity Date; (2) if the Company
has specified a Redemption Date in respect of the Notes exchanged that is after an Interest Record Date and on or prior to the
Business Day immediately following the corresponding Interest Payment Date; (3) if the Company has specified a Fundamental Change
Repurchase Date that is after an Interest Record Date and on or prior to the Business Day immediately following the corresponding
Interest Payment Date; or (4) to the extent of any Defaulted Amounts, if any Defaulted Amounts exists at the time of exchange with
respect to such Note. Therefore, for the avoidance of doubt, all Holders of record on the Interest Record Date immediately preceding
the Maturity Date shall receive the full interest payment due on the Maturity Date regardless of whether their Notes have been
exchanged following such Interest Record Date.

 

(i) The
Person in whose name the Ordinary Shares shall be issuable upon exchange shall be treated as a shareholder of record of such shares
as of the close of business on the relevant Exchange Date. Upon an exchange of Notes, such Person shall no longer be a Holder of
such Notes surrendered for exchange; provided that (i) the exchanging Holder shall have the right to receive the Exchange
Obligation due upon exchange and (ii) in the case of an exchange between an Interest Record Date and the corresponding Interest
Payment Date, the Holder of record as of the close of business on such Interest Record Date shall have the right to receive the
full amount of interest payable on such Interest Payment Date, in accordance with clause (h) above.

 

(j) The
Company shall not issue any fractional Ordinary Share upon exchange of the Notes and shall instead pay cash in lieu of delivering
any fractional Ordinary Share issuable upon exchange based on the Last Reported Sale Price for the Ordinary Shares on the relevant
Exchange Date.

 

Section 14.03 Increased
Exchange Rate Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes or Redemption Period.
(a) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and a Holder elects to
exchange its Notes in connection with such Make-Whole Fundamental Change, or the Company issues a Redemption Notice as set
forth under Article 16 and a Holder elects to exchange its Notes called for Redemption, if any, during the related
Redemption Period, the Company shall, under the circumstances described below, increase the Exchange Rate for the Notes so
surrendered for exchange by a number of additional Ordinary Shares (the “Additional Shares”), as described
below. An exchange of Notes shall be deemed for these purposes to be “in connection with” such Make-Whole
Fundamental Change if the relevant Notice of Exchange is received by the Exchange Agent from, and including, the Effective
Date of the Make-Whole Fundamental Change up to, and including, the Business Day immediately prior to the related Fundamental
Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for
the proviso in clause (b) of the definition thereof, the 25th Trading Day immediately following the Effective Date of
such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”). To avoid
doubt, if the Company elects to redeem less than all of the outstanding Notes, then Holders of the Notes not called for
Redemption will not be entitled to an increased Exchange Rate for such Notes as described in this Section on account of the
Redemption.

 

    101

     

    

 

(b) Upon
surrender of Notes for exchange in connection with a Make-Whole Fundamental Change or during a Redemption Period, the Company shall
satisfy the related Exchange Obligation by causing to be delivered Ordinary Shares, including Additional Shares, in accordance
with Section 14.02 but subject to the provisions of Section 14.03; provided, however, that if, at the
effective time of a Make-Whole Fundamental Change described in clause (b) of the definition of Fundamental Change, the Reference
Property following such Make-Whole Fundamental Change is composed entirely of cash, for any exchange of Notes following the Effective
Date of such Make-Whole Fundamental Change, the Exchange Obligation shall be calculated based solely on the Stock Price for the
transaction and shall be deemed to be an amount of cash per $1,000 principal amount of exchanged Notes equal to the Exchange Rate
(including any adjustment for Additional Shares), multiplied by such Stock Price. In such event, the Exchange Obligation
shall be paid to Holders in cash on the fifth Business Day following the Exchange Date. The Company shall notify the Holders of
Notes (which notification may be made through the Depositary), the Trustee and the Exchange Agent (if other than the Trustee) of
the Effective Date of any Make-Whole Fundamental Change and issue a press release announcing such Effective Date no later than
five Business Days after such Effective Date.

 

(c) The
number of Additional Shares, if any, by which the Exchange Rate shall be increased shall be determined by reference to the table
in Section 14.03(e), based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) or the Redemption Notice Date, as applicable,
and the price paid (or deemed to be paid) per Ordinary Share in the Make-Whole Fundamental Change or on the Redemption Notice Date,
as applicable (the “Stock Price”).
If the holders of Ordinary Shares receive in exchange for their Ordinary Shares only cash in a Make-Whole Fundamental Change described
in clause (b) of the definition of Fundamental Change, the Stock Price shall be the cash amount paid per share. Otherwise, the
Stock Price shall be the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period
ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change or the
Redemption Notice Date, as the case may be. In the event that an exchange during a Redemption Period would also be deemed to be
in connection with a Make-Whole Fundamental Change, a Holder of the Notes to be exchanged will be entitled to a single increase
to the Exchange Rate with respect to the first to occur of the applicable Redemption Notice Date or the Effective Date of the applicable
Make-Whole Fundamental Change, and the later event will be seemed not to have occurred for purposes of this Section 14.03.
The Company shall make appropriate adjustments to the Stock Price, in its good faith determination, to account for any adjustment
to the Exchange Rate that becomes effective, or any event requiring an adjustment to the Exchange Rate where the Ex-Dividend Date,
Effective Date or expiration date of the event occurs during such 10 consecutive Trading Day period.

 

    102

     

    

 

(d) The
Stock Prices set forth in the column headings of the table in Section 14.03(e) shall be adjusted as of any date on which
the Exchange Rate is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to
such adjustment, multiplied by a fraction, the numerator of which is the Exchange Rate immediately prior to such adjustment
giving rise to the Stock Price adjustment and the denominator of which is the Exchange Rate as so adjusted. The number of Additional
Shares set forth in the table in Section 14.03(e) shall be adjusted in the same manner and at the same time as the Exchange
Rate as set forth in Section 14.04.

 

(e) The
following table sets forth the number of Additional Shares by which the Exchange Rate shall be increased per $1,000 principal amount
of Notes pursuant to this Section 14.03 for each Stock Price and Effective Date or Redemption Notice Date, as applicable,
set forth below:

 

	 	 	Stock Price	 
	Effective Date	 	 	$11.84	 	 	 	$15.00	 	 	 	$17.76	 	 	 	$20.00	 	 	 	$23.09	 	 	 	 $30.00	 	 	 	$50.00	 	 	 	$100.00	 	 	 	$150.00	 	 	 	$200.00	 
	February 16, 2021	 	 	28.1532	 	 	 	28.1532	 	 	 	24.8646	 	 	 	20.6080	 	 	 	16.3216	 	 	 	10.4721	 	 	 	4.0070	 	 	 	0.6837	 	 	 	0.0785	 	 	 	0.0000	 
	February 15, 2022	 	 	28.1532	 	 	 	28.1532	 	 	 	22.7811	 	 	 	18.6427	 	 	 	14.5283	 	 	 	9.0316	 	 	 	3.2356	 	 	 	0.4810	 	 	 	0.0286	 	 	 	0.0000	 
	February 15, 2023	 	 	28.1532	 	 	 	27.1399	 	 	 	20.0401	 	 	 	16.0669	 	 	 	12.1953	 	 	 	7.2016	 	 	 	2.3286	 	 	 	0.2785	 	 	 	0.0002	 	 	 	0.0000	 
	February 15, 2024	 	 	28.1532	 	 	 	23.3061	 	 	 	16.4045	 	 	 	12.6610	 	 	 	9.1387	 	 	 	4.8934	 	 	 	1.3261	 	 	 	0.1111	 	 	 	0.0000	 	 	 	0.0000	 
	February 15, 2025	 	 	28.1532	 	 	 	18.0195	 	 	 	11.2763	 	 	 	7.8654	 	 	 	4.9252	 	 	 	1.9632	 	 	 	0.3606	 	 	 	0.0126	 	 	 	0.0000	 	 	 	0.0000	 
	February 15, 2026	 	 	28.1532	 	 	 	10.3604	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

 

(f) The
exact Stock Price and Effective Date or Redemption Notice Date, as applicable, may not be set forth in the table in Section
14.03(e), in which case:

 

(i) if
the Stock Price is between two Stock Prices in the table above or the Effective Date or Redemption Date, as the case may be, is
between two Effective Dates or Redemption Notice Dates, as applicable, in the table, the number of Additional Shares shall be determined
by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the
earlier and later Effective Dates or Redemption Notice Dates, as applicable, based on a 365-day year;

 

(ii) if
the Stock Price is greater than $200.00 per share (subject to adjustment in the same manner as the Stock Prices set forth in the
column headings of the table above pursuant to Section 14.03(d)), no Additional Shares shall be added to the Exchange Rate;
and

 

(iii) if
the Stock Price is less than $11.84 per share (subject to adjustment in the same manner as the Stock Prices set forth in the column
headings of the table above pursuant to Section 14.03(d)), no Additional Shares shall be added to the Exchange Rate.

 

Notwithstanding the foregoing, in no event shall the Exchange
Rate per $1,000 principal amount of Notes exceed 84.4594 Ordinary Shares, subject to adjustment in the same manner as the Exchange
Rate pursuant to Section 14.04.

 

    103

     

    

 

Section 14.04 Adjustment
of Exchange Rate. The Exchange Rate shall be adjusted from time to time by the Company if any of the following events occurs,
except that the Company shall not make any adjustments to the Exchange Rate if Holders of the Notes participate (other than in
the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms
as holders of Ordinary Shares and solely as a result of holding the Notes, in any of the transactions described in this Section
14.04, without having to exchange their Notes, as if they held a number of Ordinary Shares equal to the Exchange Rate, multiplied
by the principal amount (expressed in thousands) of Notes held by such Holder.

 

(a) If
the Parent exclusively issues Ordinary Shares as a dividend or distribution on Ordinary Shares, or if the Parent effects a share
split or share combination, the Exchange Rate shall be adjusted based on the following formula:

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share combination, as applicable;
	 	 	 
	CR’	=	the Exchange Rate in effect immediately after the close of business on such Record Date or immediately after the open of business on such Effective Date, as applicable;
	 	 	 
	OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on such Record Date or immediately prior to the open of business on such Effective Date, as applicable (before giving effect to any such dividend, distribution, split or combination); and
	 	 	 
	OS’	=	the number of Ordinary Shares outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 

Any adjustment made under this Section 14.04(a) shall
become effective immediately after the close of business on the Record Date for such dividend or distribution, or immediately after
the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution
of the type described in this Section 14.04(a) is declared but not so paid or made, the Exchange Rate shall be immediately
readjusted, effective as of the date the Parent determines not to pay such dividend or distribution, to the Exchange Rate that
would then be in effect if such dividend or distribution had not been declared.

 

    104

     

    

 

(b) If
the Parent issues to all or substantially all holders of Ordinary Shares any rights, options or warrants (other than pursuant to
a shareholder rights plan) entitling them, for a period of not more than 60 calendar days after the announcement date of such issuance,
to subscribe for or purchase Ordinary Shares at a price per share that is less than the average of the Last Reported Sale Prices
of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding
the date of announcement of such issuance, the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such issuance;
	 	 	 
	CR’	=	the Exchange Rate in effect immediately after the close of business on such Record Date;
	 	 	 
	OS0	=	the number of Ordinary Shares outstanding immediately prior to the close of business on such Record Date;
	 	 	 
	X	=	the total number of Ordinary Shares issuable pursuant to such rights, options or warrants; and
	 	 	 
	Y	=	the number of Ordinary Shares equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 

Any increase made under this Section 14.04(b) shall be
made successively whenever any such rights, options or warrants are issued and shall become effective immediately after the close
of business on the Record Date for such issuance. To the extent that such rights, options or warrants are not exercised prior to
their expiration or Ordinary Shares are not delivered after the expiration of such rights, options or warrants, the Exchange Rate
shall be decreased to the Exchange Rate that would then be in effect had the increase with respect to the issuance of such rights,
options or warrants been made on the basis of delivery of only the number of Ordinary Shares actually delivered. If such rights,
options or warrants are not so issued or if such rights, options or warrants are not exercised prior to their expiration, the Exchange
Rate shall be decreased to the Exchange Rate that would then be in effect if such Record Date for such issuance had not occurred.

 

For purposes of this
Section 14.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase
Ordinary Shares at less than such average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading
Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such issuance, and in determining
the aggregate offering price of such Ordinary Shares, there shall be taken into account any consideration received by the Parent
for such rights, options or warrants and any amount payable on exercise or exchange thereof, the value of such consideration, if
other than cash, to be determined by Parent’s Board of Directors in good faith and in a commercially reasonable manner.

 

    105

     

    

 

(c) If
the Parent distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Parent or rights,
options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of Ordinary Shares, excluding
(i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.04(a) or Section
14.04(b) (or will be so effected in accordance with the second sentence
of Section 14.04(j)), (ii) except as set forth in Section 14.12,
rights issued under a shareholder rights plan, (iii) dividends or distributions paid exclusively in cash as to which the
provisions set forth in Section 14.04(d) shall apply, and (iv) Spin-Offs as to which the provisions set forth below in this
Section 14.04(c) shall apply, (any of such shares of Capital Stock, evidences of indebtedness, other assets or property
or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed
Property”), then the Exchange Rate shall be increased
based on the following formula:

 

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such distribution;
	 	 	 
	CR’	=	the Exchange Rate in effect immediately after the close of business on such Record Date;
	 	 	 
	SP0	=	the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Record Date for such distribution; and
	 	 	 
	FMV	=	the Fair Market Value (as determined by Parent’s Board of Directors in good faith and in a commercially reasonable manner) of the Distributed Property distributed with respect to each outstanding Ordinary Share on the Record Date for such distribution.

 

Any increase made under the portion of this Section 14.04(c)
above shall become effective immediately after the close of business on the Record Date for such distribution. If such distribution
is not so paid or made, the Exchange Rate shall be decreased to the Exchange Rate that would then be in effect if such distribution
had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, in respect of each $1,000 principal
amount thereof, at the same time and upon the same terms as holders of Ordinary Shares receive the Distributed Property, the amount
and kind of Distributed Property such Holder would have received if such Holder owned a number of Ordinary Shares equal to the
Exchange Rate in effect on the Record Date for the distribution. If Parent’s Board of Directors determines the “FMV”
(as defined above) of any distribution for purposes of this Section 14.04(c) by reference to the actual or when-issued trading
market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the Last
Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period ending on, and including, the Trading Day
immediately preceding the Ex-Dividend Date for such distribution.

 

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With respect to an
adjustment pursuant to this Section 14.04(c) where there has been a payment of a dividend or other distribution on the Ordinary
Shares of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business
unit of the Parent, that are, or, when issued, will be, listed or admitted for trading on a U.S. national securities exchange (a
“Spin-Off”), the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the end of the Valuation Period;

 

	CR’	=	 the Exchange Rate in effect immediately after the end of the Valuation Period;

 

	FMV0	=	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Ordinary
Shares applicable to one Ordinary Share (determined by reference to the definition of Last Reported Sale Price as set forth in
Section 1.01 as if references therein to Ordinary Shares were to such Capital Stock or similar equity interest) over the
first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”);
and

 

	MP0	=	the average of the Last Reported Sale Prices of the Ordinary Shares over the Valuation Period.

 

The increase to the
Exchange Rate under the preceding paragraph shall occur at the close of business on the last Trading Day of the Valuation Period;
provided that in respect of any exchange of Notes, if the relevant Exchange Date occurs during the Valuation Period, references
to “10” in the preceding paragraph shall be deemed to be replaced with such lesser number of Trading Days as have elapsed
from, and including, the Ex-Dividend Date of such Spin-Off to, and including, the Exchange Date in determining the Exchange Rate.
If any dividend or distribution that constitutes a Spin-Off is declared but not paid or made, the Exchange Rate shall be immediately
decreased, effective as of the date the Parent determines not to pay or make such dividend or distribution, to the Exchange Rate
that would then be in effect if such dividend or distribution had not been declared or announced.

 

For purposes of this
Section 14.04(c) (and subject in all respects to Section 14.12),
rights, options or warrants distributed by the Parent to all holders of Ordinary Shares entitling them to subscribe for or purchase
shares of the Parent’s Capital Stock, including Ordinary Shares (either initially or under certain circumstances), which
rights, options or warrants, until the occurrence of a specified event or events (“Trigger Event”): (i) are
deemed to be transferred with such Ordinary Shares; (ii) are not exercisable; and (iii) are also issued in respect of future issuances
of Ordinary Shares, shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment
to the Exchange Rate under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon
such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to
the Exchange Rate shall be made under this Section 14.04(c). If any such right, option or warrant, including any such existing
rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which
such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets,
then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with
respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed
to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution
(or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately
preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment
to the Exchange Rate under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that
shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the
Exchange Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Exchange Rate shall then
again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case may be, as though it
were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Ordinary Shares
with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to
all holders of Ordinary Shares as of the date of such redemption or purchase and (2) in the case of such rights, options or warrants
that shall have expired or been terminated without exercise by any holders thereof, the Exchange Rate shall be readjusted as if
such rights, options and warrants had not been issued.

 

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For purposes of Section
14.04(a), Section 14.04(b) and
this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes
one or both of:

 

(A) a
dividend or distribution of Ordinary Shares to which Section 14.04(a) is applicable (the “Clause A Distribution”);
or

 

(B) a
dividend or distribution of rights, options or warrants to which Section 14.04(b) is applicable (the “Clause B
Distribution”),

 

then, in either case, (1) such dividend or distribution, other
than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section
14.04(c) is applicable (the “Clause C Distribution”) and any Exchange Rate adjustment required by this Section
14.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution
shall be deemed to immediately follow the Clause C Distribution and any Exchange Rate adjustment required by Section 14.04(a)
and Section 14.04(b) with respect thereto shall then be made, except that, if determined by the Parent (I) the “Record
Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Record Date of the Clause C Distribution
and (II) any Ordinary Shares included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding
immediately prior to the close of business on such Record Date or immediately after the open of business on such Effective Date,
as applicable” within the meaning of Section 14.04(a) or “outstanding immediately prior to the close of business
on such Record Date” within the meaning of Section 14.04(b).

 

(d) If
any cash dividend or distribution is made to all or substantially all holders of Ordinary Shares, the Exchange Rate shall be adjusted
based on the following formula:

 

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;
	 	 	 
	CR’	=	the Exchange Rate in effect immediately after the close of business on the Record Date for such dividend or distribution;
	 	 	 
	SP0	=	the Last Reported Sale Price of the Ordinary Shares on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
	 	 	 
	C	=	the amount in cash per share the Parent distributes to all or substantially all holders of Ordinary Shares.

 

Any increase pursuant to this Section 14.04(d) shall
become effective immediately after the close of business on the Record Date for such dividend or distribution. If such dividend
or distribution is not so paid, the Exchange Rate shall be decreased, effective as of the date the Parent determines not to make
or pay such dividend or distribution, to be the Exchange Rate that would then be in effect if such dividend or distribution had
not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0”
(as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1,000 principal amount of
Notes, at the same time and upon the same terms as holders of Ordinary Shares, the amount of cash that such Holder would have received
if such Holder owned a number of Ordinary Shares equal to the Exchange Rate on the Ex-Dividend Date for such cash dividend or distribution.

 

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(e) If
the Parent or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Ordinary Shares (other than
an odd lot tender offer), to the extent that the cash and value of any other consideration included in the payment per Ordinary
Share exceeds the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period commencing
on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender
or exchange offer, the Exchange Rate shall be increased based on the following formula:

 

 

where,

 

	CR0	=	the Exchange Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	CR’	=	the Exchange Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
	 	 	 
	AC	=	the aggregate value of all cash and any other consideration (as determined by Parent’s Board of Directors in good faith and in a commercially reasonable manner) paid or payable for Ordinary Shares purchased or exchanged in such tender or exchange offer;
	 	 	 
	OS0	=	the number of Ordinary Shares outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase or exchange of all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer);
	 	 	 
	OS’	=	the number of Ordinary Shares outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all Ordinary Shares accepted for purchase or exchange in such tender or exchange offer); and
	 	 	 
	SP’	=	the average of the Last Reported Sale Prices of the Ordinary Shares over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 

The increase to the
Exchange Rate under this Section 14.04(e) shall occur at
the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such
tender or exchange offer expires; provided that in respect of any exchange of Notes, if the relevant Exchange Date occurs
during the 10 Trading Days immediately following, and including, the Trading Day next succeeding the expiration date of any tender
or exchange offer, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with
such lesser number of Trading Days as have elapsed from, and including, the Trading Day next succeeding the date that such tender
or exchange offer expires to, and including, the Exchange Date
in determining the Exchange Rate. If the Parent or any of its Subsidiaries
is obligated to purchase Ordinary Shares pursuant to any such tender or exchange offer described in Section 14.04(e) but
is permanently prevented by applicable law from effecting any such purchase or all such purchases are rescinded, the applicable
Exchange Rate will be readjusted to be the Exchange Rate that would then be in effect if such tender or exchange offer had not
been made or had been made only in respect of the purchases that have been made.

 

(f) Notwithstanding
this Section 14.04 or any other provision of this Indenture or the Notes, if an Exchange Rate adjustment becomes effective
on any Ex-Dividend Date, and a Holder that has exchanged its Notes on or after such Ex-Dividend Date and on or prior to the related
Record Date would be treated as the record holder of Ordinary Shares as of the related Exchange Date as described under Section
14.02(i) based on an adjusted Exchange Rate for such Ex-Dividend Date, then, notwithstanding the Exchange Rate adjustment provisions
in this Section 14.04, the Exchange Rate adjustment relating to such Ex-Dividend Date shall not be made for such exchanging
Holder. Instead, such Holder shall be treated as if such Holder were the record owner of Ordinary Shares on an unadjusted basis
and participate in the related dividend, distribution or other event giving rise to such adjustment.

 

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(g) Except
as stated herein, the Company shall not adjust the Exchange Rate for the issuance of Ordinary Shares or any securities convertible
into or exchangeable for Ordinary Shares or the right to purchase Ordinary Shares or such convertible or exchangeable securities.

 

(h) In
addition to those adjustments required by clauses (a), (b), (c), (d) and (e) of this Section 14.04, and to the extent permitted
by applicable law and subject to the applicable rules of any exchange
on which any of the Parent’s or the Company’s
securities are then listed, the Company from time to time may increase the Exchange Rate by any amount for a period of at least
20 Business Days if the Parent determines that such increase would be in the Company’s
best interest. In addition, to the extent permitted by applicable law
and subject to the applicable rules of any exchange on which any of the Parent’s
securities are then listed, the Company may (but is not required to) increase the Exchange Rate to avoid or diminish any income
tax to holders of Ordinary Shares or rights to purchase Ordinary Shares in connection with a dividend or distribution of Ordinary
Shares (or rights to acquire Ordinary Shares) or similar event. Whenever the Exchange Rate is increased pursuant to either of the
preceding two sentences, the Company shall deliver to the Holder of each Note a notice of the increase at least 15 days prior to
the date the increased Exchange Rate takes effect, and such notice shall state the increased Exchange Rate and the period during
which it will be in effect.

 

(i) Notwithstanding
anything to the contrary in this Article 14, the Exchange Rate shall not be adjusted:

 

(i) upon
the issuance of any Ordinary Shares pursuant to any present or future plan providing for the reinvestment of dividends or interest
payable on the Parent’s securities and the investment of
additional optional amounts in Ordinary Shares under any plan;

 

(ii) upon
the issuance of any Ordinary Shares or options or rights to purchase those shares pursuant to any present or future employee, director
or consultant benefit plan or program of or assumed by the Parent or any of the Parent’s
Subsidiaries;

 

(iii) upon
the issuance of any Ordinary Shares pursuant to any option, warrant, right or exercisable, exchangeable or convertible security
not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued;

 

(iv) upon
the repurchase of any Ordinary Shares pursuant to an open market share purchase program or other buy-back transaction, including
structured or derivative transactions such as accelerated share repurchase transactions or similar forward repurchase transactions,
or other buy-back transaction, that is not a tender offer or exchange offer of the kind described in Section 14.04(e);

 

(v) solely
for a change in the par value of the Ordinary Shares; or

 

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(vi) for
accrued and unpaid interest, if any.

 

(j) All
calculations and other determinations under this Article 14 shall be made by the Company and shall be made to the nearest
one-ten thousandth (1/10,000th) of a share. If an adjustment to the Exchange Rate otherwise required pursuant to this Section
14.04 would result in a change of less than one percent (1%) to the Exchange Rate, then, notwithstanding the foregoing, the
Company may, at its election, defer and carry forward such adjustment, except that all such deferred adjustments must be given
effect immediately upon the earliest to occur of the following: (i) when all such deferred adjustments would result in an aggregate
change of at least 1% to the Exchange Rate; (ii) on the Exchange Date for any Notes (iii) on the Effective Date of any Make-Whole
Fundamental Change; and (iv) the date of any Redemption Notice.

 

(k) Whenever
the Exchange Rate is adjusted as herein provided, the Company shall promptly file with the Trustee (and the Exchange Agent if not
the Trustee) an Officer’s Certificate setting forth the Exchange
Rate after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible
Officer of the Trustee shall have received such Officer’s
Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Exchange Rate and may assume without inquiry
that the last Exchange Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company
shall prepare a notice of such adjustment of the Exchange Rate setting forth the adjusted Exchange Rate and the date on which each
adjustment becomes effective and shall deliver such notice of such adjustment of the Exchange Rate to each Holder. Failure to deliver
such notice shall not affect the legality or validity of any such adjustment.

 

(l) For
purposes of this Section 14.04, the number of Ordinary Shares at any time outstanding shall not include Ordinary Shares
held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on Ordinary Shares
held in the treasury of the Company, but shall include Ordinary Shares issuable in respect of scrip certificates issued in lieu
of fractions of Ordinary Shares.

 

Section 14.05 Adjustments
of Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices over a
span of multiple days (including, without limitation, the period for determining the Stock Price for purposes of a Make-Whole
Fundamental Change), the Company shall make appropriate adjustments in good faith and in a commercially reasonable manner (to
the extent no corresponding adjustment is otherwise made pursuant to the provision of Section 14.04) to each to account
for any adjustment to the Exchange Rate that becomes effective, or any event requiring an adjustment to the Exchange Rate where
the Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period
when the Last Reported Sale Prices are to be calculated.

 

Section 14.06 Shares
to Be Reserved and Fully Paid. The Parent shall have reserved and provide, free from preemptive rights, out of its authorized
but unissued shares or shares held in treasury, sufficient Ordinary Shares to provide for exchange of the Notes from time to time
as such Notes are presented for exchange (assuming delivery of the maximum number of Additional Shares pursuant to Section
14.03 and that at the time of computation of such number of shares, all such Notes would be exchanged by a single Holder,
without giving effect to any Beneficial Ownership Limitations).

 

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Section 14.07 Effect
of Recapitalizations, Reclassifications and Changes of the Ordinary Shares. (a) In the case of:

 

(i) any
recapitalization, reclassification or change of the Ordinary Shares (other than a change to par value, or from par value to no
par value, or changes resulting from a subdivision or combination),

 

(ii) any
consolidation, merger or combination involving the Parent,

 

(iii) any
sale, lease or other transfer to a third party of all or substantially all of the consolidated assets of the Parent and the Parent’s
Subsidiaries, or

 

(iv) any
statutory share exchange,

 

in each case, as a result of which the Ordinary Shares would
be converted into, or exchanged for, stock, other securities, other property or assets (including cash or any combination thereof)
(any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to
exchange each $1,000 principal amount of Notes shall be changed into a right to exchange such principal amount of Notes into the
kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that
a holder of a number of Ordinary Shares equal to the Exchange Rate immediately prior to such Merger Event would have owned or been
entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning
the kind and amount of Reference Property that a holder of one Ordinary Share is entitled to receive) upon such Merger Event and,
prior to or at the effective time of such Merger Event, the Company, the Parent or the successor or purchasing Person, as the case
may be, shall execute with the Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change
in the right to exchange each $1,000 principal amount of Notes; provided, however, that at and after the effective
time of the Merger Event the number of Ordinary Shares otherwise deliverable upon exchange of Notes in accordance with Section
14.02 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of Ordinary Shares
would have received in such Merger Event.

 

If the Merger Event
causes the Ordinary Shares to be converted into, or exchanged for, the right to receive more than a single type of consideration
(determined based in part upon any form of shareholder election), then (i) the Reference Property into which the Notes will be
exchangeable shall be deemed to be the weighted average of the types and amounts of consideration actually received by the holders
of Ordinary Shares, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to
the consideration referred to in clause (i) attributable to one Ordinary Share. If the holders of Ordinary Shares receive only
cash in such Merger Event, then for all exchanges for which the relevant Exchange Date occurs after the effective date of such
Merger Event (A) the consideration due upon exchange of each $1,000 principal amount of Notes shall be solely cash in an amount
equal to the Exchange Rate in effect on the Exchange Date (as may be increased by any Additional Shares pursuant to Section
14.03), multiplied by the price paid per Ordinary Share in such Merger Event and (B) the Company shall satisfy the Exchange
Obligation by paying cash to exchanging Holders on the fifth Business Day immediately following the relevant Exchange Date. The
Company shall notify Holders, the Trustee and the Exchange Agent (if other than the Trustee) of such weighted average as soon as
practicable after such determination is made.

 

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If, for any Merger
Event, the Reference Property includes ordinary shares or other shares of Common Equity, the supplemental indenture described in
the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that shall be as nearly equivalent
as is possible to the adjustments provided for in this Article 14. If, in the case of any Merger Event, the Reference Property
includes shares of stock, securities or other property or assets (excluding cash) of a Person other than the successor or purchasing
corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person
and shall contain such additional provisions to protect the interests of the Holders of the Notes as the Company in good faith
shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set
forth in Article 15.

 

(b) When
the Company executes a supplemental indenture pursuant to Section 14.07(a), the Company shall promptly file with the Trustee
an Officer’s Certificate briefly stating the reasons therefor,
the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger
Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly
deliver notice thereof to all Holders. The Trustee and Exchange Agent (if other than the Trustee) shall be entitled to conclusively
rely on the determinations with respect to Reference Property set forth in such Officer’s
Certificate and shall have no liability or responsibility for any statements therein or reliance thereon. The Company shall cause
notice of the execution of such supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure
to deliver such notice shall not affect the legality or validity of such supplemental indenture.

 

(c) Neither
the Company nor the Parent shall become a party to any Merger Event unless its terms are consistent with this Section 14.07.
None of the foregoing provisions shall affect the right of a holder of Notes to exchange its Notes into Ordinary Shares as set
forth in Section 14.01 and Section 14.02 prior to the effective date of such Merger Event.

 

(d) The
above provisions of this Section shall similarly apply to successive Merger Events.

 

Section 14.08 Certain
Covenants. (a) The Parent covenants that all Ordinary Shares issued upon exchange of Notes will be fully paid and non-assessable
by the Parent and free from all taxes, liens and charges with respect to the issue thereof.

 

(b) The
Parent covenants that it will reserve and keep available at all times, free of pre-emptive rights, the full number of Ordinary
Shares issuable upon exchange of the Notes.

 

(c) The
Parent covenants that, if any Ordinary Shares to be provided for the purpose of exchange of Notes hereunder require registration
with or approval of any governmental authority under any federal or state law before such Ordinary Shares may be validly issued
upon exchange, the Parent will, to the extent then permitted by the rules and interpretations of the Commission, secure such registration
or approval, as the case may be.

 

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(d) The
Parent further covenants that if at any time the Ordinary Shares shall be listed on any national securities exchange or automated
quotation system the Parent will list and keep listed, so long as the Ordinary Shares shall be so listed on such exchange or automated
quotation system, any Ordinary Shares issuable upon exchange of the Notes.

 

Section 14.09 Responsibility
of Trustee. The Trustee and any other Exchange Agent shall not at any time be under any duty or responsibility to any Holder
to determine the Exchange Rate (or any adjustment thereto) or whether any facts exist that may require any adjustment (including
any increase) of the Exchange Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or
with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. The
Trustee and any other Exchange Agent shall not be accountable with respect to the validity or value (or the kind or amount) of
any Ordinary Shares, or of any securities, property or cash that may at any time be issued or delivered upon the exchange of any
Note; and the Trustee and any other Exchange Agent make no representations with respect thereto. Neither the Trustee nor any Exchange
Agent shall be responsible for any failure of the Parent to issue, transfer or deliver any Ordinary Shares or stock certificates
or other securities or property or cash upon the surrender of any Note for the purpose of exchange or to comply with any of the
duties, responsibilities or covenants of the Company and the Parent contained in this Article. Without limiting the generality
of the foregoing, neither the Trustee nor any Exchange Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to Section 14.07 relating either to the kind
or amount of shares of stock or securities or property (including cash) receivable by Holders upon the exchange of their Notes
after any event referred to in such Section 14.07 or to any adjustment to be made with respect thereto, but, subject to
the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, the Officer’s Certificate (which the Company shall be obligated
to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. None of the Trustee,
the Exchange Agent or any of their agents shall be responsible for monitoring or determining whether any Beneficial Ownership
Limitations have been met and shall be entitled to rely conclusively on written notice provided by the Company as to such matters
and any other matters with respect to the Ordinary Shares.

 

Section 14.10 Beneficial
Ownership Limitations. (a) Notwithstanding anything to the contrary in this Indenture, no Holder will be entitled to receive
Ordinary Shares upon exchange of Notes, and no exchange of Notes shall take place, to the extent (but only to the extent) that
such receipt (or exchange) would cause such Holder and its affiliates (as defined in Rule 12b-2 under the Exchange Act) and associates
(as defined in Rule 12b-2 under the Exchange Act), in each case together with any other persons whose beneficial ownership would
be aggregated with such Person for purposes of Section 13(d) of the Exchange Act (including, without limitation, any “group”
of which such Person is a member) to beneficially own shares in excess of the Beneficial Ownership Limitations. For purposes of
the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates shall include the number
of Ordinary Shares issuable upon exchange of any Notes with respect to which such determination is being made, but shall exclude
the number of Ordinary Shares which are issuable upon (i) exchange of the remaining, unexchanged principal amount of Notes beneficially
owned by the Holder, its affiliates (as defined in Rule 12b-2 under the Exchange Act), its associates (as defined in Rule 12b-2
under the Exchange Act) or any other persons whose beneficial ownership would be aggregated with any of the foregoing Person for
purposes of Section 13(d) of the Exchange Act (including, without limitation, any “group” of which such Person is
a member) and (ii) exercise or exchange of the unexercised or unexchanged portion of any other securities of the Company subject
to a limitation on exchange or exercise analogous to the limitation contained herein (including, without limitation, any other
Notes) beneficially owned by the Holder, its affiliates (as defined in Rule 12b-2 under the Exchange Act), its associates (as
defined in Rule 12b-2 under the Exchange Act) or any other persons whose beneficial ownership would be aggregated with any of
the foregoing Person for purposes of Section 13(d) of the Exchange Act (including, without limitation, any “group”
of which such Person is a member). Except as set forth in the preceding sentence, for purposes of this provision, beneficial ownership
shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
Any purported delivery of Ordinary Shares upon exchange of the Notes shall be void and have no effect to the extent (but only
to the extent) that such delivery would result in the exchanging Holder violating the Beneficial Ownership Limitations. Solely
for the purpose of this Section 14.10, in the case of Global Notes, “Holder” shall mean a person that holds
a beneficial interest in the Notes and not the Depository Trust Company or its nominee.

 

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(b) To
the extent that the limitation contained in this provision applies, the determination of whether any Notes are exchangeable (in
relation to other securities beneficially owned by the Holder) and of which principal amount of such Notes are exchangeable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exchange shall be deemed to be the Holder’s
determination of whether any Notes may be exchanged (in relation to other securities beneficially owned by the Holder) and which
principal amount such Notes are exchangeable, in each case subject to the Beneficial Ownership Limitations. To ensure compliance
with this restriction, the Holder shall be deemed to represent to the Company each time it delivers a Notice of Exchange that such
Notice of Exchange has not violated the restrictions set forth in this Section 14.10 and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.

 

(c) For
purposes of this Section 14.10, in determining the number of outstanding Ordinary Shares, the Holder may rely on the number
of outstanding Ordinary Shares as stated in the most recent of the following: (i) the Parent’s
most recent periodic or annual report filed with the Commission, as the case may be, (ii) a more recent public announcement by
the Parent, or (iii) a more recent written notice by the Parent or the Parent’s
transfer agent to such Holder setting forth the number of Ordinary Shares outstanding. Upon the written or oral request of a Holder,
the Company shall within two Trading Days confirm orally and in writing to the Holder the number of Ordinary Shares then outstanding.
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the exchange or exercise of securities
of the Company, including the Notes, by the Holder since the date as of which such number of outstanding Ordinary Shares was reported.

 

(d) The
“General Beneficial Ownership Limitation”
shall be 9.9% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable
upon exchange of any Notes held by the Holder. The Holder, upon not less than 61 days’
prior written notice to the Company, may elect a beneficial ownership limit as to such Holder (but not as to any other Holder)
(such limit, a “Holder Beneficial Ownership Limitation”
and together with the General Beneficial Ownership Limitation, the “Beneficial
Ownership Limitations”) that is less than or equal to
the then-applicable General Beneficial Ownership Limitation. Any Holder Beneficial Ownership Limitation will be effective as of
(i) the issue date for the Notes, for any notice delivered prior to the issuance of such Notes, and (ii) in all other cases, the
date specified in such notice, which shall be not less than 61 days after such notice is delivered to the Company.

 

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(e) Any
Notes surrendered for exchange for which Ordinary Shares are not delivered due to the Beneficial Ownership Limitations shall not
be extinguished and, such Holder may either:

 

(i) request
return of the Notes surrendered by such Holder for exchange, after which the Company shall deliver such Notes to such Holder within
two Trading Days after receipt of such request; or

 

(ii) certify
to the Company that the person (or persons) receiving Ordinary Shares upon exchange is not, and would not, as a result of such
exchange, become the beneficial owner of Ordinary Shares outstanding at such time in excess of the applicable Beneficial Ownership
Limitations, after which the Company shall cause to be delivered any such Ordinary Shares withheld on account of such applicable
Beneficial Ownership Limitations by the later of (x) the date such shares were otherwise due to such person (or persons) and (y)
two Trading Days after receipt of such certification; provided, however, until such time as the affected Holder gives
such notice, no person shall be deemed to be the shareholder of record with respect to the Ordinary Shares otherwise deliverable
upon exchange in excess of any applicable Beneficial Ownership Limitations. Upon delivery of such notice, the provisions under
Section 14.02 shall apply to the Ordinary Shares to be delivered pursuant to such notice.

 

Section 14.11 Notice
to Holders Prior to Certain Actions. In case of any:

 

(a) action
by the Parent or one of its Subsidiaries that would require an adjustment in the Exchange Rate pursuant to Section 14.04
or Section 14.12;

 

(b) Merger
Event; or

 

(c) voluntary
or involuntary dissolution, liquidation or winding-up of the Parent or the Company;

 

then, in each case (unless notice of such event is otherwise
required pursuant to another provision of this Indenture), the Company shall cause to be filed with the Trustee and the Exchange
Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 10 days
prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose
of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of
Ordinary Shares of record are to be determined for the purposes of such action by the Parent or one of its Subsidiaries, or (ii)
the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or occur, and the date
as of which it is expected that holders of Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities
or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any
defect therein, shall not affect the legality or validity of such action by the Parent or one of its Subsidiaries, Merger Event,
dissolution, liquidation or winding-up.

 

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Section 14.12 Shareholder
Rights Plans. If the Parent has a shareholder rights plan in effect upon exchange of the Notes, each Ordinary Share, if any,
issued upon such exchange shall be entitled to receive the appropriate number of rights, if any, and the certificates representing
the Ordinary Shares issued upon such exchange shall bear such legends, if any, in each case as may be provided by the terms of
any such shareholder rights plan, as the same may be amended from time to time. However, if, prior to any exchange of Notes, the
rights have separated from the Ordinary Shares in accordance with the provisions of the applicable shareholder rights plan, the
Exchange Rate shall be adjusted at the time of separation as if the Parent distributed to all or substantially all holders of
Ordinary Shares Distributed Property as provided in Section 14.04(c), subject to readjustment in the event of the expiration,
termination or redemption of such rights.

 

Section 14.13 Certain
Provisions Related to Ordinary Shares Issued Hereunder. (a) The Guarantor shall provide, free from preemptive rights, out
of the Guarantor’s authorized but unissued shares or shares held in treasury, sufficient Ordinary Shares to provide for
exchange of the Notes from time to time as such Notes are presented for exchange (assuming that at the time of computation of
such number of Ordinary Shares, all such Notes would be exchanged by a single Holder without giving effect to any limitation as
a result of the application of any Beneficial Ownership Limitation to such single Holder).

 

(b) Each
of the Guarantor and the Issuer covenants that all Ordinary Shares issued upon exchange of Notes will be fully paid and non-assessable by
the Guarantor and free from all taxes, liens and charges with respect to the issue thereof.

 

(c) The
Issuer and the Guarantor acknowledge that the allotment and issue of Ordinary Shares and the delivery of Ordinary Shares, if any,
hereunder (whether upon exchange, under the terms of the Guarantee or otherwise) by the Guarantor (or by the Ordinary Share Depositary
at the direction of the Guarantor) will, at the Guarantor’s option, either (i) create an equivalent debt owing from the Issuer
to the Guarantor or (ii) be deemed to be a contribution of equity from Guarantor to Issuer. For the avoidance of doubt, upon the
delivery of Ordinary Shares by the Guarantor in respect of an Exchange Obligation, the portion of such Exchange Obligation consisting
of an obligation to deliver or cause to be delivered Ordinary Shares shall be deemed satisfied to the extent of the Ordinary Shares
so delivered.

 

Article
15

Repurchase of Notes at Option of Holders

 

Section 15.01 [Intentionally
Omitted].

 

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Section 15.02 Repurchase
at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any time, each Holder shall have the
right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion
thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the “Fundamental Change Repurchase Date”)
specified by the Company that is not less than 20 Business Days or more than 35 Business Days following the date of the Fundamental
Change Company Notice at a repurchase price equal to 100% of the principal amount thereof, plus any accrued and unpaid
interest thereon to, but excluding, the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”),
unless the Fundamental Change Repurchase Date falls after an Interest Record Date but on or prior to the Interest Payment Date
to which such Interest Record Date relates, in which case the Company shall instead pay the full amount of any accrued and unpaid
interest to Holders of record as of such Interest Record Date, and the Fundamental Change Repurchase Price shall be equal to 100%
of the principal amount of Notes to be repurchased pursuant to this Article 15.

 

(b) Repurchases
of Notes under this Section 15.02 shall be made, at the option of the Holder thereof, upon:

 

(i) delivery
to the Trustee and the Paying Agent (if other than the Trustee) by a Holder of a duly completed notice (the “Fundamental
Change Repurchase Notice”) in the form set forth in Attachment
2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in compliance with the Depositary’s
procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case, on or before the close of business
on the Business Day immediately preceding the Fundamental Change Repurchase Date; and

 

(ii) delivery
of the Notes, if the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements for transfer) at the Corporate Trust Office of the Paying Agent, or book-entry
transfer of the Notes, if the Notes are Global Notes, in compliance with the Applicable Procedures of the Depositary, in each case,
such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price therefor.

 

The Fundamental Change
Repurchase Notice in respect of any Notes to be repurchased shall state:

 

(iii) in
the case of Physical Notes, the certificate numbers of the Notes to be delivered for repurchase;

 

(iv) the
portion of the principal amount of Notes to be repurchased, which must be $1,000 or an integral multiple thereof; and

 

(v) that
the Notes are to be repurchased by the Company pursuant to the applicable provisions of the Notes and this Indenture;

 

provided, however, that if the Notes are Global
Notes, the Fundamental Change Repurchase Notice must comply with the Applicable Procedures of the Depositary.

 

Notwithstanding anything
herein to the contrary, any Holder delivering to the Paying Agent the Fundamental Change Repurchase Notice contemplated by this
Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time
prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by delivery of
a written notice of withdrawal to the Paying Agent in accordance with Section 15.03.

 

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The Paying Agent (if
other than the Company) shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written
notice of withdrawal thereof.

 

(c) On
or before the 20th Business Day after the occurrence of the effective date of a Fundamental Change, the Company shall provide to
all Holders of Notes, the Trustee, the Exchange Agent (if other than the Trustee) and the Paying Agent (in the case of a Paying
Agent other than the Trustee) a notice (the “Fundamental
Change Company Notice”) of the occurrence of the effective
date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case
of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such notice shall be delivered in
accordance with the Applicable Procedures of the Depositary. Each Fundamental Change Company Notice shall specify:

 

(i) the
events causing the Fundamental Change;

 

(ii) the
date of the Fundamental Change;

 

(iii) the
last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 

(iv) the
Fundamental Change Repurchase Price;

 

(v) the
Fundamental Change Repurchase Date;

 

(vi) the
name and address of the Paying Agent and the Exchange Agent, if applicable;

 

(vii) if
applicable, the Exchange Rate and any adjustments to the Exchange Rate;

 

(viii) that
the Notes with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be exchanged only if
the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and

 

(ix) the
procedures that Holders must follow to require the Company to repurchase their Notes.

 

No failure of the Company
to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of
the proceedings for the repurchase of the Notes pursuant to this Section 15.02.

 

At the Company’s
request made at least five Business Days prior to the date on which notice is to be sent (or such shorter period as the Trustee
may agree), the Trustee shall give such notice in the Company’s name and at the Company’s expense; provided,
however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company.

 

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Simultaneously with
providing such notice, the Company shall publish a notice containing the information set forth in the Fundamental Change Company
Notice in a newspaper of general circulation in The City of New York or publish such information on the Company’s website
or through such other public medium as the Company may use at such time.

 

(d) Notwithstanding
the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders upon a Fundamental Change if
the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase
Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held
by it during the acceleration of the Notes (except in the case of an acceleration resulting from a Default by the Company in the
payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of
the Notes in compliance with the Applicable Procedures of the Depositary shall be deemed to have been cancelled, and, upon such
return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have
been withdrawn.

 

(e) Notwithstanding
anything to the contrary in this Article 15, the Company shall not be required to repurchase or make an offer to repurchase
the Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in
compliance with the requirements for an offer made by the Company as set forth in this Indenture, and such third party purchases
all Notes properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in
compliance with the requirements for an offer made by the Company as set forth in this Indenture.

 

(f) To
the extent that, as a result of a change in law occurring after the first date on which the Notes are issued, the provisions of
any applicable securities laws or regulations conflict with the provisions of this Indenture relating to the Company’s
obligations to purchase the Notes upon a Fundamental Change, the Company shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict.

 

Section 15.03 Withdrawal
of Fundamental Change Repurchase Notice. A Fundamental Change Repurchase Notice may be withdrawn (in whole or in part) by
means of a written notice of withdrawal delivered to the Corporate Trust Office of the Paying Agent in accordance with this Section
15.03 at any time prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date, specifying:

 

(a) the
principal amount of the Notes with respect to which such notice of withdrawal is being submitted, which must be $1,000 or an integral
multiple thereof,

 

(b) if
Physical Notes have been issued, the certificate number of the Note in respect of which such notice of withdrawal is being submitted,
and

 

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(c) the
principal amount, if any, of such Note that remains subject to the original Fundamental Change Repurchase Notice, which portion
must be in principal amounts of $1,000 or an integral multiple of $1,000;

 

provided, however, that if the Notes are Global
Notes, the notice must comply with appropriate Applicable Procedures of the Depositary.

 

Section 15.04 Deposit
of Fundamental Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying Agent appointed by
the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section
4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an amount of money, in immediately
available funds, sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase
Price. Subject to receipt of funds and/or Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes
surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day immediately preceding the Fundamental
Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has
satisfied the conditions in Section 15.02) and (ii) the time of book-entry transfer or the delivery of such Note to the
Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02
by wiring in immediately available funds to that Holder’s account within the United States of America if such Holder has
provided the Company and the Trustee or the Paying Agent (if other than the Trustee) with the requisite information necessary
(including, but not limited to, applicable tax forms) to make such wire transfer; provided, however, that payments
to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess
of the Fundamental Change Repurchase Price.

 

(b) If
by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Paying Agent holds money sufficient to make payment
on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect
to the Notes that have been properly surrendered for repurchase and have not been validly withdrawn, (i) such Notes will cease
to be outstanding, (ii) interest, if and to the extent any interest is accruing or payable on such date, will cease to accrue on
such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered to the Paying Agent)
and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change
Repurchase Price and, if applicable, accrued and unpaid interest).

 

(c) Upon
surrender of a Note that is to be repurchased in part pursuant to Section 15.02, the Company shall execute and the Trustee
shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased
portion of the Note surrendered.

 

Section 15.05 Covenant
to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer, the Company will, if required:

 

(a) comply
with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules under the Exchange Act that may then be applicable;

 

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(b) file
a Schedule TO or any other required schedule under the Exchange Act; and

 

(c) otherwise
comply with all federal and state securities laws in connection with any offer by the Company to repurchase the Notes;

 

in each case, so as to permit the rights and obligations under
this Article 15 to be exercised in the time and in the manner specified in this Article 15. To the extent that the
provisions of any securities law or regulations conflict with the provisions of this Indenture relating to the Company’s
obligation to repurchase the Notes upon the occurrence of a Fundamental Change, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached the Company’s obligations under such provisions of this Indenture
by virtue of such conflict.

 

Article
16

Optional Redemption

 

Section 16.01 Optional
Redemption. (a) The Company may redeem (an “Optional Redemption”) for cash all or any portion of the Notes,
at the Redemption Price, if (i) the Last Reported Sales Price of the Ordinary Shares has been at least 130% of the Exchange Price
then in effect for at least 20 Trading Days (whether or not consecutive), including the Trading Day immediately preceding the
Redemption Notice Date, during any 30 consecutive Trading Day period ending on, and including the Trading Day immediately preceding
the Redemption Notice Date and (ii) either (A) a registration statement covering the resale of the Ordinary Shares issuable upon
exchange of the Notes is effective and available for use and is expected to remain effective and available for use during the
Redemption Period as of the Redemption Notice Date, or (B) the Ordinary Shares issuable upon exchange of the Notes are eligible
for resale by Holders other than the Parent’s or Company’s Affiliates or Holders that were the Parent’s or Company’s
Affiliates at any time during the three months immediately preceding.

 

(b) The
Company may redeem the Notes for cash, in whole but not in part (except in respect of Holders that elect otherwise as described
below), at the Company’s option (a “Tax
Redemption”) at the Redemption Price if all of the following
are satisfied:

 

(i) on
the next Interest Payment Date, the Company would be required to pay any Additional Amounts as a result of:

 

(A) any
amendment to, or change in, the laws, tax treaties, or any regulations, protocols or rulings promulgated thereunder of a Relevant
Taxing Jurisdiction that is formally announced and becomes effective, in each case, after the Issue Date (or, if the applicable
Relevant Taxing Jurisdiction becomes a Relevant Taxing Jurisdiction on a date after the Issue Date, such later date); or

 

(B) any
amendment to, or change in, an official interpretation or application regarding such laws, tax treaties, regulations, protocols
or rulings, including by virtue of a holding, judgment or order by a court of competent jurisdiction or a change in administrative
practice that is formally announced and becomes effective, in each case, after the Issue Date (or, if the applicable Relevant Taxing
Jurisdiction became a Relevant Taxing Jurisdiction on a date after the Issue Date, such later date) (any such amendment or change
described in clauses (A) or (B), a “Change in Tax Law”);

 

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(ii) the
Company cannot avoid any payment obligation specified in clause (i) above by taking reasonable measures available to the Company
(provided that listing the Notes on a recognized stock exchange for purposes of Sections 9(15D) and 97(B2) of the Israeli Income
Tax Ordinance is, and changing the Company’s jurisdiction
is not, a reasonable measure for purposes of this Section 16.01(b)); and

 

(iii) either
(A) a registration statement covering the resale of the Ordinary Shares issuable upon exchange of the Notes is effective and available
for use and is expected to remain effective and available for use during the Redemption Period as of the Redemption Notice Date,
or (B) the Ordinary Shares issuable upon exchange of the Notes are eligible for resale by Holders other than the Parent’s
or Company’s Affiliates or Holders that were the Parent’s
or Company’s Affiliates at any time during the three months
immediately preceding.

 

Section 16.02 Notice
of Redemption; Selection of Notes. (a) In case the Company exercises its Redemption right to redeem all or, as the case may
be, any part of the Notes pursuant to Section 16.01, it shall fix a date for Redemption (each, a “Redemption Date”)
and it or, at its written request received by the Trustee not less than 5 Business Days prior to the date such Redemption Notice
is to be sent (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the expense
of the Company, shall deliver or cause to be delivered a notice of such Redemption (a “Redemption Notice”)
not less than 30 nor more than 60 calendar days prior to the Redemption Date to each Holder so to be redeemed as a whole or in
part; provided, however, that if the Company shall give such notice, it shall also give written notice of the Redemption
Date to the Trustee, the Exchange Agent (if other than the Trustee) and the Paying Agent (if other than the Trustee). The Redemption
Date must be a Business Day.

 

(b) The
Redemption Notice, if delivered in the manner herein provided, shall be conclusively presumed to have been duly given, whether
or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice
to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for
the redemption of any other Note.

 

(c) Each
Redemption Notice shall specify:

 

(i) the
Redemption Date;

 

(ii) the
record date (if applicable);

 

(iii) the
Redemption Price and Additional Amounts, if any, to be paid;

 

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(iv) that
on the Redemption Date, the Redemption Price and Additional Amounts, if any, will become due and payable upon each Note to be redeemed,
and that interest thereon, if any, shall cease to accrue on and after the Redemption Date;

 

(v) the
place or places where such Notes are to be surrendered for payment of the Redemption Price and Additional Amounts, if any;

 

(vi) that
Holders may surrender their Notes for exchange at any time prior to the close of business on the Business Day immediately preceding
the Redemption Date;

 

(vii) the
procedures an exchanging Holder must follow to exchange its Notes;

 

(viii) the
Exchange Rate and, if applicable, the number of Additional Shares added to the Exchange Rate in accordance with Section 14.03;

 

(ix) the
CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and

 

(x) in
case any Note is to be redeemed in part only, the portion of the principal amount thereof to be redeemed and on and after the Redemption
Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion thereof shall be issued.

 

In addition, in the case of a
Tax Redemption, such Redemption Notice shall specify:

 

(i) that Holders have the right to elect not to have their Notes
redeemed by delivering to the Trustee (x) in the case of a Global Note, subject to the Depositary’s Applicable Procedures,
notice to that effect via the Depositary’s Applicable Procedures, and (y) in the case of Physical Notes, written notice to
that effect, in each case not later than the 5th Business Day prior to the Redemption Date;

 

(ii) that,
in the case of a Tax Redemption, Holders who wish to elect not to have their Notes redeemed must satisfy the requirements set forth
in this Indenture; and

 

(iii) that,
on and after the Redemption Date, Holders who elect not to have their Notes redeemed will not receive any Additional Amounts on
any payments with respect to such Notes (whether upon conversion, repurchase, maturity or otherwise) solely as a result of such
Change in Tax Law that resulted in the obligation to pay such Additional Amounts (for the avoidance of doubt, excluding any obligation
to pay Additional Amounts (if any) that existed prior to such Change in Tax Law for which the Company will continue to pay Additional
Amounts), and all subsequent payments with respect to the Notes will be subject to any tax required to be withheld or deducted
under the laws of the Relevant Taxing Jurisdiction, provided that a Holder complying with the requirements for conversion described
under Section 14.02 before the close of business on the Business Day immediately preceding the Redemption Date will be deemed
to have validly delivered a notice of its election not to have its Notes redeemed, and the Company, will pay Additional Amounts,
if any are due, with respect to such Holder’s conversion
of its Notes.

 

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A Redemption Notice shall be irrevocable.
A Redemption may not be conditional.

 

(d) If
fewer than all of the outstanding Notes are to be redeemed, the Notes to be redeemed will be selected according to the Depositary’s
applicable procedures, in the case of Notes represented by a Global Note, or, in the case of Notes represented by Physical Notes,
by lot, on a pro rata basis. If any Note selected for partial redemption is submitted for exchange in part after such selection,
the portion of the Note submitted for exchange shall be deemed (so far as may be possible) to be the portion selected for redemption,
subject, in the case of Notes represented by a Global Note, to the Depositary’s
Applicable Procedures.

 

(e) Notwithstanding anything to the contrary in this Article 16,
if the Company has given a Redemption Notice in connection with a Tax Redemption as described in Section 16.01(b), subject
to, in the case of a Global Note, the Depositary’s Applicable Procedures, each Holder of Notes will have the right to elect
that such Holder’s Notes will not be subject to the Tax Redemption. If a Holder elects that its Notes will not be subject
to the Tax Redemption, the Company will not be required to pay Additional Amounts with respect to payments made in respect of such
Holder’s Notes following the Tax Redemption Date solely as a result of such Change in Tax Law that resulted in the obligation
to pay such Additional Amounts (for the avoidance of doubt, excluding any obligation to pay Additional Amounts (if any) that existed
prior to such Change in Tax Law for which the Company will continue to pay Additional Amounts), and all subsequent payments in
respect of such Notes will be subject to any tax required to be withheld or deducted under the laws of a Relevant Taxing Jurisdiction.
In addition, the obligation to pay Additional Amounts to any electing Holder for payments made in periods prior to the Tax Redemption
Date shall continue to apply, subject to the exceptions set forth under Section 4.10. Holders must exercise their option
to elect to avoid the Tax Redemption by written notice thereof to the Trustee no later than the 5th Business Day prior to the Tax
Redemption Date; provided that a Holder complying with the requirements for exchange pursuant to Section 14.02 before
the close of business on the Business Day immediately preceding the Redemption Date shall be deemed to have validly delivered a
notice of its election not to have its Notes redeemed in the Tax Redemption, and the Company will pay Additional Amounts, if any
are due, with respect to such Holder’s exchange of its Notes. If no election is made or deemed to have been made, the Holder
will have its Notes redeemed without any further action.

 

Section 16.03 Payment
of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section
16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Redemption Notice
and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption
Notice, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price.

 

(b) Prior
to 11:00 a.m. New York City time on the Redemption Date, the Company shall deposit with the Paying Agent or, if the Company or
a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 6.05
an amount of cash (in immediately available funds if deposited on the Redemption Date), sufficient to pay the Redemption Price
of, and Additional Amounts, if any, on, all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by
the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such Notes. The Paying Agent shall,
promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption
Price.

 

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Section 16.04 Restrictions
on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes has been accelerated
in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date
(except in the case of an acceleration resulting from a Default by the Company in the payment of the Redemption Price with respect
to such Notes).

 

Article
17

Miscellaneous Provisions

 

Section 17.01 Provisions
Binding on Company’s Successors. All the covenants,
stipulations, promises and agreements of the Company contained in this Indenture shall bind its successors and assigns whether
so expressed or not.

 

Section 17.02 Official
Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture authorized or required to be done
or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect
by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful successor of the
Company.

 

Section 17.03 Addresses
for Notices, Etc. Any notice or demand that by any provision of this Indenture is required or permitted to be given or
served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all
purposes if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box
addressed (until another address is filed by the Company with the Trustee) to Gamida Cell Ltd., 673 Boylston Street, Boston,
Massachusetts, 02116, Attention: Chief Executive Officer, with a copy (which shall not constitute notice) to Cooley LLP, 101
California Street, 5th Floor, San Francisco, CA 94111, Attention: Gian-Michele a Marca. Any notice, direction, request or
demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given
or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the
Corporate Trust Office.

 

The Trustee agrees
to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or
other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding
of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly
or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict
or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks
arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

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Any notice or communication
delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage prepaid, at its address
as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or
communication delivered or to be delivered to a Holder of Global Notes shall be delivered in accordance with the Applicable Procedures
of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. Notwithstanding any other provision
of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any Fundamental Change
Company Notice) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to
the Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee, including by electronic
mail in accordance with the Depositary’s Applicable Procedures.

 

Failure to mail or
deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether
or not the addressee receives it.

 

Section 17.04 Governing
Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE
AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE
CONFLICTS OF LAWS PROVISIONS THEREOF).

 

The Company irrevocably
consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal action, suit
or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this
Indenture or the Notes may be brought in the courts of the State of New York or the courts of the United States located in the
Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid,
hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such court in personam, generally and
unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues.

 

The Company irrevocably
and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying
of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the
courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York
and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum.

 

Section 17.05 Evidence
of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by
the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the
Trustee an Officer’s Certificate and an Opinion of Counsel stating that such action is permitted by the terms of this Indenture.

 

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Each Officer’s
Certificate and Opinion of Counsel provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee
with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.14)
shall include (a) a statement that the person signing such certificate is familiar with the requested action and this Indenture;
(b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such
certificate is based; (c) a statement that, in the judgment of such person, he or she has made such examination or investigation
as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture;
and (d) a statement as to whether or not, in the judgment of such person, all conditions precedent and covenants, if any, provided
for in this Indenture related to the proposed action have been complied with; provided that no Opinion of Counsel shall
be required to be delivered in connection with: (1) the mandatory exchange of the restricted CUSIP of the Restricted Securities
to an unrestricted CUSIP pursuant to the Applicable Procedures of the Depositary upon the Notes becoming freely tradable by non-Affiliates
of the Company under Rule 144, or (2) a request by the Company that the Trustee deliver a notice to Holders under this Indenture
where the Trustee receives an Officer’s Certificate with respect to such notice. With respect to matters of fact, an Opinion
of Counsel may rely on an Officer’s Certificate or certificates of public officials.

 

Section 17.06 Legal
Holidays. In any case where any Interest Payment Date, any Fundamental Change Repurchase Date, any Redemption Date or the
Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken
on the next succeeding Business Day with the same force and effect as if taken on such date, and no interest shall accrue in respect
of the delay.

 

Section 17.07 No
Security Interest Created. Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute
a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any
jurisdiction.

 

Section 17.08 Benefits
of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the Holders,
the parties hereto, any Paying Agent, any Exchange Agent, any authenticating agent, any Note Registrar and their successors hereunder,
any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 17.09 Table
of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way
modify or restrict any of the terms or provisions hereof.

 

Section 17.10 Authenticating
Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf and subject to its direction
in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes
hereunder, including under Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 10.04
and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized
by this Indenture and those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication
and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the
Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed
to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating
agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08.

 

    128

     

    

 

Any corporation or
other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any corporation
or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any
corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall be the successor of the
authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10,
without the execution or filing of any paper or any further act on the part of the parties hereto or the authenticating agent or
such successor corporation or other entity.

 

Any authenticating
agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any
time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and
to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating
agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the
Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders.

 

The Company agrees
to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may terminate
the authenticating agent, if it determines such agent’s fees to be unreasonable.

 

The provisions of Section
7.02, Section 7.01, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any
authenticating agent.

 

If an authenticating
agent is appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

__________________________,

as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

By: ____________________

Authorized Officer

 

Section 17.11 Execution
in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. Each of the parties agree that this Indenture and any
other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic signatures
(including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider) appearing
on this Indenture or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture and such other documents
may be made by facsimile, email or other electronic transmission; provided, however, that (i) any documentation with respect to
transfer of the Notes or other securities presented to the Trustee, Exchange Agent, Payment Agent or any other transfer agent
must contain original documents with manually executed signatures and (ii) upon the request of the Trustee, any electronic signature
delivered pursuant to this Section 17.11 shall be followed with a manually executed, original counterpart within a reasonable
period of time following such request, to the extent such manually executed, original counterpart shall be required by applicable
law or a regulatory body having supervisory authority over the Trustee. The Trustee shall not be liable for, and shall be indemnified
and held harmless against any loss, liability or expense arising out of the use of electronic or digital signatures and electronic
methods of submission with respect to this Indenture and any documents or notices delivered to the Indenture Trustee pursuant
to this Indenture or the related documents, including the risk of the Trustee acting on any unauthorized instructions and the
risk of interception and misuse by third parties.

 

    129

     

    

 

Section 17.12 Severability.
In the event any provision of this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted
by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired.

 

Section 17.13 Waiver
of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE
NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 17.14 Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes,
work stoppages, pandemics, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services;
it being understood that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry
to resume performance as soon as practicable under the circumstances.

 

Section 17.15 Calculations.
Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes.
None of the Trustee or the Exchange Agent shall be responsible for making any of these calculations, which include, but are not
limited to, determinations of the Last Reported Sale Prices of the Ordinary Shares, any accrued interest payable on the Notes,
the Exchange Rate of the Notes, Beneficial Ownership Limitations and none of the Trustee or the Exchange Agent shall have any
duty to monitor the Stock Price. The Company shall make all these calculations in good faith and, absent manifest error, the Company’s
calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each
of the Trustee and the Exchange Agent, and each of the Trustee and the Exchange Agent is entitled to rely conclusively upon the
accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s calculations
to any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company.

 

Section 17.16 USA
PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the Trustee,
like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain,
verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request
in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section 17.17 Foreign
Account Tax Compliance Act (FATCA). In order to comply with applicable tax laws, rules and regulations (inclusive of directives,
guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Tax Law”),
the Company agrees (i) to use commercially reasonable efforts to provide to the Trustee, upon request, such information as it
has in its possession about Holders and other applicable parties and/or transactions (including any modification to the terms
of such transactions), so that the Trustee can determine whether it has tax-related obligations under Applicable Tax Law and (ii)
that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary
to comply with Applicable Tax Law. The terms of this section shall survive the termination of this Indenture.

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Indenture to be duly executed as of the date first written above.

 

	 	Company:
	 	 
	 	GAMIDA CELL INC.
	 	 
	 	By:	/s/ Julian Adams
	 	 	Name: Julian Adams, Ph.D.
	 	 	Title: Chief Executive Officer

 

	 	Guarantors:
	 	 
	 	GAMIDA CELL LTD.
	 	 
	 	By:	/s/ Julian Adams
	 	 	Name: Julian Adams, Ph.D.
	 	 	Title: Chief Executive Officer

 

	 	Trustee:
	 	 
	 	WILMINGTON SAVINGS FUND

 SOCIETY, FSB, as Trustee
	 	 
	 	By:	/s/ Raye Goldsborough
	 	 	Name: Raye Goldsborough
	 	 	Title: Assistant Vice President

 

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EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[INCLUDE FOLLOWING LEGEND IF A GLOBAL NOTE]

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY 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 HEREUNDER
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.]

 

[INCLUDE FOLLOWING LEGEND IF A RESTRICTED
SECURITY]

 

[THIS SECURITY AND
THE ORDINARY SHARES, IF ANY, ISSUABLE UPON EXCHANGE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

 

(1) REPRESENTS
THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

 

(2) AGREES
FOR THE BENEFIT OF GAMIDA CELL INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE
DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO
AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT:

 

(A) TO THE
COMPANY OR GAMIDA CELL LTD. (THE “PARENT”) OR ANY OF THEIR RRRESPECTIVE SUBSIDIARIES, OR

 

(B) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

    A-1

     

    

 

(C) TO A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 

(D) PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY, THE PARENT AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE
DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS
MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]

 

NO AFFILIATE (AS DEFINED
IN RULE 144 UNDER THE SECURITIES ACT) OF GAMIDA CELL INC. OR PERSON THAT HAS BEEN AN AFFILIATE (AS DEFINED IN RULE 144 UNDER THE
SECURITIES ACT) OF GAMIDA CELL INC. DURING THE IMMEDIATELY PRECEDING THREE MONTHS MAY PURCHASE, OTHERWISE ACQUIRE OR HOLD THIS
SECURITY OR A BENEFICIAL INTEREST HEREIN.

 

    A-2

     

    

 

GAMIDA CELL INC.

5.875% Exchangeable Senior Note due 2026

 

	No. [_____]	[Initially]1 $[_________]

 

CUSIP No. [_________]2

 

ISIN No. [_________]

 

GAMIDA CELL INC.,
a Delaware corporation (the “Company,” which term includes any successor corporation or other entity under
the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [Cede & Co.]3 [_______]4,
or registered assigns, the principal sum [as set forth in the “Schedule of Exchanges of Notes” attached hereto]5
[of $[_______]]6, which amount, taken together with the principal amounts of all other outstanding Notes, shall
not, unless permitted by the Indenture, exceed $75,000,000, in accordance with the rules and Applicable Procedures of the Depositary,
on February 15, 2026, and interest thereon as set forth below.

 

This Note shall bear
interest at the rate of 5.875% per year from February 16, 2021 or from the most recent date to which interest had been paid or
duly provided for to, but excluding, the next scheduled Interest Payment Date until February 15, 2026. Interest on this Note is
payable semi-annually in arrears on each February 15 and August 15, commencing August 15, 2021, to Holders of record at the close
of business on the preceding February 1 and August 1 (whether or not such day is a Business Day), respectively. Interest on this
Note is payable in the manner set forth in Section 2.03 of the within-mentioned Indenture. Additional Interest will be payable
as set forth in Section 4.06(d), Section 4.06(e) and Section 6.03 of the within-mentioned Indenture, and any
reference to interest on, or in respect of, any Note therein shall be deemed to refer solely to Additional Interest (if, in such
context, Additional Interest is, was or would be payable pursuant to any of such Section 4.06(d), Section 4.06(e)
or Section 6.03) or any interest on any Defaulted Amounts payable as set forth in Section 2.03(c) in the within-mentioned
Indenture.

 

Any Defaulted Amounts
shall accrue interest per annum at the then-applicable interest rate borne by this Note, subject to the enforceability thereof
under Applicable Law, from, and including, such relevant payment date to, but excluding, the date on which such Defaulted Amounts
shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the within-mentioned Indenture.

 

 

 

		1	Include if a global note.

		2	This Note will be deemed to be identified by CUSIP No.
[●] from and after such time when the Company delivers, pursuant to Section 2.05(c) of the within-mentioned Indenture, written
notice to the Trustee of the occurrence of the Resale Restriction Termination Date and the removal of the restrictive legend affixed
to this Note in accordance with the applicable procedures of the Depositary.

		3	Include if a global note.

		4	Include if a physical note.

		5	Include if a global note.

		6	Include if a physical note.

 

    1

     

    

 

The Company shall pay
the principal of and interest, if any, on this Note, if and so long as such Note is a Global Note, in immediately available funds
to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the
provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at the office
or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and
Note Registrar in respect of the Notes and its agency in the contiguous United States as a place where Notes may be presented for
payment or for registration of transfer.

 

Reference is made to
the further provisions of this Note set forth on the reverse hereof, including, without limitation, provisions giving the Holder
of this Note the right to exchange this Note for cash, Ordinary Shares or a combination of cash and Ordinary Shares, as applicable,
on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all purposes have the
same effect as though fully set forth at this place.

 

This Note, and any
claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed by the
laws of the State of New York (without regard to the conflicts of laws provisions thereof).

 

In the case of any
conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern.

 

This Note shall not
be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually or
by facsimile by the Trustee or a duly authorized authenticating agent under the Indenture.

 

[Remainder of page intentionally left
blank]

 

    2

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Note to be duly executed.

 

	 	GAMIDA CELL INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

WILMINGTON SAVINGS FUND SOCIETY, FSB

as Trustee, certifies that this is one of the Notes described

in the within-named Indenture.

 

	By:	 	 
	 	Authorized Officer	 

 

    3

     

    

 

[FORM OF REVERSE OF NOTE]

 

GAMIDA CELL INC.

5.875% Exchangeable Senior Note due 2026

 

This Note is one of
a duly authorized issue of Notes of the Company, designated as its 5.875% Exchangeable Senior Notes due 2026 (the “Notes”),
limited to the aggregate principal amount of $75,000,000 all issued or to be issued under and pursuant to an Indenture dated as
of February 16, 2021 (the “Indenture”), among the Company, as issuer, GAMIDA CELL LTD., as a guarantor, the
other guarantors party thereto and WILMINGTON SAVINGS FUND SOCIETY, FSB, as trustee (in such capacity, the “Trustee”),
to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations
of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized
terms used in this Note and not defined in this Note shall have the respective meanings set forth in the Indenture.

 

To guarantee the due
and punctual payment of the principal and interest (including post-filing or post-petition interest) on the Notes and all other
amounts payable by the Company under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity,
by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee
(and future guarantors, jointly and severally with the Guarantors, will fully and unconditionally Guarantee) such obligations on
a senior secured basis pursuant to the terms of the Indenture.

 

In case certain Events
of Default shall have occurred and be continuing, the principal of, and any interest on, all Notes may be declared, by either the
Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become,
due and payable, in the manner, with the effect and subject to the conditions and certain exceptions set forth in the Indenture.

 

Subject to the terms
and conditions of the Indenture, the Company will make all payments and deliveries in respect of the Fundamental Change Repurchase
Price on the Fundamental Change Repurchase Date and the principal amount on the Maturity Date, as the case may be, to the Holder
who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money
of the United States that at the time of payment is legal tender for payment of public and private debts.

 

The Indenture contains
provisions permitting the Company and the Trustee, in certain circumstances, without the consent of the Holders of the Notes, and
in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the
Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental indentures or supplements and amendments
modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to
certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time outstanding may on behalf
of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences.

 

    1

     

    

 

Each Holder shall have
the right to receive payment or delivery, as the case may be, of (x) the principal (including the Fundamental Change Repurchase
Price, if applicable) of and any Additional Amounts on, (y) accrued and unpaid interest, if any, on, and (z) the consideration
due upon exchange of, this Note at the place, at the respective times, at the rate and in the lawful money or Ordinary Shares,
as the case may be, herein prescribed.

 

The Notes are issuable
in registered form without coupons in minimum denominations of $1,000 principal amount and integral multiples of $1,000 in excess
thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations
provided in the Indenture, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations,
without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any
transfer or similar tax that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued
upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange.

 

The Notes are redeemable
at the Company’s option in accordance with the terms and subject to the conditions specified in the Indenture. No sinking
fund is provided for the Notes.

 

Upon the occurrence
of a Fundamental Change, the Holder has the right, at such Holder’s option, to require the Company to repurchase for cash
all of such Holder’s Notes or any portion thereof (in principal amounts of $1,000 or integral multiples thereof) on the Fundamental
Change Repurchase Date at a price equal to the Fundamental Change Repurchase Price.

 

Subject to the provisions
of the Indenture, the Holder hereof has the right, at its option, prior to the close of business on the second Scheduled Trading
Day immediately preceding the Maturity Date, to exchange any Notes or portion thereof that is $1,000 or an integral multiple thereof,
into Ordinary Shares at the Exchange Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture.

 

    2

     

    

 

ABBREVIATIONS

 

The following abbreviations,
when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations:

 

TEN COM = as tenants in common 

 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act

 

CUST = Custodian

 

TEN ENT = as tenants by the entireties 

 

JT TEN = joint tenants with right of survivorship and not as
tenants in common

 

Additional abbreviations
may also be used though not in the above list.

 

    3

     

    

SCHEDULE A7

 

SCHEDULE OF EXCHANGES OF NOTES

GAMIDA CELL INC.

5.875% Exchangeable Senior Notes due 2026

 

The initial principal
amount of this Global Note is _______ DOLLARS ($[_________]). The following increases or decreases in this Global Note have been
made:

 

	Date of exchange	 	Amount of 

decrease in 

principal 

amount 

of this 

Global Note	 	 	Amount of 

increase in  

principal 

amount 

of this 

Global Note	 	 	Principal amount 

of this 

Global Note 

following 

such decrease 

or increase	 	 	Signature of 

authorized  

signatory of 

Trustee or 

Custodian	 
	        	 	 	         	 	 	 	          	 	 	 	             	 	 	 	       	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

 

 

		7	Include if a global note

 

    4

     

    

ATTACHMENT 1

 

[FORM OF NOTICE OF EXCHANGE]

 

To: WILMINGTON SAVINGS FUND SOCIETY, FSB

500 Delaware Avenue, 11th Floor

Wilmington, DE 19801

Attention: GCM/Gamida Cell LTD

 

The undersigned registered
owner of this Note hereby exercises the option to exchange this Note, or the portion hereof (that is $1,000 principal amount or
an integral multiple thereof) below designated, into Ordinary Shares in accordance with the terms of the Indenture referred to
in this Note, and directs that the Ordinary Shares issuable and deliverable upon such exchange, together with any cash for any
fractional share, and any Notes representing any unexchanged principal amount hereof, be issued and delivered to the registered
Holder hereof unless a different name has been indicated below. If any Ordinary Shares or any portion of this Note not exchanged
are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar
issue or transfer taxes, if any in accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount
required to be paid to the undersigned on account of any interest accompanies this Note. Capitalized terms used herein but not
defined shall have the meanings ascribed to such terms in the Indenture.

 

	Dated:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	Signature(s)	 

 

___________________________

Signature Guarantee

 

Signature(s) must be guaranteed

by an eligible Guarantor Institution

(banks, stock brokers, savings and

loan associations and credit unions)

with membership in an approved

signature guarantee medallion program

pursuant to Securities and Exchange

Commission Rule 17Ad-15 if

Ordinary Shares are to be issued, or

Notes are to be delivered, other than

to and in the name of the registered holder.

 

    1

     

    

 

Fill in for registration of shares if

to be issued, and Notes if to

be delivered, other than to and in the

name of the registered holder:

 

_________________________

(Name)

 

_________________________

(Street Address)

 

_________________________

(City, State and Zip Code)

Please print name and address

 

	 	Principal amount to be exchanged (if less than all):  $______,000
	 	 
	 	NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.
	 	 
	 	_________________________
	 	Social Security or Other Taxpayer
	 	Identification Number

 

    2

     

    

ATTACHMENT 2

 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE]

 

		To:	WILMINGTON SAVINGS FUND SOCIETY, FSB

500 Delaware Avenue, 11th Floor

Wilmington, DE 19801

Attention: GCM/Gamida Cell LTD

 

The undersigned registered
owner of this Note hereby acknowledges receipt of a notice from GAMIDA CELL INC. (the “Company”) as to the occurrence
of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs
the Company to pay to the registered holder hereof in accordance with Section 15.02 of the Indenture referred to in this
Note (1) the entire principal amount of this Note, or the portion thereof (that is $1,000 principal amount or an integral multiple
thereof) below designated, and (2) if such Fundamental Change Repurchase Date does not fall during the period after an Interest
Record Date and on or prior to the corresponding Interest Payment Date, accrued and unpaid interest, if any, thereon to, but excluding,
such Fundamental Change Repurchase Date. Capitalized terms used herein but not defined shall have the meanings ascribed to such
terms in the Indenture.

 

In the case of Physical
Notes, the certificate numbers of the Notes to be repurchased are as set forth below:

 

Dated: _____________________

 

	 	________________________________
	 	Signature(s)
	 	 
	 	_________________________
	 	Social Security or Other Taxpayer
	 	Identification Number
	 	 
	 	Principal amount to be repaid (if less than all):
	 	$______,000
	 	 
	 	NOTICE:  The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    1

     

    

ATTACHMENT 3

 

[FORM OF ASSIGNMENT AND TRANSFER]

 

For value received ____________________________ hereby sell(s),
assign(s) and transfer(s) unto _________________ (Please insert social security or Taxpayer Identification Number of assignee)
the within Note, and hereby irrevocably constitutes and appoints _____________________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

 

In connection with any transfer of the within Note occurring
prior to the Resale Restriction Termination Date, as defined in the Indenture governing such Note, the undersigned confirms that
such Note is being transferred:

 

		☐	To GAMIDA CELL INC. or GAMIDA CELL LTD. or any of their
respective subsidiaries; or

 

		☐	Pursuant to a registration statement that has become or
been declared effective under the Securities Act of 1933, as amended; or

 

		☐	Pursuant to and in compliance with Rule 144A under the
Securities Act of 1933, as amended; or

 

		☐	Pursuant to and in compliance with Rule 144 under the Securities
Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as
amended.

 

    1

     

    

 

Dated: ________________________

 

_____________________________________

 

_____________________________________

Signature(s)

 

_____________________________________

Signature Guarantee

 

Signature(s) must be guaranteed by an

eligible Guarantor Institution (banks, stock

brokers, savings and loan associations and

credit unions) with membership in an approved

signature guarantee medallion program pursuant

to Securities and Exchange Commission

Rule 17Ad-15 if Notes are to be delivered, other

than to and in the name of the registered holder.

 

NOTICE: The signature on the assignment must correspond with
the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

 

    2

     

    

EXHIBIT B

 

FORM OF SUPPLEMENTAL INDENTURE

 

[_____] SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”) dated as of [     ], among [NEW GUARANTOR] (the “New Guarantor”),
a subsidiary of GAMIDA CELL INC. (or its successor), a Delaware corporation (the “Company”), and WILMINGTON
SAVINGS FUND SOCIETY, FSB, as trustee (the “Trustee”) under the indenture referred to below.

 

WHEREAS the Company
(or its successor) has heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise modified,
the “Indenture”) dated as of February 16, 2021, providing for the issuance of the Company’s 5.875% Exchangeable
Senior Notes (the “Notes”), initially in an aggregate principal amount of $75,000,000;

 

WHEREAS Section
4.12(a) of the Indenture provides that, under certain circumstances, the Company is required to cause the New Guarantor to
execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee
all the obligations of the Company under the Notes and the Indenture pursuant to a Guarantee on the terms and conditions set forth
herein; and

 

WHEREAS pursuant to
Section 10.01 of the Indenture, the Trustee and the Company are authorized to execute and deliver this Supplemental Indenture
without the consent of any Holder of the Notes;

 

NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor,
the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders (as defined in the Indenture)
as follows:

 

1. Defined Terms. As
used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used herein as therein
defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in
this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2. Agreement to Guarantee.
The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally guarantee the
Obligations of the Company under the Notes and the Indenture on the terms and subject to the conditions set forth in Article
13 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform all of
the obligations and agreements of a guarantor under the Indenture.

 

3. Notices. All notices
or other communications to the New Guarantor shall be given as provided in Section 17.03 of the Indenture.

 

4. Ratification of
Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder shall be bound hereby.

 

    B-1

     

    

 

5. Governing Law. THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

6. Trustee Makes No
Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture or with respect
to the recitals contained herein, all of which recitals are made solely by the other parties hereto.

 

7. Counterparts. The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

 

8. Effect of Headings.
The Section headings herein are for convenience only and shall not affect the construction thereof.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	 	GAMIDA CELL INC.
	 	 	 
	 	By:	             
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	[NEW GUARANTOR]
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	WILMINGTON SAVINGS FUND 

SOCIETY, FSB, as Trustee
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

    B-2

     

    

EXHIBIT C

 

FORM OF PERMITTED SUBORDINATION AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    C-1

     

    

EXHIBIT D

 

FORM OF PERMITTED SUBORDINATION PROVISIONS

 

For purposes of this Exhibit D, the “Issuer”
refers to either Parent or the Company, as applicable, depending on which Person is the issuer, the term “Subordinated Notes”
shall refer to convertible or exchangeable notes to be issued by Parent or the Company, “Note Guarantor” shall refer
to any Guarantors that guarantee the Subordinated Notes, the term “Subordinated Indenture” shall refer to the indenture
or other agreement or instrument under which such Subordinated Notes are issued, references to “hereunder” shall mean
under the Subordinated Indenture and the terms the “Subordinated Trustee” or the “Trustee” shall refer
to the indenture trustee for the Subordinated Notes or other agent for the holders of such Subordinated Notes. Provisions governing
duties and liabilities of the Subordinated Trustee may vary from those set forth below so long as such variations are customary
for subordination terms in indentures governing senior subordinated convertible notes, as reasonably determined by Parent in good
faith.

 

Section 1.01. Agreement
of Subordination. 

 

(a) The
Issuer [and [each] Note Guarantor] covenants and agrees, and each holder of Subordinated Notes issued hereunder by its acceptance
thereof likewise covenants and agrees, that all Subordinated Notes shall be issued subject to the provisions of this ‎Article
[     ]; and each Person holding any Subordinated Note, whether upon original issue or upon transfer, assignment or exchange thereof,
accepts and agrees to be bound by such provisions.

 

(b) The payment in
cash of the principal of and accrued and unpaid interest, if any, on, the [Redemption Price or]1 [Fundamental Change
Repurchase Price]2 of, [or any cash portion of the [Conversion][Exchange] Obligation (if the Issuer has elected Cash
Settlement or Combination Settlement) (excluding cash payable in lieu of delivering fractional Ordinary Shares) due upon [conversion][exchange]
of]3, the Subordinated Notes is subordinated to the prior payment in full, in cash or other payment satisfactory to
the holders of the Senior Debt4, of all obligations under the Senior Debt.

 

 

 

		1	To be included if the Subordinated Notes include a redemption
feature. To be conformed to the applicable definition relating to the redemption price.

		2	To be conformed to the applicable definition relating to
change of control, fundamental change or similar provision.

		3	To be included if the notes provide for flexible or non-physical
settlement. Capitalized terms to be conformed to the applicable terms in the Subordinated Indenture relating to settlement upon
conversion or exchange.

		4	To be defined to include the Note Obligations (it being
agreed the definition of Senior Indebtedness may be broader and may include the concept of designated senior debt so long as the
Notes shall constitute such designated senior debt and have the rights given to the holders of Senior Debt specified in this Exhibit
D and to the holders of such designated senior debt).

 

    D-1

     

    

 

(c) No provision of
this ‎Article [     ] shall prevent the occurrence of any default or [Event of Default]5
hereunder.

 

Section 1.02. Payments
to Holders. 

 

(a) [Neither t][T]he
Issuer [nor [any][the] Note Guarantor] shall [not]6 make any payment on or distribution to the Trustee or any Holder
in respect of the Issuer’s [or [the][such] Note Guarantor’s]
obligations under the Subordinated Notes or repurchase, redeem or otherwise acquire the Subordinated Notes if:

 

(i) a
default in the payment of any Senior Debt occurs and is continuing beyond any applicable period of grace; or

 

(ii) any
other default (a “Nonpayment Default”)
of Senior Debt occurs and is continuing that permits any holder, or agent or representative for the holders, of Senior Debt to
accelerate its maturity and the Trustee receives a notice of such default (a “Payment
Blockage Notice”) from the [Issuer], any such holder,
any agent or representative for any such holder or any other Person permitted to give such notice under this Indenture.

 

If the Subordinated
Trustee receives any Payment Blockage Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective
for purposes of this Section [1.02] unless at least 365 days shall have elapsed since the Subordinated Trustee’s
receipt of the immediately prior Payment Blockage Notice. No Nonpayment Default that existed or was continuing on the date of receipt
of any Payment Blockage Notice by the Subordinated Trustee shall be, or be made, the basis for a subsequent Payment Blockage Notice.

 

(b) The
Issuer [and [each][the] Note Guarantor] may resume payments on or distributions to the Subordinated Trustee or any holder of the
Subordinated Notes in respect of the Issuer’s [or [such][the]
Guarantor’s] obligations under the Subordinated Notes or
repurchase, redeem or otherwise acquire the Subordinated Notes:

 

(i) in
the case of a default referred to in clause ‎(a)(i) above, upon the date on which such default is cured or waived or ceases
to exist; and

 

(ii) in
the case of a Nonpayment Default, the earlier of (A) the date on which such Nonpayment Default is cured, waived or ceases to exist,
(B) 179 days after the date on which the Payment Blockage Notice is received by the Subordinated Trustee unless the maturity of
any Senior Debt has been accelerated, and (C) the date on which all obligations in respect of the Senior Debt have been paid in
full in cash or other payment satisfactory to the holders of the Senior Debt.

 

(c) Upon
any dissolution, winding-up, liquidation or reorganization of the Issuer [or [any][the] Note Guarantor] (whether voluntary or involuntary)
or in bankruptcy, insolvency or similar proceedings, the [Issuer][or [such][the] Note Guarantor, as applicable,] shall pay the
holders of Senior Debt in full in cash or other payment satisfactory to the holders of the Senior Debt all amounts due and owing
thereunder before the Issuer [or [such][the] Note Guarantor, as applicable,] pays the holders of the Subordinated Notes.

 

 

 

		5	To be conformed to the applicable definition relating to
events of default under the Subordinated Indenture.

		6	Include if there are no Note Guarantors.

 

    D-2

     

    

 

(d) If the Subordinated
Notes are accelerated because of an [Event of Default] or subject to repurchase by the Issuer at the option of the Holders following
a [Fundamental Change]7, the Issuer shall pay the holders of the Senior Debt in full in cash or other payment satisfactory
to the holders of the Senior Debt all amounts due and owing thereunder before the Issuer pays the holder of the Subordinated Notes.

 

(e) In
the event that either the Subordinated Trustee or any holder of the Subordinated Notes receives any payment of any obligations
with respect to the Subordinated Notes when (i) the payment is prohibited by this ‎Article [     ] and (ii) the Trustee or the
holder of the Subordinated Notes has actual knowledge that the payment is prohibited, the Trustee or the holder of the Subordinated
Notes, as the case may be, shall hold the payment in trust for the benefit of the holders of the Senior Debt. Upon the proper written
request of the holders of Senior Debt or their agent or representative, the Subordinated Trustee or the holder, as the case may
be, shall deliver the amounts held in trust to the holders of Senior Debt or their proper agent or representative.

 

Section 1.03. Subrogation
of Subordinated Notes.

 

(a) Subject
to the payment in full, in cash or other payment satisfactory to the holders of the Senior Debt, of all obligations under the Senior
Debt, the rights of the holders of the Subordinated Notes shall be subrogated to the extent of the payments or distributions made
to the holders of such Senior Debt pursuant to the provisions of this Section [1.03 ](equally and ratably with the holders of all
indebtedness of the Issuer which by its express terms is subordinated to the Senior Debt to substantially the same extent as the
Subordinated Notes are subordinated and is entitled to like rights of subrogation) to the rights of the holders of the Senior Debt
to receive payments or distributions of cash, property or securities of the Issuer [or [any][the] Note Guarantor] applicable to
the Senior Debt until the principal of and accrued and unpaid interest, if any, on, the [Redemption Price or] [Fundamental Change
Repurchase Price] of[, or any cash portion of the [Conversion][Exchange] Obligation (if the Company has elected Cash Settlement
or Combination Settlement) (excluding cash payable in lieu of delivering fractional shares of Common Stock) due upon conversion
of,] the Subordinated Notes shall be paid in full, in cash or other payment satisfactory to the holders of the Subordinated Notes;
and, for the purposes of such subrogation, no payments or distributions to the holders of the Senior Debt of any cash, property
or securities to which the holders of the Subordinated Notes or the Subordinated Trustee would be entitled under this Indenture
except for the provisions of this ‎Article [ ], and no payment over, pursuant to the provisions of this ‎Article [     ], to
or for the benefit of the holders of the Senior Debt by the holders of the Subordinated Notes or the Subordinated Trustee shall,
as between the Issuer, [[any][the] Note Guarantor,] [its][their respective] creditors other than holders of the Senior Debt and
the holders of the Subordinated Notes, be deemed to be a payment by the Issuer to or on account of the Subordinated Notes. It is
understood that the provisions of this ‎Article [     ] are and are intended solely for the purposes of defining the relative rights
of the holders of the Subordinated Notes, on the one hand, and the holders of the Senior Debt, on the other hand.

 

 

 

		7	To be conformed to the applicable definition relating to
change of control, fundamental change or similar provision.

 

    D-3

     

    

 

(b) Nothing
contained in this ‎Article [    ] or elsewhere in this Subordinated Indenture or in the Subordinated Notes is intended to or shall
impair, as among the Issuer, its creditors other than the holders of the Senior Debt and the holders of the Subordinated Notes,
the obligation of the Issuer, which is absolute and unconditional, to pay to the holders of the Subordinated Notes the principal
of[, the cash portion of the [Conversion] [Exchange] Obligation, if any,] and any interest on the Subordinated Notes as and when
the same shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of
the holders of the Subordinated Notes and creditors of the Issuer [or [any][the] Note Guarantor] other than the holders of the
Senior Debt, nor shall anything herein or therein prevent the Subordinated Trustee or any holder of the Subordinated Notes from
exercising all remedies otherwise permitted by applicable law upon default under this Subordinated Indenture, subject to the rights,
if any, under this ‎Article [    ] of the holders of the Senior Debt in respect of cash, property or securities of the Issuer,
[or [any][the] Note Guarantor] received upon the exercise of any such remedy.

 

(c) Upon
any payment or distribution of assets of the Issuer [or [any][the] Note Guarantor] referred to in this ‎Article [   ], the Subordinated
Trustee and the holders of the Subordinated Notes shall be entitled to rely upon any order or decree made by any court of competent
jurisdiction in which such bankruptcy, dissolution, winding-up, liquidation or reorganization proceedings are pending, or a certificate
of the receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, delivered
to the Subordinated Trustee or to the holders of the Subordinated Notes, for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of the Senior Debt and other indebtedness of the Issuer [or [any][the] Note Guarantor],
the amount thereof or payable thereon and all other facts pertinent thereto or to this ‎Article [   ].

 

Section 1.04. Authorization
to Effect Subordination. Each holder of the Subordinated Notes by such holder’s
acceptance thereof authorizes and directs the Subordinated Trustee on such holder’s
behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in this ‎Article [  ]
and appoints the Subordinated Trustee to act as such holder’s attorney-in-fact for any and all such purposes.

 

Section 1.05.
Notice to Subordinated Trustee. The Issuer shall give prompt written notice to the Subordinated Trustee and to any [Paying
Agent]8 of any fact known to the Issuer that would prohibit the making of any payment of monies to or by the Subordinated
Trustee or any [Paying Agent] in respect of the Subordinated Notes pursuant to the provisions of this ‎Article [    ].
Notwithstanding the provisions of this ‎Article [     ] or any other provision of this Subordinated
Indenture, the Subordinated Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the
making of any payment of monies to or by the Subordinated Trustee in respect of the Subordinated Notes pursuant to the provisions
of this ‎Article [    ], unless and until a [Responsible Officer]9 of the Subordinated Trustee
shall have received written notice thereof at the [Corporate Trust Office]10 from the Issuer or from a holder or holders
of the Senior Debt or from any trustee, agent or representative thereof; and before the receipt of any such written notice, the
Subordinated Trustee shall be entitled in all respects to assume that no such facts exist.

 

 

 

		8	To be conformed to the applicable term in the Subordinated
Indenture.

		9	To be conformed to the applicable term in the Subordinated
Indenture.

		10	To be conformed to the applicable term in the Subordinated
Indenture.

    D-4

     

    

 

The Subordinated Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of the Senior
Debt (or a trustee, agent or representative on behalf of such holder) to establish that such notice has been given by a holder
of the Senior Debt or a trustee, agent or representative on behalf of any such holder or holders. In the event that the Subordinated
Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of the Senior
Debt to participate in any payment or distribution pursuant to this ‎Article [   ], the Subordinated Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of the Senior Debt held by such Person,
the extent to which such Person is entitled to participate in such payment or distribution and any other facts pertinent to the
rights of such Person under this ‎Article [   ], and if such evidence is not furnished the Subordinated Trustee may defer any
payment to such Person pending judicial determination as to the right of such Person to receive such payment.

 

Section 1.06. Subordinated
Trustee’s Relation to Senior Debt. The Subordinated Trustee
in its individual capacity shall be entitled to all the rights set forth in this ‎Article [     ] in respect of the Senior Debt
at any time held by it, to the same extent as any other holder of the Senior Debt, and nothing in this Indenture shall deprive
the Subordinated Trustee of any of its rights as such holder. Any claims of the Subordinated Trustee for compensation or indemnification
shall not be subordinate to the Senior Debt and shall be senior to the claims of holders of the Subordinated Notes in respect of
all funds collected or held by the Subordinated Trustee.

 

With respect to the
holders of the Senior Debt, the Subordinated Trustee undertakes to perform or to observe only such of its covenants and obligations
as are specifically set forth in this Article [    ], and no implied covenants or obligations with respect to the holders of the Senior
Debt shall be read into this Subordinated Indenture against the Subordinated Trustee. The Subordinated Trustee shall not be deemed
to owe any fiduciary duty to the holders of the Senior Debt, and, except with respect to its express obligations under this ‎Article
[     ], the Subordinated Trustee shall not be liable to any such holders of the Senior Debt if the Subordinated Trustee in good faith
mistakenly pays over or distributes to holders of the Subordinated Notes or to the Issuer or to any other Person, cash, property
or securities to which any holders of the Senior Debt are entitled by virtue of this ‎Article [     ] or otherwise.

 

Section 1.07. No
Impairment of Subordination. No right of any present or future holder of the Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of the Issuer [or [the][any]
Note Guarantor] or by any act or failure to act, in good faith, by any such holder or by any noncompliance by the Issuer [or [the][any]
Note Guarantor] with the terms, provisions and covenants of this Indenture, regardless of any knowledge thereof that any such holder
may have or otherwise be charged with.

 

    D-5

     

    

 

Section 1.08.
Certain [Conversions][Exchanges] Not Deemed Payment.11 Notwithstanding anything to the contrary in this ‎Article
[      ], the issuance and delivery of Ordinary Shares (and cash in lieu of fractional Ordinary
Shares) upon [exchange][conversion] of any Subordinated Note in accordance with this Subordinated Indenture and the Subordinated
Notes or otherwise in exchange for any Subordinated Note shall be deemed not to constitute a payment on or distribution in respect
of the obligations of the Issuer [or [the][any] Guarantor] under any Subordinated Note[, any guarantee by a Guarantor] or any
repurchase, redemption or other acquisition of any Subordinated Note.

 

Section 1.09. Article
Applicable to [Paying Agents]. If at any time any [Paying Agent] other than the Subordinated Trustee shall have been appointed
by the Issuer and be then acting hereunder, the term “Subordinated
Trustee” as used in this Article shall (unless the context
otherwise requires) be construed as extending to and including such [Paying Agent] within its meaning as fully for all intents
and purposes as if such [Paying Agent] were named in this Article in addition to or in place of the Subordinated Trustee; provided,
however, that the first paragraph of ‎Section 1.05 shall not apply to the Issuer or any Affiliate of the Issuer if it or such
Affiliate acts as [Paying Agent].

 

Section 1.10.
Reinstatement. To the extent the payment of or distribution in respect of any Senior Debt is declared to be fraudulent or
preferential, set aside or required to be paid to any receiver, trustee in bankruptcy, liquidating trustee, agent or similar [Person]12
under any bankruptcy, insolvency, receivership, fraudulent conveyance or similar law, then if such payment or distribution
is recovered by, or paid over to, such receiver, trustee in bankruptcy, liquidating trustee, agent or similar [Person], the Senior
Debt or part thereof originally intended to be satisfied shall be deemed to be reinstated and outstanding as if such payment had
not occurred.

 

Section 1.11. Action
by Holders of Senior Debt. The holders of the Senior Debt may, at any time and from time to time, without the consent of or
notice to the Subordinated Trustee or the holders of Subordinated Debt, without incurring responsibility to such holders and without
impairing or releasing the subordination provided in this Article [    ], do any one or more of the following:

 

(a) change
the manner, place or terms of payment or extend the time of payment of, or renew or alter, the Senior Debt or any instrument evidencing
the same or any agreement under which any Senior Debt is outstanding or secured;

 

(b) sell,
exchange, release or otherwise deal with any property pledged, mortgaged or otherwise secured;

 

(c) release
any [Person] liable in any manner for the collection of Senior Debt;

 

(d) exercise
or refrain from exercising any rights against the Issuer or any other [Person]; and

 

(e) take
any other action in the reasonable business judgment of the holders of Senior Debt.

 

Section 1.12. Senior
Debt Entitled to Rely. The holders of Senior Debt shall have the right to rely upon this Article [     ], and no amendment or modification
of the provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.

 

 

 

		11	To be included if the Subordinated Notes are convertible
into or exchangeable for Ordinary Shares.

		12	To be conformed to the applicable term in the Subordinated
Indenture.

    D-6

     

    

 

SCHEDULE A

 

Existing Indebtedness

 

		1.	Grant funding from the Israel Innovation Authority (the
“IIA”) to Parent. As of December 31, 2020, Parent’s total outstanding obligation to the IIA, including
the interest accrued through December 31, 2020, is approximately $40 million, of which approximately $39 million is royalty-bearing
grants and approximately $1 million is non-royalty-bearing grants.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE B

 

Existing Investments

 

None.

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