Document:

VASCULAR
BIOGENICS LTD.

 

$15,000,000

 

ORDINARY
SHARES

 

EQUITY
DISTRIBUTION AGREEMENT

 

May
17, 2019

 

Oppenheimer
& Co. Inc.

85
Broad Street, 26th Floor

New
York, New York 10004

 

Ladies
and Gentlemen:

 

Vascular
Biogenics Ltd., a company organized under the laws of the State of Israel (the “Company”), confirms
its agreement (this “Agreement”) with Oppenheimer & Co. Inc., as follows:

 

1. Issuance
and Sale of Shares. From time to time during the term of this Agreement, on the terms and subject to the conditions set forth
herein, the Company may issue and sell to or through Oppenheimer & Co. Inc., acting as agent and/or principal (the “Sales
Agent”), ordinary shares of the Company, par value NIS 0.01 per share (the “Ordinary Shares”),
having an aggregate offering price of up to $15,000,000 (the “Maximum Amount”), subject to the limitations
set forth in Section 3(b) hereof. Any issuance and sale of Ordinary Shares to or through the Sales Agent will be effected
pursuant to the Registration Statement (as defined below) filed, or to be filed, by the Company and after such Registration Statement
has been declared effective by the U.S. Securities and Exchange Commission (the “Commission”).

 

On
the date of this Agreement, the Company has filed, or will file, in accordance with the provisions of the Securities Act of 1933,
as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), with the
Commission, a registration statement on Form F-3, including a base prospectus, relating to certain securities, including the Ordinary
Shares, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed
or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations
thereunder (collectively, the “Exchange Act”). The Company has prepared a prospectus supplement specifically
relating to the offer and sale of Placement Shares pursuant to this Agreement included as part of such registration statement
(the “ATM Prospectus”). The Company will furnish to the Sales Agent, for use by the Sales Agent, copies
of the ATM Prospectus included as part of such registration statement, relating to the Placement Shares. Except where the context
otherwise requires, such registration statement, as amended when it becomes effective, including all documents filed as part thereof
or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently
filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement
pursuant to Rule 430B or 462(b) of the Securities Act, is herein called the “Registration Statement.”
The base prospectus, including all documents incorporated therein by reference, and the ATM Prospectus, including all documents
incorporated therein by reference, each of which is included in the Registration Statement, as it or they may be supplemented
by any additional prospectus supplement, in the form in which such prospectus and/or ATM Prospectus have most recently been filed
by the Company with the Commission, is herein called the “Prospectus.” Any reference herein to the Registration
Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated
by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement”
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution
hereof of any document with the Commission deemed to be incorporated by reference therein. For purposes of this Agreement, all
references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include
the most recent copy of the relevant document filed with the Commission pursuant to the Electronic Data Gathering Analysis and
Retrieval System or any successor thereto (collectively “EDGAR”).

 

    	 	 	 

    	 

    

 

2. Placements.
Each time that the Company wishes to issue and sell the Ordinary Shares through the Sales Agent, as agent, hereunder (each, a
“Placement”), it will notify the Sales Agent by email notice (or other method mutually agreed to in
writing by the parties) (a “Placement Notice”) containing the parameters in accordance with which it
desires the Ordinary Shares to be sold, which shall at a minimum include the number of Ordinary Shares to be issued (the “Placement
Shares”), the time period during which sales are requested to be made, any limitation on the number of Placement
Shares that may be sold in any one Trading Day (as defined in Section 3) and any minimum price below which sales may not
be made, a form of which containing such minimum sales parameters necessary is attached hereto as Schedule 1. The
Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 2 (with a copy
to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals
from the Sales Agent set forth on Schedule 2, as such Schedule 2 may be amended from time to time.
The Placement Notice shall be effective upon receipt by the Sales Agent unless and until (i) in accordance with the notice requirements
set forth in Section 4, the Sales Agent declines to accept the terms contained therein for any reason, in its sole discretion,
(ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements set forth in Section
4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent Placement Notice with parameters
superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated under the provisions of Section
11. The amount of any discount, commission or other compensation to be paid by the Company to the Sales Agent in connection
with the sale of the Placement Shares through the Sales Agent, as agent, shall be as set forth in Schedule 3. Neither
the Company nor the Sales Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless
and until the Company delivers a Placement Notice to the Sales Agent and the Sales Agent does not decline such Placement Notice
pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between
the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

 

    	 	2	 

    	 

    

 

3. Sale
of Placement Shares by the Sales Agent.

 

(a) Subject
to the terms and conditions herein set forth, upon the Company’s issuance of a Placement Notice, and unless the sale of
the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this
Agreement, the Sales Agent, as agent for the Company, will use its commercially reasonable efforts consistent with its normal
trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Stock Market
LLC (the “Exchange”), for the period specified in the Placement Notice, to sell such Placement Shares
up to the amount specified by the Company in, and otherwise in accordance with the terms of such Placement Notice. If acting as
agent hereunder, the Sales Agent will provide written confirmation to the Company (including by email correspondence to each of
the individuals of the Company set forth on Schedule 2, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) no later than the opening of the Trading Day
(as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth
the number of Placement Shares sold on such day, the compensation payable by the Company to the Sales Agent pursuant to Section
2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions
made by the Sales Agent (as set forth in Section 5(a)) from the gross proceeds that it receives from such sales. Subject
to the terms of the Placement Notice, the Sales Agent may sell Placement Shares by any method permitted by law deemed to be an
“at the market” offering as defined in Rule 415 under the Securities Act, including without limitation sales made
directly on the Exchange, on any other existing trading market for the Ordinary Shares or to or through a market maker. If expressly
authorized by the Company in a Placement Notice, the Sales Agent may also sell Placement Shares in privately negotiated transactions.
Subject to Section 3(c) below, the Sales Agent shall not purchase Placement Shares for its own account as principal unless
expressly authorized to do so by the Company in a Placement Notice. There can be no assurance that the Sales Agent will be successful
in selling Placement Shares; the Sales Agent will incur no liability or obligation to the Company or any other person or entity
if it does not sell Placement Shares for any reason other than a failure by the Sales Agent to use its commercially reasonable
efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares
as required under this Section 3. For the purposes hereof, “Trading Day” means any day on which
the Company’s Ordinary Shares is purchased and sold on the principal market on which the Ordinary Shares is listed or quoted.

 

(b) The
Company shall not cause or request the offer or sale of any Placement Shares (i) if, after giving effect to the sale of such Placement
Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser
of: (A) the number or dollar amount of Ordinary Shares registered pursuant to the Registration Statement pursuant to which the
offering hereunder is being made, (B) the number of authorized but unissued and unreserved Ordinary Shares, (C) the number or
dollar amount of Ordinary Shares permitted to be offered and sold by the Company under Form F-3 (including General Instruction
I.B.5. of Form F-3, if and for so long as applicable), (D) the number or dollar amount of Ordinary Shares authorized from time
to time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof
or a duly authorized executive committee, and notified to the Sales Agent in writing, or (E) the number or dollar amount of Ordinary
Shares for which the Company has filed the ATM Prospectus or other prospectus or prospectus supplement thereto specifically relating
to the offering of the Placement Shares pursuant to this Agreement, or (ii) at a price lower than the minimum price therefor authorized
from time to time by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to the Sales Agent in writing. The Company shall not cause or request the offer or sale of any Placement
Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s
board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Sales Agent
in writing. Notwithstanding anything to the contrary contained herein, compliance with the limitations set forth in this Section
5(b) on the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time to time
shall be the sole responsibility of the Company, and the Sales Agent shall have no obligation in connection with such compliance.

 

    	 	3	 

    	 

    

 

(c) The
Sales Agent has informed the Company that the Sales Agent may, to the extent permitted under the Securities Act and the Exchange
Act (including, without limitation, Regulation M promulgated thereunder), purchase and sell Ordinary Shares for its own account
while this Agreement is in effect, and shall be under no obligation to purchase Placement Shares on a principal basis pursuant
to this Agreement, except as otherwise agreed by the Sales Agent in a Placement Notice; provided, that no such purchase
or sales shall take place while a Placement Notice is in effect (except (i) as agreed by the Company and the Sales Agent in the
Placement Notice or (ii) to the extent the Sales Agent may engage in sales of Placement Shares purchased or deemed purchased from
the Company as a “riskless principal” or in a similar capacity); and, provided, further, that the Sales Agent
acknowledges and agrees that, except as expressly set forth in a Placement Notice, any such transactions are not being, and shall
not be deemed to have been, undertaken at the request or direction of, or for the account of, the Company, and that the Company
has and shall have no control over any decision by the Sales Agent to enter into any such transactions.

 

(d) During
the term of this Agreement and notwithstanding anything to the contrary herein, neither the Sales Agent nor its affiliates will
engage in any trading activity with regard to the Ordinary Shares or related derivative securities if such activity would be prohibited
under Regulation M or other anti-manipulation rules under the Exchange Act.

 

(e) The
Sales Agent represents and warrants that it is duly registered as a broker dealer under the Financial Industry Regulatory Authority,
Inc. (“FINRA”), the Exchange Act and the applicable statutes and regulations of each state in which
the Placement Shares will be offered and sold, except such states in which the Sales Agent is exempt from registration or such
registration is not otherwise required in connection with the offer and sale of the Placement Shares. The Sales Agent shall continue,
for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes
and regulations of each state in which the Placement Shares will be offered and sold, except such states in which it is exempt
from registration or such registration is not otherwise required in connection with the offer and sale of the Placement Shares.

 

    	 	4	 

    	 

    

 

4. Suspension
of Sales.

 

(a) The
Company or the Sales Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals
of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged by any of
the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile
transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2), suspend
any offer and sale of Placement Shares for a period of time (a “Suspension Period”), in which case the
Sales Agent shall immediately cease offering and selling such Placement Shares; provided, however, that such suspension
shall not affect or impair either party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt
of such notice. While a Suspension Period is in effect, any obligation under Sections 7(o), 7(m) and 7(n)
with respect to the delivery of certificates, opinions or comfort letters to the Sales Agent, shall be waived. Each of the parties
agrees that no such notice under this Section 4 shall be effective against the other party unless it is made to one of
the individuals named on Schedule 2 hereto, as such schedule may be amended from time to time. During a Suspension
Period, the Company shall not issue any Placement Notices and the Sales Agent shall not sell any Placement Shares hereunder. The
party that issued a suspension notice shall notify the other party in writing of the Trading Day on which the Suspension Period
shall expire not later than twenty-four (24) hours prior to such Trading Day.

 

(b) Notwithstanding
any other provision of this Agreement, during any period in which the Company is in possession of material non-public information,
the Company and the Sales Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not request
the sale of any Placement Shares, and (iii) the Sales Agent shall not be obligated to sell or offer to sell any Placement Shares.

 

5. Settlement.

 

(a)
Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of
Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way
trading) following the respective Point of Sale (as defined below) (each, a “Settlement Date”). The
amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net
Proceeds”) will be equal to the aggregate sales price received by the Sales Agent at which such Placement Shares
were sold, after deduction for (i) the Sales Agent’s discount, commission or other compensation for such sales payable by
the Company pursuant to Section 2 hereof, (ii) any other amounts due and payable by the Company to the Sales Agent hereunder
pursuant to Section 7(g) (Expenses) hereof and (iii) any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales. “Point of Sale” means, for a Placement, the time at which an
acquiror of Placement Shares entered into a contract, binding upon such acquiror, to acquire such Placement Shares.

 

(b) Delivery
of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically
transfer the Placement Shares being sold by crediting the Sales Agent’s or its designee’s account (provided the Sales
Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company
through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the
parties hereto which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each
Settlement Date, the Sales Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company
on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults
in its obligation to deliver duly authorized Placement Shares on a Settlement Date, the Company agrees that in addition to and
in no way limiting the rights and obligations set forth in Section 9(a) (Indemnification and Contribution) hereto, the
Company will (i) hold the Sales Agent, its directors, officers, members, partners, employees and agents of the Sales Agent, each
broker dealer affiliate of the Sales Agent, and each person, if any, who (A) controls the Sales Agent within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act or (B) is controlled by or is under common control with the Sales Agent
(each, a “Sales Agent Affiliate”), harmless against any loss, claim, damage, or reasonable and documented
expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such
default by the Company or its transfer agent (if applicable) and (ii) pay to the Sales Agent any commission, discount, or other
compensation to which it would otherwise have been entitled absent such default.

 

    	 	5	 

    	 

    

 

6. Representations
and Warranties of the Company. The Company, on behalf of itself and its subsidiaries, represents and warrants to, and agrees
with, the Sales Agent that as of each Applicable Time (as defined in Section 22(a)):

 

(a) Compliance
with Registration Requirements. As of each Applicable Time other than the date of this Agreement, the Registration Statement
and any Rule 462(b) Registration Statement have been declared effective by the Commission under the Securities Act. The Company
has complied to the Commission’s satisfaction with all requests of the Commission for additional or supplemental information
related to the Registration Statement and the Prospectus. No stop order suspending the effectiveness of the Registration Statement
or any Rule 462(b) Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the knowledge of the Company, are contemplated or threatened by the Commission. The Registration Statement and, assuming
no act or omission on the part of the Sales Agent that would make such statements untrue, the offer and sale of the Placement
Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with
said Rule. In the section entitled “Plan of Distribution” in the ATM Prospectus, the Company has named Oppenheimer
& Co. Inc. as an agent that the Company has engaged in connection with the transactions contemplated by this Agreement. The
Company was not and is not an “ineligible issuer” as defined in Rule 405 under the Securities Act.

 

(b) No
Misstatement or Omission. As of (i) the time of filing of the Registration Statement and (ii) as of the date of this Agreement,
the Company was not an “ineligible issuer” in connection with the offering of the Placement Shares pursuant to Rules
164, 405 and 433 under the Securities Act. The Company agrees to notify the Sales Agent promptly upon the Company becoming an
“ineligible issuer.” The Prospectus when filed will comply or complied and, as amended or supplemented, if applicable,
will comply in all material respects with the Securities Act. Each of the Registration Statement, any Rule 462(b) Registration
Statement and any post-effective amendment thereto, at the time it becomes effective, and as of each Applicable Time, if any,
will comply in all material respects with the Securities Act and did not and, as of each Applicable Time, if any, will not contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading. The Prospectus, as amended or supplemented, as of its date, did not and, as of each Applicable
Time, if any, will not contain any 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 representations
and warranties set forth in the two immediately preceding sentences do not apply to statements in or omissions from the Registration
Statement, any Rule 462(b) Registration Statement, or any post-effective amendment thereto, or the Prospectus, or any amendments
or supplements thereto, made in reliance upon and in conformity with information furnished to the Company in writing by the Sale
Agent expressly for use therein. The parties hereto agree that the information provided in writing by or on behalf of the Sales
Agent expressly for use in the Registration Statement, any Rule 462(b) Registration Statement, or any post-effective amendment
thereto, or the Prospectus, or any amendments or supplements thereto consists solely of the material referred to in Schedule
5 hereto, as updated from time to time. There are no contracts or other documents required to be described in the Prospectus
or to be filed as exhibits to the Registration Statement which have not been described or filed as required.

 

    	 	6	 

    	 

    

 

(c) F-3
Eligibility. At the time the Registration Statement and any Rule 462(b) Registration Statement was or will be filed with the
Commission, at the time the Registration Statement and any Rule 462(b) Registration Statement was or will be declared effective
by the Commission, and at the time the Company’s most recent Annual Report on Form 20-F was filed with the Commission, the
Company met or will meet the then applicable requirements for the use of Form F-3 under the Securities Act, including, but not
limited to, General Instruction I.B.5. of Form F-3, if and for so long as applicable. As of the close of trading on the Exchange
on March 28, 2019, the aggregate market value of the outstanding voting and non-voting common equity (as defined in Rule 405 under
the Securities Act) of the Company held by persons other than affiliates of the Company (pursuant to Rule 144 under the Securities
Act, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common
control with, the Company) (the “Non-Affiliate Shares”), was approximately $54.8 million (calculated
by multiplying (x) the price at which the common equity of the Company was last sold on the Exchange on March 28, 2019 times (y)
the number of Non-Affiliate Shares). The Company is not a shell company (as defined in Rule 405 under the Securities Act) and
has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously,
has filed current Form 10 information (as defined in General Instruction I.B.5. of Form F-3) with the Commission at least 12 calendar
months previously reflecting its status as an entity that is not a shell company.

 

(d) Distribution
of Offering Material By the Company. The Company has not distributed and will not distribute, prior to the completion of the
Sales Agent’s distribution of the Placement Shares, any offering material in connection with the offering and sale of the
Placement Shares other than the Prospectus or the Registration Statement.

 

(e) The
Equity Distribution Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes
a valid, legal, and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as
rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally, and subject
to general principles of equity. The Company has full corporate power and authority to enter into this Agreement and to authorize,
issue and sell the Placement Shares as contemplated by this Agreement. This Agreement conforms in all material respects to the
descriptions thereof in the Registration Statement and the Prospectus.

 

    	 	7	 

    	 

    

 

(f) Authorization
of the Placement Shares. The Placement Shares to be sold by the Sales Agent, acting as agent and/or principal for the Company,
have been duly authorized and when issued and paid for as contemplated herein will be validly issued, fully paid and non-assessable.
The issuance of the Placement Shares is not subject to the preemptive or other similar rights of any shareholder of the Company.

 

(g) No
Applicable Registration or Other Similar Rights. There are no persons with registration or other similar rights to have any
equity or debt securities registered for sale under the Registration Statement or included in the offering contemplated by this
Agreement, except for such rights as have been duly waived. No person has the right to act as an underwriter or as a financial
advisor to the Company in connection with the offer and sale of the Placement Shares hereunder, whether as a result of the filing
or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated hereby or otherwise.

 

(h) No
Material Adverse Change. Except as otherwise disclosed in the Prospectus, subsequent to the respective dates as of which information
is given in the Prospectus: (i) there has been no material adverse change in the condition (financial or otherwise), assets, rights,
operations, business, management or prospects of the Company and its subsidiaries, considered as one entity (any such change is
called a “Material Adverse Change”) or any development involving a prospective material adverse change,
which, individually or in the aggregate, has had or would reasonably be expected to result in a Material Adverse Change; (ii)
the Company and its subsidiaries, considered as one entity, have not incurred any material liability or obligation, indirect,
direct or contingent, not in the ordinary course of business nor entered into any material transaction or agreement not in the
ordinary course of business; and (iii) there has been no dividend or distribution of any kind declared, paid or made by the Company
or, except for regular quarterly dividends publicly announced by the Company or dividends paid to the Company or other subsidiaries,
by any of its subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its subsidiaries
of any class of capital stock.

 

(i) Independent
Accountants. Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International Ltd., who have certified certain
financial statements of the Company, whose report with respect to the financial statements (which term as used in this Agreement
includes the related notes thereto) and any supporting schedules filed with the Commission or incorporated by reference in the
Registration Statement and included or incorporated by reference in the Prospectus, are independent public accountants as required
by the Securities Act and the rules and regulations thereunder.

 

    	 	8	 

    	 

    

 

(j) Preparation
of the Financial Statements. The consolidated financial statements of the Company, together with related notes and schedules
as incorporated by reference in the Registration Statement and the Prospectus, present fairly in all material respects the financial
position and the results of operations and cash flows of the Company, at the indicated dates and for the indicated periods (subject
in the case of unaudited statements, to normal year-end audit adjustments). Such financial statements and related schedules have
been prepared in accordance with International Financing Reporting Standards as issued by the International Accounting Standards
Board, as in effect at the time of filing, consistently applied throughout the periods involved, except as disclosed therein,
and all adjustments necessary for a fair presentation of results for such periods have been made (subject (i) to such adjustments
to accounting standards and practices as are noted therein, and (ii) in the case of unaudited interim statements, to (A) normal
recurring adjustments (B) the exclusion of financial statement footnotes, and (C) the information being presented in a condensed
or summary manner). The summary financial and statistical data included or incorporated by reference in the Registration Statement
and the Prospectus present fairly in all material respects the information shown therein and such data has been compiled on a
basis consistent with the financial statements presented therein and the books and records of the Company. The statistical, industry-related
and market-related data included or incorporated by reference in the Registration Statement and the Prospectus are based on or
derived from sources which the Company reasonably and in good faith believes are reliable and accurate, and the Company has obtained
the written consent to the use of such data from such sources to the extent required. The other financial data set forth or incorporated
by reference in the Registration Statement and the Prospectus is accurately presented in all material respects and prepared on
a basis consistent with the financial statements and books and records of the Company. The Company and its subsidiaries do not
have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations or any “variable
interest entities” as that term is used in Accounting Standards Codification Paragraph 810-10-25-20), not disclosed in the
Registration Statement and the Prospectus which are required to be disclosed in the Registration Statement and the Prospectus.

 

(k) XBRL.
The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement
fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s
rules and guidelines applicable thereto.

 

(l) Organization
and Good Standing of the Company and its Subsidiaries. The Company is duly organized and validly existing under the laws of
the State of Israel and is in good standing under such laws. The Company has requisite corporate power to carry on its business
as described in the Prospectus. The Company is duly qualified to transact business and is in good standing in all jurisdictions
in which the conduct of its business requires such qualification; except where the failure to be so qualified or to be in good
standing would not result in a Material Adverse Change. The Company does not own or control, directly or indirectly, any corporation,
association or other entity other than the subsidiaries listed on Schedule 4. Each subsidiary is a company duly
organized and validly existing under the laws of the jurisdiction of its organization and is in good standing under such laws.
Each of the subsidiaries has requisite corporate power to carry on its business as described in the Prospectus. Each of the subsidiaries
is duly qualified to transact business and is in good standing in all jurisdictions in which the conduct of its business requires
such qualification; except where the failure to be so qualified or to be in good standing would not result in a Material Adverse
Change. Neither the Company nor any of its subsidiaries (if applicable) is designated as a “breaching company” (within
the meaning of the Israeli Companies Law 5759-1999, and the regulations thereunder (the “Israeli Companies Law”))
by the Registrar of Companies of the State of Israel, nor has a proceeding been instituted by the Registrar of Companies in Israel
for the dissolution of the Company or its subsidiaries (if applicable).

 

    	 	9	 

    	 

    

 

(m) Capital
Stock Matters. The Ordinary Shares conform in all material respects to the description thereof contained in the Prospectus.
The form of certificates for the Ordinary Shares conforms to the corporate law of the jurisdiction of the Company’s organization.
All of the issued and outstanding Ordinary Shares have been duly authorized and validly issued, are fully paid and nonassessable
and have been issued in compliance with the Israeli Companies Law and applicable Israeli, federal and state securities laws. None
of the outstanding Ordinary Shares were issued in violation of any preemptive rights, rights of first refusal or other similar
rights to subscribe for or purchase securities of the Company. There are no authorized or outstanding options, warrants, preemptive
rights, rights of first refusal or other rights to purchase, or equity or debt securities convertible into or exchangeable or
exercisable for, any capital stock of the Company or any of its subsidiaries other than those disclosed in the Prospectus or in
a document filed as an exhibit to or incorporated by reference into the Registration Statement. All of the issued and outstanding
capital stock of, or other ownership interests in, each subsidiary of the Company has been duly authorized and validly issued,
is fully paid and non-assessable and, except for directors’ qualifying shares, is owned by the Company, directly or through
subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim.

 

(n) Non-Contravention
of Existing Instruments; No Further Authorizations or Approvals Required. Neither the Company nor any of its subsidiaries
is (i) in breach or violation of its articles of association, memorandum of association, certificate or articles of incorporation,
charter, bylaws, limited liability company agreement, certificate or agreement of limited or general partnership, or other similar
organizational documents, as the case may be, of such entity, (ii) in breach of or in default (or, with the giving of notice or
lapse of time or both, would be in default) (“Default”) under any indenture, mortgage, loan or credit
agreement, deed of trust, note, contract, franchise, lease or other agreement, obligation, condition, covenant or instrument to
which the Company or any of its subsidiaries is a party or by which it or any of them may be bound or to which any of the property
or assets of the Company or any of its subsidiaries is subject (each, an “Existing Instrument”), (iii)
in violation of any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the Company or any of its subsidiaries or any of their
properties, as applicable, except, with respect to clauses (ii) and (iii) only, for such breaches, violations or Defaults that
would not, individually or in the aggregate, result in a Material Adverse Change, or (iv) in violation of any instrument or approval
granted to any of them by the Israel Innovation Authority (formerly the Office of the Chief Scientist) of the Israeli Ministry
of Economy and Industry (the “IIA”).

 

    	 	10	 

    	 

    

 

(o) The
Company’s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby
or by the Registration Statement and the Prospectus (including the issuance and sale of the Placement Shares and the use of the
proceeds from the sale of the Placement Shares as described in the Prospectus under the caption “Use of Proceeds”)
(i) will not result in any breach or violation of the certificate or articles of incorporation, charter, bylaws, limited liability
company agreement, certificate or agreement of limited or general partnership, memorandum and articles of association, or other
similar organizational documents, as the case may be, of the Company or any of its subsidiaries, (ii) will not conflict with or
constitute a breach of, or Default or a Debt Repayment Triggering Event (as defined below) under, or result in the creation or
imposition of any lien, charge, claim or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant
to, or require the consent of any other party to, any Existing Instrument, and (iii) will not result in any violation of any statute,
law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court, regulatory
body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of its
subsidiaries or any of its or their properties, as applicable, except, with respect to clauses (ii) and (iii) only, for such conflicts,
breaches, Defaults, Debt Repayment Triggering Events or violations that would not, individually or in the aggregate, result in
a Material Adverse Change. As used herein, a “Debt Repayment Triggering Event” means any event or condition
which gives, or with the giving of notice or lapse of time or both would give, the holder of any note, debenture or other evidence
of indebtedness (or any person acting on such holder’s behalf), issued by the Company, the right to require the repurchase,
redemption or repayment of all or a portion of such indebtedness by the Company or any of its Significant Subsidiaries. Each approval,
consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative or other governmental
body necessary in connection with the execution and delivery by the Company of this Agreement and the performance of the Company
of the transactions herein contemplated has been obtained or made and is in full force and effect, except (i) such additional
steps as may be required by the bylaws and rules of FINRA, (ii) such additional steps
as may be necessary to qualify the Ordinary Shares for sale by the Sales Agent under state securities or Blue Sky laws, or (iii)
the filing of a notice with or the receipt of an approval by the IIA in connection with the transactions contemplated under this
Agreement.

 

(p) No
Material Actions or Proceedings; Labor Disputes. There is no action, suit, claim or proceeding pending or, to the knowledge
of the Company, threatened against the Company before any court or administrative agency or otherwise (i) that is required to
be described in the Registration Statement or the Prospectus and are not so described or (ii) which, if determined adversely to
the Company, would reasonably be expected to result in a Material Adverse Change or prevent the consummation of the transactions
contemplated hereby, except as set forth in the Registration Statement and the Prospectus. The aggregate of all pending legal
or governmental proceedings to which the Company and its subsidiaries is a party or of which any of their property or assets is
the subject which are not described in the Prospectus, including ordinary routine litigation incidental to the business, could
not reasonably be expected to result in a Material Adverse Change. No labor dispute with the employees of the Company exists or,
to the Company’s knowledge, is threatened or imminent, and the Company is not aware of any existing or imminent labor dispute
by the employees of any of its principal suppliers, contractors or customers, that would, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Change. None of the employees of the Company or any of its subsidiaries is represented
by a union and, to the knowledge of the Company, no union organizing activities are taking place. Neither the Company nor any
of its subsidiaries has violated any federal, state or local law or foreign law relating to the discrimination in hiring, promotion
or pay of employees, nor any applicable wage or hour laws, or the rules and regulations thereunder, or analogous foreign laws
and regulations, which might, individually or in the aggregate, result in a Material Adverse Change.

 

    	 	11	 

    	 

    

 

(q) All
Necessary Permits, etc. Each of the Company and its subsidiaries has all material licenses, certifications, permits, franchises,
approvals, clearances and other regulatory authorizations (“Permits”) from governmental authorities
as are necessary to (i) conduct its businesses as currently conducted and (ii) own, lease and operate its properties in the manner
described in the Prospectus. There is no claim or proceeding pending or, to the knowledge of the Company, threatened in writing,
involving the status of or sanctions under any of the Permits. Each of the Company and its subsidiaries has fulfilled and performed
all of its material obligations with respect to the Permits, and the Company is not aware of the occurrence of any event which
allows, or after notice or lapse of time would allow, the revocation, termination, or other impairment of the rights of the Company
or any of its subsidiaries under such Permit.

 

(r) Tax
Law Compliance. All foreign and United States federal income tax returns of the Company and its subsidiaries required by law
to be filed have been filed or extensions thereof have been requested, and all taxes shown by such returns or otherwise assessed,
which are due and payable, have been paid, except assessments that are being contested in good faith and as to which adequate
reserves have been provided, except where the failure to do so would not result in a Material Adverse Change. Each of the Company
and its subsidiaries has filed all other tax returns that are required to have been filed by it pursuant to applicable foreign,
state, provincial, local or other law except insofar as the failure to file such returns would not result in a Material Adverse
Change, and has paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its subsidiaries,
except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided and except
for such taxes or assessments the nonpayment of which would not, individually or in the aggregate, result in a Material Adverse
Change. The charges, accruals and reserves on the books of the Company and its subsidiaries in respect of any income and corporation
tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional tax for
any years not finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Change. All
material taxes which the Company and its subsidiaries are required by law to withhold or to collect for payment have been duly
withheld and collected and have been paid to the appropriate governmental authority or agency or have been accrued, reserved against
and entered on the books of the Company and its subsidiaries. There are no transfer taxes or other similar fees or charges under
foreign law, federal law or the laws of any state, or any political subdivision thereof, required to be paid in connection with
the execution and delivery of this Agreement or the issuance by the Company or sale by the Sales Agent of the Placement Shares,
acting as agent and/or principal for the Company.

 

(s) Company
Not an “Investment Company”. The Company has been advised of the rules and requirements under the Investment Company
Act of 1940, as amended (the “Investment Company Act”). The Company is not, and after receipt of payment
for the Placement Shares will not be, an “investment company” within the meaning of Investment Company Act and will
conduct its business in a manner so that it will not become subject to the Investment Company Act.

 

    	 	12	 

    	 

    

 

(t) Insurance.
Except as otherwise described in the Prospectus, the Company carries, or is covered by, insurance in such amounts and covering
such risks as is generally considered reasonably adequate for the conduct of its business and the value of its properties and
as is customary for companies engaged in similar industries. All policies of insurance insuring the Company or its business, assets,
employees, officers and directors are in full force and effect, and the Company is in compliance with the terms of such policies
in all material respects. There are no claims by the Company under any such policy or instrument as to which an insurance company
is denying liability or defending under a reservation of rights clause. The Company has no reason to believe that it will not
be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from
similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not
result in a Material Adverse Change.

 

(u) No
Price Stabilization or Manipulation. Neither the Company, nor any of its subsidiaries, nor any of its or their respective
directors, officers or, to the knowledge of the Company, controlling persons has taken, directly or indirectly, any action designed
to or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of the Ordinary Shares.

 

(v) Related
Party Transactions. There are no business relationships or related-party transactions involving the Company or any subsidiary
or any other person required to be described in the Prospectus which have not been described as required and approved in accordance
with the provisions of the Israeli Companies Law.

 

(w) Exchange
Act Compliance. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the Prospectus
or any amendment or supplement thereto, at the time they were or hereafter are filed with the Commission under the Exchange Act,
complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the
other information in the Prospectus, at each Point of Sale and each Settlement Date, will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(x) Free
Writing Prospectuses. The Company represents and warrants to the Sales Agent that neither it nor any of its agents or representatives
(other than the Sales Agent in its capacity as such) has made any offer relating to the Placement Shares that would constitute
a “free writing prospectus” as defined in Rule 405 under the Securities Act and that it agrees with the Sales Agent
that it will not make any offer relating to the Placement Shares that would constitute a “free writing prospectus”
as defined in Rule 405 under the Securities Act.

 

(y) Compliance
with Environmental Laws. To its knowledge, the Company is not in violation of any statute, any rule, regulation, decision
or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous
chemicals, toxic substances or radioactive and biological materials or relating to the protection or restoration of the environment
or human exposure to hazardous chemicals, toxic substances or radioactive and biological materials (collectively, “Environmental
Laws”). The Company neither owns nor, to its knowledge, operates any real property contaminated with any substance
that is subject to any Environmental Laws, is not liable for any off-site disposal or contamination pursuant to any Environmental
Laws, nor is it subject to any claim relating to any Environmental Laws, which violation, contamination, liability or claim would
individually or in the aggregate result in a Material Adverse Change; and the Company is not aware of any pending investigation
which might lead to such a claim.

 

    	 	13	 

    	 

    

 

(z) Intellectual
Property. Each of the Company and its subsidiaries owns and has full right, title and interest in and to, or has valid licenses
to use, each material trade name, trademark, service mark, patent, copyright, approval, trade secret and other similar rights
(collectively “Intellectual Property”) under which the Company and its subsidiaries conduct all or any
material part of their respective businesses, and the Company has not created any lien or encumbrance on, or granted any right
or license with respect to, any such Intellectual Property, except where the failure to own or obtain a license or right to use
any such Intellectual Property could not reasonably be expected to result in a Material Adverse Change; there is no claim pending
against the Company or its subsidiaries with respect to any Intellectual Property, and the Company and its subsidiaries have not
received notice or otherwise become aware that any Intellectual Property that it uses or has used in the conduct of its business
infringes upon or conflicts with the rights of any third party.

 

(aa)Brokers.
Other than the Sales Agent, there is no broker, finder or other party that is entitled to receive from the Company any brokerage
or finder’s fee or other fee or commission as a result of any transactions contemplated by this Agreement.

 

(bb)No
Outstanding Loans or Other Indebtedness. There are no outstanding loans, advances (except normal advances for business expenses
in the ordinary course of business) or guarantees of indebtedness by the Company to or for the benefit of any of the officers
or directors of the Company or any of their respective family members, except as disclosed in the Prospectus to the extent required
to be disclosed therein. The Company has not directly or indirectly extended or maintained credit, arranged for the extension
of credit, or renewed an extension of credit, in the form of a personal loan to or for any director or executive officer of the
Company.

 

(cc)No
Reliance. The Company has not relied upon the Sales Agent or legal counsel for the Sales Agent for any legal, tax or accounting
advice in connection with the offering and sale of the Placement Shares.

 

(dd)Broker-Dealer
Status. Neither the Company nor any of its related entities (i) is required to register as a “broker” or “dealer”
in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls
or is a “person associated with a member” or “associated person of a member” (within the meaning of Article
I of the NASD Manual administered by FINRA). To the Company’s knowledge, there are no affiliations or associations between
any member of FINRA and any of the Company’s officers, directors or 5% or greater security holders, except as set forth
in the Registration Statement. All of the information (including, but not limited to, information regarding affiliations, security
ownership and trading activity) provided to the Sales Agent or its counsel by the Company, and to the Company’s knowledge,
its officers and directors and the holders of any securities (debt or equity) or warrants, options or rights to acquire any securities
of the Company in connection with the filing to be made and other supplemental information to be provided to FINRA pursuant to
Rule 5110 of FINRA in connection with the transactions contemplated by this Agreement is true, complete and correct, and copies
of any Company filings required to be filed with FINRA have been filed with the Commission or delivered to the Sales Agent for
filing with FINRA.

 

    	 	14	 

    	 

    

 

(ee)Compliance
with Laws. The Company has not been advised, and has no reason to believe, that it and each of its subsidiaries are not conducting
business in compliance with all applicable laws, rules and regulations of the jurisdictions in which it is conducting business,
except where failure to be so in compliance would not result in a Material Adverse Change.

 

(ff)Certain
Regulations. The studies, tests and clinical trials conducted by or on behalf of the Company and its subsidiaries were and,
if still pending, are being conducted in compliance with experimental protocols, procedures and controls pursuant to accepted
professional scientific standards and all applicable laws and authorizations, including, without limitation, the Federal Food,
Drug and Cosmetic Act, any other U.S., Israeli or other foreign law or act, and the rules and regulations promulgated thereunder,
or issued by a federal, state, Israeli or other foreign governmental authority, except where the failure to be in compliance could
not reasonably be expected to result in a Material Adverse Change; the descriptions of the results of such studies, tests and
clinical trials contained in the Registration Statement and the Prospectus are accurate and complete in all material respects
and fairly present the data derived from such studies, tests and clinical trials; except to the extent disclosed in the Registration
Statement and the Prospectus, to the knowledge of the Company, there are no studies, tests or clinical trials, the results of
which the Company believes reasonably call into question the study, test, or clinical trial results described or referred to in
the Registration Statement and the Prospectus when viewed in the context in which such results are described; and, except to the
extent disclosed in the Registration Statement and the Prospectus, the Company and its subsidiaries have not received any notices
or correspondence from the Israeli Ministry of Health, the United States Food and Drug Administration (“FDA”)
or any other foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed
by the FDA with respect to any ongoing clinical or pre- clinical studies or tests requiring the termination, suspension or material
modification of any studies, tests or clinical trials conducted by or on behalf of the Company or its subsidiaries.

 

(gg)FDA
Regulations. The Company and its subsidiaries: (A) are and at all times have been in material compliance with all statutes,
rules, or regulations, including but not limited to those administered by the FDA, the European Medicines Agency (“EMA”)
and similar governmental authorities applicable to the ownership, testing, development, manufacture, packaging, processing, use,
distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any products being
developed, manufactured or distributed by the Company or its subsidiaries (“Applicable Laws”), except
as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; (B) have not received
any warning letter or other correspondence or notice from the FDA, EMA or any other governmental authority alleging or asserting
noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements
or amendments thereto required by any such Applicable Laws (“Authorizations”); (C) possess all material
Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of
any such Authorizations; (D) have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any governmental authority or third party alleging that any product operation or activity is
in violation of any Applicable Laws or Authorizations and have no knowledge that any such governmental authority or third party
is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (E) have not received written
notice that any governmental authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any
Authorizations and have no knowledge that any such governmental authority is considering such action; (F) have filed, obtained,
maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications,
records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed
(or were corrected or supplemented by a subsequent submission); and (G) have not, either voluntarily or involuntarily, initiated,
conducted, or issued or caused to be initiated, conducted or issued, any recall, market withdrawal or replacement, safety alert,
or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation
and, to the Company’s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.

 

    	 	15	 

    	 

    

 

(hh)Sarbanes–Oxley
Act. There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their
capacities as such, to comply in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the
rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section
402 related to loans and Sections 302 and 906 related to certifications.

 

(ii) Disclosure
Controls And Procedures. The Company has established and maintains “disclosure controls and procedures” (as defined
in Rules 13a–15(e) and 15d–15(e) of the Exchange Act); the Company’s “disclosure controls and procedures”
are reasonably designed to ensure that all information (both financial and non–financial) required to be disclosed by the
Company in the reports that it will file or furnish under the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in the rules and regulations of the Commission, and that all such information is accumulated and communicated
to the Company’s management as appropriate to allow timely decisions regarding required disclosure and to make the certifications
of the Chief Executive Officer and Chief Financial Officer of the Company required under the Exchange Act with respect to such
reports.

 

(jj)Company’s
Accounting System. The Company maintains a system of internal accounting controls sufficient to provide reasonable assurances
that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain accountability for assets; (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 existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

(kk)Contracts
and Agreements. There are no contracts, agreements, instruments or other documents that are required to be described in the
Registration Statement or the Prospectus or to be filed as exhibits thereto which have not been so described in all material respects
and filed as required by Item 601(b) of Regulation S-K under the Securities Act. The copies of all contracts, agreements, instruments
and other documents (including governmental licenses, authorizations, permits, consents and approvals and all amendments or waivers
relating to any of the foregoing) that have been furnished to the Sales Agent or its counsel are complete in all material respects
and genuine and include all material collateral and supplemental agreements thereto. All contracts and agreements between the
Company and third parties expressly referenced in the Registration Statement or the Prospectus are legal, valid and binding obligations
of the Company, enforceable against the Company in accordance with their respective terms, except as rights to indemnity thereunder
(as applicable) may be limited by federal or state securities laws and except as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting the rights of creditors generally, and subject to general principles of equity.

 

    	 	16	 

    	 

    

 

(ll)Title
to Properties. Except as set forth in the Registration Statement and the Prospectus, the Company and each of its subsidiaries
have good and marketable title to all of the properties and assets reflected as owned in the financial statements referred to
in Section 6(j) above (or elsewhere in the Registration Statement and the Prospectus), in each case free and clear of any security
interests, mortgages, liens, encumbrances, equities, claims and other defects, except such as do not materially and adversely
affect the value of such property or assets and do not materially interfere with the use made or proposed to be made of such property
by the Company or any subsidiary. The material real property, improvements, equipment and personal property held under lease by
the Company or any of its subsidiaries are held under valid and enforceable leases, with such exceptions as are not material and
do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or personal
property by the Company or such subsidiary. The Company and each of its subsidiaries have such consents, easements, rights-of-way
or licenses from any person (“rights-of-way”) as are necessary to enable the Company and each of its
subsidiaries to conduct its business in the manner described in the Registration Statement and the Prospectus, and except for
such rights-of-way the lack of which would not, individually or in the aggregate, result in a Material Adverse Change.

 

(mm)No
Unlawful Contributions or Other Payments. No payments or inducements have been made or given, directly or indirectly, to any
federal or local official or candidate for, any federal or state office in the United States or foreign offices by the Company
or any of its officers or directors, or, to the knowledge of the Company, by any of its employees or agents or any other person
in connection with any opportunity, contract, permit, certificate, consent, order, approval, waiver or other authorization relating
to the business of the Company, except for such payments or inducements as were lawful under applicable laws, rules and regulations.
Neither the Company, nor, to the knowledge of the Company, any director, officer, agent, employee or other person associated with
or acting on behalf of the Company, (i) has used any corporate funds for any unlawful contribution, gift, entertainment or other
unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any government official
or employee from corporate funds; or (iii) made any bribe, unlawful rebate, payoff, influence payment, kickback or other unlawful
payment in connection with the business of the Company.

 

(nn)Foreign
Corrupt Practices Act. None of the Company, any subsidiary or, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or other person acting on behalf of the Company or any of its subsidiaries, is aware of or has taken any action,
directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended,
and the rules and regulations thereunder (collectively, the “FCPA”), including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an offer, payment,
promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the
giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any foreign political
party or official thereof or any candidate for foreign political office, in contravention of the FCPA. The Company and its subsidiaries
have conducted their respective businesses in compliance in all material respects with the FCPA and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance in all
material respects therewith.

 

    	 	17	 

    	 

    

 

(oo) Money
Laundering Laws. The operations of the Company and its subsidiaries are and have been conducted at all times in material compliance
with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970,
as amended, the money laundering statutes of all jurisdictions (including Israel), the rules and regulations thereunder and any
related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental
agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.

 

(pp) OFAC.
None of the Company, any subsidiary or, to the knowledge of the Company, any director, officer, agent, employee, affiliate or
person acting on behalf of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the Company will not
directly or indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently
subject to any U.S. sanctions administered by OFAC.

 

(qq) Exchange
Listing. The Ordinary Shares are currently listed on the Exchange under the trading symbol “VBLT”. Except as disclosed
in the Prospectus, the Company has not, in the 12 months preceding the date the first Placement Notice is given hereunder, received
notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements. Except
as disclosed in the Prospectus, the Company 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.

 

(rr) Margin
Rules. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the
Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors
of the Federal Reserve System or any other regulation of such Board of Governors.

 

(ss) Continuous
Offering Agreements. Except for this Agreement, the Company is not party to any other equity distribution or sales agency
agreement or other similar arrangement with any other agent or any other representative in respect of any “at the market
offering” or other continuous equity offering transaction.

 

    	 	18	 

    	 

    

 

(tt) No
Material Defaults. Neither the Company nor any of its subsidiaries has defaulted on any installment on indebtedness for borrowed
money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could reasonably be
expected to result in a Material Adverse Change.

 

(uu) Foreign
Private Issuer. The Company is a “foreign private issuer” as such term is defined in Rule 3b-4 under the Exchange
Act and in Rule 405 under the Securities Act.

 

(vv) No
Israeli Prospectus. Assuming the Sales Agent has not and shall not offer the Ordinary Shares in Israel, or otherwise engage
in a solicitation, advertising or any other action in Israel constituting an offer under the Israeli Securities Law, 5728-1968,
as amended, and the regulations promulgated thereunder, other than an offer that does not constitute an offering to the public,
the Company is not required to publish a prospectus in the State of Israel under the laws of the State of Israel with respect
to the transactions contemplated under this Agreement.

 

(ww) Certain
Tax Matters. No transaction, stamp or other issuance or transfer taxes or duties, and, assuming that the Sales Agent is not
otherwise subject to taxation in Israel, no capital gain, income, or other tax or duty is payable in the State of Israel by or
on behalf of the Sales Agent to any taxing authority thereof or therein in connection with (i) the issuance, sale and delivery
of the Ordinary Shares by the Company; (ii) the holding or transfer of the Ordinary Shares and the sale of the Ordinary Shares
by or through the Sales Agent; or (iii) the execution and delivery of this Agreement or any other document to be furnished hereunder

 

Any
certificate signed by an officer of the Company and delivered to the Sales Agent or to counsel for the Sales Agent pursuant to
or in connection with this Agreement shall be deemed to be a representation and warranty by the Company to the Sales Agent as
to the matters set forth therein.

 

The
Company acknowledges that the Sales Agent and, for purposes of the opinions to be delivered pursuant to Section 7 hereof,
counsels to the Company and counsel to the Sales Agent, will rely upon the accuracy and truthfulness of the foregoing representations
and hereby consents to such reliance.

 

    	 	19	 

    	 

    

 

7. Covenants
of the Company. The Company covenants and agrees with the Sales Agent that:

 

(a) Registration
Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement
Shares is required to be delivered by the Sales Agent under the Securities Act (including in circumstances where such requirement
may be satisfied pursuant to Rule 172 under the Securities Act), (i) the Company will notify the Sales Agent promptly of the time
when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with
the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by
the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information; (ii)
the Company will prepare and timely file with the Commission, upon the Sales Agent’s request, any amendments or supplements
to the Registration Statement or Prospectus that, upon the advice of the Company’s legal counsel (after due consultation
with the Sales Agent and its counsel), may be necessary or advisable in connection with the distribution of the Placement Shares
by the Sales Agent (provided, however, that the failure of the Sales Agent to make such request shall not relieve
the Company of any obligation or liability hereunder, or affect the Sales Agent’s right to rely on the representations and
warranties made by the Company in this Agreement, and provided, further, that the only remedy the Sales Agent shall
have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment
or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus,
other than documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement
Shares unless a copy thereof has been submitted to the Sales Agent within a reasonable period of time before the filing and the
Sales Agent has not reasonably objected thereto (provided, however, that the failure of the Sales Agent to make
such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Sales Agent’s right
to rely on the representations and warranties made by the Company in this Agreement, and provided, further, that
the only remedy the Sales Agent shall have with respect to the failure by the Company to obtain such consent shall be to cease
making sales under this Agreement); (iv) the Company will furnish to the Sales Agent at the time of filing thereof a copy of any
document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for
those documents available via EDGAR; (v) the Company will cause each amendment or supplement to the Prospectus, other than documents
incorporated by reference, to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of
the Securities Act (without reliance on Rule 424(b)(8) of the Securities Act) or, in the case of any documents incorporated by
reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed.

 

(b) Notice
of Commission Stop Orders. The Company will advise the Sales Agent, promptly after it receives notice or obtains knowledge
thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any
notice objecting to, or other order preventing or suspending the use of, the Prospectus, of the suspension of the qualification
of the Placement Shares for offering or sale in any jurisdiction, or of the initiation of any proceeding for any such purpose
or any examination pursuant to Section 8(e) of the Securities Act, or if the Company becomes the subject of a proceeding under
Section 8A of the Securities Act in connection with the offering of the Placement Shares; and it will promptly use its commercially
reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued.
Until such time as any stop order is lifted, the Sales Agent shall cease making offers and sales under this Agreement.

 

(c) Delivery
of Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is required to
be delivered by the Sales Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in
circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will comply
with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective
due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission
pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If during such period any event
occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact
or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not
misleading, or if during such period it is necessary to amend or supplement the Registration Statement or Prospectus to comply
with the Securities Act, the Company will promptly notify the Sales Agent to suspend the offering of Placement Shares during such
period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company)
so as to correct such statement or omission or effect such compliance, provided, however, that the Company may delay the
filing of any amendment or supplement (subject to continued suspension of the offering of Placement Shares by the Sales Agent
during such period), if in the reasonable judgment of the Company, it is in the best interest of the Company to do so.

 

    	 	20	 

    	 

    

 

(d) Listing
of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is required to be delivered
by the Sales Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in circumstances
where such requirement may be satisfied pursuant to Rule 172 under the Securities Act), the Company will use its commercially
reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under
the securities laws of such jurisdictions as the Sales Agent reasonably designates and to continue such qualifications in effect
so long as required for the distribution of the Placement Shares; provided, however, that the Company shall not be required
in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service of process,
or subject itself to taxation in any jurisdiction if it is not otherwise so subject

 

(e) Delivery
of Registration Statement and Prospectus. The Company will furnish to the Sales Agent and its counsel (at the reasonable expense
of the Company) copies of (i) the Registration Statement and the Prospectus (including all documents incorporated by reference
therein) filed with the Commission on the date of this Agreement and (ii) all amendments and supplements to the Registration Statement
or Prospectus that are filed with the Commission during any period in which a Prospectus relating to the Placement Shares is required
to be delivered by the Sales Agent under the Securities Act (including all documents filed with the Commission during such period
that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities
as the Sales Agent may from time to time reasonably request and, at the Sales Agent’s reasonable request, will also furnish
copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however,
that the Company shall not be required to furnish any document (other than the Prospectus) to the Sales Agent to the extent
such document is available on EDGAR.

 

(f) Earnings
Statement. The Company will make generally available to its security holders as soon as practicable, but in any event not
later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement of the Company and its
subsidiaries (which need not be audited) covering a 12-month period that complies with Section 11(a) and Rule 158 of the Securities
Act. The terms “earnings statement” and “make generally available to its security holders” shall have
the meanings set forth in Rule 158 under the Securities Act.

 

    	 	21	 

    	 

    

 

(g) Expenses.
The Company, to the extent such expenses accrue prior to the termination of this Agreement in accordance with the provisions of
Section 11 hereunder, will pay the following expenses all incident to the performance of its obligations hereunder, including,
but not limited to, expenses relating to (i) the preparation, printing and filing of the Registration Statement and each amendment
and supplement thereto, of each Prospectus and of each amendment and supplement thereto, (ii) the preparation, issuance and delivery
of the Placement Shares, including any stock or other transfer taxes and any stamp or other duties payable upon the sale, issuance
or delivery of the Placement Shares to the Sales Agent, (iii) the fees and disbursements of the counsel, accountants and other
advisors to the Company in connection with the transactions contemplated by this Agreement; (iv) the qualification of the Placement
Shares under securities laws in accordance with the provisions of Section 7(d) of this Agreement, including filing fees
(provided, however, that any fees or disbursements of counsel for the Sales Agent in connection therewith shall
be paid by the Sales Agent except as set forth in (ix) below), (v) the printing and delivery to the Sales Agent of copies of the
Prospectus and any amendments or supplements thereto, and of this Agreement, (vi) the fees and expenses incurred in connection
with the listing or qualification of the Placement Shares for trading on the Exchange, (vii) the fees and expenses of the transfer
agent or registrar for the Ordinary Shares; (viii) filing fees and expenses, if any, of the Commission and the FINRA Corporate
Financing Department (including, with respect to any required review by FINRA) and (ix) all reasonable out-of-pocket costs and
expenses incident to the performance of the obligations of the Sales Agent under this Agreement (including, without limitation,
the fees and expenses of the Sales Agent’s outside attorneys), provided that, except as otherwise provided in Section
9 of this Agreement and excluding expenses related to Blue Sky Laws and FINRA filings, such costs and expenses shall not exceed
$75,000 without the Company’s prior approval (such approval not to be unreasonably withheld, conditioned or delayed).

 

(h) Use
of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

 

(i) Notice
of Other Sales. During the pendency of any Placement Notice given hereunder, the Company shall provide the Sales Agent notice
as promptly as reasonably possible before it offers to sell, contracts to sell, sells, grants any option to sell or otherwise
disposes of any Ordinary Shares (other than Placement Shares offered pursuant to the provisions of this Agreement) or securities
convertible into or exchangeable for Ordinary Shares, warrants or any rights to purchase or acquire Ordinary Shares; provided,
that such notice shall not be required in connection with the (i) issuance, grant or sale of Ordinary Shares, options or other
rights to purchase or otherwise acquire Ordinary Shares, or Ordinary Shares issuable upon the exercise of options or other equity
awards, in each case granted pursuant to any stock option, stock bonus or other stock or compensatory plan or arrangement, whether
now in effect or hereafter implemented, (ii) issuance of securities in connection with an acquisition, merger or sale or purchase
of assets which is described at the time of issuance in the Registration Statement and the Prospectus, (iii) issuance or sale
of Ordinary Shares upon conversion of securities or the exercise of warrants, options or other rights then in effect or outstanding,
and disclosed in filings by the Company available on EDGAR or otherwise in writing to the Sales Agent, and (iv) issuance or sale
of Ordinary Shares pursuant to any dividend reinvestment and stock purchase plan that the Company has in effect or may adopt from
time to time, provided that the implementation of such new plan is disclosed to the Sales Agent in advance. If the Company
notifies the Sales Agent under this Section 7(i) of a proposed sale of Ordinary Shares or Ordinary Shares equivalents,
the Sales Agent may suspend any offers and sales of Securities under this Agreement for a period of time deemed appropriate by
the Sales Agent.

 

    	 	22	 

    	 

    

 

(j) Change
of Circumstances. The Company will, at any time during a fiscal quarter in which the Company intends to tender a Placement
Notice or sell Placement Shares, advise the Sales Agent promptly after it shall have received notice or obtained knowledge thereof,
of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document
provided to the Sales Agent pursuant to this Agreement.

 

(k) Due
Diligence Cooperation. The Company will cooperate with any reasonable due diligence review conducted by the Sales Agent or
its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and making
available documents and senior corporate officers, during regular business hours and at the Company’s principal offices,
as the Sales Agent may reasonably request.

 

(l) Required
Filings Relating to Placement of Placement Shares. The Company shall set forth in each Annual Report on Form 20-F, and in
each Report on Form 6-K in which the Company furnishes its unaudited interim financial statements and management’s discussion
and analysis, which is filed by the Company with the Commission in respect of any quarter in which sales of Placement Shares were
made by or through the Sales Agent under this Agreement, with regard to the relevant period, the amount of Placement Shares sold
to or through the Sales Agent, the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent
with respect to such sales of Placement Shares. To the extent that the filing of a prospectus supplement to the Prospectus with
the Commission with respect to any sales of Placement Shares becomes required under Rule 424(b) under the Securities Act, the
Company agrees that, on or before such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement
to the Prospectus with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act, which prospectus
supplement will set forth, with regard to the relevant period, the amount of Placement Shares sold to or through the Sales Agent,
the Net Proceeds to the Company and the compensation payable by the Company to the Sales Agent with respect to such Placement
Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales
were effected as may be required by the rules or regulations of such exchange or market. The Company shall afford the Sales Agent
and its counsel with a reasonable opportunity to review and comment upon, shall consult with the Sales Agent and its counsel on
the form and substance of, and shall give due consideration to all such comments from the Sales Agent or its counsel on, any such
filing prior to the issuance, filing or public disclosure thereof; provided, however, that the Company shall not be required to
submit for review (A) any portion of any periodic reports filed with the Commission under the Exchange Act other than the specific
disclosure relating to any sales of Placement Shares and (B) any disclosure contained in periodic reports filed with the Commission
under the Exchange Act if it shall have previously provided the same disclosure for review in connection with a previous filing.

 

    	 	23	 

    	 

    

 

(m) Representation
Dates; Certificate. On or prior to the date the first Placement Notice is given hereunder and each time the Company subsequently
thereafter (i) amends or supplements the Registration Statement or the Prospectus relating to the Placement Shares (other than
(A) a prospectus supplement filed in accordance with Section 7(l) of this Agreement or (B) a supplement or amendment that
relates to an offering of securities other than the Placement Shares) by means of a post-effective amendment, sticker, or supplement
but not by means of incorporation of document(s) by reference to the Registration Statement or the Prospectus relating to the
Placement Shares; (ii) files an Annual Report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended
financial information or a material amendment to the previously filed Form 20-F); (iii) furnishes its unaudited interim financial
statements and management’s discussion and analysis on Form 6-K under the Exchange Act; or (iv) sells Placement Shares to
the Sales Agent as principal at the Point of Sale pursuant to the applicable Placement Notice (each date of filing of one or more
of the documents and each other date referred to in clauses (i) through (iv) shall be a “Representation Date”),
the Company shall furnish the Sales Agent within three (3) Trading Days after each Representation Date with a certificate, in
the form attached hereto as Exhibit 7(m). The requirement to provide a certificate under this Section 7(m) shall
be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue
until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall
be considered a Representation Date) and the next occurring Representation Date; provided, however, that such waiver
shall not apply for any Representation Date on which the Company files its Annual Report on Form 20-F. Notwithstanding the foregoing,
if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver
and did not provide the Sales Agent with a certificate under this Section 7(m), then before the Company delivers the Placement
Notice or the Sales Agent sells any Placement Shares, the Company shall provide the Sales Agent with a certificate, in the form
attached hereto as Exhibit 7(m), dated the date of the Placement Notice.

 

(n) Legal
Opinions. On or prior to the date the first Placement Notice is given hereunder, the Company shall cause to be furnished to
the Sales Agent (i) the written opinions and negative assurance of Goodwin Procter LLP and Horn & Co., or other counsel reasonably
satisfactory to the Sales Agent (collectively, “Company Counsel”) in the form and substance reasonably
satisfactory to the Sales Agent, and (ii) the written opinions of Sterne, Kessler, Goldstein & Fox, P.L.L.C., intellectual
property counsel to the Company, or other counsel reasonably satisfactory to the Sales Agent (“Company IP Counsel”),
in each case in form and substance reasonably satisfactory to the Sales Agent. Thereafter, within three (3) Trading Days after
each Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to Section 7(m)
for which no waiver is applicable pursuant to Section 7(m), and not more than once per calendar quarter, the Company shall
cause to be furnished to the Sales Agent the written opinions and negative assurance of Company Counsel and Company IP Counsel
substantially in the form previously agreed between the Company and the Sales Agent, modified, as necessary, to relate to the
Registration Statement and the Prospectus as then amended or supplemented; provided, however, that if Company Counsel
or Company IP Counsel has previously furnished to the Sales Agent such written opinions and negative assurance substantially in
the form previously agreed between the Company and the Sales Agent, such counsel may, in respect of any future Representation
Date, furnish the Sales Agent with a letter (a “Reliance Letter”) in lieu of such opinions and negative
assurance to the effect that the Sales Agent may rely on the prior opinions and negative assurance of such counsel delivered pursuant
to this Section 7(n) to the same extent as if it were dated the date of such Reliance Letter (except that statements in
such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented to the
date of such Reliance Letter).

 

    	 	24	 

    	 

    

 

(o) Comfort
Letter. On or prior to the date the first Placement Notice is given hereunder and within three (3) Trading Days after each
subsequent Representation Date with respect to which the Company is obligated to deliver a certificate pursuant to Section
7(m) for which no waiver is applicable pursuant to Section 7(m), the Company shall cause its independent accountants
to furnish the Sales Agent letters (the “Comfort Letters”), dated the date that the Comfort Letter is
delivered, in form and substance satisfactory to the Sales Agent, (i) confirming that they are an independent registered public
accounting firm within the meaning of the Securities Act, the Exchange Act and the rules and regulations of the PCAOB and are
in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of Regulation S-X
of the Commission, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information
and other matters ordinarily covered by accountants’ “comfort letters” to the Sales Agent in connection with
registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating
the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given
on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented
to the date of such letter.

 

(p) Market
Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to
facilitate the sale or resale of the Ordinary Shares or (ii) sell, bid for, or purchase the Placement Shares to be issued and
sold pursuant to this Agreement, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the
Sales Agent.

 

(q) Insurance.
The Company and its subsidiaries shall maintain, or caused to be maintained, insurance in such amounts and covering such risks
as is reasonable and customary for the business in which it is engaged.

 

(r) Compliance
with Laws. The Company and each of its subsidiaries shall maintain, or cause to be maintained, all material environmental
permits, licenses and other authorizations required by federal, state and local law in order to conduct their businesses as described
in the Prospectus, and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses to be
conducted, in substantial compliance with such permits, licenses and authorizations and with applicable environmental laws, except
where the failure to maintain or be in compliance with such permits, licenses and authorizations could not reasonably be expected
to result in a Material Adverse Change.

 

(s) Investment
Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that neither it nor its subsidiaries
is or, after giving effect to the offering and sale of the Placement Shares and the application of proceeds therefrom as described
in the Prospectus, will be, an “investment company” within the meaning of such term under the Investment Company Act.

 

(t) Securities
Act and Exchange Act. The Company will use its best efforts to comply with all requirements imposed upon it by the Securities
Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings
in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.

 

    	 	25	 

    	 

    

 

(u) No
Offer to Sell. Other than the Prospectus, neither the Sales Agent nor the Company (including its agents and representatives,
other than the Sales Agent in its capacity as such) will make, use, prepare, authorize, approve or refer to any written communication
(as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell
or solicitation of an offer to buy Placement Shares hereunder.

 

(v) Sarbanes-Oxley
Act. The Company and its subsidiaries will use their best efforts to comply with all effective applicable provisions of the
Sarbanes-Oxley Act.

 

(w) New
Registration Statement. If immediately prior to the third anniversary of the initial effective date of the Registration Statement,
any of the Placement Shares remain unsold, the sale of the Placement Shares under this Agreement shall automatically be suspended
unless and until the Company files a new shelf registration statement relating to the Placement Shares and such new registration
statement is declared effective by the Commission. References herein to the Registration Statement shall include such new shelf
registration statement. If any such new shelf registration statement becomes effective prior to the termination date of this Agreement,
the Company agrees to notify the Sales Agent of such effective date.

 

8. Conditions
to the Sales Agent’s Obligations. The obligations of the Sales Agent hereunder with respect to a Placement will be subject
to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance
by the Company of its obligations hereunder, to the completion by the Sales Agent of a due diligence review satisfactory to the
Sales Agent in its reasonable judgment, and to the continuing satisfaction (or waiver by the Sales Agent in its sole discretion)
of the following additional conditions:

 

(a) Registration
Statement Effective. The Registration Statement shall be effective and shall be available for the sale of all Placement Shares
contemplated to be issued by any Placement Notice.

 

(b) Securities
Act Filings Made. The Company shall have filed with the Commission the ATM Prospectus pursuant to Rule 424(b) under the Securities
Act within the applicable time period prescribed for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities
Act). All other filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance
of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.

 

    	 	26	 

    	 

    

 

(c) No
Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company or any of
its subsidiaries of any request for additional information from the Commission or any other federal or state governmental authority
during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments
or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state
governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption
from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding
for such purpose; (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the
Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in the Registration Statement, related Prospectus or such documents so that, in the
case of the Registration Statement, it will not contain any materially 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, that in the case of
the Prospectus, it will not contain any materially 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, in the light of the circumstances under which they were made,
not misleading.

 

(d) No
Misstatement or Material Omission. The Sales Agent shall not have advised the Company that the Registration Statement or Prospectus,
or any amendment or supplement thereto, contains an untrue statement of fact that in the Sales Agent’s reasonable opinion
is material, or omits to state a fact that in the Sales Agent’s reasonable opinion is material and is required to be stated
therein or is necessary to make the statements therein not misleading.

 

(e) Material
Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission,
there shall not have been any Material Adverse Change or any development that could reasonably be expected to result in a Material
Adverse Change, or any downgrading in or withdrawal of the rating assigned to any of the Company’s securities (other than
asset backed securities) by any rating organization or a public announcement by any rating organization that it has under surveillance
or review its rating of any of the Company’s securities (other than asset backed securities), the effect of which, in the
case of any such action by a rating organization described above, in the reasonable judgment of the Sales Agent (without relieving
the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to
proceed with the offering of the Placement Shares on the terms and in the manner contemplated by this Agreement and the Prospectus.

 

(f) Company
Counsel Legal Opinion. The Sales Agent shall have received the opinions and negative assurances of Company Counsel required
to be delivered pursuant Section 7(n) on or before the date on which such delivery of such opinions and negative assurances
is required pursuant to Section 7(n).

 

(g) Company
IP Counsel Legal Opinion. The Sales Agent shall have received the opinions and negative assurances of Company IP Counsel required
to be delivered pursuant Section 7(n) on or before the date on which such delivery of such opinions and negative assurances
is required pursuant to Section 7(n).

 

(h) Sales
Agent Counsel Legal Opinion. The Sales Agent shall have received from Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.,
counsel to the Sales Agent, on or before the date on which the delivery of the Company Counsel legal opinion is required pursuant
to Section 7(n), such opinions and negative assurances with respect to such matters as the Sales Agent may reasonably require,
and the Company shall have furnished to such counsel such documents as they request for enabling them to pass upon such matters.

 

    	 	27	 

    	 

    

 

(i) Comfort
Letter. The Sales Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(o) on or
before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(o).

 

(j) Representation
Certificate. The Sales Agent shall have received the certificate required to be delivered pursuant to Section 7(m)
on or before the date on which delivery of such certificate is required pursuant to Section 7(m).

 

(k) Secretary’s
Certificate. On or prior to the date the first Placement Notice is given hereunder, the Sales Agent shall have received a
certificate, signed on behalf of the Company by its corporate Secretary, certifying as to (i) the Articles of Association of the
Company, (ii) the resolutions of the Board of Directors of the Company (or a committee thereof) authorizing the execution, delivery
and performance of this Agreement and the issuance of the Placement Shares and (iii) the incumbency of the officers duly authorized
to execute this Agreement and the other documents contemplated by this Agreement.

 

(l) No
Suspension. Trading in the Ordinary Shares shall not have been suspended on the Exchange and the Ordinary Shares shall not
have been delisted from the Exchange.

 

(m) Other
Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(m), the Company
shall have furnished to the Sales Agent such appropriate further opinions, certificates, letters and documents as the Sales Agent
may have reasonably requested. All such opinions, certificates, letters and other documents shall have been in compliance with
the provisions hereof. The Company will furnish the Sales Agent with such conformed copies of such opinions, certificates, letters
and other documents as the Sales Agent shall have reasonably requested.

 

(n) Approval
for Listing. The Placement Shares shall have been approved for listing on the Exchange, subject only to notice of issuance.

 

(o) No
Termination Event. There shall not have occurred any event that would permit the Sales Agent to terminate this Agreement pursuant
to Section 11(a).

 

(p) FINRA.
The Sales Agent shall have received a letter from the Corporate Financing Department of FINRA confirming that such department
has determined to raise no objection with respect to the fairness or reasonableness of the terms and arrangements related to the
sale of the Placement Shares pursuant to this Agreement.

 

    	 	28	 

    	 

    

 

9. Indemnification
and Contribution.

 

(a) Company
Indemnification. The Company agrees to indemnify and hold harmless the Sales Agent, the directors, officers, members, partners,
employees and agents of the Sales Agent each broker dealer affiliate of the Sales Agent, and each the Sales Agent Affiliate, if
any, from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all
reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement (in
accordance with Section 9(c)) of, any action, suit or proceeding between any of the indemnified parties and any indemnifying
parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred, to which
the Sales Agent, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or state statutory
law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or
are based on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or
the Prospectus or any amendment or supplement thereto or in any free writing prospectus or in any application or other document
executed by or on behalf of the Company or based on written information furnished by or on behalf of the Company filed in any
jurisdiction in order to qualify the Ordinary Shares under the securities laws thereof or filed with the Commission, (y) the omission
or alleged omission to state in any such document a material fact required to be stated in it or necessary to make the statements
in it not misleading or (z) any breach by any of the indemnifying parties of any of their respective representations, warranties
and agreements contained in this Agreement; provided, however, that this indemnity agreement shall not apply to the extent
that such loss, claim, liability, expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and
is caused directly by an untrue statement or omission made in reliance upon and in conformity with written information relating
to the Sales Agent and furnished to the Company by the Sales Agent expressly for inclusion in any document as described in clause
(x) of this Section 9(a). This indemnity agreement will be in addition to any liability that the Company might otherwise
have.

 

(b) The
Sales Agent Indemnification. The Sales Agent agrees to indemnify and hold harmless the Company and its directors and each
officer of the Company that signed the Registration Statement, and each person, if any, who (i) controls the Company within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control
with the Company (each, a “Company Affiliate”) from and against any and all losses, claims, liabilities,
expenses and damages (including, but not limited to, any and all reasonable investigative, legal and other expenses incurred in
connection with, and any and all amounts paid in settlement (in accordance with Section 9(c)) of, any action, suit or proceeding
between any of the indemnified parties and any indemnifying parties or between any indemnified party and any third party, or otherwise,
or any claim asserted), as and when incurred, to which any such Company Affiliate, may become subject under the Securities Act,
the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims,
liabilities, expenses or damages arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or the Prospectus or any amendment or supplement thereto,
or (y) the omission or alleged omission to state in any such document a material fact required to be stated in it or necessary
to make the statements in it not misleading; provided, however, that this indemnity agreement shall apply only to
the extent that such loss, claim, liability, expense or damage is caused directly by an untrue statement or omission made in reliance
upon and in strict conformity with written information relating to the Sales Agent and furnished to the Company by the Sales Agent
expressly for inclusion in any document as described in clause (x) of this Section 9(b), which the Company acknowledges
consists solely of the material referred to in Schedule 5 hereto, as updated from time to time.

 

    	 	29	 

    	 

    

 

(c) Procedure.
Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly after receipt of notice
of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties
under this Section 9, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers
served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that
it might have to any indemnified party otherwise than under this Section 9 and (ii) any liability that it may have to any
indemnified party under the foregoing provision of this Section 9 unless, and only to the extent that, such omission results
in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified
party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and,
to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement
of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense
of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to
the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party
for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred
by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in
any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless
(1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified
party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified
parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict
exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which
case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) such
that representation of such indemnified party and any indemnifying party(s) by the same counsel would be inappropriate under applicable
standards of professional conduct (whether or not such representation by the same counsel has been proposed), or (4) the indemnifying
party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of
the commencement of the action, in each of which cases the reasonable and documented fees, disbursements and other charges of
counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall
not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable and documented
fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time
for all such indemnified party or parties. All such reasonable and documented fees, disbursements and other charges will be reimbursed
by the indemnifying party promptly after the indemnifying party receives a written invoice relating to the fees, disbursements
and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action
or claim effected without its written consent, which it will not withhold, condition or delay unreasonably. No indemnifying party
shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether
or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding.

 

    	 	30	 

    	 

    

 

(d) Contribution.
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing
paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is held to be unavailable from
the Company or the Sales Agent, the Company and the Sales Agent will contribute to the total losses, claims, liabilities, expenses
and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid
in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company
from persons other than the Sales Agent, such as persons who control the Company within the meaning of the Securities Act, officers
of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to
which the Company and the Sales Agent may be subject in such proportion as shall be appropriate to reflect the relative benefits
received by the Company on the one hand and the Sales Agent on the other. The relative benefits received by the Company on the
one hand and the Sales Agent on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the
sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the
Sales Agent from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing
sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate
to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on
the one hand, and the Sales Agent, on the other, with respect to the statements or omission that resulted in such loss, claim,
liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect
to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company
or the Sales Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or
prevent such statement or omission. The Company and the Sales Agent agree that it would not be just and equitable if contributions
pursuant to this Section 9(d) were to be determined by pro rata allocation or by any other method of allocation that does
not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a
result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section 9(d)
shall be deemed to include, for the purpose of this Section 9(d), any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section
9(c) hereof. Notwithstanding the foregoing provisions of this Section 9(d), the Sales Agent shall not be required to
contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d), any person who controls a party
to this Agreement within the meaning of the Securities Act will have the same rights to contribution as that party (and any officers,
directors, members, partners, employees or agents of the Sales Agent and each broker dealer affiliate of the Sales Agent will
have the same rights to contribution as the Sales Agent), and each officer of the Company who signed the Registration Statement
and each director of the Company will have the same rights to contribution as the Company, subject in each case to the provisions
hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party
in respect of which a claim for contribution may be made under this Section 9(d), will notify any such party or parties
from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution
may be sought from any other obligation it or they may have under this Section 9(d) except to the extent that the failure
to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is
sought. Except for a settlement entered into pursuant to the last sentence of Section 9(c) hereof, no party will be liable
for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant
to Section 9(c) hereof.

 

    	 	31	 

    	 

    

 

10. Representations
and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9 of this Agreement and
all representations and warranties of the Company and the Sales Agent herein or in certificates delivered pursuant hereto shall
survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of the Sales Agent, any controlling
person of the Sales Agent, or the Company (or any of their respective officers, directors, members or controlling persons), (ii)
delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

 

11. Termination.

 

(a) The
Sales Agent shall have the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i) any
Material Adverse Change, or any development that could reasonably be expected to result in a Material Adverse Change has occurred
that, in the reasonable judgment of the Sales Agent, may materially impair the ability of the Sales Agent to sell the Placement
Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed
hereunder; provided, however, in the case of any failure of the Company to deliver (or cause another person to deliver)
any certification, opinion, or letter required under Sections 7(m), 7(n), or 7(o), the Sales Agent’s
right to terminate shall not arise unless such failure to deliver (or cause to be delivered) continues for more than thirty (30)
days from the date such delivery was required, (iii) any other condition of the Sales Agent’s obligations hereunder is not
fulfilled, or (iv) any suspension or limitation of trading in the Placement Shares or in securities generally on the Exchange
shall have occurred (including automatic halt in trading pursuant to market-decline triggers, other than those in which solely
program trading is temporarily halted), or a major disruption of securities settlements or clearing services in the United States
shall have occurred, or minimum prices for trading have been fixed on the Exchange. Any such termination shall be without liability
of any party to any other party except that the provisions of Section 7(g) (Expenses), Section 9 (Indemnification
and Contribution), Section 10 (Representations and Agreements to Survive Delivery), Section 11(f), Section 16
(Applicable Law; Consent to Jurisdiction) and Section 17 (Waiver of Jury Trial) hereof shall remain in full force and
effect notwithstanding such termination. If the Sales Agent elects to terminate this Agreement as provided in this Section
11(a), the Sales Agent shall provide the required notice as specified in Section 12 (Notices).

 

(b) The
Company shall have the right, by giving ten (10) days’ notice as hereinafter specified in Section 12, to terminate
this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability
of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section
11(f), Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.
Nothing in this Section 11(b) shall limit the ability of the Company to suspend offers and sales of Placement Shares pursuant
to the provisions of Section 4.

 

    	 	32	 

    	 

    

 

(c) The
Sales Agent shall have the right, by giving ten (10) days’ notice as hereinafter specified in Section 12, to terminate
this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability
of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10, Section
11(f), Section 16 and Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(d) Unless
earlier terminated pursuant to this Section 11, this Agreement shall automatically terminate upon the issuance and sale
of all of the Placement Shares to or through the Sales Agent on the terms and subject to the conditions set forth herein; provided
that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16 and
Section 17 hereof shall remain in full force and effect notwithstanding such termination.

 

(e) This
Agreement shall remain in full force and effect unless terminated pursuant to Sections 11(a), (b), (c) or
(d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by
mutual agreement shall in all cases be deemed to provide that Section 7(g), Section 9, Section 10, Section
11(f), Section 16 and Section 17 shall remain in full force and effect. Upon termination of this Agreement,
the Company shall not have any liability to the Sales Agent for any discount, commission or other compensation (except for expense
reimbursement) with respect to any Placement Shares not otherwise sold by the Sales Agent under this Agreement.

 

(f) Any
termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent
or the Company, as the case may be, provided, further, that the Sales Agent shall suspend any ongoing placement as soon
as practicable following receipt of the notice of termination (and in any event by the close of business on the date of receipt).
If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such termination shall not become
effective until the close of business on such Settlement Date and such Placement Shares shall settle in accordance with the provisions
of this Agreement.

 

12. Notices.
All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of
this Agreement shall be in writing, unless otherwise specified, and if sent to the Sales Agent, shall be delivered to:

 

Oppenheimer
& Co. Inc.

85
Broad Street, 26th Floor

New
York, NY 10004

Attention:
Peter Vogelsang

Email:
Peter.Vogelsang@opco.com

 

    	 	33	 

    	 

    

 

with
a copy (which shall not constitute notice) to:

 

Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

666
Third Avenue

New
York, New York 10017

Attention:
Ivan K. Blumenthal, Esq.

Anthony
J. Marsico, Esq.

Facsimile:
(212) 983-3115

 

and
if to the Company, shall be delivered to:

 

Vascular
Biogenics Ltd.

8
HaSatat St.

Modi’in

Israel
7178106

Attention:
Dror Harats, Chief Executive Officer

Facsimile:
+972-8-9935000

 

with
a copy (which shall not constitute notice) to:

 

Goodwin
Procter LLP

100
Northern Avenue

Boston,
MA 02210

Attention:
Lawrence Wittenberg

Facsimile:
(617) 801-8917

 

Each
party may change such address for notices by sending to the other party to this Agreement written notice of a new address for
such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable facsimile
transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not
a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized
overnight courier and (iii) on the Business Day actually received if deposited in the Israeli or U.S. mail (certified or registered
mail, return receipt requested, postage prepaid). For purposes of this Agreement, “Business Day” shall
mean any day on which the Exchange and commercial banks in the City of New York are open for business.

 

An
electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this Section
12 if sent to the electronic mail address specified on Schedule 2 or as otherwise provided. Electronic Notice shall
be deemed received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party (other
than pursuant to auto-reply). Any party receiving Electronic Notice may request and shall be entitled to receive the notice on
paper, in a nonelectronic form (“Nonelectronic Notice”) which shall be sent to the requesting party
within ten (10) days of receipt of the written request for Nonelectronic Notice.

 

13. Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Agent and their respective
successors and permitted assigns and, as to Sections 5(b) and 9, the other indemnified parties specified therein. References
to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party.
Nothing in this Agreement, express or implied, is intended to confer upon any other person any rights, remedies, obligations or
liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its
rights or obligations under this Agreement without the prior written consent of the other party; provided, however,
that the Sales Agent may assign its rights and obligations hereunder to an affiliate of the Sales Agent without obtaining the
Company’s consent.

 

    	 	34	 

    	 

    

 

14. Adjustments
for Share Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted
to take into account any share split, share dividend or similar event effected with respect to the Ordinary Shares.

 

15. Entire
Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement Notices
issued pursuant hereto) and any other writing entered into by the parties relating to this Agreement constitutes the entire agreement
and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto
with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written
instrument executed by the Company and the Sales Agent. In the event that any one or more of the provisions contained herein,
or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction,
then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable,
and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision
was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions
hereof shall be in accordance with the intent of the parties as reflected in this Agreement.

 

16. Applicable
Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal laws of
the State of New York, without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to the non-exclusive
jurisdiction of the state and federal courts of the City of New York, Borough of Manhattan, for the adjudication of any dispute
hereunder or in connection with any transaction contemplated hereby, and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof (certified or registered mail, return receipt requested) 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 manner permitted by law.

 

17. Waiver
of Jury Trial. The Company and the Sales Agent each hereby irrevocably waives any right it may have to a trial by jury in
respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.

 

    	 	35	 

    	 

    

 

18. Absence
of Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a) the
Sales Agent is acting solely as agent in connection with the sale of the Placement Shares contemplated by this Agreement and the
process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates,
shareholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Sales Agent, on the
other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of
whether the Sales Agent has advised or is advising the Company on other matters, and the Sales Agent has no obligation to the
Company with respect to the transactions contemplated by this Agreement, except the obligations expressly set forth in this Agreement;

 

(b) the
Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement;

 

(c) the
Sales Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by
this Agreement, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate;

 

(d) the
Company has been advised and is aware that the Sales Agent and its affiliates are engaged in a broad range of transactions which
may involve interests that differ from those of the Company and that the Sales Agent has no obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and

 

(e) the
Company waives, to the fullest extent permitted by law, any claims it may have against the Sales Agent, for breach of fiduciary
duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that
the Sales Agent shall have no liability (whether direct or indirect, in contract, tort or otherwise) to the Company in respect
of such a fiduciary claim or to any person asserting a fiduciary duty claim on behalf of or in right of the Company, including
shareholders, partners, employees or creditors of the Company.

 

19. Use
of Information. The Sales Agent may not provide any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement
unless expressly approved by the Company in writing.

 

20. Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile
transmission or email of a .pdf attachment.

 

21. Effect
of Headings; Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall not affect
the construction hereof. All references in this Agreement to the “knowledge of the Company” or the “Company’s
knowledge” or similar qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due
inquiry.

 

22. Definitions.
As used in this Agreement, the following term has the meaning set forth below:

 

(a) “Applicable
Time” means the date of this Agreement, each Representation Date, each date on which a Placement Notice is
given, each Point of Sale, and each Settlement Date.

 

[Remainder
of Page Intentionally Blank]

 

    	 	36	 

    	 

    

 

If
the foregoing correctly sets forth the understanding between the Company and the Sales Agent, please so indicate in the space
provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Sales
Agent.

 

	 	Very
    truly yours,
	 	 
	 	VASCULAR
    BIOGENICS LTD.
	 	 	 
	 	By:	/s/
    Dror Harats
	 	Name:	Dror
    Harats
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	ACCEPTED
    as of the date first-above written:
	 	 
	 	OPPENHEIMER
    & CO. INC.
	 	 	 
	 	By:	/s/
    Stephanie Cruz
	 	Name:	Stephanie
    Cruz
	 	Title:	Managing
    Director

 

    	 	 	 

    	 

    

 

SCHEDULE
1

 

FORM
OF PLACEMENT NOTICE

 

	From:	Vascular
    Biogenics Ltd.
	 	 
	To:	Oppenheimer & Co.
    Inc.
	 	Attention:
	 	 
	Subject:	At-The-Market Offering—Placement
    Notice

 

Gentlemen:

 

Pursuant
to the terms and subject to the conditions contained in the Equity Distribution Agreement between Vascular Biogenics Ltd., a company
organized under the laws of the State of Israel (the “Company”), and Oppenheimer & Co. Inc. (the “Sales
Agent”) dated [___________], 2019 (the “Agreement”), and following obtaining all required corporate
approvals by the Company, I hereby request on behalf of the Company that the Sales Agent sell up to [___] shares of the Company’s
Ordinary Shares, par value NIS 0.01 per share, at a minimum market price of $[_______] per share, during the period beginning
[MONTH/DAY/TIME] and ending [MONTH/DAY/TIME].

 

    	 	 	 

    	 

    

 

SCHEDULE
2

 

Notice
Parties

 

Vascular
Biogenics Ltd.

 

Amos
Ron: amos@vblrx.com

Ayelet
Horn: ayelet@vblrx.com

 

With
a copy to: lwittenberg@goodwinlaw.com

 

Oppenheimer
& Co. Inc.

 

E-mail:
DL-EquityATMOffering@opco.com

 

With
a copy to: ikblumenthal@mintz.com

 

    	 	 	 

    	 

    

 

SCHEDULE
3

 

Compensation

 

The
Sales Agent shall be paid compensation equal to 3.0% of the gross proceeds from the sales of Placement Shares pursuant to the
terms of this Agreement and shall be reimbursed for certain expenses in accordance with Section 7(g) of this Agreement.

 

The
foregoing rate of compensation shall not apply when the Sales Agent acts as principal, in which case the Company may sell the
Placement Shares to the Sales Agent as principal at a price agreed upon at the relevant Point of Sale pursuant to the applicable
Placement Notice.

 

    	 	 	 

    	 

    

 

SCHEDULE
4

 

Schedule
Of Subsidiaries

 

Not
applicable.

 

    	 	 	 

    	 

    

 

SCHEDULE
4

 

Information
Provided By Sales Agent

 

The
parties acknowledge and agree that, for purposes of Sections 6(b) and 9 of this Agreement, there is no information provided by
the Sales Agent.

 

The
information in this Schedule shall be updated from time to time in connection with the filing of a new Prospectus or otherwise
as necessary.

 

    	 	 	 

    	 

    

 

SCHEDULE
7(M)

 

FORM
OF OFFICER’S CERTIFICATE

 

The
undersigned, the duly qualified and appointed _____________________ of Vascular Biogenics Ltd., a company organized under
the laws of the State of Israel (the “Company”), does hereby certify in such capacity and on behalf
of the Company, pursuant to Section 7(m) of the Equity Distribution Agreement, dated [_________________], 2019 (the “Equity
Distribution Agreement”), between the Company and Oppenheimer & Co. Inc., that:

 

	 	(i)	the
    representations and warranties of the Company in Section 6 of the Equity Distribution Agreement (A) to the extent such
    representations and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material
    Adverse Change, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and
    as of the date hereof, except for those representations and warranties that speak solely as of a specific date and which were
    true and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications
    or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof
    with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties
    that speak solely as of a specific date and which were true and correct as of such date; and;
	 	 	 
	 	(ii)	the
    Company has complied in all material respects with all agreements and satisfied in all material respects all conditions on
    its part to be performed or satisfied pursuant to the Equity Distribution Agreement at or prior to the date hereof;
	 	 	 
	 	(iii)	as
    of the date hereof, (i) the Registration Statement does 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 not misleading, (ii) the
    Prospectus does 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 light of the circumstances under which they were made, not
    misleading and (iii) to the Company’s knowledge, no event has occurred as a result of which it is necessary to amend
    or supplement the Registration Statement or the Prospectus in order to make the statements therein not untrue or misleading
    for clauses (i) and (ii) above, respectively, to be true and correct;
	 	 	 
	 	(iv)	there
    has been no Material Adverse Change since the date as of which information is given in the Prospectus, as amended or supplemented;
	 	 	 
	 	(v)	as
    of the date hereof, the Company does not possess any material non-public information; and
	 	 	 
	 	(vi)	the
    aggregate offering price of the Placement Shares that may be issued and sold pursuant to the Equity Distribution Agreement
    and the maximum number or amount of Placement Shares that may be sold pursuant to the Equity Distribution Agreement have been
    duly authorized by the Company’s board of directors or a duly authorized committee thereof.

 

Terms
used herein and not defined herein have the meanings ascribed to them in the Equity Distribution Agreement.

 

	 	By:	 
	 	Name:	 
	 	Title:	 
	Date:________________________________Exhibit

Exhibit 10.2
Employee

RESTRICTED STOCK UNIT GRANT NOTICE 
UNDER THE 
MR. COOPER GROUP INC. 
2019 OMNIBUS INCENTIVE PLAN 
Mr. Cooper Group Inc. (the “Company”), pursuant to its 2019 Omnibus Incentive Plan, as it may be amended and restated from time to time (the “Plan”), hereby grants to the Participant the number of  Restricted Stock Units set forth below.  The Restricted Stock Units are subject to all of the terms and conditions as set forth herein, and in the Restricted Stock Unit Agreement (attached hereto) (the “Agreement”) and the Plan, each of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan or the Agreement, as applicable.
		
	Participant:
	[Insert Participant Name]

		
	Date of Grant: 
	[Insert Date of Grant]

Number of
		
	Restricted Stock Units:
	[Insert Number of Restricted Stock Units] 

		
	Vesting:
	Provided the Participant has not undergone a Termination prior to the applicable vesting date, one-third (1/3rd) of such  Restricted Stock Units shall vest on each of the first three anniversaries of the Date of Grant (each a “Time Vesting Date” and collectively, the “Time Vesting Dates”); provided, however, that in the event of a Termination due to the Participant’s death or Disability or Retirement all unvested Restricted Stock Units not previously forfeited shall immediately vest on the date of such Termination of Participant.     

[Signature Page to Restricted Stock Unit Agreement (Employee)]

MR. COOPER GROUP INC. 
2019 OMNIBUS INCENTIVE PLAN 
RESTRICTED STOCK UNIT AGREEMENT
(Employee)

Pursuant to the terms of the Restricted Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant, and subject to the terms of this Restricted Stock Unit Agreement (the “Agreement”) and the Mr. Cooper Group Inc. 2019 Omnibus Incentive Plan, as it may be amended and restated from time to time (the “Plan”), Mr. Cooper Group Inc. (the “Company”) and the Participant agree as follows.  Capitalized terms not otherwise defined herein or in the Grant Notice shall have the same meaning as set forth in the Plan.
1.Grant of Restricted Stock Units.  Pursuant to, and subject to, the terms and conditions of this Agreement and the Plan, and in consideration of the covenants and promises of the Participant herein contained, the Company hereby grants, as of the Date of Grant, to the Participant the number of Restricted Stock Units provided in the Grant Notice.  Each Restricted Stock Unit granted hereby entitles the Participant to receive one share of Common Stock upon settlement of such Restricted Stock Unit, subject to the terms and conditions set forth in this Agreement and the Plan. 
2.Vesting.  Subject to the conditions contained herein and in the Plan, the Restricted Stock Units shall vest as provided in the Grant Notice.
(a)    Change in Control.  The Restricted Stock Units are subject to Section 12(b) of the Plan.
(b)    Treatment upon Termination.    Except as otherwise provided in the Grant Notice, upon a Termination of Participant all then unvested Restricted Stock Units will be immediately forfeited without consideration. 
3.Settlement.  Subject to Section 4, the Restricted Stock Units will be settled in shares of Common Stock no later than the thirtieth (30th) day following (i) in the case of Retirement (solely to the extent the Grant Notice includes Retirement vesting provisions), each applicable Time Vesting Date (as if the Participant’s Service had continued through each such Time Vesting Date) and (ii) in all other cases, the applicable vesting date (such actual date of issuance of Common Shares, the “Settlement Date”).  The Participant shall have no rights as a shareholder with respect to the shares of Common Stock underlying the Restricted Stock Units until the Settlement Date.
4.Forfeiture.  Notwithstanding anything contained in the Grant Notice, the Plan or this Agreement to the contrary, all Restricted Stock Units for which a Settlement Date has not occurred, whether or not then vested, will be immediately forfeited without consideration, and the Participant shall cease to have any rights with respect thereto, upon (i) a Termination of the Participant by the Service Recipient for Cause or, following Participant’s Termination, the Company Group’s determination that the Participant’s employment could have been terminated by the Service Recipient for Cause, or (ii) any Detrimental Activity.

5.Non-Transferability.  The Restricted Stock Units are not transferable by the Participant except in accordance with Section 14(b) of the Plan.  Except as otherwise provided herein, no assignment or transfer of the Restricted Stock Units, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Restricted Stock Units shall terminate and become of no further effect.
6.Rights as a Stockholder/Dividend Equivalents. The Participant or a Permitted Transferee of the Restricted Stock Units shall have no rights as a stockholder with respect to any share of Common Stock underlying a Restricted Stock Unit unless and until the Participant shall have become the holder of record or the beneficial owner of such share of Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the beneficial owner thereof. The Participant shall not be entitled to any dividend equivalents with respect to the Restricted Stock Units to reflect any dividends payable on shares of Common Stock.
7.Restrictive Covenants.  Participant acknowledges and recognizes the highly competitive nature of the businesses of the Company Group and accordingly agrees, in Participant’s capacity as an equity holder in the Company Group and its Affiliates, to the restrictive covenants contained in Appendix A to this Agreement (the “Restrictive Covenants”), incorporated herein by reference. Participant acknowledges and agrees that the Company’s remedies at law for an actual or threatened breach of any of the provisions of Appendix A would be inadequate and the Company Group would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Participant agrees that, in the event of such a breach or threatened breach by Participant, regardless of whether a transfer of Restricted Stock Units to a Permitted Transferee has occurred and in addition to any remedies at law, the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of a temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.
8.Withholding Tax.  The provisions of Section 14(d) of the Plan are incorporated herein by reference and made a part hereof.  Unless otherwise agreed to by the Participant and the Company, any required withholding will be satisfied by having the Company withhold from the number of shares of Common Stock otherwise deliverable pursuant to the settlement of the Restricted Stock Units a number of shares of Common Stock with a fair market value, on the date that the Restricted Stock Units are settled, equal to such withholding liability; provided that the number of such shares may not have a fair market value greater than the minimum required statutory withholding liability unless determined by the Committee not to result in adverse accounting consequences.  Notwithstanding the foregoing, the Participant acknowledges and agrees that to the extent consistent with applicable law and, to the extent the Participant’s status is an independent contractor for U.S. federal income tax purposes, the Company does not intend to withhold any amounts as federal income tax withholdings under any other state or federal laws, and the Participant hereby agrees to make adequate provision for any sums required to satisfy all applicable federal, state, local and foreign tax withholding obligations of the Company which may arise in connection with the grant of Restricted Stock Units.

2

9.Section 409A of the Code.    This Agreement and the Grant Notice are intended to comply with, or be exempt from, the provisions of Section 409A of the Code (“Section 409A”), and this Agreement shall be construed and interpreted in accordance with such intent.  Without limiting the foregoing, the Committee will have the right to amend the terms and conditions of this Agreement and/or the Grant Notice in any respect as may be necessary or appropriate to comply with Section 409A, including without limitation by delaying the issuance of the shares of Common Stock contemplated hereunder. Notwithstanding any other provision of this Agreement to the contrary, (i) any member of the Company Group and their respective officers, directors, employees, or agents make no guarantee that the terms of this Agreement as written comply with the provisions of Section 409A, and none of the foregoing shall have any liability for the failure of the terms of this Agreement as written to comply with the provisions of Section 409A and (ii) if the Participant is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are “deferred compensation” subject to Section 409A of the Code and which would otherwise be payable upon the Participant’s “separation from service” (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six (6) months after the date of such Participant’s “separation from service” or, if earlier, the date of the Participant’s death.  Following any applicable six (6) month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.  Each payment in a series of payments hereunder will be deemed to be a separate payment for purposes of Section 409A.
10.Incorporation of the Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by the Board or the Committee shall govern.
11.Definitions. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms in the Plan.  For purposes of this Agreement:
 “Retirement” shall mean (i) the Participant (a) if an Executive Vice President, provided at least six months written notice to the Company or any of its Subsidiaries of his or her intention to retire prior to the date of his or her retirement or (b) if a Senior Vice President or Vice President, provided at least three months written notice of his or her intention to retire prior to the date of his or her retirement (the “Notice Period”), (ii) the Participant met the Retirement Criteria at the commencement of the Notice Period and (iii) the Participant remained employed with the Company or any of its Subsidiaries during the Notice Period and sustained a level of performance during the Notice Period that would not be a basis of a termination by the Company or any of its Subsidiaries for Cause.
“Retirement Criteria” shall mean the Participant’s termination of employment with the Company or any of its Subsidiaries if Participant’s (i) age plus (ii) his or her years of service with the Company or any of its Subsidiaries is equal to or greater than seventy (70); provided, that, the Participant must (a) be at least fifty-five (55) years of age and (b) have at least five (5) years of service with the Company or any of its Subsidiaries.

3

12.Notice.  Every notice or other communication relating to this Agreement or a Grant Notice between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by such party in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company’s General Counsel, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records.  Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time. 
13.No Right to Continued Service.  This Agreement does not confer upon the Participant any right to continue as an employee or other service provider to the Company Group. 
14.Binding Effect.  This Agreement and the Grant Notice shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 
15.Waiver and Amendments.  Except as otherwise set forth in Section 13 of the Plan, any waiver, alteration, amendment or modification of any of the terms of this Agreement or the Grant Notice shall be valid only if made in writing and signed by the parties hereto; provided, however, that any such waiver, alteration, amendment or modification is consented to on the Company’s behalf by the Committee.  No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be construed as a continuing waiver. 
16.Governing Law.  This Agreement and the Grant Notice shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the principles of conflicts of law thereof.  Notwithstanding anything contained in this Agreement, the Grant Notice or the Plan to the contrary, if any suit or claim is instituted by the Participant or the Company relating to this Agreement, the Grant Notice or the Plan, the Participant hereby submits to the exclusive jurisdiction of and venue in the courts of Delaware. 
17.Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any shares of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.
18.Integration.  This Agreement, the Grant Notice and the Plan contain the entire understanding of the parties with respect to the subject matter hereof.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein, in the Grant Notice and the Plan.  This Agreement, the Grant Notice and 

4

the Plan supersede all prior agreements and understandings between the parties with respect to the subject matter hereof.  
19.Participant Acknowledgment.  The Participant hereby acknowledges receipt of a copy of the Plan.  The Participant hereby acknowledges that all decisions, determinations and interpretations of the Board, or the Committee, in respect of the Plan, this Agreement and this Award of Restricted Stock Units shall be final, binding and conclusive.

5

Appendix A 
Restrictive Covenants
The Participant agrees that during the period commencing on the Date of Grant and ending on the later of the final Settlement Date and the Participant’s Termination, the Participant shall not, directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five (5%) percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is in competition in any manner whatsoever with the mortgage and real estate services businesses of the Company Group or of any other business in which the Company Group is engaged or which is part of the Company Group’s Developing Business (as defined below), within states in which the Company Group is engaged in such business or Developing Business.
In addition, from and after the Date of Grant until the later of (i) the final Settlement Date or (ii) the first (1st) anniversary of the Participant’s termination of employment with the Company or any of its Subsidiaries for any reason, the Participant covenants and agrees not to, directly or indirectly, solicit or induce any officer, director, employee, agent, independent contractor or consultant or client of the Company or any of its Subsidiaries to terminate his, her or its employment or other relationship with the Company or any of its Subsidiaries, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or any of its Subsidiaries for any reason. 
Further, the Participant agrees that the Participant shall not at any time make any disparaging or defamatory comments regarding the Company or any of its Subsidiaries or their respective directors, officers, executives or employees, or, after termination of the Participant’s employment relationship with the Company or any of its Subsidiaries, make any such comments concerning any aspect of the termination of their relationship.  The obligations of the Participant under this subparagraph shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency; provided, that, the Participant shall promptly notify the Company in writing of any such obligation.
“Developing Business” shall mean the new business concepts and services the Company or any of its Subsidiaries has developed and is in the process of developing during the Grantee’s employment with the Company or any of its Subsidiaries.  

Appendix A 
Restrictive Covenants (California Form)
The Participant agrees that during the period commencing on the Date of Grant and ending on the Participant’s Termination, the Participant shall not, directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five (5%) percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is in competition in any manner whatsoever with the mortgage and real estate services businesses of the Company Group or of any other business in which the Company Group is engaged or which is part of the Company Group’s Developing Business (as defined below), within states in which the Company Group is engaged in such business or Developing Business.
In addition, from and after the Date of Grant until the later of (i) the final Settlement Date or (ii) the first (1st) anniversary of the Participant’s termination of employment with the Company or any of its Subsidiaries for any reason, the Participant covenants and agrees not to, directly or indirectly, solicit or induce any officer, director, employee, agent, independent contractor or consultant or client of the Company or any of its Subsidiaries to terminate his, her or its employment or other relationship with the Company or any of its Subsidiaries, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or any of its Subsidiaries for any reason. 
Further, the Participant agrees that the Participant shall not at any time make any disparaging or defamatory comments regarding the Company or any of its Subsidiaries or their respective directors, officers, executives or employees, or, after termination of the Participant’s employment relationship with the Company or any of its Subsidiaries, make any such comments concerning any aspect of the termination of their relationship.  The obligations of the Participant under this subparagraph shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency; provided, that, the Participant shall promptly notify the Company in writing of any such obligation.
“Developing Business” shall mean the new business concepts and services the Company or any of its Subsidiaries has developed and is in the process of developing during the Grantee’s employment with the Company or any of its Subsidiaries.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]