Document:

Exhibit 4.36

 

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

 

PLACEMENT
AGENT WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN

DEPOSITARY SHARES

 

CAN-FITE
BIOPHARMA LTD.

 

	Warrant
    No.: 2019 January - __	Initial
    Exercise Date: January 23, 2019
	 	Issuance Date:  January
    23, 2019

 

Number
of American Depositary Shares: ________________

 

THIS
PLACEMENT AGENT WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (the “Warrant”)
certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms
and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after January 23, 2019
(the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on January 18, 2024 (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Can-Fite BioPharma Ltd., an Israeli limited company (the
“Company”), up to ______ Ordinary Shares (the “Warrant Shares”) represented by ________1
American Depositary Shares (“ADSs”), as subject to adjustment hereunder (the “Warrant ADSs”).
The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is issued
pursuant to the Engagement Agreement, dated January 15, 2019, between the Company and H.C. Wainwright & Co., LLC.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated January 18, 2019 among the Company and the
purchasers signatory thereto.

 

Section
2. Exercise.

 

a)
Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any
time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such
other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the
Holder appearing on the books of the Company) and the Depositary of a duly executed facsimile copy (or .pdf copy via e-mail)
of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i)
herein) following the date of exercise as aforesaid the Holder shall deliver the aggregate Exercise Price of the Warrant ADSs
thereby purchased by wire transfer or cashier’s check drawn on a United States bank or, if available, pursuant to the cashless
exercise procedure specified in Section 2(c) below. No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender
this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered
to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant ADSs available
hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable hereunder in an amount equal to
the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain records showing the number of Warrant
ADSs purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1)
Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant ADSs hereunder, the number of
Warrant ADSs available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

   

 

1
2 Ordinary Shares for each ADS.

 

     

     

    

 

b) Exercise
Price. The exercise price per ADS under this Warrant shall be $1.30, subject to adjustment hereunder (the “Exercise
Price”).

 

c) Cashless
Exercise. If at any time after the 6-month anniversary of the Issuance Date there is no effective Registration Statement registering,
or no current prospectus available for, the resale of the Warrant ADSs by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) =  as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of
the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the
Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution
of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date
of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a)
hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

 

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

 

    2

     

    

 

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

 

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

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. Within 1 Trading day of the date that a Notice of Exercise is delivered to the Company,
the Company shall deposit the Warrant Shares subject to such exercise with The Bank of New York Mellon, the Depositary for
the ADSs (the “Depositary”) and instruct the Depositary to credit the account of the Holder’s prime
broker with The Depository Trust Company through its Deposit/Withdrawal At Custodian system (“DWAC”) if
the Depositary is then a participant in such system and either (A) there is an effective registration statement registering
for resale of the Warrant Shares represented by the Warrant ADSs by the Holder or (B) the Warrant Shares represented by the
Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 and the
Warrant ADSs have been sold by the Holder prior to the Warrant ADS Delivery Date (as defined below), and otherwise by
physical delivery to the address specified by the Holder in the Notice of Exercise, by the date that is the earlier of (i)
two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the
Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”). If the Warrant ADSs can be
delivered via DWAC, then in addition to the delivery of the Warrant Shares to the Depositary, within one (1) Trading Day of
the applicable exercise, the Depositary shall have received from the Company any legal opinions or other documentation
required by the Depositary to deliver such ADSs without legend and, if applicable and requested by the Company prior to the
Warrant ADS Delivery Date, the Depositary shall have received from the Holder a confirmation of sale of the Warrant ADSs
(provided the requirement of the Holder to provide a confirmation as to the sale of Warrant ADSs shall not be applicable to
the issuance of unlegended Warrant ADS’s upon a cashless exercise of this Warrant if the Warrant ADSs are then eligible
for resale pursuant to Rule 144(b)(1)). The Warrant Shares represented by the Warrant ADSs shall be deemed to have been
issued, and Holder or any other person so designated to be named therein shall be deemed to have become the beneficial
owner of such Warrant Shares represented by the Warrant ADSs for all purposes, as of the date the Warrant has been exercised,
with payment to the Company of the Exercise Price (or by cashless exercise, if permitted) and all taxes required to be paid
by the Holder, if any, pursuant to Section 2(d)(vi) prior to the issuance of such Warrant ADSs having been paid. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of
Trading Days, on the Company’s primary Trading Market with respect to the ADSs as in effect on the date of delivery of
the Notice of Exercise.

 

    3

     

    

 

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

 

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

 

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

 

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

  

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

 

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

 

    4

     

    

   

e) Holder’s
Exercise Limitations. Notwithstanding anything to the contrary contained herein, the Company shall not effect the exercise
of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the
terms and conditions of this Warrant and any such exercise shall be null and void and treated if never made, to the extent that
after giving effect to such exercise, the Holder together with the other Attribution Parties collectively would beneficially own
in excess of 4.99% (the “Maximum Percentage”) of the number of Ordinary Shares outstanding immediately after
giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Ordinary Shares beneficially owned
by the Holder and the other Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the Holder
and all other Attribution Parties plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with
respect to which the determination of such sentence is being made, but shall exclude the number of Ordinary Shares underlying ADSs
which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by the Holder
or any of the other Attribution Parties and (B) exercise or conversion of the unexercised or unconverted portion of any other securities
of the Company beneficially owned by the Holder or any other Attribution Party subject to a limitation on conversion or exercise
analogous to the limitation contained in this Section 3(e). For purposes of this Section 3(e), beneficial ownership shall be calculated
in accordance with Section 13(d) of the Exchange Act. For purposes of this Warrant, in determining the number of Ordinary Shares
underlying ADSs the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage, the Holder may
rely on the number of Ordinary Shares as reflected in (x) the Company’s most recent Annual Report on Form 20-F, Current Report
on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement by the Company
or (3) any other written notice by the Company setting forth the number of Ordinary Shares outstanding (the “Reported
Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number
of outstanding Ordinary Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing
of the number of Ordinary Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s
beneficial ownership, as determined pursuant to this Section 2(e), to exceed the Maximum Percentage, the Holder must notify the
Company of a reduced number of Warrant ADSs to be purchased pursuant to such Exercise Notice (the number of shares by which such
purchase is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return
to the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic mail to the
Holder the number of Ordinary Shares then outstanding. In any case, the number of outstanding Ordinary Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any other
Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance
of Ordinary Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed
to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Ordinary Shares (as determined
under Section 13(d) of the Exchange Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’
aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and
void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon
as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the
Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder
may from time to time increase (with such increase not effective until the sixty-first (61st) day after delivery of such notice)
or decrease the Maximum Percentage to any other percentage not in excess of 9.99% as specified in such notice; provided that (i)
any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered
to the Company and (ii) any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to
any other holder of Warrants that is not an Attribution Party of the Holder. For purposes of clarity, the Ordinary Shares issuable
pursuant to the terms of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder
for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. The provisions of this paragraph
shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3(e) to the extent
necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial
ownership limitation contained in this Section 2(e) or to make changes or supplements necessary or desirable to properly give effect
to such limitation. The limitation contained in this paragraph may not be waived and shall apply to a successor holder of this
Warrant. “Attribution Parties” means, collectively, the following Persons and entities: (i) any investment vehicle,
including, any funds, feeder funds or managed accounts, currently, or from time to time after the issuance date, directly or indirectly
managed or advised by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates
of the Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a group together with the
Holder or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Ordinary Shares would or
could be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the Exchange Act. For
clarity, the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

    5

     

    

 

Section 3. Certain
Adjustments.

 

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

 

b) [RESERVED]

 

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

 

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

 

    6

     

    

 

e) Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction (as defined below) unless the Successor
Entity (as defined below) assumes in writing all of the obligations of the Company under this Warrant and the other Transaction
Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements, including agreements, if so requested
by the Holder, to deliver to each holder of the Warrants in exchange for such Warrants a security of the Successor Entity evidenced
by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, an adjusted
exercise price equal to the value for the Ordinary Shares reflected by the terms of such Fundamental Transaction, and exercisable
for a corresponding number of shares of capital stock equivalent to the Ordinary Shares represented by ADSs acquirable and receivable
upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Any security issuable or potentially
issuable to the Holder pursuant to the terms of this Warrant on the consummation of a Fundamental Transaction shall be registered
and freely tradable by the Holder without any restriction or limitation or the requirement to be subject to any holding period
pursuant to any applicable securities laws if any securities issued to any other equityholder of the Company are registered on
Form F-4 or any successor form. Upon the occurrence or consummation of any Fundamental Transaction, and it shall be a required
condition to the occurrence or consummation of any Fundamental Transaction that, the Company and the Successor Entity or Successor
Entities, jointly and severally, shall succeed to, and the Company shall cause any Successor Entity or Successor Entities to jointly
and severally succeed to, and be added to the term “Company” under this Warrant (so that from and after the date of
such Fundamental Transaction, each and every provision of this Warrant referring to the “Company” shall refer instead
to each of the Company and the Successor Entity or Successor Entities, jointly and severally), and the Company and the Successor
Entity or Successor Entities, jointly and severally, may exercise every right and power of the Company prior thereto and shall
assume all of the obligations of the Company prior thereto under this Warrant with the same effect as if the Company and such Successor
Entity or Successor Entities, jointly and severally, had been named as the Company in this Warrant, and, solely at the request
of the Holder, if the Successor Entity and/or Successor Entities is a publicly traded corporation whose common stock is quoted
on or listed for trading on a Trading Market in the United States, shall deliver (in addition to and without limiting any right
under this Warrant) to the Holder in exchange for this Warrant a security of the Successor Entity and/or Successor Entities evidenced
by a written instrument substantially similar in form and substance to this Warrant and exercisable for a corresponding number
of shares of capital stock of the Successor Entity and/or Successor Entities (the “Successor Capital Stock”)
equivalent to the Ordinary Shares underlying the ADSs acquirable and receivable upon exercise of this Warrant (without regard to
any limitations on the exercise of this Warrant) prior to such Fundamental Transaction (such corresponding number of shares of
Successor Capital Stock to be delivered to the Holder shall be equal to the quotient of (i) the aggregate dollar value of all consideration
(including cash consideration and any consideration other than cash (“Non-Cash Consideration”), in such Fundamental
Transaction, as such values are set forth in any definitive agreement for the Fundamental Transaction that has been executed at
the time of the first public announcement of the Fundamental Transaction or, if no such value is determinable from such definitive
agreement, as determined in accordance with Section 5(a) with the term “Non-Cash Consideration” being substituted for
the term “Exercise Price”) that the Holder would have been entitled to receive upon the happening of such Fundamental
Transaction or the record, eligibility or other determination date for the event resulting in such Fundamental Transaction, had
this Warrant been exercised immediately prior to such Fundamental Transaction or the record, eligibility or other determination
date for the event resulting in such Fundamental Transaction (without regard to any limitations on the exercise of this Warrant)
divided by (ii) the per share closing sale price of such corresponding capital stock on the Trading Day immediately prior to the
consummation or occurrence of the Fundamental Transaction), and with an identical exercise price to the Exercise Price hereunder
(such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting after the
consummation or occurrence of such Fundamental Transaction the economic value of this Warrant that was in effect immediately prior
to the consummation or occurrence of such Fundamental Transaction, as elected by the Holder solely at its option). Upon occurrence
or consummation of the Fundamental Transaction, and it shall be a required condition to the occurrence or consummation of such
Fundamental Transaction that, the Company and the Successor Entity or Successor Entities shall deliver to the Holder confirmation
that there shall be issued upon exercise of this Warrant at any time after the occurrence or consummation of the Fundamental Transaction,
as elected by the Holder solely at its option, ADSs, Successor Capital Stock or, in lieu of the ADSs or Successor Capital Stock
(or other securities, cash, assets or other property purchasable upon the exercise of this Warrant prior to such Fundamental Transaction),
such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription
rights), which for purposes of clarification may continue to be ADSs, if any, that the Holder would have been entitled to receive
upon the happening of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting
in such Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record,
eligibility or other determination date for the event resulting in such Fundamental Transaction (without regard to any limitations
on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution
for any other rights hereunder, prior to the occurrence or consummation of any Fundamental Transaction pursuant to which holders
Ordinary Shares or ADSs are entitled to receive securities, cash, assets or other property with respect to or in exchange for Ordinary
Shares or ADSs (a “Corporate Event”), the Company shall make appropriate provision to insure that, and any applicable
Successor Entity or Successor Entities shall ensure that, and it shall be a required condition to the occurrence or consummation
of such Corporate Event that, the Holder will thereafter have the right to receive upon exercise of this Warrant at any time after
the occurrence or consummation of the Corporate Event, ADSs or Successor Capital Stock or, if so elected by the Holder, in lieu
of ADSs (or other securities, cash, assets or other property) purchasable upon the exercise of this Warrant prior to such Corporate
Event (but not in lieu of such items still issuable under Sections 3(c) and 3(d), which shall continue to be receivable on the
ADSs or on the such shares of stock, securities, cash, assets or any other property otherwise receivable with respect to or in
exchange for ADSs), such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other
purchase or subscription rights and any Ordinary Shares) which the Holder would have been entitled to receive upon the occurrence
or consummation of such Corporate Event or the record, eligibility or other determination date for the event resulting in such
Corporate Event, had this Warrant been exercised immediately prior to such Corporate Event or the record, eligibility or other
determination date for the event resulting in such Corporate Event (without regard to any limitations on exercise of this Warrant).
The provisions of this Section 3(e) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined in Rule 1-02 of Regulation
S-X) to one or more Persons, or (iii) make, or allow one or more Persons to make, or allow the Company to be subject to or have
its Ordinary Shares be subject to or party to one or more persons making, a purchase, tender or exchange offer that is accepted
by the holders of at least either (x) 50% of the outstanding Ordinary Shares, (y) 50% of the outstanding Ordinary Shares calculated
as if any Ordinary Shares held by all Persons making or party to, or Affiliated with any Persons making or party to, such purchase,
tender or exchange offer were not outstanding; or (z) such number of Ordinary Shares such that all Persons making or party to,
or Affiliated with any Person making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners
(as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or (iv) consummate a securities
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or
scheme of arrangement) with one or more Persons whereby all such Persons, individually or in the aggregate, acquire, either (x)
at least 50% of the outstanding Ordinary Shares, (y) at least 50% of the outstanding Ordinary Shares calculated as if any Ordinary
Shares held by all the Persons making or party to, or Affiliated with any Person making or party to, such securities purchase agreement
or other business combination were not outstanding; or (z) such number of Ordinary Shares such that the Persons become collectively
the beneficial owners (as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding Ordinary Shares, or
(v) reorganize, recapitalize or reclassify its Ordinary Shares such that such modified Ordinary Shares no longer have the residual
right to dividends or distributions from the Company or the residual right to vote on matters given to the common shareholders
under Israeli law, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, allow any Person individually or the Persons in the aggregate to be or become the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition, purchase, assignment,
conveyance, tender, tender offer, exchange, reduction in outstanding Ordinary Shares, merger, consolidation, business combination,
reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise
in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
Ordinary Shares, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares
not held by all such Persons as of the date of this Warrant calculated as if any Ordinary Shares held by all such Persons were
not outstanding, or (z) a percentage of the aggregate ordinary voting power represented by issued and outstanding Ordinary Shares
or other equity securities of the Company sufficient to allow such Persons to effect a statutory short form merger or other transaction
requiring other shareholders of the Company to surrender their Ordinary Shares without approval of the shareholders of the Company
or (C) directly or indirectly, including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the
issuance of or the entering into any other instrument or transaction structured in a manner to circumvent, or that circumvents,
the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict
conformity with the terms of this definition to the extent necessary to correct this definition or any portion of this definition
which may be defective or inconsistent with the intended treatment of such instrument or transaction. Notwithstanding anything
contained herein, any transaction which results in a Company subsidiary that is not wholly-owned by the Company becoming a wholly-owned
subsidiary of the Company shall not be considered a “Fundamental Transaction” and shall not otherwise trigger any adjustment
or rights under this Warrant. “Successor Entity” means one or more Person or Persons (or, if so elected by the
Holder, the Company or Parent Entity (as defined below)) formed by, resulting from or surviving any Fundamental Transaction or
one or more Person or Persons (or, if so elected by the Holder, the Company or the Parent Entity) with which such Fundamental Transaction
shall have been entered into. “Parent Entity” of a Person means an entity that, directly or indirectly, controls
the applicable Person, including such entity whose common stock or equivalent equity security is quoted or listed on a Trading
Market, or, if there is more than one such Person or such entity, such Person or entity with the largest public market capitalization
as of the date of consummation of the Fundamental Transaction.

 

    7

     

    

 

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

 

g) Notice
to Holder.

 

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

 

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

 

    8

     

    

 

Section 4. Transfer
of Warrant.

 

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

 

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

 

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

 

iii. if the
aggregate amount of securities of the Company held by the placement agent and related persons do not exceed 1% of the securities
being offered;

 

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

 

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

 

Subject to
the foregoing restriction and subject to compliance with any applicable securities laws and the conditions set forth in Section
4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement,, this Warrant and all rights hereunder are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading
Days of the date the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly
assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new Warrant
issued.

 

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

 

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

 

    9

     

    

 

d) Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or
current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer,
that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of the Purchase Agreement, including
Section 4.13 thereof.

 

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

 

Section 5. Miscellaneous.

 

a) [RESERVED]

 

b) No
Rights as Shareholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in
Section 3.

 

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

 

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

 

e) Authorized
Shares.

 

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

 

    10

     

    

 

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

 

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

 

f) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

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

 

h) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

i) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the address for the Holder appears in the Company’s Warrant Register.

 

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

 

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

 

    11

     

    

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

    

    12

     

    

 

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

 

	 	CAN-FITE BIOPHARMA LTD.
	 	 	 
	 	By:	                 
	 	 	Name:
	 	 	Title:

 

    13

     

    

 

NOTICE OF EXERCISE

  

		To:	CAN-FITE
BIOPHARMA LTD.

The
Bank of New York Mellon

 

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

 

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

 

☐ in lawful money of the
United States; or

 

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

 

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

 

DTC Participant name and number:
________________________

Contact of DTC Participant: _______________________

Telephone Number of Participant
Contact: _____________________

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of
Investing Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

   

    14

     

    

  

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	 	 	 
	Dated: _______________ __, ______	 	 
	 	 	 
	Holder’s Signature: _________________	 	 
	 	 	 
	Holder’s Address: __________________	 	 

 

    15Exhibit

Exhibit 10.35

CAMDEN PROPERTY TRUST 
NON-QUALIFIED DEFERRED COMPENSATION PLAN

CAMDEN PROPERTY TRUST 
NON-QUALIFIED DEFERRED COMPENSATION PLAN

Table of Contents
	
				
	 
	 
	Page

	Article I - Definitions
	2

	 
	 
	 

	1.1
	

	Account
	2

	 
	 
	 

	1.2
	

	Administrator
	2

	 
	 
	 

	1.3
	

	Board
	2

	 
	 
	 

	1.4
	

	Bonus
	2

	 
	 
	 

	1.5
	

	Cash Compensation
	2

	 
	 
	 

	1.6
	

	Cash Compensation Deferral
	2

	 
	 
	 

	1.7
	

	Code
	2

	 
	 
	 

	1.8
	

	Compensation
	2

	 
	 
	 

	1.9
	

	Deferrals
	2

	 
	 
	 

	1.10
	

	Deferral Election
	3

	 
	 
	 

	1.11
	

	Disability
	3

	 
	 
	 

	1.12
	

	Effective Date
	3

	 
	 
	 

	1.13
	

	Eligible Participant
	3

	 
	 
	 

	1.14
	

	Employee
	3

	 
	 
	 

	1.15
	

	Employer
	3

	 
	 
	 

	1.16
	

	ERISA
	3

	 
	 
	 

	1.17
	

	Investment Fund or Funds
	3

	 
	 
	 

	1.18
	

	Participant
	3

	 
	 
	 

	1.19
	

	Payment Schedule
	3

	 
	 
	 

	1.20
	

	Performance-Based Compensation
	3

	 
	 
	 

	1.21
	

	Plan
	4

	 
	 
	 

	1.22
	

	Plan Year
	4

	 
	 
	 

	1.23
	

	Salary
	4

	 
	 
	 

	1.24
	

	Separation Benefits
	4

	 
	 
	 

	1.25
	

	Separation from Service
	4

	 
	 
	 

	1.26
	

	Share Award 
	5

	 
	 
	 

	1.27
	

	Share Deferral
	6

	 
	 
	 

	1.28
	

	Share Incentive Plan
	6

	 
	 
	 

	1.29
	

	Specified Date Benefits
	6

	
				
	1.30
	

	Specified Employee
	6

	 
	 
	 

	1.31
	

	Subsidiary
	6

	 
	 
	 

	1.32
	

	Trust
	6

	 
	 
	 

	1.33
	

	Trust Manager
	6

	 
	 
	 

	1.34
	

	Trust Manager Fees
	6

	 
	 
	 

	1.35
	

	Trustee
	6

	 
	 
	 

	1.36
	

	Unforeseeable Emergency
	6

	 
	 
	 

	Article II - Participation
	8

	 
	 
	 

	2.1
	

	Commencement of Participation
	8

	 
	 
	 

	2.2
	

	Change in Eligible Participant Status
	8

	 
	 
	 

	Article III - Contributions
	9

	 
	 
	 

	3.1
	

	Participant Deferrals
	9

	 
	 
	 

	3.2
	

	Time of Contributions
	11

	 
	 
	 

	3.3
	

	Form of Contributions
	11

	 
	 
	 

	Article IV - Vesting
	12

	 
	 
	 

	4.1
	

	Vesting of Deferrals
	12

	 
	 
	 

	Article V - Accounts
	13

	 
	 
	 

	5.1
	

	Bookkeeping Accounts
	13

	 
	 
	 

	5.2
	

	Adjustment and Crediting of Accounts
	13

	 
	 
	 

	5.3
	

	Investment of Trust Assets
	13

	 
	 
	 

	Article VI - Distributions
	15

	 
	 
	 

	6.1
	

	Time of Payment
	15

	 
	 
	 

	6.2
	

	Form of Payment
	16

	 
	 
	 

	6.3
	

	Distribution Election
	16

	 
	 
	 

	6.4
	

	Modifications to Distribution Elections
	17

	 
	 
	 

	6.5
	

	Distribution Due to Unforeseeable Emergency
	17

	 
	 
	 

	6.6
	

	Cashout Distribution
	18

	 
	 
	 

	Article VII - Share Award Deferral
	19

	 
	 
	 

	7.1
	

	General
	19

	 
	 
	 

	7.2
	

	Deferral of Share Award
	19

	 
	 
	 

	7.3
	

	Terms and Conditions of Awards
	19

	 
	 
	 

	Article VIII - Beneficiaries
	20

	 
	 
	 

	8.1
	

	Beneficiaries
	20

	 
	 
	 

	8.2
	

	Change of Beneficiary Designation
	20

	
				
	 
	 
	 

	8.3
	

	Determination of Beneficiary
	20

	 
	 
	 

	8.4
	

	Lost Participant or Beneficiary
	20

	 
	 
	 

	Article IX - Funding
	22

	 
	 
	 

	9.1
	

	Prohibition Against Funding
	22

	 
	 
	 

	9.2
	

	Deposits in Trust
	22

	 
	 
	 

	9.3
	

	Withholding of Employee Contributions
	22

	 
	 
	 

	Article X - Claims Administration
	23

	 
	 
	 

	10.1
	

	Claim Procedure
	23

	 
	 
	 

	10.2
	

	Appeal of Denied Claims
	24

	 
	 
	 

	10.3
	

	Relevance
	25

	 
	 
	 

	10.4
	

	Six-Month Deadline for Filing Suit
	26

	 
	 
	 

	10.5
	

	Decisions of Administrator
	26

	 
	 
	 

	Article XI - General Provisions
	27

	 
	 
	 

	11.1
	

	Administrator
	27

	 
	 
	 

	11.2
	

	No Assignment
	27

	 
	 
	 

	11.3
	

	No Employment Rights
	27

	 
	 
	 

	11.4
	

	Incompetence
	28

	 
	 
	 

	11.5
	

	Identity
	28

	 
	 
	 

	11.6
	

	Other Benefits
	28

	 
	 
	 

	11.7
	

	Expenses
	28

	 
	 
	 

	11.8
	

	Insolvency
	28

	 
	 
	 

	11.9
	

	Amendment and Termination
	28

	 
	 
	 

	11.10
	

	Construction
	30

	 
	 
	 

	11.11
	

	Governing Law
	30

	 
	 
	 

	11.12
	

	Severability
	30

	 
	 
	 

	11.13
	

	Headings
	30

	 
	 
	 

	11.14
	

	Entire Agreement
	30

	 
	 
	 

	11.15
	

	Terms
	31

	 
	 
	 

	11.16
	

	Real Estate Investment Trust ("REIT") Status
	31

	 
	 
	 

	11.17
	

	Compliance with Internal Revenue Code
	31

CAMDEN PROPERTY TRUST 
NON-QUALIFIED DEFERRED COMPENSATION PLAN

RECITALS 

Camden Property Trust, a Texas real estate investment trust (the “Company”), maintains the Camden Property Trust Non-Qualified Deferred Compensation Plan, as amended and restated from time to time (the “Plan”),  primarily for the purpose of attracting and retaining a select group of management or highly compensated employees.

The Company desires to amend and restate the Plan as set forth herein. 

The Plan is an unfunded arrangement established and maintained primarily for the benefit of a select group of management or highly compensated employees and is intended to be exempt from the participation, vesting, funding, and fiduciary requirements set forth in Title I of ERISA.  

NOW THEREFORE, the Company hereby adopts this amendment and restatement of the Plan, effective as of the Effective Date or as otherwise stated herein.

1

Article 1 - DEFINITIONS

		
	1.1
	Account. The bookkeeping account established for each Participant as provided in Section 5.1 hereof.  Each Participant’s Account shall be sub-divided into a Cash Compensation Deferral Account (herein so called) and a Share Deferral Account (herein so called) as provided herein.  The Company may, in its discretion, further divide such Accounts into sub-accounts to reflect amounts payable at different times and in different forms.  Reference to an Account herein includes any such sub-account established for a Participant as the context requires.

		
	1.2
	Administrator. The Compensation Committee of the Board shall be the Administrator. The Administrator may delegate some or all of its authority to one or more individuals who are officers or employees of the Company or any of its Subsidiaries or to third parties. 

		
	1.3
	Board.  The Board of Trust Managers of the Company.

		
	1.4
	Bonus. Compensation that is designated as a bonus by the Employer, whether or not the Compensation is Performance-Based Compensation, including any pretax elective deferrals from said Bonus to any Employer-sponsored plan that includes amounts deferred under a Deferral Election or a qualified cash or deferred arrangement under Code Section 401(k) or cafeteria plan under Code Section 125.

		
	1.5
	Cash Compensation. In the case of a Participant who is an Employee, the Participant’s earned income payable in cash, including Salary, Bonus, Performance-Based Compensation, and any other cash remuneration from the Employer that the Administrator designates prior to the start of the applicable Plan Year as Cash Compensation for purposes of the Plan; and, in the case of a Participant who is a Trust Manager and is not employed by the Company or any of its Subsidiaries, the Participant’s Trust Manager Fees.  To the extent that a Participant’s Cash Compensation (including any Trust Manager Fees) is paid or settled in shares of the Company’s common stock (or any other securities or property), the Participant’s Deferral Election as to such Cash Compensation shall apply to such shares (or other securities or property). 

		
	1.6
	Cash Compensation Deferral. That portion of a Participant’s Cash Compensation that is deferred in accordance with Section 3.1 hereof but would have otherwise been payable in cash absent the deferral. 

		
	1.7
	Code.  The Internal Revenue Code of 1986, as amended.

		
	1.8
	Compensation. The Participant’s Cash Compensation and Share Awards.

		
	1.9
	Deferrals. Collectively, the Cash Compensation Deferrals and Share Deferrals of a Participant.

		
	1.10
	Deferral Election. The written agreement, submitted to the Company on such form and in such manner as prescribed by the Administrator, by which an Eligible Participant agrees to participate in the Plan and make Deferrals thereto.

		
	1.11
	Disability.  A Participant (or the Participant’s designated primary beneficiary who is receiving installment payments under section 6.2(b)) shall be considered disabled if he or she (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a 

2

continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering the Participant that is sponsored by the Employer.
		
	1.12
	Effective Date. The effective date of the Plan, as restated, which shall be January 1, 2019 except as otherwise expressly set forth herein.

		
	1.13
	Eligible Participant. Collectively, (i) any Employee designated by the Employer as an Eligible Participant and (ii) any Trust Manager.  

		
	1.14
	Employee. Any person employed by the Employer.

		
	1.15
	Employer.  Collectively, the Company and each of its Subsidiaries that has elected to adopt the Plan.

		
	1.16
	ERISA.  The Employee Retirement Income Security Act of 1974, as amended.

		
	1.17
	Investment Fund or Funds. Each deemed investment which serves as a means to measure value for purposes of crediting increases or decreases with respect to a Participant’s Accounts pursuant to Section 5.2.  The Investment Funds shall be designated from time to time by the Administrator.

		
	1.18
	Participant. An Eligible Participant who is a Participant as provided in Article II.

		
	1.19
	Payment Schedule.  The date as of which payment of Deferrals under the Plan will commence and the form in which payment of such Deferrals will be made.

		
	1.20
	Performance-Based Compensation.  Compensation the amount of which, or entitlement to which, is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months in which the Participant performs services. Organizational or individual performance criteria are considered pre-established if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established.  Compensation shall be considered Performance-Based Compensation only if it satisfies the requirements set forth in Treas. Reg. Section 1.409A-1(e). 

		
	1.21
	Plan. This Camden Property Trust Non-Qualified Deferred Compensation Plan, as amended and restated from time to time. 

		
	1.22
	Plan Year. January 1 through December 31.

		
	1.23
	Salary. An Eligible Participant’s base salary rate or rates in effect at any time during a Plan Year, including any pretax elective deferrals from said Salary to any Employer-sponsored plan that includes amounts deferred under a Deferral Election or a qualified cash or deferred arrangement under Code Section 401(k) or cafeteria plan under Code Section 125.

		
	1.24
	Separation Benefits.  Deferrals elected by the Participant to be paid upon the Participant’s Separation from Service (other than due to the Participant’s death or Disability) as provided in Section 6.1(a).  

3

		
	1.25
	Separation from Service.  As to a particular Participant, a termination of services provided by the Participant to his or her Employer (as defined below in this definition), whether voluntarily or involuntarily, as determined by the Administrator in accordance with Section 409A of the Code and Treasury Regulation Section 1.409A-1(h).  In determining whether a Participant has experienced a Separation from Service, the following provisions shall apply:

(i)    For a Participant who provides services to an Employer as an employee, except as otherwise provided in clause (iii) below, a Separation from Service shall occur when the Participant has experienced a termination of employment with the Employer.  A Participant shall be considered to have experienced a termination of employment for this purpose when the facts and circumstances indicate that the Participant and his or her Employer reasonably anticipate that either (A) no further services will be performed by the Participant for the Employer after the applicable date, or (B) that the level of bona fide services the Participant will perform for the Employer after such date (whether as an employee or as an independent contractor) will permanently decrease to no more than twenty percent (20%) of the average level of bona fide services performed by the Participant (whether as an employee or an independent contractor) over the immediately preceding period of thirty-six (36) months (or the full period of services to the Employer if the Participant has been providing services to the Employer less than thirty-six (36) months).  However, if the Participant is on military leave, sick leave, or other bona fide leave of absence, the employment relationship between the Participant and the Employer shall be treated as continuing intact, provided that the period of such leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with the Employer under an applicable statute or by contract.  If the period of a military leave, sick leave, or other bona fide leave of absence exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be terminated for purposes of the Plan as of the first day immediately following the end of such six (6)-month period.  In applying the provisions of this paragraph, a leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Employer.
(ii)    For a Participant who provides services to an Employer as an independent contractor (other than as a Trust Manager), except as otherwise provided in clause (iii) below, a Separation from Service shall occur upon the expiration of the contract (or in the case of more than one contract, all contracts) under which services are performed for such Employer, provided that the expiration of such contract(s) is determined by the Administrator to constitute a good-faith and complete termination of the contractual relationship between the Participant and such Employer.
(iii)    For a Participant who provides services to an Employer as both an employee and an independent contractor, a Separation from Service generally shall not occur until the Participant has ceased providing services for the Employer as both an employee and as an independent contractor, as determined in accordance with the provisions set forth in clauses (i) and (ii) above.  Similarly, if a Participant either (A) ceases providing services for an Employer as an independent contractor and begins providing services for such Employer as an employee, or (B) ceases providing services for an Employer as an employee and begins providing services for such Employer as an independent contractor, the Participant will not be considered to have experienced a Separation from Service until the Participant has ceased providing services for such Employer in both capacities, as determined in accordance with clauses (i) and (ii) above.

4

(iv)    For a Participant who provides services to the Company solely as a Trust Manager (and not otherwise as an employee or independent contractor of any Employer), a Separation from Service shall not occur until the Participant has ceased providing services as a Trust Manager.
Notwithstanding the foregoing provisions of this definition, if a Participant provides services for an Employer as an employee and also provides services as a member of the Board, to the extent permitted by Treasury Regulation Section 1.409A-1(h)(5), the services provided by the Participant as a Trust Manager shall not be taken into account in determining whether the Participant has experienced a Separation from Service as an employee, and the services provided by such Participant as an employee shall not be taken into account in determining whether the Participant has experienced a Separation from Service as a Trust Manager, for purposes of the Plan.
Solely for purposes of this definition of “Separation from Service,” the term “Employer” means the Employer that the Participant last performed services for or was employed by, as applicable, on the date of his or her Separation from Service, and all other entities that are required to be aggregated together and treated as the employer under Treasury Regulation Section 1.409A-1(h)(3).
		
	1.26
	Share Award. An award of shares or share units of the Company made to a Participant under the Share Incentive Plan.  Unless otherwise provided by the Administrator in advance of the applicable deferral election deadline with respect to a particular stock option or stock appreciation right, stock options or stock appreciation rights that are granted by the Company to a Participant under the Share Incentive Plan shall also qualify as “Share Awards.”  If any such stock option or stock appreciation right is deferred pursuant to this Plan as a Share Award, it shall include terms that are intended to meet all the requirements of deferred compensation under Section 409A of the Code without reliance on Treasury Regulation Section 1.409A-1(b)(5)(i)(A) or (B) or Treasury Regulation Section 1.409A-1(b)(5)(ii) (i.e., the exemptions under which stock options and stock appreciation rights may not constitute a deferral of compensation if, in general, the taxable event with respect to the award is not delayed past the exercise of the award or the award qualifies as an incentive stock option under Section 422 of the Code).  The Administrator may permit a Participant to make, in the applicable Deferral Election, one deferral election as to any Share Awards that are subject to the Deferral Election and in the form of stock options or stock appreciation rights and a separate deferral election as to any Share Awards that are subject to the Deferral Election and in the form of shares or share units.

		
	1.27
	Share Deferral. A Share Award that is deferred in accordance with Section 3.1 and Article VII hereof.

		
	1.28
	Share Incentive Plan. The Company’s 2011 Share Incentive Plan, or any successor equity incentive plan thereto that may be adopted by the Company, as each may be amended and restated from time to time.

		
	1.29
	Specified Date Benefits. Deferrals elected by the Participant in accordance with Section 6.1(d) to be paid on one or more specified dates designated by the Administrator on the applicable Deferral Election form.  

		
	1.30
	Specified Employee.  A Participant who, as of the date of the Participant’s Separation from Service, is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i).

5

		
	1.31
	Subsidiary.  Any corporation or other entity a majority of whose outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company.

		
	1.32
	Trust. The trust agreement or agreements the Employer may choose to adopt in its sole discretion, under which assets with respect to the Plan may be held, administered and managed.  Participants shall have no right or claim to Trust assets set aside to fund benefits under the Plan, which shall remain the general assets of the Employer.  

		
	1.33
	Trust Manager.  A member of the Board.

		
	1.34
	Trust Manager Fees. All cash compensation (including annual retainer fees, fees for service on Board committees, and other cash remuneration) paid to a Trust Manager for services as a member of the Board.

		
	1.35
	Trustee. The entity or individual designated from time to time by the Administrator to serve as trustee of the Trust in accordance with the terms of the Plan and the Trust.

		
	1.36
	Unforeseeable Emergency.  A severe financial hardship to the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, or a dependent of the Participant (as defined in Section 152(a) of the Code); (ii) loss of the Participant’s property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. A severe financial hardship will not exist if such hardship can be relieved through reimbursement or compensation by insurance, or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause a severe financial hardship). Determination of whether a Participant has incurred an Unforeseeable Emergency shall be made by the Administrator, in accordance with the requirements of Section 409A of the Code and any guidance issued thereunder.

The foregoing definition of Unforeseeable Emergency shall also apply to an unforeseeable financial emergency of the Participant’s designated primary beneficiary who is receiving installment payments under Section 6.2(b) as if such beneficiary were the Participant under this Section 1.36.

********

6

Article II - Participation
		
	2.1
	Commencement of Participation. Each Eligible Participant shall commence participation on the date his or her Deferral Election first becomes effective. In accordance with Section 6.3, each Participant shall be required to designate on a Deferral Election the form and timing of the distribution of the portion of his or her Account to which such Deferral Election relates. 

		
	2.2
	Change in Eligible Participant Status.

		
	(a)
	The Administrator may, at any time and in its sole discretion, terminate the ability of a Participant to defer Compensation (or to defer additional Compensation or types of Compensation) hereunder.  All Deferrals for a Participant who becomes ineligible to participate shall cease as of the end of the Plan Year in which such former Participant is determined to no longer be an Eligible Participant.  Such a former Participant shall not be permitted to submit a Deferral Election after he becomes ineligible to participate.  

		
	(b)
	Amounts credited to the Account of a Participant described in subsection (a) shall continue to be held, pursuant to the terms of the Plan, and shall be distributed as provided in Article VI.

********

7

Article III - Contributions
		
	3.1
	Participant Deferrals.

		
	(a)
	There shall be credited to the Cash Compensation Deferral Account or Share Deferral Account, as applicable, of a Participant an amount equal to the amount designated as the Participant’s Deferral for that Plan Year as indicated in the Participant’s Deferral Election. Such amounts (Cash Compensation Deferrals or Share Deferrals) shall not be made available to such Participant, except as provided in Article VI, and any such Deferrals shall reduce such Participant’s Cash Compensation or Share Awards in accordance with the provisions of the applicable Deferral Election; provided, however, that all such Deferrals shall be subject to the rights of the general creditors of the Employer as provided in Article IX.

		
	(b)
	An Eligible Participant’s election to defer Compensation under the Plan shall be effective only if the Participant delivers a Deferral Election indicating such Deferrals to the Administrator in accordance with this Section 3.1, such Deferral Election to be made on such form and in such manner as the Administrator shall prescribe. 

		
	(i)
	In General. Subject to paragraph (iii) of this Section 3.1(b), with respect to any Compensation that is not Performance-Based Compensation (including a Bonus that is not Performance-Based Compensation), a Participant shall file a Deferral Election with the Administrator within the time period established by the Administrator, but in all events no later than the close of the calendar year immediately preceding the calendar year in which the services to which the Deferral Election relates are to be performed; provided, however, that in the Plan Year in which an Employee or Trust Manager is first eligible to participate in the Plan, such Deferral Election shall be filed within thirty (30) days of the date on which the Employee or Trust Manager is first eligible to participate and shall be effective only with respect to Compensation for services to be rendered during the remainder of the Plan Year after the election is effective.  

		
	(ii)
	Performance-Based Compensation Deferral. With respect to Compensation that is Performance-Based Compensation, a Participant shall file a Deferral Election with the Administrator  on or before the date that is six (6) months before the end of the applicable performance period, provided that the Participant performs services with the Employer continuously from the later of the beginning of the applicable performance period or the date the applicable performance criteria are established through the date of such election, and provided further that in no event may an election to defer Performance-Based Compensation be made after such compensation has become readily ascertainable.

		
	(iii)
	Legally-Binding Right. Notwithstanding paragraph (i) of this Section 3.1(b), if Compensation may be awarded to a Participant in a year following a year in which services are performed to which the Compensation may relate and the Participant has no legally binding right to such Compensation as of the end of the year in which the services are performed, a Deferral Election with respect to such Compensation shall be filed with the Administrator no later than the last day of the year prior to the year in which the legally binding right to such Compensation may arise.

8

		
	(c)
	The Deferral Election shall, subject to the limitations set forth in this Section 3.1, designate the amount or percentage of Cash Compensation and/or Share Awards to be deferred by the Participant.  Upon making a Deferral Election, the Participant must also make an election regarding the time and form of payment of the Deferrals subject to such Deferral Election, in accordance with Section 6.3.

		
	(d)
	The maximum amount or percentage of a Participant’s Compensation that may be deferred each Plan Year shall be established by the Administrator prior to the start of such Plan Year.

		
	(e)
	The Participant shall make appropriate arrangements with the Employer to provide for satisfaction of all taxes required to be withheld under the Federal Insurance Contributions Act (“FICA”) and all other applicable taxes that are required to be withheld with respect to (1) Cash Compensation Deferrals, and (2) Share Deferrals as they become subject to FICA taxes and other withholding requirements (collectively, the “Withholding Requirements”).  The Employer shall have the right at its option to (a) require the Participant to pay or provide for payment of the amount of such Withholding Requirements, or (b) deduct from any compensation or other amount otherwise payable in cash to the Participant the amount of such Withholding Requirements.  The Employer also reserves the right to reduce such Participant’s Deferrals to the extent necessary to satisfy such Withholding Requirements (subject to approval by the Compensation Committee of the Board as to any reduction in a Participant’s Share Deferrals). 

		
	(f)
	A Deferral Election relating to a Plan Year may not be modified or revoked once such Plan Year has commenced. Notwithstanding the foregoing, in the event a Participant receives a distribution from the Plan due to an Unforeseeable Emergency, the Participant’s Deferral Election shall be terminated as soon as administratively feasible following the distribution. 

		
	(g)
	Any Share Deferrals shall remain subject to the forfeiture and transfer restriction provisions of the Share Incentive Plan, any other terms or conditions established by the Company incident thereto or contained in the award in addition to any restrictions imposed pursuant to the Plan.  A Participant may not elect a Share Deferral Period ending prior to the latest date on which the shares subject to the Share Deferral vest under the terms of the applicable Share Award or the provisions of the Share Incentive Plan.

		
	(h)
	At the time of a Share Deferral election, a Participant may be given the right to elect that all or a stated percentage of dividends or dividend equivalent payments, as the case may be and if any, related to such Share Deferral also be deferred.  Deferred dividends and dividend equivalent payments shall be credited in accordance with the terms of the applicable Share Award (which will specify whether any such deferred dividends or dividend equivalent payments shall be denominated in cash and credited hereunder to a Cash Compensation Deferral Account or denominated in shares and credited hereunder to a Share Deferral Account); provided, however, that any such deferred dividends and dividend equivalent payments credited hereunder shall be  distributed in accordance with the Participant’s Share Deferral election for the applicable Share Award.  If, at the time of the Share Deferral election, a Participant does not elect such a dividend or dividend equivalent payment deferral, then any and all such dividends and dividend equivalent payments related to that Share Deferral Election shall be paid to the Participant in accordance with the terms of the applicable Share Award.

9

		
	3.2
	Time of Contributions.  Unless otherwise determined by the Administrator, Cash Compensation Deferrals shall be transferred to the Trust as soon as administratively feasible after the date the corresponding amount would have otherwise been paid to the Participant absent the Participant’s Deferral Election.  The Employer shall also transmit at that time any necessary instructions regarding the allocation of such amounts among the Accounts of Participants.  Any Share Deferral shall initially be accounted for by the Company and shall be transferred to the Trustee at such time as the Company shall, in its discretion, determine.

		
	3.3
	Form of Contributions. All Deferrals to the Trust shall be made in the form of cash or cash equivalents of US currency or Share Awards.

********

10

Article IV - Vesting
		
	4.1
	Vesting of Deferrals.  A Participant shall have a one hundred percent (100%) vested right to the portion of his or her Account attributable to Cash Compensation Deferrals and any earnings on the deemed investment of such Deferrals.  A Participant shall vest in Share Deferrals in accordance with the terms of the relevant Share Award under the Share Incentive Plan.

********

11

Article V - Accounts
		
	5.1
	Bookkeeping Accounts. The Administrator shall establish and maintain bookkeeping accounts in the name of each Participant.  The Administrator shall maintain a Cash Compensation Deferral Account and Share Deferral Account for each Participant. 

		
	5.2
	Adjustment and Crediting of Accounts. 

		
	(a)
	The Administrator shall adjust the amounts credited to each Participant’s Account to reflect Deferrals, distributions, and the deemed investment experience of the Participant’s Investment Fund selections, and any other appropriate adjustments. Such adjustments shall be made as is administratively necessary in the discretion of the Administrator.

		
	(b)
	Subject to Section 5.3(c), the deemed investment experience credited to a Participant’s Cash Compensation Deferral Account shall be determined on a periodic basis according to the earnings and losses of the Investment Fund selections made by the Participant. The earnings and losses will be determined as if the amounts credited to the Participant’s Accounts were actually invested in the Investment Fund selected.  Participants may select one or more of the Investment Funds designated by the Administrator in whole percentages of the applicable Cash Compensation Deferral Account balance. A Participant may change his or her selection of Investment Funds at such time and in such manner as the Administrator shall permit. An election shall be effective as soon as administratively feasible following the date of the change as indicated in writing by the Participant or such other means as the Administrator may approve. 

		
	5.3
	Investment of Trust Assets.  

		
	(a)
	Deferrals hereunder may, in the sole discretion of the Employer, be set aside in a Trust in order to facilitate the payments of benefits under the Plan. Any such Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan.  Under no circumstances shall any Participant have any preferential or secured right to or interest in any assets of such Trust, and the rights of each Participant (and if applicable, any beneficiary) shall remain that of a general creditor of the Employer.

		
	(b)
	A Participant may request, from time to time, that Trust assets attributable to his Cash Compensation Deferral Account be deemed to be invested in one or more Investment Funds. A Participant may not elect that deferred shares held in his Share Deferral Account be deemed to be invested in one or more Investment Funds; provided that deferred shares elected to be invested in one or more Investment Funds under a prior version of the Plan in accordance with the terms of the Plan at the time of such election shall be treated as invested in a Cash Compensation Deferral Account for purposes of this Section 5.3. 

		
	(c)
	In all cases, the Administrator shall not be obligated to make investments in the Investment Funds in which a Participant’s Account is deemed invested for purposes of the Plan, but may choose to make such investments or may choose to make other investments as it deems appropriate. 

********

12

Article VI - DISTRIBUTIONS
		
	6.1
	Time of Payment.

		
	(a)
	Separation from Service. Subject to the following provisions of this Section 6.1,  payment of the vested amounts credited to a Participant’s Account(s) shall commence, at such time as previously elected by the Participant, following the Participant’s Separation from Service. Notwithstanding the foregoing, with respect to distribution to a Participant who is a Specified Employee on account of Separation from Service (and, for clarity, not a distribution triggered by the Participant’s death or Disability), distribution may not commence earlier than six (6) months following such Participant’s Separation from Service. If the Participant fails to timely elect the date on which payment is to be made or commence, distribution shall be made or commence on the first business day following the date that is six (6) months from the Participant’s Separation from Service.

		
	(b)
	Disability or Death. If the Disability or death of the Participant (or of the designated primary beneficiary who is receiving installment payments under Section 6.2(b)) occurs at any time prior to complete distribution of the Participant’s Account, all remaining vested amounts credited to the Participant’s Account shall be paid in one (1) lump sum on the first day following six (6) months from the date of Disability or death, as the case may be; provided, however, that the Participant may make an election to receive installment payments pursuant to Section 6.2(b).

		
	(c)
	Limitation on Length of Deferred Commencement. With respect to distribution following Separation from Service for a reason other than death or Disability, the Participant may elect to have distribution of Deferrals be made or commence at any time following the expiration of six (6) months following the date of the Participant’s Separation from Service; provided, however, that any such distribution (i.e., any lump sum payment or, if installments are elected, the last such installment) must be made no later than the date that is thirty (30) years following the date of the Participant’s Separation from Service (except as to Deferrals that relate to a Deferral Election made prior to January 1, 2019, in which case those Deferrals shall be subject to any applicable limitation of this Section 6.1(c) as in effect when the Deferral Election was made).  Effective with Deferral Elections filed on or after January 1, 2014, Deferrals that the Participant has designated to be paid as Separation Benefits shall be paid in accordance with the Payment Schedule specified by the Participant in the Deferral Election and in accordance with this Article VI. 

		
	(d)
	Payment on a Specified Date. In addition to the election in paragraph (a) of this Section 6.1, a Participant may elect on his or her Deferral Election one or more specified dates on which to receive a specified dollar amount or percentage of the Deferrals subject to the Deferral Election or on which an annual installment stream of payment of such Deferrals will commence for the time period elected. Any amount not paid in accordance with a specified date election as of the Participant’s Separation from Service, death or Disability will be paid in accordance with the Participant’s applicable Separation Benefit election or, in the case of the Participant’s death or Disability, as provided in Section 6.1(b).  Effective with Deferral Elections filed on or after January 1, 2013, Deferrals that the Participant has designated to be paid as Specified Date Benefits may be paid or commence only on specified dates designated by the Administrator on the applicable 

13

Deferral Election form shall be paid in accordance with the Payment Schedule specified by the Participant in the Deferral Election. 
		
	6.2
	Form of Payment.  

		
	(a)
	The Participant’s Account shall be payable in one of the following forms: (i) in one (1) lump sum payment; or (ii) in annual installments over a period of up to thirty (30) years (as elected by the Participant and, as to Deferrals that relate to a Deferral Election made prior to January 1, 2019, subject to any applicable limitation of this Section 6.2(a) as in effect when the Deferral Election was made); provided, however, that any election of a Separation Benefit shall be subject to the limitation provided in Section 6.1(c). In accordance with Treasury Regulation Section 1.409A-2(b)(2)(iii) and (iv) and for purposes of the Plan (including, without limitation, Section 6.4 hereof), an election for distribution in the form of installment payments shall be treated as an election of a series of separate payments.

		
	(b)
	Notwithstanding Section 6.2(a), the Participant may elect (on a form and in a manner prescribed by the Administrator) that, in the event of the Participant’s Disability or death, distribution of the Participant’s remaining Account shall be made in one of the following forms: (i) one (1) lump sum, to be paid on the first day following six (6) months from the date of Disability or death, as applicable; (ii) annual installments over a three (3)-year period; or (iii) annual installments over a five (5)-year period. In the case of distribution in the form of installment payments, the first installment shall be paid on the first day following six (6) months from the date of the Participant’s Disability or death (as applicable), and subsequent installments shall be paid on each anniversary thereof. If the Participant fails to timely elect the form in which benefits are to be distributed in the event of Disability or death, distribution shall be in the form of one (1) lump sum, to be paid on the first day following six (6) months from the date of Disability or death (as applicable).  Notwithstanding a Participant’s elected form of payment hereunder, in the event that, after a Participant’s death, the Participant’s primary beneficiary who is receiving installments dies, distribution of the Participant’s remaining Account will be paid to the Participant’s contingent beneficiary described in Section 8.3 in one (1) lump sum.

		
	(c)
	The Participant’s benefit as to a particular Deferral shall be distributed in the form previously elected by the Participant as to that Deferral. If the Participant fails to timely elect the form in which his or her benefit is to be distributed, distribution shall be in the form of one (1) lump sum.

		
	6.3
	Distribution Election.  An election as to the date on which distribution of Separation Benefits or Specified Date Benefits is to be made or commence and the form of payment shall be made by the Participant at the time the Participant makes a Deferral Election and may be modified only as provided in Section 6.4. On each Deferral Election, a Participant may make separate distribution elections with respect to the Deferrals credited to the Participant’s Cash Compensation Deferral Account and Share Deferral Account pursuant to that Deferral Election. If, with respect to a Deferral Election, the Participant fails to timely make an election relating to the commencement of distribution and the form of payment for the Deferrals subject to that Deferral Election, the last such election relating to distribution of benefits under the Plan made by the Participant shall apply to those Deferrals. If no such last election has been made, distribution shall be made as provided in Sections 6.1(a), 6.2(b) and 6.2(c), as applicable.  Effective with 

14

Deferral Elections filed on or after January 1, 2014, the Participant shall specify in the Deferral Election the portion of such Deferrals which shall be designated as either Separation Benefits and/or as Specified Date Benefits.  If no designation is made, Deferrals shall be designated as Separation Benefits. The Participant shall also specify the Payment Schedule applicable to his or her Separation Benefits and/or Specified Date Benefits.  If a Payment Schedule is not specified in the Deferral Election, the Payment Schedule shall be as provided in Section 6.2(c).
		
	6.4
	Modifications to Distribution Elections.  A Participant may amend his or her previously-made distribution election by filing a new election with the Administrator on such form and in such manner as the Administrator shall prescribe; provided, that any such amendment:

		
	(a)
	may not take effect until at least twelve (12) months after such amendment to the election is made;

		
	(b)
	except in the case of a distribution due to Unforeseeable Emergency, Disability, or the death of the Participant, must extend the period of deferral for the first payment for which such amendment is made for a period of no less than five (5) years; 

		
	(c)
	may not be made less than twelve (12) months prior to the date of the first scheduled payment of the amount to which such amendment is made; and 

		
	(d)
	may not permit acceleration of the time or schedule of any payment under the Plan, except as may be permitted by applicable Treasury Regulations.

		
	6.5
	Distribution Due to Unforeseeable Emergency.  A Participant (or the designated primary beneficiary of a Participant who is receiving installment payments under Section 6.2(b)) may request a distribution from the Participant’s Account in the event that the Participant or primary beneficiary has experienced an Unforeseeable Emergency. If the Administrator determines that an Unforeseeable Emergency exists, the Administrator shall direct the suspension of Deferrals for the remainder of the Plan Year, and if such suspension is insufficient to alleviate the Unforeseeable Emergency, the Administrator may direct the distribution of an amount not in excess of the amount necessary to alleviate such Unforeseeable Emergency, plus such amounts as are necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance, or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). 

		
	6.6
	Cashout Distribution.  Notwithstanding the preceding provisions of this Article VI, if at any time the Participant’s vested interest in the Plan and any other non-qualified, defined contribution plan sponsored by the Employer in which the Participant participates is $10,000 or less, the Administrator may distribute such interest to the Participant in one (1) lump sum, provided the following requirements are also satisfied:

		
	(a)
	The payment accompanies the termination of the entirety of the Participant’s interest in the Plan, and all similar plans or arrangements that would constitute a nonqualified deferred compensation plan under Treasury Regulation Section 1.409A-1(c);

		
	(b)
	The payment is made on or before the later of (i) December 31 of the calendar year in which the Participant’s Separation from Service occurs, or (ii) the fifteenth (15th) day of the third (3rd) month following the Participant’s Separation from Service; and

15

		
	(c)
	The Participant is not provided with an election with respect to receipt of the payment.

********

16

Article VII - SHARE AWARD DEFERRAL

		
	7.1
	General.  A Share Award may be deferred as provided in this Article VII.  

		
	7.2
	Deferral of Share Awards.  A Participant, subject to the provisions hereof, may elect to defer all or a portion of a Share Award, on such terms as the Administrator may permit, by completing a Share Award Deferral Agreement and submitting it to the Administrator prior to the calendar year in which the Share Award is made.  Such election may be made only with respect to Share Awards made on or after January 1, 2005. Such Deferral Elections shall be made pursuant to Section 3.1 hereof, in accordance with the provisions thereof (with respect to such deferrals, the period of deferral is sometimes referred to as the “Share Deferral Period”) and shall be distributed pursuant to Article VI hereof.  The Administrator shall credit such deferred Share Awards to a bookkeeping account (to be known as a “Share Award Account”) for the benefit of such Participant.  The Share Awards so deferred initially shall be accounted for by the Company and shall be transferred to the Trustee at such times as the Company shall, in its discretion, determine. Any election to defer all or a portion of a Share Award shall apply to any subsequent Share Award unless and until a revised Deferral Election is submitted to the Administrator.

		
	7.3
	Terms and Conditions of Awards.  Any deferred Share Awards shall remain subject to the forfeiture and transfer restriction provisions of the Share Incentive Plan and any other terms and conditions established by the Company incident thereto in addition to any restrictions imposed pursuant to the Plan.  

********

17

Article VIII - Beneficiaries
		
	8.1
	Beneficiaries. Each Participant may from time to time designate one or more persons, entities or his or her estate as his or her beneficiary under the Plan. Such designation shall be made on a form prescribed by the Administrator.  

		
	8.2
	Change of Beneficiary Designation.  Each Participant may at any time and from time to time, change any previous beneficiary designation, without notice to or consent of any previously designated beneficiary, by amending his or her previous designation on a form prescribed by the Administrator. 

		
	8.3
	Determination of Beneficiary.  

		
	(a)
	If the beneficiary does not survive the Participant (or is otherwise unavailable to receive payment), if the beneficiary does not survive until the final payment is made or if no beneficiary is validly designated, then the amounts payable under the Plan (or any remaining amount, as the case may be) shall be paid to the Participant’s designated contingent beneficiary, if any, and, if none, to the Participant’s surviving spouse, if any, and if none, to his or her surviving issue per stirpes, if any, and, if none, to his or her estate and such person shall be deemed to be a beneficiary hereunder. (For purposes of this Article, a per stirpes distribution to surviving issue means a distribution to such issue as representatives of the branches of the descendants of such Participant; equal shares are allotted for each living child and for the descendants as a group of each deceased child of the deceased Participant). 

		
	(b)
	If more than one person is the beneficiary of a deceased Participant, each such person shall receive a pro rata share of any death benefit payable unless otherwise designated on the applicable form. 

		
	(c)
	If a beneficiary who is receiving benefits dies, all benefits that were payable to such beneficiary shall then be payable to the estate of that beneficiary. 

		
	(d)
	If the Administrator has any doubt as to the proper beneficiary to receive payments hereunder, the Employer shall have the right to withhold such payments until the matter is finally adjudicated.  However, any payment made by the Employer, in good faith and in accordance with the Plan, shall fully discharge the Employer from all further obligations with respect to that payment.

		
	8.4
	Lost Participant or Beneficiary.

		
	(a)
	All Participants and beneficiaries shall have the obligation to keep the Administrator informed of their current address until such time as all benefits due have been paid.

		
	(b)
	If a Participant or beneficiary cannot be located by the Administrator exercising due diligence, then, in its sole discretion, the Administrator may presume that the Participant or beneficiary is deceased for purposes of the Plan and all unpaid amounts (net of due diligence expenses) owed to the Participant or beneficiary shall be paid to his/her estate. Any such presumption of death shall be final, conclusive and binding on all parties.

********

18

Article IX - Funding
		
	9.1
	Prohibition Against Funding. Benefits payable under the Plan shall be paid from the general assets of the Employer, or at the discretion of the Employer, from assets set aside in a Trust to assist the Employer with meeting its obligations hereunder; provided, however, that no person entitled to payment under the Plan shall have any claim, right, priority, security interest, or other interest in any fund, trust, account, or other asset of the Employer that may be looked to for such payment.  The liability for the payment of benefits hereunder shall be evidenced only by the Plan and by the existence of a bookkeeping account established and maintained by the Administrator for purposes of the Plan.  It is the express intention of the parties hereto that this arrangement shall be unfunded for tax purposes and for purposes of Title I of ERISA.

		
	9.2
	Deposits in Trust. Notwithstanding Section 9.1, or any other provision of the Plan to the contrary, the Employer may deposit into the Trust any amounts it deems appropriate to pay the benefits under the Plan.  The amounts so deposited may include all contributions made pursuant to a Deferral Election by a Participant and shall remain the general assets of the Employer.

		
	9.3
	Withholding of Employee Contributions. The Administrator is authorized to make any and all necessary arrangements with the Employer in order to withhold the Participant’s Deferrals under section 3.1 hereof from his or her Compensation. The Administrator shall determine the amount and timing of such withholding, but in all events any amounts must be withheld prior to the date on which such Compensation is otherwise payable or paid to the Participant or as otherwise required by applicable laws, rules and regulations.

********

19

Article X - Claims Administration
		
	10.1
	Claim Procedure. A Participant or beneficiary (the “Claimant”) must file with the Administrator a written claim for Plan benefits if the Claimant believes he or she has not received the benefits he or she is entitled to receive.

		
	(a)
	In General.  Notice of a denial of a claim for benefits (other than benefits due to Disability) will be provided by the Administrator to the Claimant within ninety (90) days after the Administrator’s receipt of the Claimant’s written claim for benefits, provided that the Administrator, in its discretion, may determine that an additional ninety (90)-day extension is warranted if it needs additional time to review the claim due to special circumstances.  In such event, the Administrator shall notify the Claimant prior to the end of the initial ninety (90)-day period that an extension is needed, the reason therefor and the date by which the Administrator expects to render a decision.

		
	(b)
	Disability Claims.  Notice of a denial of a claim for benefits due to Disability (a “Disability Claim”) will be provided within forty-five (45) days of the Administrator’s receipt of the Claimant’s Disability Claim.  If the Administrator determines that it needs additional time to review the Disability Claim due to matters beyond the control of the Administrator, the time period for making a determination may be extended for up to thirty (30) days.  In such event, the Administrator will provide the Claimant with a notice of the extension before the end of the initial forty-five (45)-day period.  If the Administrator determines that a decision cannot be made within the first extension period due to matters beyond the control of the Administrator, the time period for making a determination may be further extended for an additional thirty (30) days.  If such an additional extension is necessary, the Administrator shall notify the Claimant prior to the expiration of the initial thirty (30)-day extension.  Any notice of extension shall indicate the circumstances necessitating the extension of time, the date by which the Administrator expects to furnish a notice of decision, the specific standards on which such entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim and any additional information needed to resolve those issues.  A Claimant will be provided a minimum of forty-five (45) days to submit any necessary additional information to the Administrator.  In the event that a thirty (30)-day extension is necessary due to a Claimant’s failure to submit information necessary to decide a claim, the period for furnishing a notice of decision shall be tolled from the date on which the notice of the extension is sent to the Claimant until the earlier of the date the Claimant responds to the request for additional information or the response deadline.

		
	(c)
	Contents of Notice.  If a Claimant’s request for benefits is denied, the notice of denial shall be in writing and shall contain the following information:

		
	(i)
	The specific reason or reasons for the denial in plain language;

		
	(ii)
	A specific reference to the pertinent Plan provisions on which the denial is based;

		
	(iii)
	A description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary;

20

		
	(iv)
	An explanation of the claims review procedures and the time limits applicable to such procedures; 

		
	(v)
	A statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse determination upon review; and 

		
	(vi)
	In the case of a complete or partial denial of a Disability Claim, the notice shall provide a statement that the Administrator will provide to the Claimant, upon request and free of charge, a copy of any internal rule, guideline, protocol or other similar criterion that was relied upon in making the decision.

		
	10.2
	Appeal of Denied Claims.  

		
	(a)
	In General.  A Claimant whose claim (other than a Disability Claim) has been wholly or partially denied shall be entitled to appeal the claim denial by filing a written appeal to the Administrator within sixty (60) days after Claimant’s receipt of the Administrator’s decision denying the claim.  Any claim filed more than sixty (60) days after Claimant’s receipt of the decision will be untimely.  A Claimant who timely appeals a denied claim will have the opportunity, upon request and free of charge, to have reasonable access to and copies of all documents, records and other information relevant to the Claimant’s appeal.  The Claimant may submit written comments, documents, records and other information relating to his or her claim with the appeal.  The Administrator will review all comments, documents, records and other information submitted by the Claimant relating to the claim, regardless of whether such information was submitted or considered in the initial claim determination.  The Administrator shall make a determination on the appeal within sixty (60) days after receiving the Claimant’s written appeal, provided that the Administrator may determine that an additional sixty (60)-day extension is necessary due to special circumstances, in which event the Administrator shall notify the Claimant prior to the end of the initial sixty (60)-day period that an extension is needed, the reason therefor and the date by which the Administrator expects to render a decision.

		
	(b)
	Disability Claims.  An appeal of a denied Disability Claim must be filed in writing with the Administrator no later than one hundred eighty (180) days after receipt of the written notification of such claim denial.  The review shall be conducted by the Administrator (exclusive of the person who made the initial adverse decision or such person’s subordinate).  In reviewing the appeal, the Administrator shall: (i) not afford deference to the initial denial of the Disability Claim, (ii) consult a medical professional who has appropriate training and experience in the field of medicine relating to the Claimant’s Disability and who was neither consulted as part of the initial denial nor is the subordinate of such individual and (iii) identify the medical or vocational experts whose advice was obtained with respect to the initial benefit denial, without regard to whether the advice was relied upon in making the decision.  The Administrator shall make its decision regarding the merits of the denied Disability Claim within forty-five (45) days following receipt of the appeal (or within ninety (90) days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim).  If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension.  The notice will indicate the special circumstances requiring the extension of time and the date by which the Administrator expects to render the determination on review.  Following its review of any additional information 

21

submitted by the Claimant, the Administrator shall render a decision on its review of the denied Disability Claim.
		
	(c)
	Contents of Notice.  If the Claimant’s appeal is denied in whole or part, the Administrator shall provide written notice to the Claimant of such denial.  The written notice shall include the following information:

		
	(i)
	The specific reason or reasons for the denial; 

		
	(ii)
	A specific reference to the pertinent Plan provisions on which the denial is based;

		
	(iii)
	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information relevant to the Claimant’s claim;  

		
	(iv)
	A statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA; and

		
	(v)
	For the denial of a Disability Claim, the notice will also include a statement that the Administrator will provide, upon request and free of charge, (A) any internal rule, guideline, protocol or other similar criterion relied upon in making the decision, (B) any medical opinion relied upon to make the decision and (C) the required statement under Section 2560.503-1(j)(5)(iii) of the Department of Labor regulations.

		
	10.3
	Relevance. For purposes of Section 10.1 and Section 10.2, documents, records, or other information shall be considered “relevant” to a Claimant’s claim for benefits if such documents, records or other information:

		
	(a)
	were relied upon in making the benefit determination;

		
	(b)
	were submitted, considered, or generated in the course of making the benefit determination, without regard to whether such documents, records or other information were relied upon in making the benefit determination; or

		
	(c)
	demonstrate compliance with the administrative processes and safeguards required pursuant to Section 10.1 and Section 10.2 regarding the making of the benefit determination.

		
	10.4
	Six-Month Deadline for Filing Suit. A Claimant dissatisfied with the Administrator’s decision upon appeal under Section 10.2 must file any lawsuit challenging that decision no later than six months after the Administrator mails the notice of denial, regardless of any state or federal statues establishing provisions relating to limitations on actions.  Any suit brought more than six months after the denial on appeal shall be deemed untimely.  In ruling on any such suit, the court shall uphold the Administrator’s determinations unless they constitute an abuse of discretion or fraud.  No Claimant may institute any action or proceeding in any state or federal court of law or equity, or before any administrative tribunal or arbitrator, for a claim for benefits under the Plan until he or she first has exhausted the procedures set forth in Sections 10.1 and 10.2.

22

		
	10.5
	Decisions of Administrator. All actions, interpretations, and decisions of the Administrator shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law.

********

23

Article XI - General Provisions
		
	11.1
	Administrator.

		
	(a)
	The Administrator is expressly empowered to determine all questions arising in the administration, interpretation and application of the Plan; to employ actuaries, accountants, counsel, and other persons it deems necessary in connection with the administration of the Plan; to request any information from the Employer it deems necessary to determine whether the Employer would be considered insolvent or subject to a proceeding in bankruptcy; and to take all other necessary and proper actions to fulfill its duties as Administrator.

		
	(b)
	The Administrator shall not be liable for any actions taken by it hereunder, unless due to its own gross negligence, willful misconduct or lack of good faith.

		
	(c)
	The Administrator shall be indemnified and saved harmless by the Employer from and against all personal liability to which it may be subject by reason of any act done or omitted to be done in its official capacity as Administrator in good faith in the administration of the Plan and Trust, including all expenses reasonably incurred in its defense in the event the Employer fails to provide such defense upon the request of the Administrator. The Administrator is relieved of all responsibility in connection with its duties hereunder to the fullest extent permitted by law, short of breach of duty to the Participants and beneficiaries.

		
	11.2
	No Assignment. Benefits or payments under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or the Participant’s beneficiary, whether voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish the same shall not be valid, nor shall any such benefit or payment be in any way liable for or subject to the debts, contracts, liabilities, engagement or torts of any Participant or beneficiary, or any other person entitled to such benefit or payment pursuant to the terms of the Plan, except to such extent as may be required by law.  If any Participant or beneficiary or any other person entitled to a benefit or payment pursuant to the terms of the Plan becomes bankrupt or attempts to anticipate, alienate, sell, transfer, assign, pledge, encumber, attach or garnish any benefit or payment under the Plan, in whole or in part, or if any attempt is made to subject any such benefit or payment, in whole or in part, to the debts, contracts, liabilities, engagements or torts of the Participant or beneficiary or any other person entitled to any such benefit or payment pursuant to the terms of the Plan, then such benefit or payment, in the discretion of the Administrator, shall cease and terminate with respect to such Participant or beneficiary, or any other such person.

		
	11.3
	No Employment Rights. Participation in the Plan shall not be construed to confer upon any Participant the legal right to be retained in the employ of the Employer, or give a Participant or beneficiary, or any other person, any right to any payment whatsoever, except to the extent of the benefits provided for hereunder.    Each Participant shall remain subject to discharge to the same extent as if the Plan had never been adopted.

		
	11.4
	Incompetence. If the Administrator determines that any person to whom a benefit is payable under the Plan is incompetent by reason of physical or mental disability, the Administrator shall have the power to cause the payments becoming due to such person to be made to another for 

24

his or her benefit without responsibility of the Administrator or the Employer to see to the application of such payments. Any payment made pursuant to such power shall, as to such payment, operate as a complete discharge of the Employer, the Administrator and the Trustee.
		
	11.5
	Identity. If, at any time, any doubt exists as to the identity of any person entitled to any payment hereunder or the amount or time of such payment, the Administrator shall be entitled to hold such sum until such identity or amount or time is determined or until an order of a court of competent jurisdiction is obtained.  The Administrator shall also be entitled to pay such sum into court in accordance with the appropriate rules of law. Any expenses incurred by the Employer, Administrator, and Trust incident to such proceeding or litigation shall be charged against the Account of the affected Participant.

		
	11.6
	Other Benefits. The benefits of each Participant or beneficiary hereunder shall be in addition to any benefits paid or payable to or on account of the Participant or beneficiary under any other pension, disability, annuity or retirement plan or policy whatsoever.

		
	11.7
	Expenses. All expenses incurred in the administration of the Plan, whether incurred by the Employer or the Plan, shall be paid by the Employer.  Notwithstanding the foregoing, fees incurred as a result of investment activity in an individual Account shall be assessed against such Account if such Account is maintained on behalf of a former Participant.

		
	11.8
	Insolvency. Should the Employer be considered insolvent (as defined by the Trust), the Employer, through its Board and chief executive officer, shall give immediate written notice of such to the Trustee. Upon receipt of such notice, the Trustee shall comply with the applicable terms of the Trust.  

		
	11.9
	Amendment and Termination.

		
	(a)
	Except as otherwise provided in this Section, the Board or the Compensation Committee of the Board shall have the sole authority to modify, amend or terminate the Plan; provided, however, that any modification or termination of the Plan shall not reduce, without the consent of a Participant, a Participant’s right to any vested amounts already credited to his or her Account. The Plan may be amended by the Administrator or any other authorized committee of the Board if the primary effect of the amendment is to simplify or clarify Plan administration or if the primary purpose of the amendment is to cause the Plan to comply with applicable statutes, Regulations, or other published regulatory guidance. Distributions upon Plan termination shall in all events comply with guidance issued under Code Section 409A.  An Employer may elect to terminate its status as such at any time and, in such event, such termination shall not affect the Employer’s obligations under the Plan with respect to amounts previously credited and/or deferred under the Plan (including earnings thereon) for which the Employer is liable.

The Board may terminate the Plan upon occurrence of any one of the following:
		
	(i)
	Within twelve (12) months of the Employer’s dissolution taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. Section 503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participants’ gross income in the latest of:

		
	(1)
	The calendar year in which the Plan termination occurs;

25

		
	(2)
	The first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or 

		
	(3)
	The first calendar year in which the payment is administratively practicable. 

		
	(ii)
	Within the thirty (30) days preceding or the twelve (12) months following an event or transaction constituting a “change in the ownership or effective control” of the Company or a change “in the ownership of a substantial portion of the assets of” the Company (within the meaning of Section 409A(a)(2)(A)(v) of the Code and related guidance issued thereunder), provided all substantially similar arrangements sponsored by the Employer are also terminated, so that the Participant and all participants under substantially similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within twelve (12) months of the date of termination of the arrangements.

		
	(iii)
	At the discretion of the Employer, provided that all of the following requirements are satisfied:

		
	(1)
	The termination does not occur proximate to a downturn in the financial health of the Employer;

		
	(2)
	All arrangements sponsored by the Employer that would be aggregated with the Plan under Treasury Regulation Section 1.409A-1(c) if the same Participant participated in all of the arrangements are terminated; 

		
	(3)
	No payments are made under the terminated arrangements (other than payments that would be payable under the terms of the arrangements if the termination had not occurred) within twelve (12) months of the termination of the arrangements; 

		
	(4)
	All payments are made within twenty-four (24) months of the termination of the arrangements; and 

		
	(5)
	The Employer does not adopt a new arrangement that would be aggregated with any terminated arrangement under Treasury Regulation Section 1.409A-1(c) if the same Participant participated in both arrangements, at any time within three (3) years following the date of termination of the arrangement.

		
	(iv)
	Such other events and conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

		
	(b)
	A Participant shall have a right to the vested portion of his or her Account in the event of the termination of the Plan. 

		
	11.10
	Construction. All questions of interpretation, construction or application arising under or concerning the terms of the Plan shall be decided by the Administrator, in its sole and final discretion, whose decision shall be final, binding and conclusive upon all persons.  In the event 

26

of any conflict between the terms of the Plan and any Deferral Election, the terms of the Plan shall control.
		
	11.11
	Governing Law. The Plan shall be governed by, construed and administered in accordance with the applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, Code Section 409A so as to not result in any tax, penalty, or interest thereunder, and any other applicable federal law and any applicable guidance issued under any such law, provided, however, that to the extent not preempted by federal law, the Plan shall be governed by, construed and administered under the laws of the State of Texas, other than its laws respecting choice of law.

		
	11.12
	Severability. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provision of the Plan and the Plan shall be construed and enforced as if such provision had not been included therein.  If the inclusion of any Employee (or Employees) as a Participant under the Plan would cause the Plan to fail to be maintained solely for a select group of highly compensated or management employees, then the Plan shall be severed with respect to such Employee or Employees who shall be considered to be participating in a separate arrangement.

		
	11.13
	Headings. The Article headings contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall they affect the Plan or the construction of any provision thereof.

		
	11.14
	Entire Agreement.  This instrument contains the entire terms of the Plan and supersedes any prior understandings or written documents which have heretofore set forth the terms of the Plan and/or any oral agreements between the Employer and any of the Participants respecting the within subject matter.  No modification, amendment, change, or discharge of any term or provision of the Plan shall be valid or binding unless the same is in writing and signed by a duly authorized officer of the Company.  

		
	11.15
	Terms. Capitalized terms shall have meanings as defined herein. Singular nouns shall be read as plural, masculine pronouns shall be read as feminine, and vice versa, as appropriate.

		
	11.16
	Real Estate Investment Trust (“REIT”) Status.  The Plan shall not permit the Deferral by any person that would result in the Employer being “closely held” within the meaning of Section 856(h) of the Code, or otherwise failing to qualify as a REIT  under Section 856 et seq. of the Code (including but not limited to ownership that would result in the Employer owning (actually or constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Employer (either directly or indirectly through its affiliates) from such tenant may cause the Employer to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

Notwithstanding any other provision in the Plan or Trust, in the event that legal counsel for the Employer delivers an opinion to the Employer to the effect that the continuation of the Plan would result in a material risk that the Employer would lose its status as a REIT pursuant to Sections 856 et seq. of the Code, and the Employer  determines in good faith that there is no feasible alternative that would result in the continuation of the Plan and the preservation of the Employer’s REIT status, then the Board may terminate the Plan pursuant to Section 11.9(a)(iii) hereof; provided, that, in such case the Board shall provide the Participant(s) with reasonable prior written notice.  Any amendment to the Plan will be binding upon all Participants and Beneficiaries, the Administrator and all other parties in interest.

27

		
	11.17
	Compliance with Internal Revenue Code.  The Plan is intended to be a nonqualified deferred compensation plan within the definition of Section 409A of the Code, and is intended to meet all the requirements of that and any other applicable Code sections.  The Plan has been amended previously to make available to Participants transitional relief offered under Section 409A of the Code, and to the extent such relief is no longer available, such provisions have been excluded from this restatement of the Plan.  The Plan may be further amended as the Administrator may determine advisable to comply with such laws.

********

28

IN WITNESS WHEREOF, the Company has caused the Plan document to be executed in its name and on its behalf this 19th day of December, 2018, to be effective as of the Effective Date.

	
					
	 
	 
	 
	CAMDEN PROPERTY TRUST

	 
	 
	 
	 
	 

	 
	 
	By:
	/s/ Alexander J. Jessett

	 
	 
	 
	 
	 

	 
	 
	Title:
	Alexander J. Jessett

	 
	 
	 
	Executive Vice President-Finance,

	 
	 
	 
	Chief Financial Officer and Treasurer

29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]