Document:

Exhibit 10.1

 

NOTE PURCHASE AGREEMENT

 

This Note
Purchase Agreement (the “Agreement”), dated as of February 15, 2021, is by and among Gamida
Cell Ltd., a corporation organized under the laws of the State of Israel (the “Guarantor”), Gamida Cell
Inc., a Delaware corporation and a wholly owned subsidiary of the Guarantor (the “Issuer”), and each
of the investors listed on the Schedule of Buyers attached hereto (individually, a “Buyer” and collectively,
the “Buyers”).

 

RECITALS

 

A. The
Guarantor, the Issuer and each Buyer is executing and delivering this Agreement in reliance upon the exemption from securities
registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”),
and, if elected, Rule 506(b) of Regulation D (“Regulation D”) as promulgated by the United States Securities
and Exchange Commission (the “Commission”) under the Securities Act.

 

B. The
Issuer proposes to issue and sell to the Buyers senior unsecured exchangeable notes of the Issuer, designated the 5.875% Exchangeable
Senior Notes due 2026, in the aggregate original principal amount of $75,000,000 (collectively, the “Notes”),
pursuant to an Indenture (as defined below), dated as of the Closing Date (as defined below), which the Guarantor proposes to fully
and unconditionally guarantee on a senior unsecured basis (the “Guarantee”). The Notes will be exchangeable
for ordinary shares of the Guarantor, NIS $0.01 per share (the “Ordinary Shares”), on the terms specified
in the Indenture. The Ordinary Shares issuable pursuant to the terms of the Indenture, including, without limitation, pursuant
to any make-whole increase to the exchange rate, collectively are referred to herein as the “Exchange Shares”.

 

C. Each
Buyer wishes to purchase, and the Issuer wishes to issue and sell, upon the terms and conditions stated in this Agreement and the
Indenture (as defined below), Notes in the aggregate original principal amount set forth opposite such Buyer’s name in column
(2) on the Schedule of Buyers.

 

D. At
the Closing, (i) the Guarantor and the Buyers hereto shall execute and deliver a Registration Rights Agreement, in the form attached
hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which the Guarantor shall
agree to provide certain registration rights with respect to the Registrable Securities (as defined in the Registration Rights
Agreement), under the Securities Act and the rules and regulations promulgated thereunder, and applicable state securities laws;
and (ii) the Guarantor, the Issuer and Wilmington Savings Fund Society, FSB, as trustee (the “Trustee”)
shall execute and deliver an Indenture, in the form attached hereto as Exhibit B (the “Indenture”
and collectively with the Notes, the Guarantee and the Registration Rights Agreement, the “Transaction Documents”).

 

E. The
Notes, the Guarantee, and the Exchange Shares are collectively referred to herein as the “Securities”.

 

    

     

    

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Guarantor, the Issuer and each Buyer hereby agree as follows:

 

1. 
PURCHASE AND SALE OF NOTES.

 

(a) 
Purchase of Notes. The Issuer agrees to issue and sell the Notes to the several Buyers as provided in this Agreement
and the Indenture, the Guarantor agrees to guarantee the Notes as provided in the Indenture, and each Buyer, on the basis of the
representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and
not jointly, to purchase from the Issuer the respective principal amount of Notes set forth opposite such Buyer’s name in
the Schedule of Buyers hereto at a purchase price in cash equal to 100% of the principal amount thereof (the “Purchase
Price”), plus accrued interest, if any, from February 16, 2021 to the Closing Date (as defined below).

 

(b) 
Closing. The closing (the “Closing”) of the purchase of the Securities by the Buyers shall
take place remotely via the exchange of documents and signatures. The date and time of the Closing shall be 10:00 a.m., New York
time, February 16, 2021 (the “Closing Date”). As used herein “Business Day”
means any day other than Saturday, Sunday or other day on which commercial banks in the City of New York are authorized or required
by law to remain closed; provided, however, for clarification, commercial banks shall
not be deemed to be authorized or required by law to remain closed due to “stay at home”, “shelter-in-place”,
“non-essential employee” or any other similar orders or restrictions or the closure of any physical branch locations
at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers)
of commercial banks in the City of New York generally are open for use by customers on such day.

 

(c) 
Form of Payment. The Depository Trust Company (“DTC”) will act as securities depositary for
the Notes. On the Closing Date, (i) each Buyer shall pay its respective Purchase Price (less, in the case of any Buyer, the amounts
withheld pursuant to Section 4(c)) to the Issuer for the Notes to be issued and sold to such Buyer at the Closing, by wire transfer
of immediately available funds in accordance with the Flow of Funds Letter (as defined below) and (ii) the Issuer shall execute,
cause the Trustee to authenticate and cause to be delivered to the DTC account specified by the Buyer on its signature page hereto,
the Notes in the aggregate original principal amount as is set forth opposite such Buyer’s name in column (2) of the Schedule
of Buyers.

 

2. 
BUYER’S REPRESENTATIONS AND WARRANTIES.

 

Each Buyer, severally
and not jointly, represents and warrants to the Guarantor and the Issuer with respect to only itself that:

 

(a) 
Organization. Such Buyer is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite power and authority to conduct its business as currently conducted.

 

(b) 
Accredited Investor. The Buyer is an institutional “accredited investor” within the meaning of Rule 501(a)
under the Securities Act, and a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.

 

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(c) 
Sophisticated Purchaser. The Buyer is knowledgeable, sophisticated and experienced in financial, business and international
investment matters as to be capable of evaluating the merits and risks of purchasing the Securities and such Buyer is experienced
in investing in securities of this nature. Such Buyer has relied on its own independent examination and due diligence of the Guarantor
and the Issuer, the terms of the offering of the Securities, the representations, warranties and covenants made by the Guarantor
and the Issuer in Section 3, and the merits and risks involved. The Buyer has: (i) made its own assessment, to its satisfaction,
concerning legal, regulatory, tax, business and financial considerations in connection with the offering of the Securities, (ii)
had access to review all publicly available information concerning the Guarantor and the Issuer that it considers necessary or
appropriate and sufficient in making an investment decision, (iii) reviewed such information as it believes is necessary or appropriate
in connection with its purchase of the Securities and (iv) made its investment decision based solely upon its own judgment, due
diligence and analysis and the representations, warranties and covenants made by the Guarantor and the Issuer in Section 3. The
Buyer has not relied upon any information provided by Moelis & Company or any investigation of the Guarantor or the Issuer
conducted by Moelis & Company.

 

(d) 
No Intent to Distribute. The Buyer is acquiring the Securities in the ordinary course of its business and for its own
account for investment only and with no present intention of distributing such Securities or any arrangement or understanding with
any other persons regarding the distribution of such Securities; provided, however, that, for the avoidance of doubt,
the Buyer does not agree, or make any representation or warranty, to hold the Securities for any minimum or other specified term.

 

(e) 
Compliance with Laws. The Buyer will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose
of (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of) the Securities except in compliance with the
Securities Act, applicable U.S. state securities laws and the respective rules and regulations promulgated thereunder.

 

(f) 
Information. The Buyer has, in connection with its decision to purchase the Securities, relied only upon information
made available by the Guarantor and the Issuer or their respective directors, officers, employees, and agents (the “Representatives”)
to the Buyer in connection with the transactions contemplated by this Agreement. The Buyer acknowledges that the Guarantor and
the Issuer do not take any responsibility for, and cannot provide any assurance as to the reliability of, any other information
that may have been provided to the Buyer.

 

(g) 
Risk of Loss. The Buyer has carefully considered the potential risks relating to the Guarantor and the Issuer and a
purchase of the Securities, and fully understands that the Securities are speculative investments which involve a high degree of
risk of loss of the Buyer’s entire investment. The Buyer has considered the suitability of the Securities as an investment
in light of its own circumstances and financial condition, and is able to bear the economic risk of loss of such investment, including
the complete loss of such investment. The Buyer further represents that it fully understands the limitations on transfer and restrictions
on sales and other dispositions set forth in this Agreement.

 

(h) 
Advertising. The Buyer is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or, to the Buyer's knowledge, any other general solicitation or general advertisement.

 

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(i) 
No Conflict. The execution, delivery and performance by the Buyer of this Agreement and the Registration Rights Agreement
and the consummation by such Buyer of the transactions contemplated hereby and thereby will not (i) result in a violation of the
organizational documents of such Buyer, (ii) conflict with, or constitute a default (or an event which with notice or lapse of
time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
of, any agreement, indenture or instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation,
order, judgment or decree (including U.S. federal or state securities laws) applicable to such Buyer, except in the case of clauses
(ii) and (iii) above, for such conflicts, defaults, rights or violations which could not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder.

 

(j) 
Tax Matters. The Buyer acknowledges that there may be certain consequences under U.S. and other tax laws resulting from
an investment in the Securities and will make such investigations and consult such tax and other advisors with respect thereto
as it deems appropriate and prior to purchasing the Securities, it will have satisfied itself, without limitation, concerning the
effects of U.S. federal, state and local income tax laws and foreign tax laws concerning its investment in the Securities. The
Buyer understands that nothing in this Agreement or any other materials presented to the Buyer in connection with the subscription
and sale of the Securities constitutes legal, tax or investment advice.

 

(k) 
Information Provided. The Buyer acknowledges that, prior to the execution of this Agreement and delivery to the Issuer,
such Buyer has had adequate time to review all information it considers relevant to making an investment decision to purchase the
Securities and has had the opportunity to review the Guarantor Disclosure Materials prior to making its decision to purchase the
Securities, and has had a full opportunity to ask questions of and receive answers from the Issuer and the Guarantor or any person
or persons acting on behalf of the Guarantor concerning the terms and conditions of an investment in the Issuer and the Guarantor.

 

(l) 
No Public Offering. The Buyer acknowledges, represents and agrees that no action has been or will be taken in any jurisdiction,
including Israel, which would permit a public offering of the Securities, or possession or distribution of offering materials in
connection with the issue of the Securities or the Guarantee in any jurisdiction where action for that purpose is required. Each
Buyer will comply with all applicable laws and regulations in each jurisdiction in which it subscribes, offers or sells Securities
or has in its possession or distributes any offering material, in all cases at its own expense.

 

(m) 
Authority; Enforceability. The Buyer further represents and warrants to, and covenants with, the Issuer and the Guarantor
that (i) the Buyer has full right, power, authority and capacity to enter into this Agreement and the Registration Rights Agreement
and to consummate the transactions contemplated hereby and thereby and has taken all necessary action to authorize the execution
and performance of this Agreement and the Registration Rights Agreement, and (ii) each of this Agreement and the Registration Rights
Agreement constitutes a valid and legally binding obligation of the Buyer enforceable against the Buyer in accordance with its
terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ and contracting parties’ rights generally and except as enforceability may be subject to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

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(n) 
Unregistered Securities. The Buyer understands that (i) the Securities have not been registered under the Securities
Act or registered or qualified under any U.S. state securities law in reliance on specific exemptions therefrom, and (ii) that
the Securities therefore cannot be resold in the United States unless they are registered under the Securities Act or disposed
of pursuant to a valid exemption from the registration requirements of the Securities Act and U.S. state securities laws.

 

(o) 
Affiliate Status. The Buyer is not an “affiliate” (as defined in Rule 501(b) of Regulation D under the Securities
Act) of the Issuer or the Guarantor and is not acting on behalf of an affiliate of the Issuer or the Guarantor.

 

(p) 
Availability of Exemption. The Buyer understands that the Securities are being offered and sold to it in reliance on
specific exemptions from the registration requirements of U.S. federal and state securities laws and that the Issuer is relying
in part upon the truth and accuracy of, and such Buyer’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility
of such Buyer to acquire the Securities. The Buyer irrevocably authorizes the Issuer or the Guarantor to produce this Section 2
to any interested party in any administrative or legal proceedings or official enquiry with respect to the matters covered herein.

 

(q) 
Non-Reliance. The Buyer acknowledges and agrees that neither the Issuer nor the Guarantor makes or has made any representations
or warranties with respect to the Issuer, the Guarantor or its other subsidiaries, or the transactions contemplated hereby, other
than those specifically set forth in the Transaction Documents.

 

3. 
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The Guarantor and the
Issuer each represent and warrant to, and covenant with, each Buyer as follows:

 

(a) 
Guarantor Disclosure Documents. As used herein, the term “Guarantor Disclosure Documents”
means the Annual Report on Form 20-F filed with the Commission by the Guarantor on February 26, 2020 (the “Form 20-F”)
and any Reports of Foreign Issuer on Form 6-K furnished or filed with the Commission by the Guarantor subsequent to the date of
the Form 20-F and prior to the date hereof (the “Forms 6-K”); provided, however, that in no event shall
any disclosure contained in any part of such documents entitled “Risk Factors,” “Forward-Looking Statements,”
“Cautionary Statement Regarding Forward-Looking Statements,” “Special Note on Forward Looking Statements”
or “Forward Looking Information” or containing a description or explanation of “Forward-Looking Statements”
or any other disclosures in any such documents that are cautionary, predictive or forward-looking in nature be deemed to qualify
any of the representations and warranties in this Section 3 (other than Section 3(b)).

 

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(b) 
Accuracy of Guarantor Disclosure Documents. The Guarantor Disclosure Documents as of the date hereof comply in all material
respects with the Securities Act and do not contain any untrue statement of a material fact or, when taken together, omit to state
a material fact necessary to make the statements therein not misleading, in the light of the circumstances under which they were
made.

 

(c) 
Due Incorporation; Subsidiaries.

 

(i) 
The Guarantor is, and at the Closing Date will be, a corporation duly organized and validly existing under the laws
of the State of Israel. The Guarantor has, and at the Closing Date will have, full power and authority to conduct all the activities
conducted by it, to own or lease all the assets owned or leased by it and to conduct its business as described in the Guarantor
Disclosure Documents. The Guarantor is, and at the Closing Date will be, duly licensed or qualified to do business in and in good
standing as a foreign corporation in all jurisdictions in which the nature of the activities conducted by it or the character of
the assets owned or leased by it makes such licensing or qualification necessary, except where the failure to be so qualified or
in such good standing would not, individually or in the aggregate, (i) have a material adverse effect on the business, properties,
assets, management, business prospects, condition (financial or otherwise), results of operations or capitalization of the Guarantor
and its subsidiaries, taken as a whole, or (ii) prevent or materially interfere with the consummation of the transactions contemplated
by the Transaction Documents or the performance by the Guarantor of its obligations thereunder (any such effect, prevention or
interference, a “Material Adverse Effect”). The memorandum and articles of association and other constitutive
or organizational documents of the Guarantor comply with the requirements of applicable Israeli law and are in full force and effect.

 

(ii) 
Each subsidiary (as used in this Section 3, “subsidiary” has the meaning set forth in Rule 405 of the rules
and regulations of the Commission (collectively referred to as the “Rules and Regulations”)) of the Guarantor,
including the Issuer, has been duly incorporated or organized, is validly existing as a corporation and in good standing under
the laws of the jurisdiction of its organization, has the corporate power and authority to own its property and to conduct its
business as described in the Guarantor Disclosure Documents and is duly qualified to transact business and is in good standing
in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification,
except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the
Guarantor and its subsidiaries, taken as a whole. All of the issued share capital or other equity interests of each subsidiary
of the Guarantor have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly by
the Guarantor, free and clear of all liens, charges, encumbrances, equities, security interests, restrictions on voting or transfer
or any other claims. No subsidiary is currently prohibited, directly or indirectly under any agreement or instrument to which it
is a party or is subject, from paying any dividends to its shareholders, from repaying the Guarantor or any other subsidiary of
the Guarantor any loans or advances to such subsidiary from the Guarantor or such other subsidiary or from transferring any of
such subsidiary’s properties or assets to the Guarantor or any other subsidiary. There are no subsidiaries of the Guarantor
other than the Issuer and Gamida Cryo Ltd., a company organized and existing under the laws of Israel. Gamida Cryo Ltd. constitutes
an Immaterial Subsidiary (as such term is defined in the Indenture).

 

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(d) 
Capitalization. As of the date hereof, there are 59,200,153 Ordinary Shares outstanding and no preferred shares authorized
or outstanding. The outstanding Ordinary Shares and any other outstanding share capital of the Guarantor have been duly authorized,
validly issued, fully paid and non-assessable and are not subject to any preemptive, first refusal, or similar right. The Exchange
Shares have been duly authorized and, when issued and delivered pursuant to the terms of the Indenture, will be validly issued,
fully paid and non-assessable and not subject to any preemptive, first refusal, or similar right. Except as described in the Guarantor
Disclosure Documents and options to purchase 272,200 ordinary shares granted to the Guarantor’s service providers under the
Guarantor’s 2017 Share Incentive Plan, the Guarantor does not have outstanding, and at the Closing Date will not have outstanding,
any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or any
contracts or commitments to issue or sell, any securities of the Guarantor or any such warrants, convertible securities or obligations.
Except as described in the Guarantor Disclosure Documents, there are no stockholder agreements, voting agreements or other similar
agreements with respect to the Guarantor’s share capital to which the Guarantor is a party or, to the Guarantor’s knowledge,
between or among any of the Guarantor’s shareholders. Upon the issuance and delivery pursuant to exchange of the Notes, the
Buyers will acquire good and marketable title to the Exchange Shares, free and clear of any lien, charge, claim, encumbrance, pledge,
security interest, defect or other restriction or equity of any kind whatsoever.

 

(e) 
Financial Statements. The financial statements of the Guarantor (including the related notes thereto) and schedules
included in the Guarantor Disclosure Documents present fairly in all material respects the financial condition of the Guarantor
and the Issuer as of the respective dates thereof and their results of operations and cash flows for the respective periods covered
thereby, all in conformity in all material respects with International Financial Reporting Standards (“IFRS”)
as issued by the International Accounting Standards Board on a consistent basis throughout the entire period involved.

 

(f) 
No Material Adverse Changes. Since the respective dates as of which information is given in the Guarantor Disclosure
Documents and prior to the Closing Date, except as described in the Guarantor Disclosure Documents, (i) there has not been a material
adverse change, or any development that would be expected to result in a material adverse change, in or affecting the business,
properties, assets, management, business prospects, condition (financial or otherwise), results of operations, capitalization or
long-term debt of the Guarantor and its subsidiaries, taken as a whole, arising for any reason whatsoever, (ii) the Guarantor has
not incurred, nor will it incur, any material liabilities or obligations, direct or contingent, nor has it entered into, nor will
it enter into, any material transactions not in the ordinary course of business, other than pursuant to this Agreement and the
transactions referred to herein, (iii) the Guarantor has not and will not have paid, declared, set aside for payment or made any
dividends or other distributions of any kind on any class of its share capital and (iv) the Guarantor has not altered its method
of accounting.

 

(g) 
Investment Company. Each of the Guarantor and its subsidiaries is not, and, after giving effect to the issuance and
sale of the Securities and the use of the proceeds therefrom as described herein, will not be, an “investment company”
or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company
Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

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(h) 
Litigation. Except as described in the Guarantor Disclosure Documents, there are no actions, suits or proceedings pending
or, to the Guarantor’s knowledge, threatened against or affecting, the Guarantor or any of its subsidiaries or any of their
respective officers in their capacity as such, before or by any foreign, federal or state court, commission, regulatory body, including,
but not limited to, the Financial Industry Regulatory Authority, Inc. (“FINRA”) and the Nasdaq Stock
Market LLC, or any administrative agency or other governmental body, domestic or foreign, wherein an unfavorable ruling, decision
or finding could reasonably be expected to result in a Material Adverse Effect. The Guarantor has not received any written notice
of proceedings relating to the revocation or modification of any authorization, approval, order, license, certificate, franchise
or permit, where such revocations or modifications would reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect. There are no pending investigations known to the Guarantor involving the Guarantor by any governmental
agency having jurisdiction over the Guarantor or its business or operations that would reasonably be expected, individually or
in the aggregate, to result in a Material Adverse Effect.

 

(i) 
Compliance with Laws and Regulations and Performance of Obligations and Contracts. Each of the Guarantor and its subsidiaries
have (i) complied in all material respects with all laws, regulations and orders applicable to it or its business and (ii) performed
all obligations required to be performed by it, and is not in default under any indenture, mortgage, deed of trust, voting trust
agreement, loan agreement, bond, debenture, note agreement, lease or other agreement or instrument (individually, a “Contract”
and collectively, “Contracts”) to which it is a party or by which its property is bound or affected,
in any such case which default or event, individually or in the aggregate, would have a Material Adverse Effect. To the knowledge
of the Guarantor, no other party under any Contract to which it is a party is in default in any respect thereunder or has given
written or oral notice to the Guarantor or any of its officers or directors of such other party’s intention to terminate,
cancel or refuse to renew any Contract. The Guarantor is not in violation of its memorandum of incorporation or articles of association,
and the Issuer is not in violation of any provision of its certificate of incorporation or by-laws. The disclosures included in
the Guarantor Disclosure Documents concerning the effects of federal, state, local and foreign laws, rules and regulations on the
business of the Guarantor as currently conducted and as proposed to be conducted are correct in all material respects.

 

(j) 
No Consent of Governmental Body Needed. No consent, approval, authorization, license, registration, qualification or
order of, or any filing or declaration with, any court or arbitrator or governmental or regulatory authority, agency or body is
required in connection with the authorization, issuance, transfer, sale or delivery of the Securities by the Issuer and the Guarantor,
in connection with the execution, delivery and performance of the Transaction Documents by the Guarantor and the Issuer or in connection
with the taking by the Guarantor and the Issuer of any action contemplated hereby and thereby.

 

(k) 
Agreements Duly Authorized. The Guarantor and the Issuer have full corporate power and authority to enter into the Transaction
Documents. This Agreement has been duly authorized, executed and delivered by the Guarantor and the Issuer. Each of the Transaction
Documents has been duly authorized by the Guarantor and the Issuer, as applicable, and, when duly executed and delivered in accordance
with its respective terms by each of the parties thereto, will constitute a valid and legally binding agreement of each of the
Guarantor and the Issuer, as applicable, and enforceable against each of the Guarantor and/or the Issuer, as applicable and in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting
creditors’ rights generally or by equitable principles relating to enforceability.

 

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(l) 
No Conflicts. The execution and delivery by the Guarantor and the Issuer, as applicable, of the Transaction Documents
and the performance thereof and the consummation of the transactions contemplated hereby and thereby, do not and will not (i) violate
the memorandum of incorporation or articles of association of the Guarantor, (ii) violate the certificate of incorporation or bylaws
of the Issuer or (iii) result in the creation or imposition of any lien, charge or encumbrance upon any of the assets of the Guarantor
or its subsidiaries pursuant to the terms or provisions of, or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or give any other party a right to terminate any of its obligations under, or result in the
acceleration of any obligation under any Contract to which the Guarantor or any of its subsidiaries is a party or by which the
Guarantor or any of its subsidiaries or any of its properties is bound or affected, or violate or conflict with any judgment, ruling,
decree, order, law, statute, rule or regulation of any court or other governmental agency or body applicable to the business or
properties of the Guarantor or any of its subsidiaries, except, in the case of clause (iv), as would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.

 

(m) 
Title to Real and Personal Property. The Guarantor and its subsidiaries have good and marketable title to all properties
and assets described in the Guarantor Disclosure Documents as being owned respectively by them, in each case, free and clear of
all liens, charges, encumbrances or restrictions, except as described in the Guarantor Disclosure Documents or those where the
failure to have such title would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.
The Guarantor and its subsidiaries have valid, subsisting and enforceable leases for the properties material to their operations
described in the Guarantor Disclosure Documents as leased by them, with such exceptions as are not material and do not materially
interfere with the use made and proposed to be made of such properties by the Guarantor and its subsidiaries.

 

(n) 
No Price Stabilization or Manipulation. Neither the Guarantor nor any of its directors, officers or controlling persons
has taken, directly or indirectly, any action intended to cause or result in, or which might reasonably be expected to cause or
result in, or which has constituted, stabilization or manipulation, under the Securities Act or otherwise, of the price of any
security of the Guarantor to facilitate the sale or resale of the Securities.

 

(o) 
Stock Exchange Listing. The Ordinary Shares are listed for trading on the Nasdaq Global Market.

 

(p) 
Labor Matters. Neither the Guarantor nor any of its subsidiaries is involved in any labor dispute, except where the
dispute would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect, nor, to the knowledge
of the Guarantor, is any such dispute threatened. The Guarantor and its subsidiaries are in compliance with the labor and employment
laws and collective bargaining agreements and extension orders applicable to their respective employees in the State of Israel
and the United States, except where such non-compliance would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect.

 

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(q) 
No Unlawful Payments. Neither the Guarantor nor any of its subsidiaries, nor any director or officer of the Guarantor
or its subsidiaries, nor, to the knowledge of the Guarantor, any agent, employee or representative of the Guarantor or its subsidiaries,
affiliate or other person associated with or acting on behalf of the Guarantor or its subsidiaries, has (i) used any corporate
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or
taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment of corporate funds
or benefit to any foreign or domestic government or regulatory official or employee, including, without limitation, of any government-owned
or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of
any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation
of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any applicable law
or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions,
or committed an offense under any other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested
or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff,
influence payment, kickback or other unlawful or improper payment or benefit. The Guarantor has instituted, maintained and enforced,
and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable
anti-bribery and anti-corruption laws.

 

(r) 
Compliance with Anti-Money Laundering Laws. The operations of the Guarantor and its subsidiaries are and have been conducted
at all times in compliance with all applicable financial recordkeeping and reporting requirements, including those of the Currency
and Foreign Transactions Reporting Act of 1970, as amended, those of the Bank Secrecy Act, as amended by Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT
Act), and the applicable anti-money laundering statutes of all jurisdictions in which the Guarantor and its subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Guarantor or its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Guarantor,
threatened.

 

(s) 
No Conflicts with Sanctions Laws. Neither the Guarantor nor any of its subsidiaries, nor any director or officer of
the Guarantor or its subsidiaries, nor, to the knowledge of the Guarantor, any agent, employee or representative of the Guarantor
or its subsidiaries, affiliate or other person associated with or acting on behalf of the Guarantor or its subsidiaries is currently
the subject or target of any sanctions administered or enforced by the U.S. government (including, without limitation, the Office
of Foreign Assets Control of the U.S. Treasury Department or the U.S. Department of State and including, without limitation, the
designation as a “specially designated national” or “blocked person”), the United Nations Security Council,
the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”),
nor is the Guarantor or any of its subsidiaries located, organized or resident in a country or territory that is the subject or
the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, the Crimean region and Syria (each, a “Sanctioned
Country”); and the Issuer will not directly or indirectly use the proceeds of the offering of the Notes hereunder,
or lend, contribute or otherwise make available such proceeds to any joint venture partner or other person or entity (i) to fund
or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or
the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other
manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter,
advisor, investor or otherwise) of Sanctions. For the past five years, the Guarantor and its subsidiaries have not knowingly engaged
in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of
the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country.

 

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(t) 
Passive Foreign Investment Company. Subject to the qualifications, limitations, exceptions and assumptions set forth
in the Guarantor Disclosure Documents, the Guarantor was not a passive foreign investment company (“PFIC”),
as defined in Section 1297 of the Internal Revenue Code of 1986, as amended (the “Code”), for the taxable
year ended on December 31, 2019 and it is more likely than not that the Company will not be a PFIC for the taxable year ended on
December 31, 2020.

 

(u) 
Taxes. The Guarantor and its subsidiaries have filed all federal, state and foreign income and franchise tax returns
and have paid all taxes required to be filed or paid by them (regardless of whether such taxes where shown on any tax return) and,
if due and payable, any related or similar assessment, fine or penalty levied against them (regardless of whether such taxes where
shown on any tax return), except where the failure to file or pay would not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect. The Guarantor has made adequate charges, accruals and reserves in the applicable financial statements
referred to in Section 3(e) hereof to the extent required pursuant to IFRS in respect of all material federal, state and foreign
income and franchise taxes for all periods as to which the tax liability of the Guarantor has not been finally determined. The
Guarantor and its subsidiaries are not aware of any material claims against them by any taxing authority in relation to the filing
of tax returns or the payment of required taxes. The Guarantor and its subsidiaries are, and have always been, income tax resident
solely in their countries of incorporation. Neither the Guarantor nor any of its subsidiaries has, nor has ever had a “permanent
establishment” (as defined in any applicable income tax treaty) in any country other than their respective countries of incorporation.

 

(v) 
Insurance. The Guarantor and its subsidiaries carry, or are covered by, insurance in such amounts and covering such
risks as the Guarantor believes are adequate for the conduct of their business and the value of their properties and is customary
for companies engaged in similar industries, and all such insurance is in full force and effect. The Guarantor has no reason to
believe that it and its subsidiaries will not be able to (i) renew their existing insurance coverage as and when such policies
expire or (ii) obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct their business
as currently conducted or proposed to be conducted and at a cost that would not reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect. Neither the Guarantor nor any of its subsidiaries has been denied any insurance
coverage which it has sought or for which it has applied.

 

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(w) 
Defined Benefit Plans. The Guarantor and its subsidiaries have not maintained or contributed to a defined benefit plan
as defined in Section 3(35) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
No plan maintained or contributed to by the Guarantor or its subsidiaries that is subject to ERISA (an “ERISA Plan”)
(or any trust created thereunder) has engaged in a “prohibited transaction” within the meaning of Section 406 of ERISA
or Section 4975 of the Code that could subject the Guarantor or its subsidiaries to any material tax penalty on prohibited transactions
and that has not adequately been corrected. Each ERISA Plan is in compliance in all material respects with all reporting, disclosure
and other requirements of the Code and ERISA as they relate to such ERISA Plan, except for any noncompliance which would not result
in the imposition of a material tax or monetary penalty. With respect to each ERISA Plan that is intended to be “qualified”
within the meaning of Section 401(a) of the Code, either (i) a determination letter has been issued by the Internal Revenue Service
stating that such ERISA Plan and the attendant trust are qualified thereunder, or (ii) the remedial amendment period under Section
401(b) of the Code with respect to the establishment of such ERISA Plan has not ended and a determination letter application will
be filed with respect to such ERISA Plan prior to the end of such remedial amendment period. The Guarantor and its subsidiaries
have never completely or partially withdrawn from a “multiemployer plan,” as defined in Section 3(37) of ERISA.

 

(x) 
Title to Intellectual Property. Except as described in the Guarantor Disclosure Documents, the Guarantor and its subsidiaries
own, have valid and enforceable licenses for or otherwise have adequate rights to use all technology (including but not limited
to inventions and proprietary or confidential information, systems or procedures), designs, processes, licenses, patents, trademarks,
service marks, trade secrets, trade names, know how, copyrights and other works of authorship, computer programs, technical data
and information and all similar intellectual property or proprietary rights (including all registrations and applications for registration
of, and all goodwill associated with, any of the foregoing, as applicable) (collectively, “Intellectual Property”)
that are used in their business as currently conducted or as proposed to be conducted or to the development, manufacture, operation
and sale of any products and services sold or proposed to be sold by any of the Guarantor or its subsidiaries, except where the
failure to own, license or otherwise have rights to such Intellectual Property would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The Intellectual Property of the Guarantor and its subsidiaries has not been adjudged
by a court or other administrative body of competent jurisdiction to be invalid or unenforceable in whole or in part, except as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as disclosed in the
Guarantor Disclosure Documents, (i) there are no third parties who have established or, to the knowledge of the Guarantor, will
be able to establish, rights to any Intellectual Property owned by, or licensed to, the Guarantor or its subsidiaries, except for,
and to the extent of, the ownership rights of the owners of the Intellectual Property which the Guarantor Disclosure Documents
disclose is licensed to the Guarantor; (ii) to the knowledge of the Guarantor, there is no infringement, misappropriation or other
violation by third parties of any Intellectual Property owned by, or licensed to, the Guarantor or its subsidiaries; (iii) there
is no pending or, to the knowledge of the Guarantor, threatened action, suit, proceeding or claim by others challenging the Guarantor’s
or any of its subsidiaries’ rights in or to any Intellectual Property and the Guarantor is unaware of any facts which would
form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the knowledge of the Guarantor,
threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any Intellectual Property
owned by, or licensed to, the Guarantor and its subsidiaries, and the Guarantor is unaware of any facts which would form a reasonable
basis for any such action, suit, proceeding or claim; (v) there is no pending or, to the knowledge of the Guarantor, threatened
action, suit, proceeding or claim by others that (nor has the Guarantor or any of its subsidiaries received any claim from a third
party that) the Guarantor or its subsidiaries infringe, misappropriate or otherwise violate, or would, upon the commercialization
of any product or service described in the Guarantor Disclosure Documents as under development, infringe, misappropriate or otherwise
violate, any Intellectual Property rights of others, and the Guarantor is unaware of any facts which would form a reasonable basis
for any such action, suit, proceeding or claim; (vi) the Guarantor and its subsidiaries have complied with and there has been no
breach or default under the terms of each agreement pursuant to which Intellectual Property has been licensed to the Guarantor
and its subsidiaries, and all such agreements are in full force and effect; and (vii) the product candidates described in the Guarantor
Disclosure Documents as under development by the Guarantor and its subsidiaries fall within the scope of the claims of one or more
patents owned by, or exclusively licensed to, the Guarantor and its subsidiaries except, in each case of (ii) through (vii), as
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Except as described in the
Guarantor Disclosure Documents, the Guarantor and its subsidiaries are not obligated or under any liability whatsoever to make
any material payment by way of royalties, fees or otherwise to any owner or licensee of, or other claimant to, any Intellectual
Property, with respect to the use thereof or in connection with the conduct of their respective businesses or otherwise.

 

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(y) 
Related Party Transactions. There are no business relationships or related party transactions involving the Guarantor
or any other person required to be described in the Guarantor Disclosure Documents that have not been described. Without limiting
the generality of the immediately preceding sentence, no relationship, direct or indirect, exists between or among the Guarantor
on the one hand, and the directors, officers, stockholders, customers or suppliers of the Guarantor on the other hand, that is
required to be described in the Guarantor Disclosure Documents and that is not so described. Since inception, the Guarantor has
not, directly or indirectly, extended or maintained credit, arranged to extend credit, or renewed any extension of credit, in the
form of a personal loan, to or for any director or executive officer of the Guarantor, or to or for any family member or affiliate
of any director or executive officer of the Guarantor in violation of applicable laws, including Section 13(k) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).

 

(z) 
Environmental Matters. (a) (i) Each of the Guarantor and its subsidiaries is and has been in compliance with, and is
not subject to any pending, or to the knowledge of the Guarantor, threatened costs or liability under, any and all federal, state,
local and non-U.S. statutes, laws, rules, regulations, ordinances, codes, other requirements or rules of law (including common
law) and judicial or administrative decisions or orders, relating to pollution, the generation, use, handling, transportation,
treatment, storage, discharge, disposal or release of hazardous substances, the protection or restoration of the environment, human
health and safety, noise or the protection of natural resources, including wildlife, migratory birds, eagles or endangered or threatened
species or habitats (collectively, “Environmental Laws”) and to the knowledge of the Guarantor, there
are no facts or circumstances that would reasonably be expected to result in such non-compliance, cost or liability, (ii) neither
the Guarantor nor any of its subsidiaries owns, occupies, operates, leases or uses any real property contaminated with Hazardous
Substances, (iii) neither the Guarantor nor any of its subsidiaries is conducting or funding any investigation, remediation, remedial
action or monitoring of actual or suspected Hazardous Substances in the environment, (iv) neither the Guarantor nor any of its
subsidiaries is liable or allegedly liable for any release or threatened release of Hazardous Substances, including at any off-site
treatment, storage or disposal site, (v) neither the Guarantor nor any of its subsidiaries, nor to the knowledge of the Guarantor,
any principal supplier, manufacturer or contractor of the Guarantor or any of its subsidiaries, is subject to any claim, action,
suit, order, demand or notice by any governmental agency or governmental body or person relating to Environmental Laws or Hazardous
Substances, (vi) the Guarantor and its subsidiaries have received and are in compliance with all, and have no liability under any,
permits, licenses, authorizations, identification numbers or other approvals required under applicable Environmental Laws to conduct
their respective businesses, and (vii) to the knowledge of the Guarantor, there are no requirements proposed for adoption or implementation
under any Environmental Law, except in each case covered by clauses (i) through (vii) such as would not individually or in the
aggregate reasonably be expected to result in a Material Adverse Effect; (b) there are no proceedings that are pending, or known
to be contemplated, against the Guarantor or any of its subsidiaries pursuant to any Environmental Laws by a governmental authority,
other than such proceedings for which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed; and
(c) there are no costs or expenditures (including capital expenditures) under or pursuant to Environmental Laws that would reasonably
be expected to have a material effect on the capital expenditures, earnings or competitive position of the Guarantor and its subsidiaries.
For purposes of this subsection, “Hazardous Substances” means (A) petroleum and petroleum products, by-products
or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and mold, and (B) any other
chemical, material or substance defined as toxic or hazardous or as a pollutant, contaminant or waste or words of similar import,
or regulated or that can form the basis for liability, under Environmental Laws.

 

(aa) 
Controls and Procedures.

 

(i) 
Disclosure Controls and Procedures. The Guarantor has established and maintains disclosure controls and procedures (as
such term is defined in Rules 13a-15 and 15d-15 under the Exchange Act) that (A) are designed to ensure that material information
relating to the Guarantor and its subsidiaries is made known to the Guarantor’s principal executive officer and its principal
financial officer by others within those entities; (B) provide for the periodic evaluation of the effectiveness of such disclosure
controls and procedures, commencing as of the end of the period covered by the Guarantor’s most recent annual or quarterly
report filed with the Commission; and (C) are effective in all material respects to perform the functions for which they were established.

 

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(ii) 
Internal Control Over Financial Reporting and Internal Accounting Controls. The Guarantor maintains (i) effective “internal
control over financial reporting” as defined in, and in compliance with, Rules 13a-15 and 15d-15 under the Exchange Act,
and (ii) a system of internal accounting controls sufficient to provide reasonable assurance that (A) transactions are executed
in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit
preparation of financial statements in conformity with IFRS and to maintain asset accountability; (C) access to assets is permitted
only in accordance with management’s general or specific authorization; (D) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E) the interactive
data in eXtensible Business Reporting Language included in the Guarantor Disclosure Documents fairly presents the information called
for in all material respects and is prepared in accordance with the Rules and Regulations.

 

(iii) 
No Material Weakness in Internal Controls. Since the end of the Guarantor’s most recent audited fiscal year, there
has been (A) no material weakness (as defined in Rule 1-02 of Regulation S-X of the Commission) in the Guarantor’s internal
control over financial reporting (whether or not remediated); and (B) no change in the Guarantor’s internal control over
financial reporting that has materially affected, or is reasonably likely to materially affect, the Guarantor’s internal
control over financial reporting. The Guarantor is not aware of (x) any significant deficiency in the design or operation of its
internal control over financial reporting which is reasonably likely to adversely affect the Guarantor’s ability to record,
process, summarize and report financial data or any material weaknesses in its internal controls, except as disclosed in the Guarantor
Disclosure Documents, since the end of the Guarantor’s most recent audited fiscal year; or (y) any fraud, whether or not
material, that involves management or other employees who have a significant role in the Guarantor’s internal controls.

 

(bb) 
Off Balance Sheet Transactions. Except as described in the Guarantor Disclosure Documents, there are no off-balance
sheet transactions (including, without limitation, transactions related to, and the existence of, “variable interest entities”
within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 810), arrangements, obligations
(including contingent obligations), or any other relationships with unconsolidated entities or other persons, that may have a material
current or future effect on the Guarantor’s financial condition, changes in financial condition, results of operations, liquidity,
capital expenditures, capital resources, or significant components of revenues or expenses.

 

(cc) 
Sarbanes-Oxley. The Guarantor is, and after giving effect to the offering and sale of the Securities will be, in compliance
in all material respects with all applicable effective provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
of the Commission promulgated thereunder that are applicable to the Guarantor as an “emerging growth company” as defined
in Section 2(a)(19) of the Securities Act (an “Emerging Growth Company”).

 

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(dd) 
Clinical Trials. The pre-clinical studies and clinical trials conducted by or, to the knowledge of the Guarantor and
its subsidiaries, on behalf of or sponsored by the Guarantor or its subsidiaries, or in which the Guarantor or its subsidiaries
have participated, that are described in, or the results of which are referred to in, the Guarantor Disclosure Documents were and,
if still pending, are being conducted in accordance with protocols filed with the appropriate regulatory authorities for each such
study or trial, as the case may be, and with standard medical and scientific research standards and procedures, all applicable
statutes, all applicable rules and regulations of the United States Food and Drug Administration (the “FDA”),
the European Medicines Agency (the “EMA”), the Israel Ministry of Health (the “IMH”)
and other comparable regulatory agencies to which they are subject and Good Clinical Practices and Good Laboratory Practices, except
to the extent where failures to conduct in such manner would not, individually or in the aggregate, have a Material Adverse Effect.
Each description of the results of such studies and trials contained in the Guarantor Disclosure Documents is accurate and complete
in all material respects and fairly presents the data derived from such studies and trials, and the Guarantor or its subsidiaries
have no knowledge of any other studies or trials the results of which are inconsistent with, or otherwise call into question, the
results described or referred to in the Guarantor Disclosure Documents. The Guarantor and its subsidiaries have not received any
written notices, correspondence or other communications from the FDA, the EMA, the IMH or any committee thereof or from any other
U.S. or foreign government or drug or medical device regulatory agency (collectively, the “Regulatory Agencies”)
requiring or, to the Guarantor’s knowledge, threatening the termination, suspension or modification of any clinical trials
that are described or referred to in the Guarantor Disclosure Documents. The Guarantor and its subsidiaries have operated at all
times and currently are in compliance in all material respects with all applicable statutes, rules, regulations and policies of
the Regulatory Agencies.

  

(ee) 
Regulatory Filings. The Guarantor and its subsidiaries have not failed to file with the Regulatory Agencies any required
material filing, declaration, listing, registration, report or submission with respect to any products or product candidates that
are described or referred to in the Guarantor Disclosure Documents or any other filing required by any other applicable Regulatory
Agency or governmental authority; all such filings, declarations, listings, registrations, reports or submissions were in material
compliance with applicable laws when filed; all such filings, declarations, listings, registrations, reports or submissions were
timely, complete, accurate and not misleading on the date filed in all material respects (or were corrected or supplemented by
subsequent submission); and no deficiencies regarding compliance with applicable law have been asserted by any applicable regulatory
authority with respect to any such filings, declarations, listings, registrations, reports or submissions.

 

(ff) 
Licenses and Permits. Except as would not, individually or in the aggregate, have a Material Adverse Effect, (i) the
Guarantor and its subsidiaries hold, and are operating in compliance in all material respects with, such permits, licenses, franchises,
registrations, exemptions, approvals, authorizations and clearances of any other governmental authorities (including, without limitation,
the FDA, the EMA and the IMH) required for the conduct of their business as currently conducted (collectively, the “Permits”),
and all such Permits are in full force and effect; and (ii) the Guarantor and its subsidiaries have fulfilled and performed all
of their obligations with respect to the Permits, and, to the Guarantor’s knowledge, no event has occurred which allows,
or after notice or lapse of time would allow, revocation or termination thereof or results in any other impairment of the rights
of the holder of any Permit. All applications, notifications, submissions, information, claims, reports and statistics, and other
data and conclusions derived therefrom, utilized as the basis for any and all requests for a Permit from the FDA, the EMA, the
IMH or other governmental authority relating to the Guarantor or a subsidiary, its business and its products, when submitted to
the FDA, the EMA, the IMH or other governmental authority by or on behalf of the Guarantor or a subsidiary, were true, complete
and correct in all material respects. Any necessary or required updates, changes, corrections or modification to such applications,
notifications, submissions, information, claims, reports and statistics and other data have been submitted to the FDA, the EMA,
the IMH or other governmental authority, except as would not, individually or in the aggregate, have a Material Adverse Effect.
The Guarantor and its subsidiaries have not received any notification, correspondence or any other written or oral communication,
including notification of any pending or, to the Guarantor’s knowledge, threatened claim, suit, proceeding, hearing, enforcement,
investigation, arbitration or other action from any governmental authority including, without limitation, the FDA, the EMA, the
IMH or the United States Drug Enforcement Administration (“DEA”), of potential or actual material non-compliance
by, or material liability of, the Guarantor or a subsidiary under any Permits. To the Guarantor’s knowledge, there are no
facts or circumstances that would reasonably be expected to give rise to any liability of the Guarantor or a subsidiary under any
Permits, except as would not, individually or in the aggregate, have a Material Adverse Effect.

 

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(gg) 
Compliance with Certain Regulatory Matters. The Guarantor, its subsidiaries, and their respective directors and officers
and, to the Guarantor’s knowledge, their respective employees and agents have operated and currently are in compliance in
all material respects with applicable statutes and implementing regulations administered or enforced by the FDA, EMA, IMH, DEA
or any other federal, state, local, or foreign governmental authority, including, without limitation, the federal Food, Drug and
Cosmetic Act (21 U.S.C. § 301 et seq.), the federal Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)), the civil False
Claims Act (31 U.S.C. §3729 et seq.), the federal False Statements Law (42 U.S.C. § 1320a-7b(a)), the Civil Monetary
Penalties Law (42 U.S.C. §1320a-7a), all criminal laws relating to health care fraud and abuse, including, but not limited,
to 18 U.S.C. §§ 286 and 287, the exclusion law (42 U.S.C. § 1320a-7), the statutes, regulations and directives of
Medicare (Title XVIII of the Social Security Act), Medicaid (Title XIX of the Social Security Act) and all other government funded
or sponsored healthcare programs, the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.),
as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (42 U.S.C. §17921 et seq.), and
all other regulations promulgated pursuant to such laws; and any other similar local, state, federal or foreign law or regulation.
Neither the Guarantor nor its subsidiaries are a party to, and do not have any ongoing reporting obligations pursuant to, any corporate
integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order, plan of correction
or similar agreement imposed by any governmental authority. Neither the Guarantor, its subsidiaries nor, to the knowledge of the
Guarantor, any of their respective Representatives has been debarred, excluded or suspended from participation in or receiving
payment from any federal, state or local government health care program or is subject to an audit, investigation, proceeding or
other similar action by any governmental authority that could reasonably be expected to result in debarment, suspension or exclusion.

 

(hh) 
Absence of Certain Regulatory Actions. Except as described in the Guarantor Disclosure Documents, or as would not, individually
or in the aggregate, have a Material Adverse Effect, the Guarantor has not had any product or manufacturing site (whether Guarantor-owned
or that of a contract manufacturer for Guarantor products or product candidates) subject to a governmental authority (including,
without limitation, the FDA, the EMA or the IMH) shutdown or import or export prohibition, nor received any FDA Form 483 or other
governmental authority notice of inspectional observations, “warning letters,” “untitled letters,” requests
to make changes to the Guarantor products, processes or operations, or similar correspondence or notice from the FDA, EMA, IMH
or other governmental authority alleging or asserting material noncompliance with any applicable laws. To the Guarantor’s
knowledge, none of the FDA, the EMA or IMH nor any other governmental authority have threatened such action. Neither the Guarantor
nor its subsidiaries have received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any court, arbitrator, Regulatory Agency or other governmental authority or third party alleging
that any product operation or activity is in violation of any health care laws, nor to the Guarantor’s knowledge, is any
such claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action threatened, except as would
not, individually or in the aggregate, have a Material Adverse Effect.

 

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(ii) 
No Rating. Neither the Guarantor nor any of its subsidiaries has debt securities or preferred stock that is rated by
any “nationally recognized statistical rating organization” (as such term is defined in Section 3(a)(62) of the Exchange
Act). The Notes will not be rated by any such organization.

 

(jj) 
No Broker’s Fees. Except as disclosed in the Guarantor Disclosure Documents and the engagement letter by and between
the Guarantor and Moelis & Company, the Guarantor is not a party to any contract, agreement or understanding with any person
(other than this Agreement) that would give rise to a valid claim against the Guarantor or any Buyer for a brokerage commission,
finder’s fee or like payment in connection with the offering and sale of the Securities.

 

(kk) 
Insolvency. No event of insolvency has occurred in relation to the Guarantor or its subsidiaries, nor is there, nor
will there be at the Closing Date, any act which has occurred or, to the best of the Guarantor’s knowledge, is anticipated
to occur which is likely to result in an event of insolvency in relation to the Guarantor or its subsidiaries.

 

(ll) 
Cybersecurity. (i)(x) Except as disclosed in the Guarantor Disclosure Documents, there has been no security breach or
other compromise of or relating to any of the Guarantor’s information technology and computer systems, networks, hardware,
software, data (including the data of their respective customers, employees, suppliers, vendors and any third party data maintained
by or on behalf of them), equipment or technology (collectively, “IT Systems and Data”) and (y) the Guarantor
has not been notified of, and has no knowledge of any event or condition that would reasonably be expected to result in, any security
breach or other compromise to their IT Systems and Data, except as would not, in the case of this clause (i), individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) the Guarantor is presently in compliance with all
applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory
authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Data and to the
protection of such IT Systems and Data from unauthorized use, access, misappropriation or modification, except as would not, in
the case of this clause (ii), individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (iii)
the Guarantor and its subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures and safeguards
to maintain and protect their confidential information and the integrity, continuous operation, redundancy and security of all
IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data) used in connection
with their businesses and the Guarantor has implemented backup and disaster recovery technology consistent with industry standards
and practices.

 

(mm) 
Foreign Private Issuer. The Guarantor is a “foreign private issuer” within the meaning of Rule 405 under
the Securities Act.

 

(nn) 
Shell Company Status. The Guarantor is not, and has never been, an issuer identified in, or subject to, Rule 144(i).

 

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(oo) 
Ranking of Notes. No Indebtedness of the Guarantor or the Issuer, at the Closing, will be senior to, or pari
passu with, the Notes in right of payment, whether with respect to payment or redemptions, interest, damages, upon liquidation
or dissolution or otherwise.

 

(pp) 
General Solicitation. None of the Guarantor, any of its affiliates (as defined in Rule 501(b) under the Securities Act)
or any person acting on behalf of the Guarantor or such affiliate has solicited any offer to buy or offer or sell the Securities
by means of any form of general solicitation or general advertising within the meaning of Regulation D, including: (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio;
and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(qq) 
No Integrated Offering. None of the Guarantor, any of its affiliates (as defined in Rule 501(b) of Regulation D under
the Securities Act), or any person acting on behalf of the Guarantor or such affiliate, has, directly or indirectly, made any offers
or sales, or solicited any offers or sales, of any security (as defined in the Securities Act) which would be integrated with the
sale of the Securities in a manner which would require the registration of the Securities under the Securities Act or require shareholder
approval under the rules and regulations of The Nasdaq Global Market (the “Principal Market”).

 

(rr) 
Private Placement. Assuming the accuracy of the representations and warranties of the Buyers set forth in Section 2,
the offer and sale of the Securities to the Buyers as contemplated by the Transaction Documents, and the issuance of the Exchange
Shares pursuant to the terms of the Indenture, are exempt from the registration requirements of the Securities Act. The issuance
and sale of the Securities does not contravene the rules and regulations of the Principal Market.

 

(ss) 
Submission to Jurisdiction. Each of the Guarantor and the Issuer has the power to submit, and pursuant to Section 9
of this Agreement, has legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of the Specified Courts,
and each has the power to designate, appoint and authorize, and pursuant to Section 9 of this Agreement, has legally, validly,
effectively and irrevocably designated, appointed and authorized, an agent for service of process in any action arising out of
or relating to this Agreement or the Securities in any of the Specified Courts, and service of process effected on such authorized
agent will be effective to confer valid personal jurisdiction over the Guarantor and the Issuer, respectively as provided in Section
9.

 

(tt) 
Enforceability of Judgement. Any final judgment for a fixed or readily calculable sum of money rendered by a Specified
Court having jurisdiction under its own domestic laws and recognized by the Israeli courts as having jurisdiction to give such
final judgment in respect of any suit, action or proceeding against the Guarantor based upon this Agreement and any instruments
or agreements entered into for the consummation of the transactions contemplated herein and therein would be declared enforceable
against the Guarantor, without re-examination or review of the merits of the cause of action in respect of which the original judgment
was given or re-litigation of the matters adjudicated upon, by the courts of Israel. The Guarantor is not aware of any reason why
the enforcement in Israel of such a Specified Court judgment would be, as of the date hereof, contrary to public policy of Israel.

 

    18

     

    

 

(uu) 
No Rights of Immunity. Except as provided by laws or statutes generally applicable to transactions of the type described
in this Agreement, neither the Guarantor nor any of its subsidiaries or their respective properties, assets or revenues has any
right of immunity under Israeli, New York or United States law, from any legal action, suit or proceeding, from the giving of any
relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any law of Israel,
New York or United States federal court, from service of process, attachment upon or prior judgment, or attachment in aid of execution
of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement
of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or arising out of or in
connection with this Agreement. To the extent that the Guarantor, any of its subsidiaries or any of their respective properties,
assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings
may at any time be commenced, the Guarantor waives or will waive such right to the extent permitted by law and has consented to
such relief and enforcement as provided in Section 9 of this Agreement.

 

4. 
COVENANTS.

 

(a) 
Reasonable Best Efforts. Each Buyer shall use its reasonable best efforts to timely satisfy each of the covenants hereunder
and conditions to be satisfied by it as provided in Section 6 of this Agreement. The Guarantor and the Issuer shall use their respective
reasonable best efforts to timely satisfy each of the covenants hereunder and conditions to be satisfied as provided in Section
7 of this Agreement.

 

(b) 
Blue Sky. The Issuer shall, on or before the Closing Date, take such action as the Issuer shall reasonably determine
is necessary in order to obtain an exemption for, or to, qualify the Securities for sale to the Buyers at the Closing pursuant
to this Agreement under applicable securities or “Blue Sky” laws of the states of the United States (or
to obtain an exemption from such qualification), and shall provide evidence of any such action so taken to the Buyers on or prior
to the Closing Date. Without limiting any other obligation of the Guarantor or the Issuer under this Agreement, the Issuer shall
make all filings and reports relating to the offer and sale of the Securities required under all applicable securities laws (including,
without limitation, all applicable federal securities laws and all applicable “Blue Sky” laws), and the
Guarantor and the Issuer shall comply with all applicable foreign, federal, state and local laws, statutes, rules, regulations
and the like relating to the offering and sale of the Securities to the Buyers.

 

(c) 
Fees. The Issuer or the Guarantor shall reimburse Highbridge Capital Management, LLC (“Highbridge”)
for all actual costs and expenses incurred by it or its affiliates in connection with the structuring, documentation, negotiation
and closing of the transactions contemplated by the Transaction Documents (including, without limitation, as applicable, all reasonable
legal fees of outside counsel, any other reasonable fees and expenses in connection with the structuring, documentation, negotiation
and closing of the transactions contemplated by the Transaction Documents and due diligence and regulatory filings in connection
therewith) (the “Transaction Expenses”) and shall be withheld by Highbridge from its Purchase Price at
the Closing; provided, that the aggregate Transaction Expenses shall not exceed $475,000. The Issuer or the Guarantor shall be
responsible for the payment of any placement agent’s fees, financial advisory fees, transfer agent fees, DTC (as defined
below) fees or broker’s commissions (other than such fees or commissions for persons engaged by any Buyer) relating to or
arising out of the transactions contemplated hereby. The Issuer or the Guarantor shall pay, and hold each Buyer harmless against,
any liability, loss or expense (including, without limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising
in connection with any claim relating to any such payment. Except as otherwise set forth in the Transaction Documents, each party
to this Agreement shall bear its own expenses in connection with the sale of the Securities to the Buyers.

 

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(d) 
Disclosure of Transactions and Other Material Information.

 

(i) 
Disclosure of Transaction. The Guarantor shall, on or before 9:30 a.m., New York time, on the first (1st)
Business Day after the date of this Agreement, issue a press release (the “Press Release”) reasonably
acceptable to the Buyers disclosing all the material terms of the transactions contemplated by the Transaction Documents. On or
before 9:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement, the Guarantor shall
file a Report of Foreign Issuer on Form 6-K describing all the material terms of the transactions contemplated by the Transaction
Documents in the form required by the Exchange Act and attaching all the material Transaction Documents (including, without limitation,
this Agreement, the Indenture, the form of Note and the form of the Registration Rights Agreement) (including all attachments,
the “6-K Filing”). From and after the filing of the 6-K Filing, the Guarantor shall have disclosed all
material, non-public information (if any) provided to any of the Buyers by the Guarantor or any of its subsidiaries or any of their
respective Representatives in connection with the transactions contemplated by the Transaction Documents. In addition, effective
upon the filing of the 6-K Filing, the Guarantor acknowledges and agrees that any and all confidentiality or similar obligations
under any agreement, whether written or oral, between the Guarantor, any of its subsidiaries or any of their respective Representatives,
on the one hand, and any of the Buyers or any of their affiliates, on the other hand, shall terminate, and no Buyer shall have
any duty of confidentiality with respect to, or a duty not to trade in the securities of, the Guarantor or any of its subsidiaries.

 

(ii) 
Limitations on Disclosure. The Guarantor shall not, and the Guarantor shall cause each of its subsidiaries and each
of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public information
regarding the Guarantor or any of its subsidiaries from and after the date hereof without the express prior written consent of
such Buyer (which may be granted or withheld in such Buyer’s sole discretion). In the event of a breach of any of the foregoing
covenants, or any of the covenants or agreements contained in any Transaction Document, by the Guarantor, any of its subsidiaries,
or any of its or their respective Representatives (as determined in the reasonable good faith judgment of such Buyer), in addition
to any other remedy provided herein or in the Transaction Documents, such Buyer shall have the right to make a public disclosure,
in the form of a press release, public advertisement or otherwise, of such breach or such material, non-public information, as
applicable, without the prior approval by the Guarantor, any of its subsidiaries, or any of its or their respective Representatives.
No Buyer shall have any liability to the Guarantor, any of its subsidiaries, or any of its or their respective Representatives
or stockholders, for any such disclosure. Subject to the foregoing, neither the Guarantor, its subsidiaries nor any Buyer shall
issue any press releases or any other public statements with respect to the transactions contemplated hereby; provided,
however, the Guarantor shall be entitled, without the prior approval of any Buyer, to make the Press Release and any
press release or other public disclosure with respect to such transactions (i) in substantial conformity with the 6-K Filing and
contemporaneously therewith and (ii) as is required by applicable law and regulations (provided that in the case of clause (i)
each Buyer shall be consulted by the Guarantor in connection with any such press release or other public disclosure prior to its
release). Without the prior written consent of the applicable Buyer (which may be granted or withheld in such Buyer’s sole
discretion), the Guarantor shall not (and shall cause each of its subsidiaries and affiliates to not) disclose the name of such
Buyer in any filing, announcement, release or otherwise.

 

    20

     

    

 

(e) 
Reservation of Shares. So long as any of the Notes remain outstanding, the Guarantor shall take all action necessary
to at all times have authorized, and reserved for the purpose of issuance and sale, no less than the maximum number of Exchange
Shares issuable upon exchange of all the Notes then outstanding (collectively, the “Required Reserve Amount”).
If at any time the number of Exchange Shares authorized and reserved for issuance is not sufficient to meet the Required Reserve
Amount, the Guarantor will promptly take all corporate action necessary to authorize and reserve a sufficient number of shares,
including, without limitation, calling a special meeting of shareholders to authorize additional shares to meet the obligations
of the Guarantor and the Issuer pursuant to the Transaction Documents.

 

(f) 
Regulation M. Neither the Guarantor nor its subsidiaries will take any action prohibited by Regulation M under the Exchange
Act in connection with the distribution of the Securities contemplated hereby.

 

(g) 
General Solicitation. None of the Guarantor, any of its affiliates (as defined in Rule 501(b) under the Securities Act)
or any person acting on behalf of the Guarantor or such affiliate will solicit any offer to buy or offer or sell the Securities
by means of any form of general solicitation or general advertising within the meaning of Regulation D, including: (i) any advertisement,
article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over television or radio;
and (ii) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(h) 
Integration. None of the Guarantor, any of its affiliates (as defined in Rule 501(b) under the Securities Act), or any
person acting on behalf of the Guarantor or such affiliate will sell, offer for sale, or solicit offers to buy or otherwise negotiate
in respect of any security (as defined in the Securities Act) which will be integrated with the sale of the Securities in a manner
which would require the registration of the Securities under the Securities Act or require shareholder approval under the rules
and regulations of the Principal Market, and the Guarantor will take all action that is appropriate or necessary to assure that
its offerings of other securities will not be integrated for purposes of the Securities Act or the rules and regulations of the
Principal Market, with the issuance of Securities contemplated hereby.

 

(i) 
Passive Foreign Investment Company. If the Guarantor determines that it will be a PFIC for any taxable year, the Guarantor
shall make available to any Buyer (or upon request to any transferee of any of the Notes) that is a United States person (as defined
in Section 7701(a)(30) of the Code) and a holder of the Guarantor’s stock all information necessary to comply with Part VI
of Subchapter P of Chapter 1 of Subtitle A of the Code (including all information necessary to make a valid qualified electing
fund election pursuant to Section 1295 of the Code).

 

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(j) 
Use of Proceeds. The Issuer will use the proceeds from the sale of the Securities for general corporate purposes, but
not, directly or indirectly, for (i) the satisfaction of any indebtedness of the Guarantor or any of its subsidiaries, (ii) the
redemption or repurchase of any securities of the Guarantor or any of its subsidiaries, or (iii) the settlement of any outstanding
litigation.

 

5. 
LEGENDS.

 

Each Buyer understands
that the Securities have been issued (or will be issued in the case of the Exchange Shares) pursuant to an exemption from registration
or qualification under the Securities Act and applicable state securities laws. The Notes shall bear any legend as required by
the “blue sky” laws of any state and any restrictive legend required pursuant to Section 2.05(c) of the Indenture until
the Resale Restriction Termination Date (as defined in the Indenture) and the removal of such restrictive legend in accordance
with the Indenture. The Exchange Shares shall bear any legend as required by the “blue sky” laws of any state and any
restrictive legend required pursuant to Section 2.05(d) of the Indenture until the Resale Restriction Termination Date.

 

6. 
CONDITIONS TO THE ISSUER’S OBLIGATION TO SELL.

 

The obligations of
the Issuer and the Guarantor hereunder to issue and sell the Securities to each Buyer at the Closing is subject to the satisfaction,
at or before the Closing Date, of each of the following conditions, provided that these conditions are for the Issuer’s sole
benefit and may be waived by the Issuer and the Guarantor at any time in its sole discretion by providing each Buyer with prior
written notice thereof:

 

(a) 
Such Buyer shall have executed the Registration Rights Agreement and delivered the same to the Issuer.

 

(b) 
Such Buyer shall have delivered to the Issuer the Purchase Price for the Securities being purchased by such Buyer at
the Closing by wire transfer of immediately available funds in accordance with the Flow of Funds Letter.

 

(c) 
The representations and warranties of such Buyer shall be true and correct in all material respects as of the date when
made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as
of a specific date, which shall be true and correct as of such specific date), and such Buyer shall have performed, satisfied and
complied in all material respects with the covenants, agreements and conditions required by this Agreement and the Transaction
Documents to be performed, satisfied or complied with by such Buyer at or prior to the Closing Date.

 

7. 
CONDITIONS TO EACH BUYER’S OBLIGATION TO PURCHASE.

 

The obligation of each
Buyer hereunder to purchase its Securities at the Closing is subject to the satisfaction, at or before the Closing Date, of each
of the following conditions, provided that these conditions are for each Buyer’s sole benefit and may be waived by such Buyer
at any time in its sole discretion by providing the Issuer and the Guarantor with prior written notice thereof:

 

(a) 
(i) The Issuer and the Guarantor shall have duly executed and delivered to such Buyer the Registration Rights Agreement,
(ii) the Issuer and the Guarantor shall have duly executed and delivered the Indenture, and shall have caused the Trustee to execute
and deliver the Indenture, (iii) the Issuer shall have executed the global note representing the Notes (the “Global
Note”) and shall have caused the Trustee to authenticate the Global Note in accordance with the terms of the Indenture
and (iv) the Issuer shall have caused the Trustee to deliver to such Buyer the aggregate principal amount of Notes through the
facilities of DTC purchased by such Buyer as set forth on the Schedule of Buyers.

 

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(b) 
Such Buyer shall have received the opinion of Cooley LLP, the Guarantor’s special U.S. securities counsel, and
Meitar Law Offices, the Guarantor’s special Israeli counsel, in each case, dated as of the Closing Date, in form and substance
reasonably acceptable to such Buyer.

 

(c) 
The Guarantor shall have delivered to such Buyer a company extract of the Guarantor issued by the Registrar of Companies
of Israel as of a date within ten (10) days of the Closing Date.

 

(d) 
The Issuer shall have delivered to such Buyer (A) a certified copy of the certificate of incorporation of the Issuer,
(B) a certificate evidencing the Issuer’s good standing issued by the Secretary of State of the State of Delaware and (C)
a certificate evidencing the Issuer’s qualification as a foreign corporation and good standing issued by the Secretary of
State (or comparable office) of the Commonwealth of Massachusetts, each dated as of a date within ten (10) days of the Closing
Date.

 

(e) 
Each and every representation and warranty of the Guarantor and the Issuer shall be true and correct as of the date
when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak
as of a specific date, which shall be true and correct as of such specific date) and the Guarantor and the Issuer shall have performed,
satisfied and complied in all respects with the covenants, agreements and conditions required to be performed, satisfied or complied
with by the respective party at or prior to the Closing Date.

 

(f) 
The Ordinary Shares (A) shall be designated for quotation or listed (as applicable) on the Principal Market and (B)
shall not have been suspended, as of the Closing Date, by the Commission or the Principal Market from trading on the Principal
Market nor shall suspension by the Commission or the Principal Market have been threatened, as of the Closing Date, either (I)
in writing by the Commission or the Principal Market or (II) by falling below the minimum maintenance requirements of the Principal
Market.

 

(g) 
The Guarantor and the Issuer shall have obtained all governmental, regulatory or third party consents and approvals,
if any, necessary for the sale of the Securities, including without limitation, those required by the Principal Market, if any.

 

(h) 
No statute, rule, regulation, executive order, judgment, award, decree, ruling or injunction shall have been enacted,
entered, promulgated or endorsed by any court or Governmental Entity of competent jurisdiction, and no action or proceeding shall
have been instituted by any court or Governmental Entity of competent jurisdiction, that enjoins or prohibits the consummation
of any of the transactions contemplated by the Transaction Documents.

 

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(i) 
Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably would
have or result in a Material Adverse Effect.

 

(j) 
Such Buyer shall have received a letter on the letterhead of the Issuer, duly executed by the Chief Executive Officer
of the Issuer, setting forth the wire amounts of each Buyer and the wire transfer instructions of the Issuer (the “Flow
of Funds Letter”).

 

(k) 
The Guarantor and the Issuer shall have entered into the Settlement Agreement with U.S. Bank National Association, as
settlement agent.

 

(l) 
The Guarantor and the Issuer shall have each delivered a certificate, executed by its Chief Executive Officer or its
Chief Financial Officer, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in subsections
(e), (g), (h) and (i) of this Section 7.

 

8. 
TERMINATION.

 

In the event that the
Closing shall not have occurred with respect to a Buyer within five (5) Business Days of the date hereof, then such Buyer shall
have the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business
on such date without liability of such Buyer to any other party; provided, however,
(i) the right to terminate this Agreement under this Section 8 shall not be available to such Buyer if the failure of the transactions
contemplated by this Agreement to have been consummated by such date is the result of such Buyer’s breach of this Agreement
or any Transaction Document and (ii) the abandonment of the sale and purchase of the Securities shall be applicable only to such
Buyer providing such written notice, provided further that no such termination shall affect any obligation of the Issuer
under this Agreement to reimburse such Buyer for the expenses described in Section 4(c) above. Nothing contained in this Section
8 shall be deemed to release any party from any liability for any breach by such party of the terms and provisions of this Agreement
or the Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations
under this Agreement or the Transaction Documents.

 

9. 
MISCELLANEOUS.

 

(a) 
Governing Law; Jurisdiction; Jury Trial. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of the United States
of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located
in the Borough of Manhattan in the City of New York (collectively, the “Specified Courts”), and each
party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment
of any such court (a “Related Judgment”), as to which such jurisdiction is non-exclusive) of such courts
in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party’s address
set forth below shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified
Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or
other proceeding brought in any such court has been brought in an inconvenient forum. With respect to any Related Proceeding, each
party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty
or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might
otherwise be entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in
the Specified Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such
immunity at or in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant
to the United States Foreign Sovereign Immunities Act of 1976, as amended. THE GUARANTOR, THE ISSUER AND THE BUYERS EACH HEREBY
IRREVOCABLY WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON OR ARISING OUT OF THIS AGREEMENT,
ANY TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

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(b) 
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(c) 
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to include
the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(d) 
Severability. In the event any provision of this Agreement shall be invalid, illegal or unenforceable, then (to the
extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected
or impaired.

 

(e) 
Entire Agreement; Amendments. This Agreement, the Transaction Documents and the schedules and exhibits attached hereto
and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between the
Buyers, the Guarantor, the Issuer, their affiliates and persons acting on their behalf, including, without limitation, any transactions
by any Buyer with respect to Exchange Shares or the Securities, and the other matters contained herein and therein, and this Agreement,
the Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments referenced herein and therein
contain the entire understanding of the parties solely with respect to the matters covered herein and therein. Except as specifically
set forth herein or therein, neither the Guarantor, the Issuer nor any Buyer makes any representation, warranty, covenant or undertaking
with respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement
may be amended or waived other than by an instrument in writing signed by the Guarantor, the Issuer and the Buyers, and any amendment
to any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and
holders of Securities, as applicable; provided that no such amendment shall be effective to the extent that it (A) applies to less
than all of the holders of the Securities then outstanding or (B) imposes any obligation or liability on any Buyer without such
Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion). No consideration
(other than reimbursement of legal fees) shall be offered or paid to any person to amend or consent to a waiver or modification
of any provision of any of the Transaction Documents unless the same consideration also is offered to all of the parties to the
Transaction Documents and all holders of the Notes. From the date hereof and while any Notes are outstanding, the Guarantor and
the Issuer shall not be permitted to receive any consideration from a Buyer or a holder of Notes that is not otherwise contemplated
by the Transaction Documents in order to, directly or indirectly, induce the Guarantor or the Issuer (i) to treat such Buyer or
holder of Notes in a manner that is more favorable than other similarly situated Buyers or holders of Notes, as applicable, or
(ii) to treat any Buyer(s) or holder(s) of Notes in a manner that is less favorable than the Buyer or holder of Notes that is paying
such consideration; provided, however, that the determination of whether a
Buyer has been treated more or less favorably than another Buyer shall disregard any securities of the Guarantor or the Issuer
purchased or sold by any Buyer. The Guarantor and the Issuer have not, directly or indirectly, made any agreements with any Buyers
relating to the terms or conditions of the transactions contemplated by the Transaction Documents except as set forth in the Transaction
Documents. Without limiting the foregoing, the Guarantor and the Issuer confirm that, except as set forth in this Agreement, no
Buyer has made any commitment or promise or has any other obligation to provide any financing to the Issuer, the Guarantor, any
other subsidiary thereof or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Guarantor and
the Issuer expressly acknowledge and agree that (x) no due diligence or other investigation or inquiry conducted by a Buyer, any
of its advisors or any of its representatives shall affect such Buyer’s right to rely on, or shall modify or qualify in any
manner or be an exception to any of, the Guarantor’s or the Issuer’s representations and warranties contained in this
Agreement or any Transaction Document and (y) unless a provision of this Agreement or any Transaction Document is expressly preceded
by the phrase “as described in the Guarantor Disclosure Documents,” nothing contained in any of the Guarantor Disclosure
Documents shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be an exception to any
of, the Guarantor’s or Issuer’s representations and warranties contained in this Agreement or any Transaction Document.

 

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(f) 
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of
this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii)
when sent by electronic mail (provided that such sent email is kept on file (whether electronically or otherwise) by the sending
party and the sending party does not receive an automatically generated message from the recipient’s email server that such
e-mail could not be delivered to such recipient); or (iii) one (1) Business Day after deposit with an overnight courier service
with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and e-mail addresses
for such communications shall be:

 

	If to the Guarantor: 	Gamida Cell Ltd.
 5 Nahum Heftsadie
Street
 Givaat Shaul, Jerusalem 91340
 Israel
 Telephone: + 972-54-2277665

Attention: Chief Financial Officer
 E-Mail: shai@gamida-cell.com

 

With a copy (for informational purposes only) to:

Cooley LLP

55 Hudson Yards

New York, NY 10001

Telephone: (212) 479 6495

Attention: Joshua Kaufman and Divakar Gupta

E-Mail: jkaufman@cooley.com and dgupta@cooley.com

 

	If to the Issuer:	Gamida Cell Inc.

673 Boylston Street

Boston, MA 02116

Telephone: + 972-54-2277665

Attention: Chief Financial Officer

E-Mail: shai@gamida-cell.com

 

With a copy (for informational purposes only) to:

Cooley LLP

55 Hudson Yards

New York, NY 10001

Telephone: (212) 479 6495

Attention: Joshua Kaufman and Divakar Gupta

E-Mail: jkaufman@cooley.com and dgupta@cooley.com

 

If to a Buyer, to its address and e-mail
address set forth on the Schedule of Buyers, with copies to such Buyer’s representatives as set forth on the Schedule of
Buyers, with a copy (for informational purposes only) to:

 

King & Spalding LLP

1180 Peachtree
Street, NE

Suite 1600

Atlanta,
GA 30309

Attention:
Zach Cochran

E-Mail: zcochran@kslaw.com

 

    26

     

    

 

or to such other address, and/or e-mail
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other
party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s e-mail containing
the time and date, or (C) provided by an overnight courier service shall be rebuttable evidence of personal service or receipt
from an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(g) 
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns.

 

(h) 
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective
permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person,
other than the Indemnitees referred to in Section 9(j).

 

(i) 
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(j) 
Indemnification. In consideration of each Buyer’s execution and delivery of the Transaction Documents and acquiring
the Securities thereunder, and in addition to all of the Guarantor’s and the Issuer’s other obligations under the Transaction
Documents, the Guarantor and the Issuer shall defend, protect, indemnify and hold harmless each Buyer and each holder of any Securities
and all of their shareholders, partners, members, officers, directors, employees and direct or indirect investors, each person
who controls such Buyer (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors
and officers of such controlling persons (collectively, the “Indemnitees”) from and against any and all
actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses in connection therewith
(irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder is sought), and including
reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee
as a result of, or arising out of, or relating to (i) any breach of any representation or warranty made by the Guarantor or any
subsidiary in any of the Transaction Documents, (ii) any breach of any covenant, agreement or obligation of the Guarantor or any
subsidiary contained in any of the Transaction Documents, or (iii) any cause of action, suit, proceeding or claim brought or made
against such Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Guarantor or
any subsidiary) or which otherwise involves such Indemnitee that arises out of or results from the execution, delivery, performance
or enforcement of any of the Transaction Documents. To the extent that the foregoing undertaking by the Guarantor may be unenforceable
for any reason, the Guarantor and the Issuer shall make the maximum contribution to the payment and satisfaction of each of the
Indemnified Liabilities which is permissible under applicable law. Except as otherwise set forth herein, the mechanics and procedures
with respect to the rights and obligations under this Section 9(j) shall be the same as those set forth in Section 5 of the Registration
Rights Agreement.

 

    27

     

    

 

(k) 
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty
shall limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
Exchange Shares and any other numbers in this Agreement that relate to the Exchange Shares shall be automatically adjusted for
any share splits, share dividends, share combinations, recapitalizations or other similar transactions that occur with respect
to the Exchange Shares after the date of this Agreement. Notwithstanding anything in this Agreement to the contrary, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty against, or a prohibition of, any actions with
respect to the borrowing of, arrangement to borrow, identification of the availability of, and/or securing of, securities of the
Guarantor in order for such Buyer (or its broker or other financial representative) to effect short sales or similar transactions
in the future.

 

(l) 
Remedies. Each Buyer and in the event of assignment by Buyer of its rights and obligations hereunder, each holder of
Securities, shall have all rights and remedies set forth in the Transaction Documents and all rights and remedies which such holders
have been granted at any time under any other agreement or contract and all of the rights which such holders have under any law.
Any person having any rights under any provision of this Agreement shall be entitled to enforce such rights specifically (without
posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise
all other rights granted by law. Furthermore, the Guarantor recognizes that in the event that it or any subsidiary fails to perform,
observe, or discharge any or all of its or such subsidiary’s (as the case may be) obligations under the Transaction Documents,
any remedy at law would be inadequate relief to the Buyers. The Guarantor and the Issuer therefore agree that the Buyers shall
be entitled to specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court
of competent jurisdiction in any such case without the necessity of proving actual damages and without posting a bond or other
security. The remedies provided in this Agreement and the Transaction Documents shall be cumulative and in addition to all other
remedies available under this Agreement and the Transaction Documents, at law or in equity (including a decree of specific performance
and/or other injunctive relief).

 

(m) 
Currency. Unless otherwise expressly indicated, all dollar amounts referred to in this Agreement and the Transaction
Documents are in United States Dollars (“U.S. Dollars”), and all amounts owing under this Agreement and
all Transaction Documents shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall be converted
into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange Rate”
means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange
rate as published in the Wall Street Journal on the relevant date of calculation.

 

(n) 
Independent Nature of Buyers’ Obligations and Rights. The obligations of each Buyer under the Transaction Documents
are several and not joint with the obligations of any other Buyer, and no Buyer shall be responsible in any way for the performance
of the obligations of any other Buyer under any Transaction Document. Nothing contained herein or in any Transaction Document,
and no action taken by any Buyer pursuant hereto or thereto, shall be deemed to constitute the Buyers as, and the Guarantor and
the Issuer acknowledge that the Buyers do not so constitute, a partnership, an association, a joint venture or any other kind of
group or entity, or create a presumption that the Buyers are in any way acting in concert or as a group or entity, and the Guarantor
and the Issuer shall not assert any such claim with respect to such obligations or the transactions contemplated by the Transaction
Documents or any matters, and the Guarantor and the Issuer acknowledge that the Buyers are not acting in concert or as a group,
and the Guarantor and the Issuer shall not assert any such claim, with respect to such obligations or the transactions contemplated
by the Transaction Documents. The decision of each Buyer to purchase Securities pursuant to the Transaction Documents has been
made by such Buyer independently of any other Buyer. Each Buyer acknowledges that no other Buyer has acted as agent for such Buyer
in connection with such Buyer making its investment hereunder and that no other Buyer will be acting as agent of such Buyer in
connection with monitoring such Buyer’s investment in the Securities or enforcing its rights under the Transaction Documents.
The Guarantor, the Issuer and each Buyer confirms that each Buyer has independently participated with the Guarantor and its subsidiaries
in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors. Each Buyer shall be
entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement
or out of any Transaction Documents, and it shall not be necessary for any other Buyer to be joined as an additional party in any
proceeding for such purpose. It is expressly understood and agreed that each provision contained in this Agreement and in each
Document is between the Guarantor, the Issuer and a Buyer, solely, and not between the Guarantor, the Issuer and the Buyers collectively
and not between and among the Buyers.

 

[Signature pages follow]

 

    28

     

    

 

IN WITNESS WHEREOF,
each Buyer, the Issuer and the Guarantor have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	ISSUER:
	 	 
	 	Gamida Cell Inc.
	 	 
	 	By: 	/s/ Julian Adams
	 	Name: 	Julian Adams, Ph.D.
	 	Title: 	Chief Executive Officer
	 	 	 
	 	GUARANTOR:
	 	 
	 	Gamida Cell LTD.
	 	 
	 	By: 	/s/ Julian Adams
	 	Name: 	Julian Adams, Ph.D.
	 	Title: 	Chief Executive Officer

 

    29

     

    

 

IN WITNESS WHEREOF,
each Buyer, the Issuer and the Guarantor have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	BUYER:
	 	 	 
	 	Highbridge Tactical Credit Master Fund, L.P.
	 	 	 
	 	By:	Highbridge Capital Management, LLC, as Trading Manager
	 	 	 
	 	Name:	/s/ Jonathan Segal
	 	Name:	Jonathan Segal
	 	Title:	Managing Director, Co-CIO

 

	Investor Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Telephone:                                                                                            
	 	 
	Email Address:                                                                                     
	 	 
	Country of Residence:                                                                       
	 	 
	Taxpayer Identification Number:                                                      
	 	 
	Settlement Contact Name:                                                                 
	 	 
	Jurisdiction of Organization:                                                             

 

DTC Participant Information for Delivery
of Notes

 

DTC Participant Number:______________________________________________________________________

 

DTC Participant Name:________________________________________________________________________

 

DTC Participant Phone Number: _________________________________________________________________

 

DTC Participant Contact Email: __________________________________________________________________

 

FFC Account #:______________________________________________________________________________

 

Account # at Bank/Broker:

 

    30

     

    

 

IN WITNESS WHEREOF,
each Buyer, the Issuer and the Guarantor have caused their respective signature page to this Agreement to be duly executed as of
the date first written above.

 

	 	BUYER:
	 	 	 
	 	Highbridge Convertible
Dislocation Fund, L.P.
	 	 	 
	 	By:	Highbridge Capital Management, LLC, as
Trading Manager
	 	 	 
	 	Name:	/s/ Jonathan Segal
	 	Name:	Jonathan Segal
	 	Title:	Managing Director, Co-CIO

 

 

	Investor Address:	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	Telephone:                                                                                            
	 	 
	Email Address:                                                                                     
	 	 
	Country of Residence:                                                                       
	 	 
	Taxpayer Identification Number:                                                      
	 	 
	Settlement Contact Name:                                                                 
	 	 
	Jurisdiction of Organization:                                                             

 

DTC Participant Information for Delivery
of Notes

 

DTC Participant Number:_________________________________________________________________________

 

DTC Participant Name:__________________________________________________________________________

 

DTC Participant Phone Number: ___________________________________________________________________

 

DTC Participant Contact Email: ____________________________________________________________________

 

FFC Account #:________________________________________________________________________________

 

Account # at Bank/Broker:

 

    31

     

    

 

SCHEDULE OF BUYERS

 

	(1)
Name
	 	(2)
 Principal Amount
	 
	Highbridge Tactical Credit Master Fund, L.P.	 	$	44,800,000	 
	Highbridge Convertible Dislocation Fund, L.P.	 	$	30,200,000	 
	Totals	 	$	75,000,000	 

 

    32

     

    

 

EXHIBIT INDEX

 

	Exhibit A	Registration Rights Agreement
	Exhibit B	Indenture

 

    33

     

    

 

EXHIBIT A

 

Registration Rights Agreement

 

(See attached)

 

    34

     

    

 

EXHIBIT B

 

Indenture

 

(See attached)

 

 

35Exhibit 10.2

 

REGISTRATION
RIGHTS AGREEMENT

 

This Registration
Rights Agreement (this “Agreement”) is made and entered into as of February 16, 2021, by and
between Gamida Cell Ltd., a corporation formed under the laws of the State of Israel (the “Company”),
Gamida Cell Inc., a Delaware corporation and wholly-owned subsidiary of the Company (the “Issuer”) and
each buyer identified in the signature pages hereto (individually, a “Buyer”
and collectively, the “Buyers”).

 

This
Agreement is being entered into pursuant to the Note Purchase Agreement, dated as of February 15, 2021, by and among the Company,
the Issuer, and the Buyers (as amended from time to time, the “Purchase
Agreement”) in respect of the Issuer’s 5.875% Exchangeable Senior Notes
due 2026 (the “Notes”), issued pursuant to the terms of the Indenture (as defined below).

 

The
Company, the Issuer and each Buyer hereby agree as follows:

 

1. 
Definitions. Capitalized terms used
but not defined herein shall have the meanings ascribed to such terms in the Purchase Agreement. In addition to the other capitalized
terms used and defined elsewhere herein, as used in this Agreement, the following terms shall have the following meanings:

 

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

 

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

 

“Additional
Interest” has the meaning set forth in the Indenture.

 

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

 

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

 

“Commission
Guidance” means any publicly-available written or oral guidance, comments, requirements or requests of the Commission
staff, including the Commission’s Compliance and Disclosure Interpretations and Manual of Publicly Available Telephone Interpretations.

 

“Effectiveness
Date” means the ninetieth (90th)
calendar day following the Closing Date.

 

    

     

    

 

“Exchange
Shares” means the Ordinary Shares issuable upon exchange of the Notes in accordance
with the terms of the Indenture, assuming the Notes are converted in full. 

 

“Filing
Date” means the forty-fifth (45th)
calendar day following the Closing Date (as defined in the Purchase Agreement).

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Holder”
or “Holders” means a Buyer or any transferee or assignee
of any Registrable Securities or Notes, as applicable, to whom a Buyer assigns its rights under this Agreement and who agrees to
become bound by the provisions of this Agreement and any transferee or assignee thereof to whom a transferee or assignee of any
Registrable Securities or Notes, as applicable, assigns its rights under this Agreement and who agrees to become bound by the provisions
of this Agreement.

 

“Indenture”
means the Indenture dated as of the date hereof between the Company, the Issuer and Wilmington Savings Fund Society, FSB, as trustee,
pursuant to which the Notes are being issued.

 

“Ordinary
Shares” mean ordinary shares, par value NIS 0.01 per share, of the Company.

 

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

 

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

 

“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
by the Commission pursuant to the 1933 Act), as amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus.

 

“Registrable
Securities” means all Exchange Shares and any securities issued or issuable upon any stock split, dividend or other
distribution, recapitalization, exchange or similar event with respect to the foregoing.

 

“Registration
Statement” means any registration statement filed pursuant to this Agreement
under the 1933 Act covering the resale by any Holder of any Registrable Securities, including the Prospectus, amendments and supplements
to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto and all material
incorporated by reference (or deemed to be incorporated by reference) therein.

 

    2

     

    

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the 1933 Act, as such Rule may be amended or interpreted from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the 1933 Act, as such Rule may be amended or interpreted from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the 1933 Act, as such Rule may be amended or interpreted from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as
such Rule.

 

2. 
Registration

 

(a) 
Mandatory Registration. The Company shall prepare and, as promptly as practicable but in no event later than the Filing
Date, file with the Commission a Registration Statement covering the resale of all of the Registrable Securities in a resale offering
to be made on a continuous basis. The Registration Statement shall contain (except if otherwise directed by the Holders or required
in order to address written comments to the Registration Statement received from the Commission upon review of such Registration
Statement) the “Plan of Distribution” section in substantially the form attached as Annex A hereto, as the same
may be amended in accordance with the provisions of this Agreement; provided, however, that no Holder shall be named
as an “underwriter” without such Holder’s express prior written consent. Subject to the terms of this Agreement,
the Company shall use its commercially reasonable efforts to cause the Registration Statement to be declared effective under the
1933 Act as promptly as practicable after the filing thereof, but in any event prior to the Effectiveness Date, and shall use its
commercially reasonable efforts to keep the initial Registration Statement continuously effective under the 1933 Act until the
earlier to occur of the date on which (i) each Holder may sell all Registrable Securities then held by it pursuant to the provisions
of Rule 144 without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be
in compliance with the current public information requirement under Rule 144, and any legend restricting further transfer with
regard to such Registrable Securities has been removed, or (ii) all Registrable Securities covered by such Registration Statement
have been sold by the Holders (the “Effectiveness Period”).

 

    3

     

    

 

(b) 
Rule 415; Cutback. In the event that the Commission does not permit the Company to register in any Registration Statement
all of the Registrable Securities in a secondary offering, the Company shall promptly notify each of the Holders thereof, and amend
such Registration Statement to register such maximum portion as permitted by Commission Guidance, including such guidance pertaining
to Rule 415; provided that (i) the Company shall use commercially reasonable efforts to advocate with the Commission for
the registration of all of the Registrable Securities in accordance with the Commission Guidance that are not then registered on
an effective Registration Statement and (ii) the Company shall not name any Holder as an “underwriter” without such
Holder’s express prior written consent. Notwithstanding any other provision of this Agreement, if any Commission Guidance
sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement
in a secondary offering (and notwithstanding that the Company used commercially reasonable efforts to advocate with the Commission
for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as
to its Registrable Securities and unless any Commission Guidance requires otherwise, the number of Registrable Securities to be
registered on such Registration Statement will be reduced pro rata among all Holders. In the event of a cutback pursuant to this
Section 2(b), the Company will offer to the Holders to file and cause to become effective with the Commission, as promptly as allowed
by Commission or Commission Guidance, one or more Registration Statements to register for resale those Registrable Securities that
were not previously registered for resale. No liquidated damages shall accrue as to any Registrable Securities subject to a cutback
pursuant to this Section 2(b) if (i) the Holders decline to request the filing of a new Registration Statement or (ii) the Holders
request the filing of a new Registration Statement, until such date as the Company is able to effect the registration of such Registrable
Securities in accordance with Commission Guidance (the earlier such date, “Restriction Termination Date”);
provided in respect of clause (ii), that the Filing Date for such Registrable Securities shall be 30 Business Days after
the Restriction Termination Date and the Effectiveness Date for such Registrable Securities shall be 90 calendar days after the
Restriction Termination Date.

 

(c) 
Additional Interest. The parties hereto agree that the Holders will suffer damages if the Company and the Issuer fail
to fulfill their obligations under this Section 2 and that, in such case, it would not be feasible to ascertain
the extent of such damages with precision. Accordingly, subject to Section 2(b), if:

 

(i) 
the Company does not file a Registration Statement covering all the Registrable Securities on or before the Filing Date;

 

(ii) 
such Registration Statement is not declared effective by the Commission on or before the Effectiveness Date;

 

(iii) 
the Company extends any Suspension Period (as defined below) beyond forty-five (45) days during any consecutive one
hundred eighty (180) day period; or

 

(iv) 
a Registration Statement is filed and declared effective but, during the applicable Effectiveness Period, a Registration
Statement is not effective for any reason or the Prospectus contained therein is not available for use for any reason, in each
case other than due to a Suspension Period as provided in Section 3(c), for its intended purpose without such disability
being cured within ten (10) Business Days by an effective post-effective amendment to such Registration Statement, a supplement
to the Prospectus, or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the 1934 Act
that cures such failure or the effectiveness of the Registration Statement;

 

    4

     

    

 

(each such event referred
to in foregoing clauses (i) through (iv), a “Registration Default”), then for so long as any Notes
or Registrable Securities are outstanding, in such event as partial relief for the damages to any Holder by reason of any such
delay in or reduction of its ability to sell any Registrable Securities and not as a penalty (which remedy will not be exclusive
of any other remedies available at law or equity), the Company and the Issuer hereby agree to pay to each Holder of Notes or Registrable
Securities then outstanding aggregate Additional Interest equal to 0.25% per year on all outstanding Notes constituting Registrable
Securities (and all outstanding Ordinary Shares to the extent any Notes have been converted prior to the occurrence of the Registration
Default and such Ordinary Shares remain Registrable Securities) for the first 90 days after such Registration Default and then,
if such Registration Default is then continuing, 0.50% per year on all outstanding Notes constituting Registrable Securities (and
all outstanding Ordinary Shares to the extent any Notes have been converted prior to the occurrence of the Registration Default
and such Ordinary Shares remain Registrable Securities); provided that any payment on Ordinary Shares will be
calculated based on the principal amount of the Notes as a result of conversion of which such Ordinary Shares have been issued
to the extent such Ordinary Shares constitute Registrable Securities; provided, further, that any such
Additional Interest will cease to accrue to Holders hereunder and under the Indenture when any such Registration Default will cease,
be remedied or be cured. The Company and the Issuer will pay any Additional Interest as set forth in, and subject to the terms
and conditions of, the Indenture. In no event shall Additional Interest accrue under the terms of this Registration Rights Agreement
and the Indenture at a rate in excess of 0.50% per annum pursuant to this Registration Rights Agreement and the Indenture, regardless
of the number of events or circumstances giving rise to the requirement to pay such Additional Interest.

 

(d) 
Piggyback Registration. Without limiting any obligation of the Company hereunder, if (i) there is not an effective Registration
Statement covering all of the Registrable Securities, if the Prospectus contained therein is not available for use, and if Rule
144 is not available with respect to the Registrable Securities, and (ii) the Company shall determine to prepare and file with
the Commission a registration statement or offering statement relating to an offering for its own account or the account of others
under the 1933 Act of any of its equity securities (other than on Form F-4 or Form S-8 (each as promulgated under the 1933 Act)
or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or
business (or a business combination subject to Rule 145 under the 1933 Act) or equity securities issuable in connection with the
Company’s stock option or other employee benefit plans), or a dividend reinvestment or similar plan or rights offering),
then the Company shall deliver to each Holder a written notice of such determination and, if within 15 days after the date of the
delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement
or offering statement all or any part of such Registrable Securities that such Holder requests to be registered; provided,
however, the Company shall not be required to register any Registrable Securities pursuant to this Section 2(d) or that
the Holders have requested to register pursuant to Section 2(b) that are the subject of a then-effective Registration Statement;
provided, further, that the Company shall not be required to include any Registrable Securities which an underwriter
advises the Company will materially adversely affect the Company’s ability to sell all of the securities which the Company
intended to sell. The Company may postpone or withdraw the filing or the effectiveness of a piggyback registration pursuant to
this Section 2(d) at any time in its sole discretion. The Company shall not grant piggyback registration rights to any holders
of its Ordinary Shares or securities that are convertible into or exchangeable or exercisable for its Ordinary Shares that are
senior to the rights of the Holders set forth in this Section 2(d).

 

    5

     

    

 

3. 
Registration Procedures.

 

In connection with
the Company’s registration obligations hereunder, the Company shall:

 

(a) 
Not less than five (5) Business Days prior to the filing of each Registration Statement and not less than one (1) Business
Day prior to the filing of any related Prospectus or any amendment or supplement thereto (other than those incorporated or deemed
to be incorporated therein by reference), the Company shall furnish to each Holder copies of all such documents proposed to be
filed, which documents will be subject to the review of such Holders. The Company shall not file a Registration Statement or Prospectus
or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object
in good faith; provided that the Company is notified of such objection in writing no later than five (5) Business Days after
the Holders have been so furnished copies of a Registration Statement or one (1) Business Day after the Holders have been so furnished
copies of any related Prospectus or amendments or supplements to a Registration Statement or Prospectus. Each Holder agrees to
furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling
Stockholder Questionnaire”) on a date that is not less than two (2) Business Days prior to the Filing Date or by
the end of the fourth (4th) Business Day following the date on which such Holder receives draft materials in accordance with this
Section.

 

(b) 
(i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as
to the applicable Registrable Securities for the Effectiveness Period, (ii) prepare and file with the Commission as promptly as
practicable any additional Registration Statements as may be necessary in order to register for resale under the 1933 Act all of
the Registrable Securities, (iii) cause any related Prospectus to be amended or supplemented by any required Prospectus supplement
(subject to the terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iv) respond as
promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment
thereto, and (v) comply in all material respects with the provisions of the 1933 Act and the 1934 Act with respect to the disposition
of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms
of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such Registration Statement as
so amended or in such Prospectus as so supplemented.

 

    6

     

    

 

(c) 
Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi)
hereof, be accompanied by an instruction to suspend the use of the Prospectus (entirely or in a particular jurisdiction, as the
case may be) until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below,
not less than one (1) Business Day prior to such filing) and (if requested by any such Person) confirm such notice in writing no
later than one (1) Business Day following the day: (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment
to a Registration Statement is proposed to be filed, (B) when the Commission notifies the Company whether there will be a “review”
of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect
to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the Commission
or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or
for additional information; (iii) of the issuance by the Commission or any other federal or state governmental authority of any
stop order suspending the effectiveness of a Registration Statement covering any Registrable Securities or the initiation of any
Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification
or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threatening of
any Proceeding for such purpose; (v) of the occurrence of any event or passage of time that makes the financial statements included
in a Registration Statement ineligible for inclusion therein or any statement made in a Registration Statement or Prospectus or
any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any
revisions to a Registration Statement, Prospectus or other documents so that, in the case of a Registration Statement or the Prospectus,
as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes
may be material and that, in the determination of the Company, makes it not in the best interest of the Company to allow continued
availability of a Registration Statement or Prospectus (a “Suspension Period”), provided that
the Company shall excise any information contained in any such notice to the extent that such information would constitute material,
non-public information regarding the Company or any of its subsidiaries; and provided further, that during any one hundred
eighty (180) day period such Suspension Periods shall not exceed an aggregate of forty-five (45) days.

 

(d) 
Use its commercially reasonable efforts to avoid the issuance of, or, if issued, obtain the withdrawal as soon as reasonably
practicable of (i) any order stopping or suspending the effectiveness of a Registration Statement, or (ii) any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction.

 

(e) 
Subject to the terms of this Agreement, consent to the use of such Prospectus and each amendment or supplement thereto
by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus
and any amendment or supplement thereto, except after the giving of any notice pursuant to Section 3(c) until the delivery of the
Advice contemplated by Section 7(b).

 

(f) 
Cooperate with any broker-dealer through which a Holder proposes to resell its Registrable Securities in effecting a
filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by any such Holder.

 

(g) 
Upon the occurrence of any event contemplated by Section 3(c), as promptly as reasonably possible under the circumstances
taking into account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of
the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment, to a Registration
Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference,
and file any other required document so that, as thereafter delivered, neither a Registration Statement nor such Prospectus will
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were made, not misleading.

 

    7

     

    

 

(h) 
When and as required for purposes of filing or updating any Registration Statement, require each selling Holder to furnish
to the Company a certified statement as to the number of Ordinary Shares beneficially owned by such Holder and the natural persons
thereof that have voting and dispositive control over the shares. In the event of the failure by such Holder to comply with the
Company’s request within fifteen (15) days from the date of such request, the Company shall be permitted to exclude such
Holder from such Registration Statement, without being subject to the payment of liquidated damages to such Holder. At such time
that such Holder complies with the Company’s request, the Company shall use its commercially reasonable efforts to include
such Holder on such Registration Statement.

 

(i) 
In connection with the preparation and filing of each Registration Statement registering Registrable Securities under
the 1933 Act, and before filing any such Registration Statement or any other document in connection therewith, give the participating
Holders of Registrable Securities and their respective counsel, the opportunity to (i) review any such Registration Statement,
each prospectus included therein or filed with the Commission, each amendment thereof or supplement thereto and any other document
to be filed, including the Company’s response to Commission comments, and (ii) provide comments to such documents if necessary
to cause the description relating to such Holders to be accurate.

 

(j) 
Register the Registrable Securities on Form F-3 if the Company is then eligible to register the Registrable Securities
for resale on such form. In the event that Form F-3 is not available for the registration of the resale of Registrable Securities,
the Company shall (i) register the resale of the Registrable Securities on Form F-1 and (ii) undertake to register the Registrable
Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of
any Registration Statement then in effect until the earlier of (x) such time as a Registration Statement on Form F-3 covering the
Registrable Securities has been declared effective by the Commission and (y) there are no Notes or Registrable Securities then
outstanding.

 

(k) 
Furnish to each Holder, without charge, (i) at least one (1) conformed copy of each Registration Statement and each
amendment thereto and all exhibits to the extent requested by such Holder (excluding those previously furnished or incorporated
by reference) promptly after the filing of such documents with the Commission, except if such documents are available on EDGAR;
and (ii) as many copies of each Prospectus or Prospectuses (including without limitation each form of prospectus) and each amendment
or supplement thereto as such Holder may reasonably request.

 

(l) 
Cooperate with the Holders to facilitate the timely preparation and delivery of certificates representing or evidence
of uncertificated shares evidencing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement,
which shall be free of all restrictive legends and issued in such denominations and registered in such names as any such Holder
may request.

 

    8

     

    

 

(m) 
Provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration
Statement.

 

(n) 
Use its commercially reasonable efforts to cause all Registrable Securities covered by the Registration Statement to
be listed on each securities exchange on which identical securities issued by the Company are then listed.

 

(o) 
 If necessary, use its commercially reasonable efforts to provide a CUSIP number for the Registrable Securities.

 

(p) 
If requested by a Holder, the Company shall (i) as soon as practicable, file a prospectus supplement or post-effective
amendment containing such information as any Holder reasonably requests to be included therein relating to the sale and distribution
of Registrable Securities by such Holder, including information with respect to the number of Registrable Securities being offered
or sold, the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in
such offering.

 

(q) 
Prior to any public offering of Registrable Securities, use its commercially reasonable efforts to register or qualify
or cooperate with the selling Holders in connection with the registration or qualification (or exemption from such registration
or qualification) of such Registrable Securities for offer and sale under the securities or blue sky laws of all jurisdictions
within the United States that the selling Holders request in writing be covered, to keep each such registration or qualification
(or exemption therefrom) effective during the applicable Effectiveness Period and to do any and all other acts or things necessary
or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by any Registration Statement; provided,
that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified
or to become subject to any material tax in any such jurisdiction where it is not then so subject.

 

(r) 
If any Holder is required under applicable securities law to be described as an “underwriter” in a Registration
Statement filed at the request of the Holders pursuant to Section 2(b), furnish to such Holder, on the date of the effectiveness
of such Registration Statement and thereafter from time to time on such dates as such Holder may reasonably request, (i) a letter,
dated such date, from the Company’s independent certified public accountants in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten public offering, addressed to such Holder, and (ii)
an opinion, dated as of such date, of external counsel representing the Company for purposes of such Registration Statement, in
form, scope and substance as is customarily given in an underwritten public offering, addressed to such Holder.

 

    9

     

    

 

(s) 
If any Investor is required under applicable securities law to be described as an “underwriter” in a Registration
Statement filed at the request of the Holders pursuant to Section 2(b), in connection with such Investor’s due diligence
requirements, if any, make available for inspection by (i) such Holder and its legal counsel and (ii) one firm of accountants or
other agents retained the Holders (collectively, the “Inspectors”), all pertinent financial and other records,
and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably
deemed necessary by each such Holder solely for the purpose of establishing a due diligence defense under underwriter liability
under the 1933 Act, and cause the Company’s officers, directors and employees to supply all information that any Inspector
may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall
not make any disclosure (except to such Holders) or use of any Record or other information which the Company determines in good
faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the disclosure of such Records
is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required under the 1933
Act, (b) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, or (c) the information in such Records has been made generally available to the public other than
by disclosure in violation of this Agreement. Each Holder agrees that it shall, upon learning that disclosure of such Records is
sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company
and allow the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order
for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Holder)
shall be deemed to limit the Holders’ ability to sell Registrable Securities in a manner which is otherwise consistent with
applicable laws and regulations.

 

(t) 
Use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission in connection
with any registration hereunder.

 

4. 
Registration Expenses. All fees and expenses incident to the performance of or compliance with this Agreement by the
Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement.
The fees and expenses referred to in the foregoing sentence shall include, without limitation: (i) all registration and filing
fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants)
(A) with respect to filings made with the Commission, (B) with respect to filings required to be made with any trading market on
which the Ordinary Shares are then listed for trading, (C) related to compliance with applicable state securities and blue sky
laws, and (D) incurred in connection with the submission of any filing with FINRA; (ii) printing expenses (including, without limitation,
expenses of printing certificates for Registrable Securities and of printing Prospectuses); (iii) fees and disbursements of one
counsel selected by the Holders, which fees and disbursements shall neither exceed $75,000 in the aggregate nor include any amounts
incurred in connection with the filing of the initial Registration Statement or the negotiation of this Agreement; and (iv) fees
and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated
by this Agreement. In no event shall the Company be responsible for any broker or similar commissions or other expenses of any
Holder.

 

    10

     

    

 

5. 
Indemnification.

 

(a) 
Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify and
hold harmless each Holder of Registrable Securities, the directors, officers, partners, members, shareholders, agents and employees
of each such Holder, each Person who controls any Holder (within the meaning of Section 15 of the 1933 Act or Section 20 of the
1934 Act), and the directors and officers, of such controlling Persons, (collectively, the “Indemnitees”),
to the fullest extent permitted by applicable law, from and against any and all Proceedings, causes of action, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to
the Proceeding for which indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements
(the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or relating
to (i) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus or any form
of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (ii)
any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, or any state securities law, or any rule or regulation
thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent,
that (A) such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company
by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities or (B) the Holder used an outdated or defective Prospectus which the
Company had previously notified such Holder was outdated or defective pursuant to Sections 3(c)(iii)-(vi) and for which the Company
had not yet provided the Advice contemplated in Section 7(b), but only to the extent that following the receipt of the Advice the
misstatement or omission giving rise to such Loss would have been corrected. The Company shall notify the Holders promptly of the
institution, threat or assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement
of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or
on behalf of such Indemnitee and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with
Section 7(3).

 

(b) 
Indemnification by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its
directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the 1933 Act
and Section 20 of the 1934 Act), and the directors and officers of such controlling Persons, to the fullest extent permitted by
applicable law, from and against all Indemnified Liabilities, as incurred, to the extent arising out of or based solely upon: (i)
such Holder’s failure to comply with the prospectus delivery requirements of the 1933 Act or (ii) any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or supplement thereto
or in any preliminary prospectus, or arising out of or relating to any omission of a material fact required to be stated therein
or necessary to make the statements therein not misleading (A) to the extent, but only to the extent, that such untrue statement
or omission is contained in any information so furnished in writing by such Holder to the Company expressly for inclusion in such
Registration Statement or such Prospectus or (B) to the extent, but only to the extent, that such information relates to such Holder’s
information provided in the Selling Stockholder Questionnaire or the proposed method of distribution of Registrable Securities
set forth in such Prospectus or in any amendment or supplement thereto or (C) the use by such Holder of an outdated or defective
Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the
receipt by such Holder of the Advice contemplated in Section 7(b), but only to the extent that following the receipt of the Advice
the misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling
Holder hereunder be greater in amount than the dollar amount of the net proceeds actually received by such Holder upon the sale
of the Registrable Securities giving rise to such indemnification obligation.

 

    11

     

    

 

(c) 
Conduct of Indemnification Proceedings.

 

(i) 
If any Proceeding shall be brought or asserted against any Indemnitee or the Company (an “Indemnified Party”),
such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”)
in writing, and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof;
provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its
obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a
court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have materially
prejudiced the Indemnifying Party.

 

(ii) 
An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the
defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless:
(A) the Indemnifying Party has agreed in writing to pay such fees and expenses, (B) the Indemnifying Party shall have failed promptly
to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding,
or (C) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and counsel to the Indemnified Party shall reasonably believe that a conflict of interest is likely to exist if the same
counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party notifies
the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying
Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more than one (1) separate
counsel and one (1) local counsel (if necessary) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall
not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably
withheld or delayed. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement
of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement (i) involves only the payment
of monetary settlement amounts, (ii) includes an unconditional release of such Indemnified Party from all liability on claims that
are the subject matter of such Proceeding and (iii) does not include any admission as to fault on the part of the Indemnified Party.

 

(iii) 
Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable
fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice
thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party
for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by
a court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification
hereunder.

 

    12

     

    

 

(d) 
Contribution.

 

(i) 
If the indemnification under Section 5(a) or 5(b) is unavailable to an Indemnified Party or insufficient to hold an
Indemnified Party harmless for any Indemnified Liabilities, then each Indemnifying Party shall contribute to the amount paid or
payable by such Indemnified Party, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party
and Indemnified Party in connection with the actions, statements or omissions that resulted in such Indemnified Liabilities as
well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall
be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement
of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission. The amount paid or payable by a party as a result of any
Indemnified Liabilities shall be deemed to include, subject to the limitations set forth in this Agreement, any reasonable attorneys’
or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified
for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its
terms.

 

(ii) 
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required
to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder
from the sale of such Holder’s Registrable Securities pursuant to such Registration Statement or Prospectus giving rise to
such contribution obligation exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission. Each Holder’s obligations to contribute pursuant
to this Section 5(d) are several and not joint. No person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

 

(e) 
Remedies Not Exclusive. The indemnity and contribution agreements contained in this Section are in addition to any liability
that the Indemnifying Parties may have to the Indemnified Parties.

 

6. 
Public Information Requirement. With a view to making available to the Holders the benefits of Rule 144, for so long
as any Notes or Registrable Securities remain outstanding the Company agrees to (i) make and keep public information available,
as those terms are understood and defined in Rule 144, for so long as any Holder holds Notes or Registrable Securities, and (ii) file
with the Commission in a timely manner all reports and other documents required of the Company under the 1934 Act, during the Effectiveness
Period, and (iii) furnish to each Holder of Notes or Registrable Securities, promptly upon request during the Effectiveness Period,
a written statement by the Company, if true, that the Company has complied with the reporting requirements of the 1934 Act.

 

    13

     

    

 

7. 
Miscellaneous.

 

(a) 
Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the 1933
Act as applicable to it in connection with sales of Registrable Securities pursuant to a Registration Statement.

 

(b) 
Discontinued Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice
from the Company of the occurrence of any event of the kind described in Section 3(c)(iii) through (vi), such Holder will forthwith
discontinue disposition of such Registrable Securities under a Registration Statement and suspend the use of the applicable Prospectus
until such Holder is advised in writing (the “Advice”) by the Company that the use of the applicable
Prospectus (as it may have been supplemented or amended) may be resumed. The Company will use its commercially reasonable efforts
to ensure that the use of the Prospectus may be resumed, and to provide notice thereof, as promptly as is practicable thereafter.

 

(c) 
Amendments and Waivers. The provisions of this Agreement may be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may be given, and shall be in writing and signed by the Company and the Holders of a majority
of the Registrable Securities (including for this purpose the Notes on an as converted basis) then outstanding. Notwithstanding
the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the
rights of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given by
such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided, however,
that the provisions of this sentence may not be amended, modified, or supplemented except in accordance with the provisions of
the first sentence of this Section 7(c).

 

(d) 
Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be delivered as set forth in the Purchase Agreement.

 

(e) 
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted
assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations
hereunder without the prior written consent of the Holders of a majority of the then outstanding Registrable Securities (including
for this purpose the Notes on an as converted basis). The rights under this Agreement shall be automatically assigned by the Holder
to any transferee of all or any portion of such Holder’s Registrable Securities. Notwithstanding anything in this Agreement
to the contrary, no Registration Default will be deemed to have occurred with regard to any Registrable Securities held by any
transferee prior to the date that is 10 Business Days after such transferee notifies the Company of its acquisition of Registrable
Securities and provides any information and documentation reasonably requested by the Company for the registration of such Registrable
Securities pursuant to this Agreement.

 

(f) 
No Inconsistent Agreements. Neither the Company nor any of its Subsidiaries or affiliates has entered, as of the date
hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with
respect to its securities, that would have the effect of impairing the rights granted to the Holders in this Agreement or otherwise
conflict with the provisions hereof.

 

    14

     

    

 

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

 

(h) 
Governing Law; Disputes. The provisions of Section 9(a), (k) and (l) of the Purchase Agreement are incorporated herein
mutatis mutandis.

 

(i) 
Severability. In the event any provision of this Agreement shall be invalid, illegal or unenforceable, then (to the
extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected
or impaired.

 

(j) 
Headings; Interpretation. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement
and shall not be deemed to limit or affect any of the provisions hereof. Unless the context clearly indicates otherwise, each pronoun
herein shall be deemed to include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,”
“includes,” “include” and words of like import shall be construed broadly as if followed by the words “without
limitation.” The terms “herein,” “hereunder,” “hereof” and words of like import refer
to this entire Agreement instead of just the provision in which they are found.

 

(k) 
Independent Nature of Holders’ Obligations and Rights. The obligations of each Holder hereunder are several and
not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance
of the obligations of any other Holder hereunder. Nothing contained herein or in any other agreement or document delivered at any
closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership,
an association, a joint venture or any other kind of group or entity, or create a presumption that the Holders are in any way acting
in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other
matters, and the Company and the Issuer each acknowledge that the Holders are not acting in concert or as a group, and the Company
and the Issuer shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled
to protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary
for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with
respect to the obligations of the Company was done solely for the convenience of the Company and not because it was required or
requested to do so by any Holder. It is expressly understood and agreed that each provision contained in this Agreement is between
the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

 

[Signature Pages Follow]

  

    15

     

    

 

In
Witness Whereof, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	Gamida Cell Ltd.
	 	 	 
	 	By:	/s/ Julian Adams
	 	Name:	Julian Adams, Ph.D.
	 	Title:	Chief Executive Officer
	 	 	 
	 	Gamida Cell Inc.
	 	 	 
	 	By:	/s/ Julian Adams
	 	Name:	Julian Adams, Ph.D.
	 	Title:	Chief Executive Officer

 

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK;

SIGNATURE PAGES FOR BUYERS FOLLOW]

 

 

[Signature Page to Registration Rights Agreement]

  

    

     

    

 

In
Witness Whereof, the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	BUYER:
	 	 
	 	Highbridge Tactical Credit
    Master Fund, L.P.
	 	 
	 	By:  Highbridge Capital Management, LLC, as Trading Manager 
	 	 	 
	 	By:	/s/ Jonathan Segal
	 	Name:	Jonathan Segal
	 	Title:	Managing Director, Co-CIO

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

In
Witness Whereof, the parties have executed this Registration Rights Agreement as of the date first written above.

  

	 	BUYER:
	 	 
	 	Highbridge Convertible Dislocation Fund, L.P.
	 	 
	 	By: Highbridge Capital Management, LLC, as Trading Manager 
	 	 	 
	 	By: 	/s/ Jonathan Segal
	 	Name:	Jonathan Segal
	 	Title:	Managing Director, Co-CIO

 

[Signature Page to Registration Rights Agreement]

 

    

     

    

 

Annex A

 

Plan of Distribution

 

The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest selling ordinary shares received after
the date of this prospectus from a selling shareholder as a gift, pledge, partnership distribution or other transfer, may, from
time to time, sell, transfer or otherwise dispose of any or all of their ordinary shares on any stock exchange, market or trading
facility on which the ordinary shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing
market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined at the time of
sale, or at negotiated prices.

 

The selling shareholders
may use any one or more of the following methods when disposing of ordinary shares or interests therein:

 

		·	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

 

		·	block trades in which the broker-dealer will attempt to sell the ordinary shares as agent, but
may position and resell a portion of the block as principal to facilitate the transaction;

 

		·	purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

 

		·	privately negotiated transactions;

 

		·	short sales effected after the date the registration statement of which this prospectus is a part
is declared effective by the SEC;

 

		·	through the writing or settlement of options or other hedging transactions, whether through an
options exchange or otherwise;

 

		·	broker-dealers may agree with the selling shareholders to sell a specified number of such ordinary
shares at a stipulated price per ordinary shares;

 

		·	a combination of any such methods of sale; and

 

		·	any other method permitted by applicable law.

 

The selling shareholders
may, from time to time, pledge or grant a security interest in some or all of the ordinary shares owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties may offer and sell the ordinary shares, from time
to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of
the Securities Act of 1933, as amended (the “Securities Act”), amending the list of selling shareholders to include
the pledgee, transferee or other successors in interest as selling shareholders under this prospectus. The selling shareholders
also may transfer the ordinary shares in other circumstances, in which case the transferees, pledgees or other successors in interest
will be the selling beneficial owners for purposes of this prospectus.

 

    A-1

     

    

 

In connection with
the sale of our ordinary shares, the selling shareholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the ordinary shares in the course of hedging the positions they assume.
The selling shareholders may also sell ordinary shares short and deliver these securities to close out their short positions, or
loan or pledge the ordinary shares to broker-dealers that in turn may sell these securities. The selling shareholders may also
enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of ordinary shares offered by this prospectus,
which ordinary shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented
or amended to reflect such transaction).

 

The aggregate proceeds
to the selling shareholders from the sale of the ordinary shares offered by them will be the purchase price of the ordinary shares
less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of ordinary shares to be made directly or through agents.
We will not receive any of the proceeds from this offering.

 

The selling shareholders
also may resell all or a portion of the ordinary shares in open market transactions in reliance upon Rule 144 under the Securities
Act of 1933, provided that they meet the criteria and conform to the requirements of that rule.

 

The selling shareholders
and any underwriters, broker-dealers or agents that participate in the sale of the ordinary shares or interests therein may be
“underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or
profit they earn on any resale of the ordinary shares may be underwriting discounts and commissions under the Securities Act. Selling
shareholders who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the
prospectus delivery requirements of the Securities Act.

 

To the extent required,
the ordinary shares to be sold, the names of the selling shareholders, the respective purchase prices and public offering prices,
the names of any agents, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration statement
that includes this prospectus.

 

In order to comply
with the securities laws of some states, if applicable, the ordinary shares may be sold in these jurisdictions only through registered
or licensed brokers or dealers. In addition, in some states the ordinary shares may not be sold unless it has been registered or
qualified for sale or an exemption from registration or qualification requirements is available and is complied with.

 

We have advised the
selling shareholders that the anti-manipulation rules of Regulation M under the Securities Exchange Act of 1934, as amended, may
apply to sales of ordinary shares in the market and to the activities of the selling shareholders and their affiliates. In addition,
to the extent applicable, we will make copies of this prospectus (as it may be supplemented or amended from time to time) available
to the selling shareholders for the purpose of satisfying the prospectus delivery requirements of the Securities Act. The selling
shareholders may indemnify any broker-dealer that participates in transactions involving the sale of the ordinary shares against
certain liabilities, including liabilities arising under the Securities Act.

 

We have agreed to indemnify
the selling shareholders against liabilities, including liabilities under the Securities Act and state securities laws, relating
to the registration of the ordinary shares offered by this prospectus.

 

We have agreed with
the selling shareholders to use commercially reasonable efforts to cause the registration statement of which this prospectus constitutes
a part to become effective and to remain continuously effective, subject to certain exceptions, until the earlier of (1) such time
as all of the ordinary shares covered by this prospectus have been disposed of pursuant to and in accordance with such registration
statement or (2) the date on which all of the ordinary shares may be sold without restriction pursuant to Rule 144 of the Securities
Act and all restrictive legends associated with the ordinary shares have been removed.

 

    A-2

     

    

 

Annex B

 

Selling Stockholder
Notice and Questionnaire

 

The undersigned beneficial
owner of Ordinary Shares (the “Registrable Securities”), par value NIS 0.01 per share of Gamida Cell
Ltd., a corporation formed under the laws of the State of Israel (the “Company”), understands that the
Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a
registration statement (the “Registration Statement”) for the registration and resale under Rule 415
of the Securities Act of 1933, as amended, of the Registrable Securities, in accordance with the terms of the Registration Rights
Agreement (the “Registration Rights Agreement”) to which this document is annexed. A copy of the Registration
Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise
defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

 

Certain legal consequences
arise from being named as a selling stockholder in the Registration Statement and the related prospectus. Accordingly, holders
and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences
of being named or not being named as a selling stockholder in the Registration Statement and the related prospectus.

 

NOTICE

 

The undersigned beneficial
owner (the “Selling Stockholder”) of Registrable Securities hereby elects to include the Registrable
Securities owned by it in the Registration Statement.

  

    B-1

     

    

 

The undersigned hereby
provides the following information to the Company and represents and warrants that such information is accurate:

 

QUESTIONNAIRE

 

1. Name.

 

(a) Full
Legal Name of Selling Stockholder

 

 

 

(b) Full
Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:

 

 

 

(c) Full
Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to
vote or dispose of the securities covered by this Questionnaire):

 

2. Address
for Notices to Selling Stockholder:

 

 

 

 

 

 

Telephone:

 

 

 

Fax:

 

 

 

Contact Person:

 

 

 

3. Broker-Dealer
Status:

 

		(a)	Are you a broker-dealer?

 

Yes ☐  No ☐

 

		(b)	If “yes” to Section 3(a), did you receive your Registrable Securities as compensation
for investment banking services to the Company?

 

Yes ☐  No ☐

 

Note: If “no”
to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement.

 

    B-2

     

    

 

		(c)	Are you an affiliate of a broker-dealer?

 

Yes ☐  No ☐

 

		(d)	If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities
in the ordinary course of business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements
or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

 

Yes ☐  No ☐

 

		Note:	If “no” to Section 3(d), the Commission’s staff has indicated that you should be
identified as an underwriter in the Registration Statement.

 

		4.	Beneficial Ownership of Securities of the Company Owned by the Selling Stockholder.

 

Except as
set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of the Company other
than the securities issuable pursuant to the Purchase Agreement.

 

		(a)	Type and Amount of other securities beneficially owned by the Selling Stockholder:

 

  

		5.	Relationships with the Company:

 

Except as
set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of
5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship
with the Company (or its predecessors or affiliates) during the past three years.

 

State any exceptions
here:

  

 

The undersigned agrees
to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur subsequent
to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall
not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or its affiliates.

 

By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the inclusion
of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned
understands that such information will be relied upon by the Company in connection with the preparation or amendment of the Registration
Statement and the related prospectus and any amendments or supplements thereto.

 

    B-3

     

    

 

In
Witness Whereof the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent.

 

	Date: 	Beneficial Owner:

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

  

PLEASE EMAIL A .PDF
COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

 

Dayne Brown

Cooley LLP

dayne.brown@cooley.com

 

Shai Lankry

Chief Financial Officer

Gamida Cell Ltd.

shai@gamida-cell.com

 

 

B-4

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