Document:

Exhibit 10.1

 

Executive Services Agreement

 

THIS AGREEMENT is entered into and effective
this 19th day of May, 2020 to commence on May 26, 2020 by and between 3D Systems Corporation, hereinafter referred to
as “3D Systems”, and Mr. Wayne Pensky hereinafter referred to as “Executive”.

 

WHEREAS, 3D Systems hereby engages Executive
as an independent contractor to render specific services as Interim Chief Financial Officer to 3D Systems as directed by the President
and Chief Executive Officer of 3D Systems (the “Services”).

 

NOW, THEREFORE, the parties intending to be
legally bound have entered into the following Agreement:

 

1.       Executive
will perform Services for 3D Systems, reporting to the President and Chief Executive Officer at such place(s) to which the parties
have mutually agreed.

 

2.       Executive
represents that he possesses the requisite expertise and technical ability to perform the Services.

 

3.       Executive
will devote such time as is reasonably necessary to complete the Services on such timelines as mutually agreed-upon between the
parties.

 

4.       Compensation:
3D Systems shall pay Executive Thirty Thousand Dollars ($30,000) per calendar month. Compensation will be pro-rated for Services
provided during any partial calendar month. Executive shall present to 3D Systems invoices for Services rendered; 3D Systems shall
pay all invoices within fifteen (15) days after the later of receipt of invoice and approval of the Services by 3D Systems, provided
that other conditions to payment set forth in this Agreement are met. No payments will be made for services rendered by Executive
other than the Services unless such services are approved in writing by 3D Systems as amendments to this Agreement.

 

5.        3D
Systems will pay for pre-approved business class travel costs and related expenses incurred on behalf of 3D Systems by Executive
so long as such travel costs are incurred pursuant to 3D Systems’ Travel Policy.

 

6.       Executive
is responsible for paying when due all income taxes, including estimated taxes, incurred as a result of the compensation paid by
3D Systems to Executive for Services under this agreement. On request, Executive will provide 3D Systems with proof of timely payment.
Executive agrees to indemnify 3D Systems for any claims, costs, losses, fees, penalties, interest, or damages suffered by 3D Systems
resulting from Executive’s failure to comply with this provision.

 

7.       The
Executive agrees to perform the Services hereunder solely as an independent contractor. The parties to this Agreement recognize
that this Agreement does not create any actual or apparent agency, partnership, franchise, or relationship of employer and employee
between the parties.

 

     

     

    

 

           Further, the Executive shall not be entitled
to participate in any of 3D Systems benefits, including without limitations any health or retirement plans. The Executive shall
not be entitled to any remuneration, benefits, or expenses other than as specifically provided for in this Agreement.

 

           3D Systems shall not be liable for taxes,
Worker’s Compensation, unemployment insurance, employers’ liability, employer’s FICA, social security, withholding
tax, or other taxes or withholding for or on behalf of the Executive. All such costs shall be Executive’s responsibility.

 

8.       Upon
receipt of itemized vouchers, expense account reports and supporting documents, submitted to 3D Systems in accordance with 3D Systems’
procedures then in effect, 3D Systems shall reimburse Executive for all reasonable and necessary business expenses incurred ordinarily
and necessarily by Executive in connection with the performance of Executive’s Services hereunder.

 

9.       The
initial term of this Agreement shall begin on May 26, 2020 and end on August 31, 2020, unless earlier terminated by 3D Systems
upon two weeks’ prior written notice to Executive (the “Initial Term”). The parties may extend such term upon
mutual agreement.

 

10.       Upon
the Executive’s completion of the Initial Term, Executive shall receive an equity grant under the terms of 3D Systems’
2015 Incentive Plan with respect to a number of shares of the common stock, $0.001 par value per share, of 3D Systems calculated
with a numerator equal to $100,000 and a denominator equal to the 30 trading day trailing average of the closing price of 3D Systems’
common stock traded on the New York Stock Exchange under ticker “DDD” (“DDD”) ended on the last
business day of the Initial Term, which shall be immediately vested. If 3D Systems terminates the Initial Term prior to August
31, 2020, Executive shall be issued the full share award described above. If Executive terminates the Initial Term prior to August
31, 2020, no shares shall be awarded.

 

11.       During
the course of the engagement under this Agreement, it is anticipated that the Executive will learn confidential or proprietary
information of 3D Systems. The Executive will sign the Contractor’s Confidentiality Agreement attached hereto as Schedule
A. Any breach of the Confidentiality Agreement is a material breach of this agreement.

 

12.       Executive
agrees that all right, title and interest in and to any information and items made during the course of this Agreement and/or arising
from the Services performed by Executive, including without limitation, all inventions, designs, drawings, know-how, prototypes,
developments, patents, copyrights, trademarks, or trade secrets, (hereinafter referred to as the "Work Product") shall
be and hereby are assigned to the 3D Systems as its sole and exclusive property. Upon the 3D Systems’ request Executive agrees
to assist 3D Systems, at 3D Systems’ expense, to obtain any patents, copyrights, or trademarks for the Work Product, including
the disclosure of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths,
and assignments, and all other instruments and papers which 3D Systems shall deem necessary to apply for and to assign or convey
to 3D Systems, its successors and assigns or nominees, the sole and exclusive right, title and interest in the Work Product. The
fact that any Work Product is created by Executive outside of 3D Systems’ facilities or other than during Executive's
working hours with 3D Systems, shall not diminish 3D Systems’ rights with respect to the Work Product.

 

     

     

    

 

13.       At
the termination of his engagement under this Agreement, Executive will return to 3D Systems all drawings, specifications, manuals,
and other printed or reproduced material (including information stored on machine readable media) provided by 3D Systems to Executive,
and/or which Executive made or acquired in the performance of his Services under this Agreement, and all copies of such information
made by Executive.

 

14.       Executive
agrees that during the term of his engagement with 3D Systems, and for a period of one year after the termination thereof, Executive
will not, directly or indirectly, either for his/her own use, or for the benefit of any other person, firm or corporation, divert
or take away, or attempt to divert or take away, call on or solicit, any of 3D Systems’ employees or customers.

 

15.       Executive’s
obligations to 3D Systems under paragraphs 11 and 12 of this Agreement are continuing obligations, and they shall continue in effect
beyond the terms of this Agreement, or any earlier termination.

 

16.       If
any provision of this Agreement is determined to be invalid or unenforceable, then, unless the intent of this Agreement would fail,
the provision shall be deemed to be severable from the remainder of this Agreement and shall not cause the invalidity or unenforceability
of the remainder of this Agreement.

 

17.       The
parties acknowledge that this Agreement constitutes a personal contract with Executive. Executive may not transfer or assign this
Agreement, or any part thereof, without the prior written approval of 3D Systems.

 

18.       This
Agreement has been entered into in the State of South Carolina and all questions with regard to the construction of this Agreement
and the rights and liabilities of the parties hereunder shall be governed by the laws of South Carolina.

 

19.       This
Agreement contains the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior
and contemporaneous written or oral negotiations and agreements between the parties regarding the subject matter hereof. This Agreement
may be amended only by a writing signed by each of the parties hereto.

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and first above written.

 

	3D SYSTEMS CORPORATION	EXECUTIVE
	 	 
	By: /s/ Andrew M. Johnson	/s/ Wayne Pensky
	 	 
	Name: Andrew M. Johnson	Wayne Pensky

 

Title: EVP, Chief Legal Officer and Secretary

 

 

 

 

 

 

 

 

     

     

    

 

SCHEDULE A

TO EXECUTIVE SERVICES AGREEMENT

 

THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO 

SECTION 14.5 HEREIN

 

3D SYSTEMS CORPORATION

CONTRACTOR CONFIDENTIALITY AGREEMENT

 

 

THIS CONTRACTOR CONFIDENTIALITY, NON-SOLICITATION
AND ARBITRATION AGREEMENT ("Agreement") is made and entered into on May 19, 2020, by and between 3D SYSTEMS CORPORATION,
a Delaware corporation (together with its subsidiaries, the "Company"), its successors and assigns, and Wayne Pensky,
a Contractor of the Company ("Contractor").

 

RECITALS:

 

A.          
During the course of Contractor's retention by the Company, including subsidiaries of the Company, Contractor will obtain
specialized and confidential knowledge and information regarding numerous aspects of its business including specialized and confidential
knowledge and information relating to its products, customers, business procedures and methods of operation.

 

B.          
Contractor desires to be retained by the Company and the Company desires to retain the services of Contractor.

 

C.          
The parties hereto desire to set forth in writing their mutual understandings and agreements regarding, among other things,
the Company's trade secrets, inventions, patents, customers, and property.

 

D.       In
consideration of Contractor’s retention by the Company, the bargained for compensation, the confidential information made
available to Contractor as that term is defined below, the training and certification(s) provided to Contractor, and the mutual
covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree
as follows:

 

TERMS AND CONDITIONS:

 

1.           
Purpose.This Agreement does not in any way constitute, and should not be construed as, a contract of employment.
Furthermore, it is agreed that Contractor is not an employee of the Company.

 

     

     

    

 

2.           
Trade Secrets and Confidential Business Information. Contractor recognizes and agrees that Contractor will not, at
any time, whether during or subsequent to the term of Contractor's retention of services by the Company or any of its subsidiaries,
unless specifically previously consented to in writing by the President of the Company, directly or indirectly use, divulge, disclose
or communicate to any person, firm or corporation confidential information belonging to the Company or any of its subsidiaries
or their business, as that term is defined in this Agreement. "Confidential Information" specifically includes: (a) the
identities, buying habits or practices of the Company's customers; (b) the Company's advertising and marketing strategies, methods,
research and related data; (c) the names of the Company's vendors, resellers or suppliers; (d) the cost, type and quantity of materials
and/or supplies ordered by the Company; (e) the prices at which the Company obtains or has obtained or sells or has sold its products
or services; (f) the Company's manufacturing, distribution and sales costs, methods and objectives; (g) technical information including
machinery and equipment designs, drawings and specifications; (h) inventions; (i) pending patent applications; (j) product information
including designs, drawings, specifications, methods of quality control and formulas or equations used in connection therewith;
(k) "trade secrets" as such term is defined in S.C. Code Ann. § 39-8-10, et seq. or other similar applicable
law of any other jurisdiction; and/or (l) customer lists, pricing lists, supplier lists or reseller lists. The parties hereto agree
that the foregoing items of Confidential Information are important, material, and confidential, could constitute trade secret material,
affect the successful conduct of the Company's business, and its goodwill, and that a breach of any term of this Section 2
is a material breach of this Agreement. Contractor understands that nothing contained in this Agreement is intended to, nor will
this Agreement be enforced in a manner so as to infringe upon or restrict any rights (if applicable) afforded to Contractor under
the National Labor Relations Act, including any rights related to protected concerted activity.

 

Notwithstanding the foregoing or any other provision
of this Agreement, Contractor may disclose any Confidential Information if required pursuant to a subpoena or by law. Contractor
understands he/she has the right to disclose trade secrets as provided below.

 

Immunity from Liability for Confidential Disclosure
of a Trade Secret to the Government or in a Court Filing:

 

A.          
Immunity – An individual shall not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state or local government official, either
directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

 

B.          
Use of Trade Secrets Information in Anti-Retaliation Lawsuit – An individual who files a lawsuit for retaliation by
an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use
the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret and
under seal; and (B) does not disclose the trade secret, except pursuant to court order.

 

    - 2 -

     

    

 

3.           
Inventions and Patents. Contractor agrees, to the fullest extent permitted by applicable law, that all inventions
developed by Contractor, whether independently or with the assistance of others, during the term of Contractor's retention by the
Company or any of its subsidiaries, which are developed with the Company's or such subsidiary’s equipment, supplies, facilities,
trade secrets, or time, or which relate to the business of the Company or such subsidiaries or their respective actual or demonstrably
anticipated research or development, or which result from work performed by Contractor for the Company or any of its subsidiaries,
are the sole property of the Company or such subsidiary, as the case may be, and Contractor hereby expressly assigns and agrees
to assign all of Contractor's right, title and/or interest in and to such inventions to the Company or a subsidiary designated
by the Company and, upon request, will assist the Company and its subsidiaries in any manner whatsoever in obtaining patents for
such inventions.

 

4.           
Solicitation of Customers. Contractor agrees that, during the term of Contractor's retention by the Company and its
subsidiaries and for a period of twelve (12) months following separation of Contractor’s retention by the Company, including
termination by the Company for cause or without cause, Contractor will not, directly or indirectly, either for Contractor's own
use or for the benefit of any other person, firm or corporation, divert or take away the business of, or attempt to divert or take
away the business of, call on or solicit the business of, or attempt to call on or solicit the business of, or do business with,
any of the Company's or its subsidiaries’ customers, including, but not limited to, such customers as to whom Contractor
had called on, solicited, serviced or became acquainted with while retained by the Company or its subsidiaries.

 

5.           
Solicitation of Employees. Contractor agrees that during the term of Contractor's retention by the Company and for
a period of twelve (12) months following separation of Contractor’s retention by the Company, including termination by the
Company for cause or without cause, Contractor will not, directly or indirectly, either alone or in concert with others, solicit,
induce, or entice any employee of or Contractor to the Company or its subsidiaries to leave the Company or its subsidiaries for
any reason whatsoever, or to work for anyone in competition with the Company or its subsidiaries, or hire any current employee
or Contractor of Company.

 

6.           
Competition. Contractor agrees that, during the term of Contractor’s retention by the Company and its subsidiaries,
Contractor will not, directly or indirectly, either alone or in concert with others, compete with or make preparations to compete
with the Company or its subsidiaries.

 

7.           
Company Property. Contractor acknowledges and agrees not to remove Company property from the Company's or its subsidiaries’
premises unless Contractor’s position specifically requires Contractor to do so in connection with Contractor’s job
duties. Upon request by the Company, Contractor will immediately deliver to the Company all Company property in Contractor's possession
or under Contractor's control in good condition, ordinary wear and tear excepted.

 

    - 3 -

     

    

 

8.           
Ownership of Customer Records. Contractor agrees that Company or subsidiary owned records of the accounts of customers,
Company or subsidiary owned route books, and other Company or subsidiary owned records and books specifically relating to customers,
are the exclusive property of the Company. Upon request by the Company, Contractor will immediately deliver such records, books,
and records to the Company. In the event that Contractor individually purchases such original books or records, Contractor shall
immediately notify the Company, who shall then reimburse Contractor for such purchases, and the books or records will become Company
property.

 

9.           
Securities Trading Restrictions. Contractor hereby acknowledges that it is aware, and that it will advise such of
its representatives who are informed as to the matters which are the subject of this Agreement, that the United States securities
laws prohibit any person who has received from a company material, non-public information (including, but not limited to, matters
which are the subject of this Agreement) from purchasing or selling securities of such company or from communicating such information
to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such
securities.

 

10.        
Contractor's Duties Upon Separation. In the event that Contractor’s contract is terminated by the Company or
its subsidiaries, for any reason, Contractor agrees to deliver promptly to the Company in good condition, ordinary wear and tear
excepted, Company property and customer-related records as set forth in Sections 7 and 8.

 

11.        
Breach of Agreement.

 

11.1       The
Company and Contractor recognize and acknowledge that Contractor is retained in a position where Contractor will be rendering personal
services of a special, unique, unusual, extraordinary and intellectual character requiring extraordinary ingenuity and effort by
Contractor. Contractor agrees that a breach or threatened breach by Contractor of this Agreement, including its covenants, could
not reasonably or adequately be compensated in damages in an action at law and that Company shall be entitled to injunctive relief,
which may include, but shall not be limited to, restraining Contractor from performing any action that would breach this Agreement.

 

11.2       Nothing
herein shall be construed as prohibiting the Company from pursuing any other remedy available at law or in equity to the Company
as a result of such breach or threatened breach, including the recovery of damages from Contractor.

 

    - 4 -

     

    

 

11.3       The
remedies conferred by the specific provisions of this Agreement, including this Section 10, are not exclusive of any other remedy,
and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter
existing at law or in equity or by statute or otherwise.

 

12.        
Continuing Obligations. Contractor's obligations under this Agreement shall continue in effect beyond Contractor’s
retention by the Company and each and every obligation of Contractor under this Agreement shall survive any termination, or attempted
termination, by Contractor of this Agreement.

 

13.        
Contractor's Representations. Contractor hereby represents and warrants that Contractor is free to enter into this
Agreement and to perform each of the terms and covenants contained herein. Contractor further represents and warrants that Contractor
is not restricted or prohibited, contractually or otherwise, from entering into and performing this Agreement, and that Contractor's
execution and performance of this Agreement is not a violation or breach of any other agreement between Contractor and any other
person or entity.

 

14.        
General Provisions.

 

14.1       Notices.
All notices or other written communications required or permitted to be given by this Agreement shall be deemed given when personally
delivered or two (2) days after it has been sent (the date of posting shall be considered as the first day and any Sundays, legal
holidays or other days upon which the local mail generally is not delivered shall not be counted in determining this period) by
registered or certified mail, postage prepaid, properly addressed to the party to receive the notice at the following address or
at any other address given to the other party in the manner provided by this Section 13.1:

 

	 	If to the Company:	3D Systems Corporation
	 	 	333 Three D Systems Circle
	 	 	Rock Hill, SC 29730
	 	 	Attn: Chief Legal Officer
	 	 	 
	 	If to the Contractor:	11917 E. Calle de Valle Dr.
	 	 	Scottsdale, AZ 85255

 

    - 5 -

     

    

 

Nothing contained herein shall justify or excuse
failure to give oral notice for the purpose of informing the parties hereto when prompt notification is required, however, it shall
be understood that such oral notice shall in no way satisfy the requirement of written notice.

 

14.2       Severability.
If any provision of this Agreement is determined to be invalid or unenforceable, the provision shall be deemed to be severable
from the remainder of this Agreement and shall not cause the invalidity or unenforceability of the remainder of this Agreement.

 

14.3       Successors
and Assigns. The parties acknowledge that this Agreement constitutes a personal contract with Contractor. Contractor may not
transfer or assign this Agreement or any part thereof without the Company's prior written approval. This Agreement shall be binding
upon and shall inure to the benefit of the Company and its successors and assigns, and shall be binding upon Contractor and Contractor's
assignees, heirs, successors, executors, administrators and other legal representatives.

 

14.4       No
Implied Waivers. The failure of either party at any time to require performance by the other party of any provision hereof
shall not affect in any way the right to require such performance at any later time nor shall the waiver by either party of a breach
of any provision hereof be taken or held to be a waiver of such provision.

 

14.5       Arbitration.
All controversies, claims, disputes, and matters in question arising out of, or relating to this Agreement (or the breach thereof),
shall be decided by arbitration in accordance with the provisions of this paragraph, with the sole exception of controversies,
claims, disputes, and matters in question properly made or brought pursuant to the National Labor Relations Act. Contractor understands
and acknowledges that nothing in this Agreement restricts Contractor’s right (if applicable) to file unfair labor practice
charges or otherwise access the processes of the National Labor Relations Board.

 

The arbitration proceedings shall be conducted
under the applicable rules of the American Arbitration Association ("AAA"). The arbitration board will consist of one
arbitrator chosen by the Parties. If the Parties cannot agree upon an arbitrator, they shall submit to the procedure utilized by
AAA to choose an arbitrator.

 

The decision of the arbitrator, including determination
of amount of any damages suffered, shall be conclusive, final, and binding on the Parties, their respective heirs, legal representatives,
successors, and assigns. The arbitrator shall be bound to follow South Carolina law and case precedent. Any decision of the arbitrator
will not be binding if the arbitrator fails to follow South Carolina law and case precedent. The arbitrator shall render a written
arbitration decision that reveals the essential findings and conclusions upon which the award is based.

 

The Company shall bear the arbitration filing
fees and the fees of the arbitrator for all actions filed by it. Each party shall bear his/her/its own attorneys' fees, witness
fees and costs not unique to arbitration. However, if any party prevails on a claim which affords the prevailing party attorneys'
fees, the arbitrator may award reasonable attorneys' fees to the prevailing party.

 

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14.6       Governing
Law. This Agreement and all questions with respect to the construction of this Agreement and the rights and liabilities of
the parties shall be governed by the laws of the State of South Carolina without regard to its laws relating to choice of law or
conflict of laws.

 

14.7       Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

14.8       Section
References. Any reference in the Agreement to a section or subsection shall be deemed to include a reference to any subsidiary
sections whenever the context requires.

 

14.9       Captions.
The captions of the sections and subsections of this Agreement are included for reference purposes only and are not intended to
be a part of the Agreement or in any way to define, limit or describe the scope or intent of the particular provision to which
they refer.

 

14.10       Entire
Agreement; Amendment. This Agreement contains the entire understanding between the parties with respect to the subject matter
hereof and supersedes all prior and contemporaneous written or oral negotiations and agreements between them regarding the subject
matter hereof. This Agreement may be amended only in a writing signed by each of the parties.

 

14.11       Prior
Agreements. This Agreement replaces and supersedes any prior Contractor Confidentiality and Non-solicitation Agreements between
the Contractor and Company. Further, this Agreement replaces and supersedes any prior Agreement for Binding Arbitration between
the Contractor and Company.

 

14.12       Notice
to New Employers. The Company may notify anyone hereafter retaining Contractor of the existence and provisions of this Agreement.

 

14.13       Effective
Date. This Agreement will become effective on the commencement of Contractor's retention by the Company.

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first above mentioned.

 

3D SYSTEMS CORPORATION

 

	By /s/ Andrew M. Johnson	/s/ Wayne Pensky
	Andrew M. Johnson

                                                                                Executive Vice President,

                                                                                Chief Legal Officer, and Secretary
	Signature of Contractor

	 	11917 E. Calle de Valle Dr.
	 	Street Address
	 	 
	 	Scottsdale, Arizona 85255
	 	City, State and Zip Code
	 	 
	 	"Contractor"

 

 

 

 

 

 

 

- 8 -Exhibit 10.5

    

     

    

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

       

      PLACEMENT AGENT ORDINARY SHARE PURCHASE WARRANT

      

      

       CHECK-CAP LTD.

       

      	
              Warrant Shares: _______

            	
              Initial Exercise Date: April 22, 2020

               

              

            
	 	
              Issue Date: April 22, 2020

            

       

      THIS PLACEMENT AGENT ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled,
        upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date set forth above (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on April 20,
        2025 (the “Termination Date”) but not thereafter, to subscribe for and purchase from Check-Cap Ltd., an Israeli company (the “Company”), up to ______  Ordinary Shares, NIS 2.40 par value (the “Ordinary Share(s)”) (as subject to
        adjustment hereunder, the “Warrant Shares”). The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).  This Warrant is being issued pursuant to that certain engagement
        letter, dated as of March 18, 2020, by and between the Company and H.C. Wainwright & Co., LLC.

       

      Section 1.             Definitions.  Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase
        Agreement (the “Purchase Agreement”), dated April 20, 2020, among the Company and the purchasers signatory thereto.

       

      
        
          

      

      
      Section 2.             Exercise.

       

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

       

      b)           Exercise Price.  The exercise price per Ordinary Share under this Warrant shall be $0.75, subject
        to adjustment hereunder (the “Exercise Price”).

       

      c)           Cashless Exercise. If at the time of exercise hereof, there is no effective registration statement registering, or no current prospectus
        available for, the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant
        Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

       

      
        
          	

                	(A) =	
                  as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a
                    Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities
                    laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Ordinary Share on the principal Trading
                    Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2)
                    hours thereafter  (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice
                    of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

                

        

      

      

      

      
        2

        
          

      

      
        	 	
                (B) =

              	
                the Exercise Price of this Warrant, as adjusted hereunder; and

              

      

      

      

      
        
          	 	
                  (X) = 

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

                

        

      

      

      

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

       

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

       

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

       

      
        3

        
          

      

      d)           Mechanics of Exercise.

       

      i.          Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
        Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such
        system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or
        manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
        entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (B)
        one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
          Share Delivery Date”).   Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised,
        irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of
        Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery
        Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Share on the date of the applicable Notice of Exercise),
        $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
        such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.  As used herein, “Standard Settlement Period” means the standard settlement
        period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Ordinary Share as in effect on the date of delivery of the Notice of Exercise.

       

      
        4

        
          

      

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

       

      iii.          Rescission Rights.  If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section
        2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

       

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

       

      
        5

        
          

      

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

       

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

       

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

       

      
        6

        
          

      

      e)           Holder’s Exercise Limitations.    The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to
        exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates,
        and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below).  For
        purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect to which
        such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
        Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other  Ordinary Share Equivalents) subject to a limitation on conversion or
        exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be
        calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
        Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this
        Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
        of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this
        Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as
        contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.  For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder
        may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
        written notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within one (1) Trading Day confirm orally and in writing to the Holder the
        number of Ordinary Shares then outstanding.  In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its
        Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares were reported.  The “Beneficial Ownership Limitation” shall be 4.99% of the number of the Ordinary Shares outstanding immediately after
        giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant.  The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the
        Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this
        Section 2(e) shall continue to apply.  Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and
        implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
        contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

       

      
        7

        
          

      

      Section 3.             Certain Adjustments.

       

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

       

      b)           Reserved.

       

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

       

      
        8

        
          

      

      d)           Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other than
        cash) or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options
        by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Company shall
        reserve and put aside the maximum Distribution amount the Holder would have been entitled to receive if the Holder had held the number Ordinary Shares acquirable upon complete exercise of such Warrant immediately before the date on which a record
        is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution. Upon exercise of a Warrant, in whole or in part, the Company
        shall, contemporaneously with the delivery of the Ordinary Shares, distribute to the Holder a pro rata portion of such Distribution based on the portion of the Warrant that has been exercised (provided, however, to the extent that
        the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
        ownership of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the
        Holder exceeding the Beneficial Ownership Limitation).

       

      
        9

        
          

      

      e)           Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
        related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
        conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is
        completed pursuant to which holders of the Ordinary Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares, (iv)
        the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
        converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
        limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Ordinary Shares (not including any
        Ordinary Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
        Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
        Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Ordinary Shares of the successor or acquiring corporation or of the Company, if it is the surviving
        corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Ordinary Shares for which this Warrant is exercisable immediately prior to such
        Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
        Consideration based on the amount of Alternate Consideration issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner
        reflecting the relative value of any different components of the Alternate Consideration.  If holders of Ordinary Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall
        be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any
        Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the
        applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the
        consummation of such Fundamental Transaction; provided, however, that if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled to receive from the
        Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares of the
        Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of
        consideration in connection with the Fundamental Transaction; provided, further, that if holders of Ordinary Shares of the Company are not offered or paid any consideration in such Fundamental Transaction, such holders of Ordinary Shares will be
        deemed to have received securities of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black Scholes
        Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding
        to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day
        volatility obtained from the HVT function on Bloomberg (determined utilizing a 365-day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per
        share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x)
        the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction and (D) a remaining option time equal to the time between the
        date of the public announcement of the applicable Fundamental Transaction and the Termination Date.  The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five (5) Trading Days of the Holder’s
        election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of
        the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable
        delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance
        to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Ordinary Shares acquirable and receivable upon exercise of this Warrant (without regard to
        any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the
        Ordinary Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
        immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
        substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and
        shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

       

      
        10

        
          

      

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

       

      g)           Notice to Holder.

       

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

       

      ii.          Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
        Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or
        purchase any capital shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a
        party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the
        voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall
        appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
        distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
        or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be
        entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect
        therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
        regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the
        date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

       

      
        11

        
          

      

      Section 4.             Transfer of Warrant.

       

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

       

      
        
          	

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

                

        

      

       

      
        
          	

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

                

        

      

       

      
        
          	

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

                

        

      

       

      
        
          	

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

                

        

      

       

      
        
          	

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

                

        

      

       

                Subject to the foregoing restriction and subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1
        of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
        agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon
        such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of
        assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to
        physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading Days of the date on which the Holder delivers an
        assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

       

      
        12

        
          

      

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

       

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

       

      d)          Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of
        this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale
        restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of
        Section  4.1(a) of the Purchase Agreement.

       

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

       

      Section 5.             Miscellaneous.

       

      a)           No Rights as Shareholder Until Exercise; No Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends
        or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.  Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,”
        and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle a Warrant exercise.

       

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

       

      
        13

        
          

      

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

       

      d)           Authorized Shares.

       

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

       

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

       

      
        14

        
          

      

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

       

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

       

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

       

      g)          Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as
        a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of
        this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
        appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

       

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

       

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

       

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

       

      
        15

        
          

      

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

       

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

       

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

       

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

       

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

      

      

      (Signature Page Follows)

      

      

      
        16

        
          

      

      

      

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

       

      	 	
              CHECK-CAP LTD.

               

            
	 	
              By:__________________________________________

                   Name:

                   Title:

            

      

      

      
        17

        
          

      

      NOTICE OF EXERCISE

      

      

      TO:          CHECK-CAP LTD.

      

      

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

       

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

       

      ☐ in lawful money of the United States; or

       

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

       

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

       

      _______________________________

      

      

      The Warrant Shares shall be delivered to the following DWAC Account Number:

      

      

      _______________________________

      

      

      _______________________________

      

      

      _______________________________

      

      

      (4)          Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

      

      

      [SIGNATURE OF HOLDER]

      

      

      Name of Investing Entity: ________________________________________________________________________

      Signature of Authorized Signatory of Investing Entity: _________________________________________________

      Name of Authorized Signatory: ___________________________________________________________________

      Title of Authorized Signatory: ____________________________________________________________________

      Date: ________________________________________________________________________________________

      

      

      
        
          

      

      

      

      EXHIBIT B

      

      

      ASSIGNMENT FORM

       

      

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

       

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

       

      	
              Name:

            	______________________________________
	 	
              (Please Print)

               

              

            
	
              Address:

            	______________________________________
	
               

               

              

              Phone Number:

               

              

              Email Address:

               

              

            	
              (Please Print)

               

              

              ______________________________________

               

              

              ______________________________________

            
	
              Dated: _______________ __, ______

               

              

            	 
	
              Holder’s Signature:  ___________________________

              

               

              

            	 
	
              Holder’s Address:    ___________________________

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