Document:

Exhibit 4.1

    

    
       

    

    
      DESCRIPTION OF THE REGISTRANT’S SECURITIES

      REGISTERED PURSUANT TO SECTION 12 OF THE

      SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

       

    

    As of the date of this Annual Report on Form 10-K, Chemomab
      Therapeutics Ltd., an Israeli company (“we,” “our” and the “Company”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: American Depositary Shares, each representing twenty (20) ordinary
      shares, no par value per share. The following description of such securities is intended as a summary of the terms of such securities as currently in effect and is qualified in its entirety by the provisions of our amended and restated articles of
      association, a copy of which is filed as an exhibit to this Annual Report on Form 10-K and is incorporated by reference herein. We encourage you to read our amended and restated articles of association and the applicable provisions of the Israeli
      Companies Law, 5759-1999 (the “Companies Law”), for additional information.

     

    DESCRIPTION OF ORDINARY SHARES

    

    

    Registration Number and Purposes of the Company

     

    We are registered with the Israeli Registrar of Companies. Our registration number is
      51-4672625. Our affairs are governed by our amended and restated articles of association, applicable Israeli law and the Companies Law. Our purpose as set forth in our amended and restated articles of association is to engage in any lawful act or
      activity.

     

    Voting Rights

     

    All ordinary shares will have identical voting and other rights in all respects.

     

    Transfer of Shares

     

    Our fully paid ordinary shares are issued in registered form and may be freely transferred
      under our amended and restated articles of association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of the Nasdaq Capital Market. The ownership or voting of our ordinary shares by non-residents
      of Israel is not restricted in any way by our amended and restated articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that are, have been, or will be, in a state of war with Israel.

     

    Election of Directors

     

    Under our amended and restated articles of association, our board of directors must consist
      of not less than three (3) but no more than 11 (eleven) directors. Pursuant to our amended and restated articles of association, each of our directors will be appointed by a simple majority vote of holders of our ordinary shares, participating and
      voting at an annual general meeting of our shareholders, provided that (i) in the event of a contested election, the method of calculation of the votes and the manner in which the resolutions will be presented to our shareholders at the general
      meeting shall be determined by our board of directors in its discretion, and (ii) in the event that our board of directors does not or is unable to make a determination on such matter, then the directors will be elected by a majority of the voting
      power represented at the general meeting in person or by proxy and voting on the election of directors, provided that if the number of such nominees exceeds the number of directors to be elected, then as among such elected nominees the election shall
      be by a plurality of the votes cast. In addition, our directors are divided into three classes, one class being elected each year at the annual general meeting of our shareholders, and shall serve on our board of directors until the third annual
      general meeting following such election or re-election or until they are removed by a vote of 65% of the total voting power of our shareholders at a general meeting of our shareholders or upon the occurrence of certain events, in accordance with the
      Companies Law and our amended and restated articles of association. In addition, our amended and restated articles of association provide that vacancies on our board of directors may be filled by a vote of a simple majority of directors then in
      office. Any director so appointed will hold office until the next annual general meeting of our shareholders for the election of the class of directors in respect of which the vacancy was created, or in the case of a vacancy due to the number of
      directors being less than the maximum number of directors stated in our amended and restated articles of association, until the next annual general meeting of our shareholders for the election of the class of directors to which such director was
      assigned by our board of directors.

    
      
        

    

      

    Dividend and Liquidation Rights

     

    We may declare a dividend to be paid to the holders of our ordinary shares in proportion to
      their respective shareholdings. Under the Companies Law, dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company unless the company’s articles of association provide otherwise.
      Our amended and restated articles of association do not require shareholder approval of a dividend distribution and provide that dividend distributions may be determined by our board of directors.

     

    Pursuant to the Companies Law, the distribution amount is limited to the greater of
      retained earnings or earnings generated over the previous two years, according to our then last reviewed or audited financial statements (less the amount of previously distributed dividends, if not reduced from the earnings), provided that the end of
      the period to which the financial statements relate is not more than six months prior to the date of the distribution. If we do not meet such criteria, then we may distribute dividends only with court approval. In each case, we are only permitted to
      distribute a dividend if our board of directors and, if applicable, the court determines that there is no reasonable concern that payment of the dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.

     

    In the event of our liquidation, after satisfaction of liabilities to creditors, our assets
      will be distributed to the holders of our ordinary shares in proportion to their shareholdings. This right, as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution rights to the holders of a
      class of shares with preferential rights that may be authorized in the future.

     

    Exchange Controls

     

    There are currently no Israeli currency control restrictions on remittances of dividends on
      our ordinary shares, proceeds from the sale of the ordinary shares or interest or other payments to non-residents of Israel, except for shareholders who are subjects of countries that are, have been, or will be, in a state of war with Israel.

     

    Shareholder Meetings

     

    Under Israeli law, we are required to hold an annual general meeting of our shareholders
      once every calendar year and no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in our amended and restated articles of association as
      special general meetings. Our board of directors may call special general meetings of our shareholders whenever it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that our
      board of directors is required to convene a special general meeting of our shareholders upon the written request of (i) any two or more of our directors, (ii) one-quarter or more of the serving members of our board of directors or (iii) one or more
      shareholders holding, in the aggregate, either (a) 5% or more of our outstanding issued shares and 1% or more of our outstanding voting power or (b) 5% or more of our outstanding voting power.

     

    Under Israeli law, one or more shareholders holding at least 1% of the voting rights at the
      general meeting of the shareholders may request that the board of directors include a matter in the agenda of a general meeting of the shareholders to be convened in the future, provided that it is appropriate to discuss such a matter at the general
      meeting. Our amended and restated articles of association contain procedural guidelines and disclosure items with respect to the submission of shareholder proposals for general meetings.

    
      
        

    

     

    Subject to the provisions of the Companies Law and the regulations promulgated thereunder,
      shareholders entitled to participate and vote at general meetings of shareholders are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange outside Israel, may be between four and 40
      days prior to the date of the meeting. Furthermore, the Companies Law requires that resolutions regarding the following matters must be passed at a general meeting of shareholders:

     

    
      	
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              amendments to our articles of association;

            

    

     

    
      	
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              appointment, terms of service or and termination of service of our auditors;

            

    

     

    
      	
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              appointment of directors, including external directors (if applicable);

            

    

     

    
      	
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              approval of certain related party transactions;

            

    

     

    
      	
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              increases or reductions of our authorized share capital;

            

    

     

    
      	
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              a merger; and

            

    

      

    
      	
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              the exercise of our board of directors’ powers by a general meeting, if our board of directors is unable to exercise its powers and the exercise of any of its powers is
                required for our proper management.

            

    

     

    The Companies Law requires that a notice of any annual general meeting or special general
      meeting be provided to shareholders at least 21 days prior to the meeting and if the agenda of the meeting includes, among other things, the appointment or removal of directors, the approval of transactions with office holders or interested or
      related parties, or an approval of a merger, notice must be provided at least 35 days prior to the meeting. Under the Companies Law and our amended and restated articles of association, shareholders are not permitted to take action by way of written
      consent in lieu of a meeting.

     

    Quorum

     

    Pursuant to our amended and restated articles of association, holders of our ordinary
      shares have one vote for each ordinary share held on all matters submitted to a vote before the shareholders at a general meeting of shareholders. The quorum required for our general meetings of shareholders consists of at least two shareholders
      present in person or by proxy who hold or represent between them at least 331⁄3% of the total outstanding voting rights, provided, however, that with respect to any general meeting that was convened pursuant to a resolution adopted by the board of
      directors and which at the time of such general meeting we qualify as a “foreign private issuer,” the requisite quorum shall consist of two or more shareholders present in person or by proxy who hold or represent between them at least 25% of the
      total outstanding voting rights. The requisite quorum shall be present within half an hour of the time fixed for the commencement of the general meeting. A general meeting adjourned for lack of a quorum shall be adjourned either to the same day in
      the next week, at the same time and place, to such day and at such time and place as indicated in the notice to such meeting, or to such day and at such time and place as the chairperson of the meeting shall determine. At the reconvened meeting, any
      number of shareholders present in person or by proxy shall constitute a quorum, unless a meeting was called pursuant to a request by our shareholders, in which case the quorum required is one or more shareholders, present in person or by proxy and
      holding the number of shares required to call the meeting as described above.

     

    Vote Requirements

     

    Our amended and restated articles of association provide that all resolutions of our
      shareholders require a simple majority vote, unless otherwise required by the Companies Law or by our amended and restated articles of association. Under the Companies Law, certain actions require the approval of a special majority, including: (i) an
      extraordinary transaction with a controlling shareholder or in which the controlling shareholder has a personal interest, (ii) the terms of employment or other engagement of a controlling shareholder of the company or a controlling shareholder’s
      relative (even if such terms are not extraordinary) and (iii) certain compensation-related matters described above under “Management—Compensation Committee—Compensation Policy under the Companies Law.” Under our amended and restated articles of
      association, the alteration of the rights, privileges, preferences or obligations of any class of our shares (to the extent there are classes other than ordinary shares) requires the approval of a simple majority of the class so affected (or such
      other percentage of the relevant class that may be set forth in the governing documents relevant to such class), in addition to a majority of all classes of shares voting together as a single class at a shareholder meeting.

    
      
        

    

     

    Under our amended and restated articles of association, the approval of the holders of at
      least 65% of the total voting power of our shareholders is generally required to remove any of our directors from office, to amend the provision requiring the approval of at least 65% of the total voting power of our shareholders to remove any of our
      directors from office, or certain other provisions regarding our staggered board, shareholder proposals, the size of our board and plurality voting in contested elections. Another exception to the simple majority vote requirement is a resolution for
      the voluntary winding up, or an approval of a scheme of arrangement or reorganization, of the company pursuant to Section 350 of the Companies Law, which requires the approval of holders holding at least 75% of the voting rights represented at the
      meeting and voting on the resolution.

      

    Access to Corporate Records

     

    Under the Companies Law, all shareholders generally have the right to review minutes of our
      general meetings, our shareholder register (including with respect to material shareholders), our articles of association, our financial statements, other documents as provided in the Companies Law and any document we are required by law to file
      publicly with the Israeli Registrar of Companies or the Israeli Securities Authority. Any shareholder who specifies the purpose of its request may request to review any document in our possession that relates to any action or transaction with a
      related party which requires shareholder approval under the Companies Law. We may deny a request to review a document if we determine that the request was not made in good faith, that the document contains a trade secret or a patent or that the
      document’s disclosure may otherwise impair our interests.

     

    Acquisitions under Israeli Law

     

    Full Tender Offer

     

    A person wishing to acquire shares of a public Israeli company who would, as a result, hold
      over 90% of the target company’s voting rights or the target company’s issued and outstanding share capital (or of a class thereof), is required by the Companies Law to make a tender offer to all of the company’s shareholders for the purchase of all
      of the issued and outstanding shares of the company (or the applicable class). If (a) the shareholders who do not accept the offer hold less than 5% of the issued and outstanding share capital of the company (or the applicable class) and the
      shareholders who accept the offer constitute a majority of the offerees that do not have a personal interest in the acceptance of the tender offer or (b) the shareholders who did not accept the tender offer hold less than 2% of the issued and
      outstanding share capital of the company (or of the applicable class), all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation of law. A shareholder who had its shares so transferred may petition an
      Israeli court within six months from the date of acceptance of the full tender offer, regardless of whether such shareholder agreed to the offer, to determine whether the tender offer was for less than fair value and whether the fair value should be
      paid as determined by the court. However, an offeror may provide in the offer that a shareholder who accepted the offer will not be entitled to petition the court for appraisal rights as described in the preceding sentence, as long as the offeror and
      the company disclosed the information required by law in connection with the full tender offer. If the full tender offer was not accepted in accordance with any of the above alternatives, the acquirer may not acquire shares of the company that will
      increase its holdings to more than 90% of the company’s voting rights or the company’s issued and outstanding share capital (or of the applicable class) from shareholders who accepted the tender offer. Shares purchased in contradiction to the full
      tender offer rules under the Companies Law will have no rights and will become dormant shares.

     

    Special Tender Offer

     

    The Companies Law provides that an acquisition of shares of an Israeli public company must
      be made by means of a special tender offer if, as a result of the acquisition, the purchaser would become a holder of 25% or more of the voting rights in the company. This requirement does not apply if there is already another holder of 25% or more
      of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if, as a result of the acquisition, the purchaser would become a
      holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds more than 45% of the voting rights in the company. These requirements do not apply if (i) the acquisition occurs in the context of
      a private placement by the company that received shareholder approval as a private placement whose purpose is to give the purchaser 25% or more of the voting rights in the company, if there is no person who holds 25% or more of the voting rights in
      the company or as a private placement whose purpose is to give the purchaser 45% of the voting rights in the company, if there is no person who holds 45% of the voting rights in the company, (ii) the acquisition was from a shareholder holding 25% or
      more of the voting rights in the company and resulted in the purchaser becoming a holder of 25% or more of the voting rights in the company, or (iii) the acquisition was from a shareholder holding more than 45% of the voting rights in the company and
      resulted in the purchaser becoming a holder of more than 45% of the voting rights in the company. A special tender offer must be extended to all shareholders of a company. A special tender offer may be consummated only if (i) at least 5% of the
      voting power attached to the company’s outstanding shares will be acquired by the offeror and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding the purchaser, its controlling
      shareholders, holders of 25% or more of the voting rights in the company and any person having a personal interest in the acceptance of the tender offer, or anyone on their behalf, including any such person’s relatives and entities under their
      control).

    
      
        

    

     

    In the event that a special tender offer is made, a company’s board of directors is
      required to express its opinion on the advisability of the offer, or may abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. The board of directors shall also disclose any personal
      interest that any of the directors has with respect to the special tender offer or in connection therewith. An office holder in a target company who, in his or her capacity as an office holder, performs an action the purpose of which is to cause the
      failure of an existing or foreseeable special tender offer or to impair the chances of its acceptance, is liable to the potential purchaser and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to
      believe he or she was acting for the benefit of the company. However, office holders of the target company may negotiate with the potential purchaser in order to improve the terms of the special tender offer, and may further negotiate with third
      parties in order to obtain a competing offer.

     

    If a special tender offer is accepted, then shareholders who did not respond to or that had
      objected the offer may accept the offer within four days of the last day set for the acceptance of the offer and they will be considered to have accepted the offer from the first day it was made.

     

    In the event that a special tender offer is accepted, then the purchaser or any person or
      entity controlling it or under common control with the purchaser or such controlling person or entity at the time of the offer may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger
      with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special tender offer. Shares purchased in contradiction to the
      special tender offer rules under the Companies Law will have no rights and will become dormant shares.

     

    Merger

     

    The Companies Law permits merger transactions if approved by each party’s board of
      directors and, unless certain conditions described under the Companies Law are met, a simple majority of the outstanding shares of each party to the merger that are represented and voting on the merger. The board of directors of a merging company is
      required pursuant to the Companies Law to discuss and determine whether in its opinion there exists a reasonable concern that as a result of a proposed merger, the surviving company will not be able to satisfy its obligations towards its creditors,
      such determination taking into account the financial status of the merging companies. If the board of directors determines that such a concern exists, it may not approve a proposed merger. Following the approval of the board of directors of each of
      the merging companies, the boards of directors must jointly prepare a merger proposal for submission to the Israeli Registrar of Companies.

     

    For purposes of the shareholder vote of a merging company whose shares are held by the
      other merging company, or by a person or entity holding 25% or more of the voting rights at the general meeting of shareholders of the other merging company, or by a person or entity holding the right to appoint 25% or more of the directors of the
      other merging company, unless a court rules otherwise, the merger will not be deemed approved if a majority of the shares voted on the matter at the general meeting of shareholders (excluding abstentions) that are held by shareholders other than the
      other party to the merger, or by any person or entity who holds 25% or more of the voting rights of the other party or the right to appoint 25% or more of the directors of the other party, or any one on their behalf including their relatives or
      corporations controlled by any of them, vote against the merger. In addition, if the non-surviving entity of the merger has more than one class of shares, the merger must be approved by each class of shareholders. If the transaction would have been
      approved but for the separate approval of each class or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of at least 25% of the voting rights of a company, if the
      court holds that the merger is fair and reasonable, taking into account the valuation of the merging companies and the consideration offered to the shareholders. If a merger is with a company’s controlling shareholder or if the controlling
      shareholder has a personal interest in the merger, then the merger is instead subject to the same special majority approval that governs all extraordinary transactions with controlling shareholders.

    
      
        

    

     

    Under the Companies Law, each merging company must deliver to its secured creditors the
      merger proposal and inform its unsecured creditors of the merger proposal and its content. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable
      concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of the merging company, and may further give instructions to secure the rights of creditors.

     

    In addition, a merger may not be completed unless at least 50 days have passed from the
      date that a proposal for approval of the merger is filed with the Israeli Registrar of Companies and 30 days from the date that shareholder approval of both merging companies is obtained.

      

    Anti-Takeover Measures

     

    The Companies Law allows us to create and issue shares having rights different from those
      attached to our ordinary shares, including shares providing certain preferred rights with respect to voting, distributions or other matters and shares having preemptive rights. As of this Current Report on Form 8-K, no preferred shares will be
      authorized under our amended and restated articles of association. In the future, if we do authorize, create and issue a specific class of preferred shares, such class of shares, depending on the specific rights that may be attached to it, may have
      the ability to frustrate or prevent a takeover or otherwise prevent our shareholders from realizing a potential premium over the market value of their ordinary shares. The authorization and designation of a class of preferred shares will require an
      amendment to our amended and restated articles of association, which requires the prior approval of the holders of a majority of the voting power attached to our issued and outstanding shares at a general meeting of our shareholders. The convening of
      the meeting, the shareholders entitled to participate and the vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies Law and our amended articles of association, as described above in
      “—Shareholder Meetings.” In addition, as disclosed under “—Election of Directors,” we have a classified board structure, which effectively limits the ability of any investor or potential investor or group of investors or potential investors to gain
      control of our board of directors.

     

    Borrowing Powers

     

    Pursuant to the Companies Law and our amended and restated articles of association, our
      board of directors may exercise all powers and take all actions that are not required under law or under our amended and restated articles of association to be exercised or taken by our shareholders, including the power to borrow money for company
      purposes.

     

    Changes in Capital

     

    Our amended and restated articles of association enable us to increase or reduce our share
      capital. Any such changes are subject to Israeli law and must be approved by a resolution duly passed by our shareholders at a general meeting of shareholders. In addition, transactions that have the effect of reducing capital, such as the
      declaration and payment of dividends in the absence of sufficient retained earnings or profits, require the approval of both our board of directors and an Israeli court.

    
      
        

    

     

    Exclusive Forum

     

    Our amended and restated articles of association provide that unless we consent in writing
      to the selection of an alternative forum, the United States District Court for the Southern District of New York shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act and/or the
      Exchange Act. Our amended and restated articles of association also provide that unless we consent in writing to the selection of an alternative forum, the competent courts in Tel Aviv, Israel shall be the exclusive forum for any derivative action or
      proceeding brought on behalf of the Company, any action asserting a breach of a fiduciary duty owed by any of our directors, officers or other employees to the Company or our shareholders or any action asserting a claim arising pursuant to any
      provision of the Companies Law or the Israeli Securities Law.

     

    Transfer Agent and Registrar

     

    The transfer agent and registrar for our ordinary shares and ADSs is Computershare. Its
      address is 1290 Avenue of the Americas, 9th Floor, New York, NY 10104, and its telephone number is (212) 805-7100.

     

    Listing

     

    Our ordinary shares represented by American Depositary Shares are listed on the Nasdaq
      Capital Market under the symbol “CMMB.”

     

    DESCRIPTION OF AMERICAN DEPOSITARY SHARES

     

    American Depositary Shares

     

    The Bank of New York Mellon, as depositary, registers and delivers our ADSs. Each ADS will
      represent ordinary shares (or a right to receive twenty (20) ordinary shares). Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The depositary’s office at which our ADSs will be
      administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

     

    You may hold ADSs either (A) directly (i) by having an ADR, which is a certificate
      evidencing a specific number of ADSs, registered in your name or (ii) by having uncertificated ADSs registered in your name or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a
      direct or indirect participant in DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold our ADSs indirectly, you must rely on the procedures of
      your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

     

    Registered holders of uncertificated ADSs will receive statements from the depositary
      confirming their holdings.

     

    As an ADS holder, we will not treat you as one of our shareholders and you will not have
      shareholder rights. Israeli law governs shareholder rights. The depositary will be the holder of the ordinary shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary,
      ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and our ADSs.

     

    The following is a summary of the material provisions of the deposit agreement. For more
      complete information, you should read the entire deposit agreement and the form of ADR. For directions on how to obtain copies of those documents see “Where You Can Find More Information.”

    
      
        

    

     

    Dividends and Other Distributions

     

    How will you receive dividends and other distributions on the shares?

     

    The depositary has agreed to pay or distribute to ADS holders the cash dividends or other
      distributions it or the custodian receives on ordinary shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent.

     

    Cash.   The depositary will convert any cash dividend or other cash distribution we pay on the ordinary shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the
        U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is
        possible to do so. It will hold the foreign currency it cannot convert for the account of our ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.

     

    Before making a distribution, any withholding taxes or other governmental charges that must
      be paid will be deducted. See “Taxation and Government Programs.” It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot
      convert the foreign currency, you may lose some or all of the value of the distribution.

     

    Shares.   The depositary may distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It
        will sell ordinary shares which would require it to deliver a fraction of an ADS (or ADSs representing those ordinary shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional
        ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed ordinary shares (or ADSs representing those ordinary shares) sufficient to pay its fees and expenses in connection with that
        distribution.

     

    Rights
        to purchase additional shares.   If we offer holders of our securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may
        (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the
        extent the depositary does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will exercise or distribute rights
        only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case
        of ordinary shares, new ADSs representing the new ordinary shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute
        rights or ADSs or other securities issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

      

    Other
        Distributions.   The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it
        cannot make the distribution in that way, the depositary will have a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which
        case ADSs will also represent the newly distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that
        distribution. The depositary may sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute
        securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.

     

    The depositary is not responsible if it decides that it is unlawful or impractical to make
      a distribution available to any ADS holders. We have no obligation to register ADSs, ordinary shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares,
      rights or anything else to ADS holders. This means that you may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you.

    
      
        

    

     

    Deposit, Withdrawal and Cancellation

     

    How are ADSs issued?

     

    The depositary will deliver ADSs if you or your broker deposits ordinary shares or evidence
      of rights to receive ordinary shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names
      you request and will deliver our ADSs to or upon the order of the person or persons that made the deposit.

     

    How can ADS holders withdraw the deposited securities?

     

    You may surrender your ADSs for the purpose of withdrawal at the depositary’s office. Upon
      payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying our ADSs to the ADS holder or a person
      the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to
      the extent it would require delivery of a fraction of a deposited share or other securities. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.

     

    How do ADS holders interchange between certificated ADSs and uncertificated ADSs?

     

    You may surrender your ADR to the depositary for the purpose of exchanging your ADR for
      uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction
      from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.

     

    Voting Rights

     

    How do you vote?

     

    ADS holders may instruct the depositary how to vote the number of deposited ordinary shares
      their ADSs represent. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders’ meeting and send or make voting materials available to you. Those materials
      will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical,
      subject to the laws of Israel and the provisions of our articles of association or similar documents, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. If we do not request the
      depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.

     

    Except
        by instructing the depositary as described above, you won’t be able to exercise voting rights unless you surrender your ADSs and withdraw the ordinary shares. However, you may not know about the meeting enough in advance to withdraw the ordinary
        shares. In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.

     

    We cannot assure you that you will receive the voting materials in time to ensure that you
      can instruct the depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to
      exercise your right to vote and there may be nothing you can do if your ordinary shares are not voted as you requested.

     

    In order to give you a reasonable opportunity to instruct the Depositary as to the exercise
      of voting rights relating to Deposited Securities, if we request the Depositary to act, we agree to give the Depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance of the meeting date.

    
      
        

    

     

    Fees and Expenses

     

    	
            Persons depositing or withdrawing ordinary shares or

              ADS holders must pay

          	
            ​

          	
            ​

          	
            For

          	
            ​

          
	
            $5.00 (or less) per 100 ADSs (or portion of 100 ADSs)

          	
            ​

          	
            ​

          	
            Issuance of ADSs, including issuances resulting from a distribution of ordinary shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including
              if the deposit agreement terminates

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            $.05 (or less) per ADS

          	
            ​

          	
            ​

          	
            Any cash distribution to ADS holders

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            A fee equivalent to the fee that would be payable if securities distributed to you had been ordinary shares and the ordinary shares had been deposited for issuance of ADSs

          	
            ​

          	
            ​

          	
            Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            $.05 (or less) per ADS per calendar year

          	
            ​

          	
            ​

          	
            Depositary services

          	
            ​

          

     

    	
            Persons depositing or withdrawing ordinary shares or

              ADS holders must pay

          	
            ​

          	
            ​

          	
            For

          	
            ​

          
	
            Registration or transfer fees

          	
            ​

          	
            ​

          	
            Transfer and registration of ordinary shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw ordinary shares

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Expenses of the depositary

          	
            ​

          	
            ​

          	
            Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)

             

            Converting foreign currency to U.S. dollars

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or
              withholding taxes

          	
            ​

          	
            ​

          	
            As necessary

          	
            ​

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Any charges incurred by the depositary or its agents for servicing the deposited securities

          	
            ​

          	
            ​

          	
            As necessary

          	
            ​

          

     

    The depositary collects its fees for delivery and surrender of ADSs directly from investors
      depositing ordinary shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by
      selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of
      participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The
      depositary may generally refuse to provide fee-attracting services until its fees for those services are paid.

     

    From time to time, the depositary may make payments to us to reimburse us for costs and
      expenses generally arising out of establishment and maintenance of our ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the
      deposit agreement, the depositary may use brokers, dealers, foreign currency or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.

    
      
        

    

     

    The depositary may convert foreign currency itself or through any of its affiliates and, in
      those cases, acts as principal for its own account and not as an agent, fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads that it will retain for its own account. The revenue is based
      on, among other things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own
      account. The depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate
      will be determined will be most favorable to ADS holders, subject to its obligations under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.

     

    Payment of Taxes

     

    You will be responsible for any taxes or other governmental charges payable on your ADSs or
      on the deposited securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until such taxes or other charges are paid. It may
      apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to
      reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.

     

    Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities

     

    The depositary will not tender deposited securities in any voluntary tender or exchange
      offer unless instructed to do by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.

     

    If deposited securities are redeemed for cash in a transaction that is mandatory for the
      depositary as a holder of deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.

      

    If there is any change in the deposited securities such as a subdivision, combination or
      other reclassification, or any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the
      depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be
      distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of our ADSs.

     

    If there is a replacement of the deposited securities and the depositary will continue to
      hold the replacement securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.

     

    If there are no deposited securities underlying ADSs, including if the deposited securities
      are cancelled, or if the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender or of those ADSs or cancel those ADSs upon notice to the ADS holders.

    
      
        

    

     

    Amendment and Termination

     

    How may the deposit agreement be amended?

     

    We may agree with the depositary to amend the deposit agreement and the ADRs without your
      consent for any reason. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a
      substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your
      ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

     

    How may the deposit agreement be terminated?

     

    The depositary will initiate termination of the deposit agreement if we instruct it to do
      so. The depositary may initiate termination of the deposit agreement if:

     

    • 90 days have passed since the depositary told us it wants to resign but a successor depositary has not been
      appointed and accepted its appointment;

     

    • we delist our ADSs from an exchange on which they were listed and do not list our ADSs on another exchange
      within a reasonable time;

     

    • we appear to be insolvent or enter insolvency proceedings;

     

    • all or substantially all the value of the deposited securities has been distributed either in cash or in the
      form of securities;

     

    • there are no deposited securities underlying our ADSs or the underlying deposited securities have become
      apparently worthless; or

     

    • there has been a replacement of deposited securities.

     

    If the deposit agreement will terminate, the depositary will notify ADS holders at least
      90 days before the termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the
      deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

     

    After the termination date and before the depositary sells, ADS holders can still surrender
      their ADSs and receive delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind if it would interfere with
      the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, but,
      after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform
      any other duties under the deposit agreement except as described in this paragraph.

     

    Limitations on Obligations and Liability

     

    Limits on our obligations and the obligations of the depositary; Limits on liability to
      holders of ADSs

     

    The deposit agreement expressly limits our obligations and the obligations of the
      depositary. It also limits our liability and the liability of the depositary. We and the depositary:

     

    • are only obligated to take the actions specifically set forth in the deposit agreement without negligence or
      bad faith and the depositary will not be a fiduciary or have any fiduciary duty to holders of ADSs;

     

    • are not liable if we are or it is prevented or delayed by law or circumstances beyond our or its control
      from performing our or its obligations under the deposit agreement;

    
      
        

    

     

    • are not liable if we exercise or it exercises discretion permitted under the deposit agreement;

     

    • are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited
      securities that is not made available to holders of ADSs under the terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;

     

    • have no obligation to become involved in a lawsuit or other proceeding related to our ADSs or the deposit
      agreement on your behalf or on behalf of any other person;

     

    • are not liable for the acts or omissions of any securities depository, clearing agency or settlement system;

     

    • may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or
      presented by the proper person; and

     

    • the depositary has no duty to make any determinations or provide any information as to our status, or any
      liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit reduced rate of withholdings or refund
      of amounts withheld in respect of tax or any other tax benefit.

     

    In the deposit agreement, we and the depositary agree to indemnify each other under certain
      circumstances.

     

    Requirements for Depositary Actions

     

    Before the depositary will deliver or register a transfer of ADSs, make a distribution on
      ADSs, or permit withdrawal of shares, the depositary may require:

     

    • payment of stock transfer or other taxes or other governmental charges and transfer or registration fees
      charged by third parties for the transfer of any ordinary shares or other deposited securities;

     

    • satisfactory proof of the identity and genuineness of any signature or other information it deems necessary;
      and

     

    • compliance with regulations it may establish, from time to time, consistent with the deposit agreement,
      including presentation of transfer documents.

     

    The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer
      books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so.

     

    Your Right to Receive the Ordinary Shares Underlying your ADSs

     

    ADS holders have the right to cancel their ADSs and withdraw the underlying ordinary shares
      at any time except:

     

    • when temporary delays arise because: (i) the depositary has closed its transfer books or we have closed our
      transfer books; (ii) the transfer of ordinary shares is blocked to permit voting at a shareholders’ meeting; or (iii) we are paying a dividend on our shares;

     

    • when you owe money to pay fees, taxes and similar charges; or

     

    • when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations
      that apply to ADSs or to the withdrawal of ordinary shares or other deposited securities.

     

    This right of withdrawal may not be limited by any other provision of the deposit agreement.

    
      
        

    

     

    Direct Registration System

     

    In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct
      Registration System, or DRS, and Profile Modification System, or Profile, will apply to our ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements
      in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its
      nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.

     

    In connection with and in accordance with the arrangements and procedures relating to
      DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described
      in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary’s reliance on and compliance with
      instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.

     

    Shareholder Communications; Inspection of Register of Holders of ADSs

     

    The depositary will make available for your inspection at its office all communications
      that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if
      we ask it to. You have a right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or our ADSs.

     

    Jury Trial Waiver

     

    The deposit agreement provides that, to the extent permitted by law, ADS holders waive the
      right to a jury trial of any claim they may have against us or the depositary arising out of or relating to our shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a
      jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.Exhibit 10.2

      

       

      

      COMPENSATION POLICY

    

    
       

    

    
      CHEMOMAB THERAPEUTICS LTD.

    

    
       

    

    
      Compensation Policy for Executive Officers and Directors

    

    
       

    

    
      (As Adopted on July 19, 2021)

      

    

    
      
        

    

    
      A. Overview and Objectives

       

    

    	
            1.

          	
            Introduction

          

    
      

        This document sets forth the Compensation Policy for Executive Officers and Directors (this “Compensation
            Policy” or “Policy”) of Chemomab Therapeutics Ltd. (“Chemomab” or the “Company”), in accordance with the requirements of the Companies Law,
          5759-1999 and the regulations promulgated thereunder (the “Companies Law”).

         

      

    

    
      Compensation is a key component of Chemomab’s overall human capital strategy to attract, retain, reward, and motivate highly skilled
        individuals that will enhance Chemomab’s value and otherwise assist Chemomab to reach its business and financial long-term goals. Accordingly, the structure of this Policy is established to tie the compensation of each officer to Chemomab’s goals
        and performance.

       

    

    
      For purposes of this Policy, “Executive Officers” shall mean “Office Holders” as such term is defined in Section 1 of the Companies Law,
        excluding, unless otherwise expressly indicated herein, Chemomab’s directors.

       

    

    
      This policy is subject to applicable law and is not intended, and should not be interpreted as limiting or derogating from, provisions of
        applicable law to the extent not permitted.

       

    

    
      This Policy shall apply to compensation agreements and arrangements which will be approved after the date on which this Policy is adopted and
        shall serve as Chemomab’s Compensation Policy for three (3) years, commencing as of its adoption, unless amended earlier.

    

    
       

      The Compensation Committee and the Board of Directors of Chemomab (the “Compensation Committee” and
        the “Board”, respectively) shall review and reassess the adequacy of this Policy from time to time, as required by the Companies Law.

    

    
       

    

    	
            2.

          	
            Objectives

          

    
      

      

    

    
      Chemomab’s objectives and goals in setting this Policy are to attract, motivate and retain experienced and talented leaders who will
        contribute to Chemomab’s success and enhance shareholder value, while demonstrating professionalism in an achievement-oriented and merit-based culture that rewards long-term excellence, and embedding and modeling Chemomab’s core values as part of a
        motivated behavior. To that end, this Policy is designed, among other things:

       

    

    	 	
            2.1.

          	
            To closely align the interests of the Executive Officers with those of Chemomab’s shareholders in order to enhance shareholder value;

          

    
      

      

    

    	 	
            2.2.

          	
            To align a significant portion of the Executive Officers’ compensation with Chemomab’s short and long-term goals and performance;

          

    
      

      

    

    	 	
            2.3.

          	
            To provide the Executive Officers with a structured compensation package, including competitive salaries, performance-motivating cash
              and equity incentive programs and benefits, and to be able to present to each Executive Officer an opportunity to advance in a growing organization;

          

    
      

      

    

    	 	
            2.4.

          	
            To strengthen the retention and the motivation of Executive Officers in the long-term;

          

    
       

    

    	 	
            2.5.

          	
            To provide appropriate awards in order to incentivize superior individual excellence and corporate performance; and

          

    
      

      

    

    	 	
            2.6.

          	
            To maintain consistency in the way Executive Officers are compensated.

          

    
      

      

    

    
      A - 2

      
        
          

      

       

    

    	
            3.

          	
            Compensation Instruments

          

    
      

      

    

    
      Compensation instruments under this Policy may include the following:

       

    

    	 	
            3.1.

          	
            Base salary;

          

    
      

      

    

    	 	
            3.2.

          	
            Benefits;

          

    
      

      

    

    	 	
            3.3.

          	
            Cash bonuses;

          

    
      

      

    

    	 	
            3.4.

          	
            Equity based compensation;

          

    
      

      

    

    	 	
            3.5.

          	
            Change of control provisions; and

          

    
      

      

    

    	 	
            3.6.

          	
            Retirement and termination terms.

          

    
      

      

    

    	
            4.

          	
            Overall Compensation - Ratio Between Fixed and Variable Compensation

          

    
      

      

    

    	 	
            4.1.

          	
            This Policy aims to balance the mix of “Fixed Compensation” (comprised of base salary and benefits) and “Variable Compensation”
              (comprised of cash bonuses and equity-based compensation) in order to, among other things, appropriately incentivize Executive Officers to meet Chemomab’s short and long-term goals while taking into consideration the Company’s need to manage
              a variety of business risks.

          

    
      

      

    

    	 	
            4.2.

          	
            The total annual target bonus and equity-based compensation per vesting annum (based on the fair market value at the time of grant
              calculated on a linear basis) of each Executive Officer shall not exceed 95% of such Executive Officer’s total compensation package for such year.

          

    
      

      

    

    	
            5.

          	
            Inter-Company Compensation Ratio

          

    
      

      

    

    	 	
            5.1.

          	
            In the process of drafting this Policy, Chemomab’s Board and Compensation Committee have examined the ratio between employer cost
              associated with the engagement of the Executive Officers, including directors, and the average and median employer cost associated with the engagement of Chemomab’s other employees (including contractor employees as defined in the Companies
              Law) (the “Ratio”).

          

    
      

      

    

    	 	
            5.2.

          	
            The possible ramifications of the Ratio on the daily working environment in Chemomab were examined and will continue to be examined by
              Chemomab from time to time in order to ensure that levels of executive compensation, as compared to the overall workforce will not have a negative impact on work relations in Chemomab

          

    
      

      

    

    
      B. Base Salary and Benefits

       

    

    	
            6.

          	
            Base Salary

          

    
      

      

    

    	

          	
            6.1.

          	
            A base salary provides stable compensation to Executive Officers and allows Chemomab to attract and retain competent executive talent
              and maintain a stable management team. The base salary varies among Executive Officers, and is individually determined according to the educational background, prior vocational experience,
              qualifications, corporate role, business responsibilities and past performance of each Executive Officer.

          

    
      

      

    

    	 	
            6.2.

          	
            Since a competitive base salary is essential to Chemomab’s ability to attract and retain highly skilled professionals, Chemomab will
              seek to establish a base salary that is competitive with base salaries paid to Executive Officers in a peer group of other companies operating in technology sectors that are as much as possible similar in their characteristics to Chemomab,
              the list of which shall be reviewed and approved by the Compensation Committee. To that end, Chemomab shall utilize comparative market data and practices as a reference, including a survey comparing and analyzing the level of the overall
              compensation package offered to an Executive Officer of the Company with compensation packages for persons serving in similar positions (to that of the relevant officer) in the peer group. Such compensation survey may be conducted internally
              or through an external independent consultant.

          

    
      

      

    

    
      A - 3

      
        
          

      

       

    

    	 	
            6.3.

          	
            The Compensation Committee and the Board may periodically consider and approve base salary adjustments for Executive Officers. The main
              considerations for salary adjustment will be similar to those used in initially determining the base salary, but may also include change of role or responsibilities, recognition for professional achievements, regulatory or contractual
              requirements, budgetary constraints or market trends. The Compensation Committee and the Board will also consider the previous and existing compensation arrangements of the Executive Officer whose base salary is being considered for
              adjustment. Any limitation herein based on the annual base salary shall be calculated based on the monthly base salary applicable at the time of consideration of the respective grant or benefit.

          

    
      

      

    

    	
            7.

          	
            Benefits

          

    
      

      

    

    	 	
            7.1.

          	
            The following benefits may be granted to the Executive Officers in order, among other things, to comply with legal requirements:

          

    
      

      

    

    	 	
            7.1.1.

          	
            Vacation days in accordance with market practice;

          

    
      

      

    

    	 	
            7.1.2.

          	
            Sick days in accordance with market practice;

          

     

    

    	 	
            7.1.3.

          	
            Convalescence pay according to applicable law;

          

    
      

      

    

    	 	
            7.1.4.

          	
            Monthly remuneration for a study fund, as allowed by applicable law and with reference to Chemomab’s practice and the practice in peer
              group companies (including contributions on bonus payments);

          

    
      

      

    

    	 	
            7.1.5.

          	
            Chemomab shall contribute on behalf of the Executive Officer to an insurance policy or a pension fund, as allowed by applicable law and
              with reference to Chemomab’s policies and procedures and the practice in peer group companies (including contributions on bonus payments); and

          

    
      

      

    

    	 	
            7.1.6.

          	
            Chemomab shall contribute on behalf of the Executive Officer towards work disability insurance, as allowed by applicable law and with
              reference to Chemomab’s policies and procedures and to the practice in peer group companies.

          

    
      

      

    

    	 	
            7.2.

          	
            Non-Israeli Executive Officers may receive other similar, comparable or customary benefits as applicable in the relevant
                jurisdiction in which they are employed. Such customary benefits shall be determined based on the methods described in Section 6.2 of this Policy (with the necessary changes and adjustments).

          

    
      

      

    

    	 	
            7.3.

          	
            In the events of relocation and/or repatriation of an Executive Officer to another geography, such Executive Officer may receive other
              similar, comparable or customary benefits as applicable in the relevant jurisdiction in which he or she is employed or additional payments to reflect adjustments in the cost of living. Such benefits may include reimbursement for out-of-pocket
              one-time payments and other ongoing expenses, such as a housing allowance, a car allowance, home leave visit, etc.

          

    
      

      

    

    	 	
            7.4.

          	
            Chemomab may offer additional benefits to its Executive Officers, which will be comparable to customary market practices, such as, but
              not limited to: cellular and land line phone benefits, company car and travel benefits, reimbursement of business travel including a daily stipend when traveling and other business related expenses, insurances, other benefits (such as newspaper subscriptions, academic and professional studies), etc., provided, however, that such additional benefits shall be determined in accordance with Chemomab’s policies and procedures.

          

    
      

      

    

    
      C. Cash Bonuses

       

    

    	
            8.

          	
            Annual Cash Bonuses - The Objective

          

    
      

      

    

    	 	
            8.1.

          	
            Compensation in the form of an annual cash bonus is an important element in aligning the Executive Officers’ compensation with
              Chemomab’s objectives and business goals. Therefore, annual cash bonuses will reflect a pay-for-performance element, with payout eligibility and levels determined based on actual financial and operational results, in addition to other factors
              the Compensation Committee may determine, including individual performance.

          

    
      

      

    

    
      A - 4

      
        
          

      

       

    

    	 	
            8.2.

          	
            An annual cash bonus may be awarded to Executive Officers upon the attainment of pre-set periodical objectives and individual targets
              determined by the Compensation Committee (and, if required by law, by the Board) for each fiscal year, or in connection with such officer’s engagement, in case of newly hired Executive Officers, taking into account Chemomab’s short and
              long-term goals, as well as its compliance and risk management policies. The Compensation Committee and the Board shall also determine applicable minimum thresholds that must be met for entitlement to the annual cash bonus (all or any portion
              thereof) and the formula for calculating any annual cash bonus payout, with respect to each fiscal year, for each Executive Officer. In special circumstances, as determined by the Compensation Committee and the Board (e.g., regulatory
              changes, significant changes in Chemomab’s business environment, a significant organizational change, significant merger and acquisition events, etc.), the Compensation Committee and the Board may modify the objectives and/or their relative
              weight during the fiscal year, or may modify payouts following the conclusion of the year.

          

    
      

      

    

    	 	
            8.3.

          	
            In the event that the employment of an Executive Officer is terminated prior to the end of a fiscal year, the Company may (but shall not
              be obligated to) pay such Executive Officer an annual cash bonus (which may or may not be pro-rated) assuming the Executive Officer is otherwise entitled to an annual cash bonus.

          

    
      

      

    

    	 	
            8.4.

          	
            The actual annual cash bonus to be paid to Executive Officers shall be approved by the Compensation Committee and the Board.

          

    
      

      

    

    	
            9.

          	
            Annual Cash Bonuses - The Formula

          

    
      

      

    

    
      Executive Officers other than the CEO

       

    

    	 	
            9.1.

          	
            The performance objectives for the annual cash bonus of Chemomab’s Executive Officers, other than the chief executive officer (the “CEO”), may be approved by Chemomab’s CEO (in lieu of the Compensation Committee) and may be based on company, division/ departmental/business unit and individual objectives. The Company may also grant
              annual cash bonuses to Chemomab’s Executive Officers, other than the CEO, on a discretionary basis.

          

    
      

      

    

    	 	
            9.2.

          	
            The target annual cash bonus that an Executive Officer, other than the CEO, will be entitled to receive for any given fiscal year, will
              not exceed 100% of such Executive Officer’s annual base salary.

          

    
      

      

    

    	 	
            9.3.

          	
            The maximum annual cash bonus, including for overachievement performance, that an Executive Officer, other than the CEO, will be
              entitled to receive for any given fiscal year, will not exceed 200% of such Executive Officer’s annual base salary.

          

    
      

      

    

    
      CEO

       

    

    	 	
            9.4.

          	
            The annual cash bonus of Chemomab’s CEO will be mainly based on measurable performance objectives and subject to minimum thresholds as
              provided in Section 8.2 above. Such measurable performance objectives will be determined annually by Chemomab’s Compensation Committee (and, if required by law, by Chemomab’s Board) and will be based on company and personal objectives.

          

    
      

      

    

    	 	
            9.5.

          	
            The less significant part of the annual cash bonus granted to Chemomab’s CEO, and in any event not more than 30% of the annual cash
              bonus, may be based on a discretionary evaluation of the CEO’s overall performance by the Compensation Committee and the Board based on quantitative and qualitative criteria.

          

    
      

      

    

    
      A - 5

      
        
          

      

       

    

    	 	
            9.6.

          	
            The target annual cash bonus that the CEO will be entitled to receive for any given fiscal year, will not exceed 100% of his or her
              annual base salary.

          

    
       

    

    	 	
            9.7.

          	
            The maximum annual cash bonus including for overachievement performance that the CEO will be entitled to receive for any given fiscal
              year, will not exceed 200% of his or her annual base salary.

          

    
       

    

    	
            10.

          	
            Other Bonuses

          

    
      

      

    

    	 	
            10.1.

          	
            Special Bonus. Chemomab may grant its Executive Officers a special bonus as an award for special achievements (such as in
              connection with mergers and acquisitions, offerings, achieving target budget or business plan objectives under exceptional circumstances, or special recognition in case of retirement) or as a retention award at the CEO’s discretion for
              Executive Officers other than the CEO (and in the CEO’s case, at the Compensation Committee’s and the Board’s discretion), subject to any additional approval as may be required by the Companies Law (the “Special
                Bonus”). Any such Special Bonus will not exceed 200% of the Executive Officer’s annual base salary. A Special Bonus can be paid, in whole or in part, in equity in lieu of cash and the value of any such equity component of a Special
              Bonus shall be determined in accordance with Section 13.3 below.

          

    
      

      

    

    	 	
            10.2.

          	
            Signing Bonus. Chemomab may grant a newly recruited Executive Officer a signing bonus.  Any such signing bonus shall be granted
              and determined at the CEO’s discretion for Executive Officers other than the CEO (and in the CEO’s case, at the Compensation Committee’s and the Board’s discretion), subject to any additional approval as may be required by the Companies Law
              (the “Signing Bonus”). Any such Signing Bonus will not exceed 100% of the Executive Officer’s annual base salary.

          

    
      

      

    

    	 	
            10.3.

          	
            Relocation/ Repatriation Bonus. Chemomab may grant its Executive Officers a special bonus in the event of relocation or
              repatriation of an Executive Officer to another geography, Any such bonus shall be granted and determined at the CEO’s discretion for Executive Officers other than the CEO (and in the CEO’s case, at the Compensation Committee’s and the
              Board’s discretion), subject to any additional approval as may be required by the Companies Law (the “Relocation Bonus”). Any such Relocation bonus will include customary benefits associated with such
              relocation and its monetary value will not exceed 100% of the Executive Officer’s annual base salary.

          

    
      

      

    

    	
            11.

          	
            Compensation Recovery (“Clawback”)

          

    
      

      

    

    	 	
            11.1.

          	
            In the event of an accounting restatement, Chemomab shall be entitled to recover from its Executive Officers the bonus compensation or
              performance-based equity compensation in the amount in which such compensation exceeded what would have been paid based on the financial statements, as restated, provided that a claim is made by Chemomab prior to the second anniversary
              following the filing of such restated financial statements.

          

    
      

      

    

    	 	
            11.2.

          	
            Notwithstanding the aforesaid, the compensation recovery will not be triggered in the following events:

          

    
      

      

    

    	 	
            11.2.1.

          	
            The financial restatement is required due to changes in the applicable financial reporting standards; or

          

    
      

      

    

    	 	
            11.2.2.

          	
            The Compensation Committee has determined that Clawback proceedings in the specific case would be impossible, impractical, or not
              commercially or legally efficient.

          

    
      

      

    

    	 	
            11.3.

          	
            Nothing in this Section 11 derogates from any other “Clawback” or similar provisions regarding disgorging of profits imposed on
              Executive Officers by virtue of applicable securities laws or a separate contractual obligation.

          

    
      

      

    

    
      A - 6

      
        
          

      

       

    

    
      D. Equity Based Compensation

       

    

    	
            12.

          	
            The Objective

          

    
      

      

    

    	 	
            12.1.

          	
            The equity-based compensation for Chemomab’s Executive Officers will be designed in a manner consistent with the underlying objectives
              of the Company in determining the base salary and the annual cash bonus, with its main objectives being to enhance the alignment between the Executive Officers’ interests with the long-term interests of Chemomab and its shareholders, and to
              strengthen the retention and the motivation of Executive Officers in the long term. In addition, since equity-based awards are structured to vest over several years, their incentive value to recipients is aligned with longer-term strategic
              plans.

          

    
      

      

    

    	 	
            12.2.

          	
            The equity-based compensation offered by Chemomab is intended to be in the form of share options and/or other equity-based awards, such
              as restricted shares, RSUs or performance stock units, in accordance with the Company’s equity incentive plan in place as may be updated from time to time.

          

    
      

      

    

    	 	
            12.3.

          	
            All equity-based incentives granted to Executive Officers (other than bonuses paid in equity in lieu of cash) shall normally be subject
              to vesting periods in order to promote long-term retention of the awarded Executive Officers. Unless determined otherwise in a specific award agreement or in a specific compensation plan approved by the Compensation Committee and the Board,
              grants to Executive Officers other than non-employee directors shall vest based on time, gradually over a period of at least 2-4 years, or based on performance. The exercise price of options shall be determined in accordance with Chemomab’s
              policies, the main terms of which shall be disclosed in the annual report of Chemomab

          

    
      

      

    

    	 	
            12.4.

          	
            All other terms of the equity awards shall be in accordance with Chemomab’s incentive plans and other related practices and policies.
              Accordingly, the Board may, following approval by the Compensation Committee, make modifications to such awards consistent with the terms of such incentive plans, subject to any additional approval as may be required by the Companies Law.

          

    
      

      

    

    	
            13.

          	
            General Guidelines for the Grant of Awards

          

    
      

      

    

    	 	
            13.1.

          	
            The equity-based compensation shall be granted from time to time and be individually determined and awarded according to the
              performance, educational background, prior business experience, qualifications, corporate role and the personal responsibilities of the Executive Officer.

          

    
      

      

    

    	 	
            13.2.

          	
            In determining the equity-based compensation granted to each Executive Officer, the Compensation Committee and the Board shall consider
              the factors specified in Section 13.1 above, and in any event, such equity-based compensation will not exceed: (i) with respect to the CEO –5% of the share capital of the Company on a fully diluted basis on the date of grant, in the
              aggregate;  (ii) with respect to each of the other Executive Officers 2% of the share capital of the Company on a fully diluted basis (for initial grants following appointment) and 0.5% of the share capital of the Company on a fully diluted
              basis (for annual grants).

          

    
      

      

    

    
      E. Retirement and Termination of Service Arrangements

       

    

    	
            14.

          	
            Advanced Notice Period

          

    
      

      

    

    
      Chemomab may provide an Executive Officer, on the basis of his/her seniority in the Company, his/her contribution to the Company’s goals and
        achievements and the circumstances of his/her retirement prior notice of termination of up to six (6) months, during which the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting of his/her
        equity-based compensation. Such advance notice may or may not be provided in addition to severance, provided, however, that the Compensation Committee shall take into consideration the Executive Officer’s entitlement to advance notice in
        establishing any entitlement to severance and vice versa.

       

    

    
      A - 7

      
        
          

      

       

    

    	
            15.

          	
            Adjustment Period

          

    
      

      

    

    
      Chemomab may provide an additional adjustment period of up to six (6) months to the CEO or to any other Executive Officer according to his/her
        seniority in the Company, his/her contribution to the Company’s goals and achievements and the circumstances of retirement, during which the Executive Officer may be entitled to all of the compensation elements, and to the continuation of vesting
        of his/her equity-based compensation.

       

    

    	
            16.

          	
            Additional Retirement and Termination Benefits

          

    
      

      

    

    
      Chemomab may provide additional retirement and terminations benefits and payments as may be required by applicable law (e.g., mandatory
        severance pay under Israeli labor laws), or which will be comparable to customary market practices.

       

    

    	
            17.

          	
            Non-Compete Grant

          

    
      

      

    

    
      Upon termination of employment and subject to applicable law, Chemomab may grant to its Executive Officers a non-compete grant as an incentive
        to refrain from competing with Chemomab for a defined period of time. The terms and conditions of the non-compete grant shall be decided by the Board and shall not exceed such Executive Officer’s monthly base salary multiplied by twelve (12).  The
        Board shall consider the existing entitlements of the Executive Officer in connection with the consideration of any non-compete grant.

       

    

    	
            18.

          	
            Limitation Retirement and Termination of Service Arrangements

          

    
      

      

    

    
      The total non-statutory payments under Section 14-17 above for a given Executive Officer shall not exceed the Executive Officer’s monthly base
        salary multiplied by twenty-four (24). The limitation under this Section 18 does not apply to benefits and payments provided under other chapters of this Policy.

       

    

    
      F. Exculpation, Indemnification and Insurance

       

    

    	
            19.

          	
            Exculpation

          

    
      

      

    

    
      Each and every Director and Executive Officer may be exempted in advance for all or any of his/her liability for damage in consequence of a
        breach of the duty of care, to the fullest extent permitted by applicable law.

       

    

    	
            20.

          	
            Insurance and Indemnification

          

    
      

      

    

    	 	
            20.1.

          	
            Chemomab may indemnify its directors and Executive Officers to the fullest extent permitted by applicable law, for any liability and
              expense that may be imposed on the director or the Executive Officer, as provided in the indemnity agreement between such individuals and Chemomab all subject to applicable law and the Company’s articles of association.

          

    
      

      

    

    	 	
            20.2.

          	
            Chemomab will provide directors’ and officers’ liability insurance (the “Insurance Policy”) for
              its directors and Executive Officers as follows:

          

    
      

      

    

    	 	
            20.2.1.

          	
            The limit of liability of the insurer shall not exceed the greater of $50 million or 50% of the Company’s market valuation at the time
              of approval of the Insurance Policy by the Compensation Committee; and

          

    
      

      

    

    	 	
            20.2.2.

          	
            The Insurance Policy, as well as the limit of liability and the premium for each extension or renewal shall be approved by the
              Compensation Committee (and, if required by law, by the Board) which shall determine that the sums are reasonable considering Chemomab’s exposures, the scope of coverage and the market conditions and that the Insurance Policy reflects the
              current market conditions and that it shall not materially affect the Company’s profitability, assets or liabilities.

          

    
      

      

    

    
      A - 8

      
        
          

      

       

    

    	 	
            20.3.

          	
            Upon circumstances to be approved by the Compensation Committee (and, if required by law, by the Board), Chemomab shall be entitled to
              enter into a “run off” Insurance Policy (the “Run-Off Policy”) of up to seven (7) years, with the same insurer or any other insurance, as follows:

          

    
      

      

    

    	 	
            20.3.1.

          	
            The limit of liability of the insurer shall not exceed the greater of $50 million or 50% of the Company’s market valuation at the time
              of approval by the Compensation Committee; and

          

    
      

      

    

    	 	
            20.3.2.

          	
            The Run-Off Policy, as well as the limit of liability and the premium for each extension or renewal shall be approved by the
              Compensation Committee (and, if required by law, by the Board) which shall determine that the sums are reasonable considering the Company’s exposures covered under such policy, the scope of coverage and the market conditions and that the
              Run-Off Policy reflects the current market conditions and that it shall not materially affect the Company’s profitability, assets or liabilities.

          

    
      

      

    

    	 	
            20.4.

          	
            Chemomab may extend an Insurance Policy in effect to include coverage for liability pursuant to a future public offering of securities
              as follows:

          

    
      

      

    

    	 	
            20.4.1.

          	
            The Insurance Policy, as well as the additional premium shall be approved by the Compensation Committee (and if required by law, by the
              Board) which shall determine that the sums are reasonable considering the exposures pursuant to such public offering of securities, the scope of coverage and the market conditions and that the Insurance Policy reflects the current market
              conditions, and that it does not materially affect the Company’s profitability, assets or liabilities.

          

    
      

      

    

    
      G. Arrangements upon Change of Control

       

    

    	
            21.

          	
            The following benefits may be granted to the Executive Officers (in addition to, or in lieu of,
              the benefits applicable in the case of any retirement or termination of service) upon or in connection with a “Change of Control” or, where applicable, in the event of a Change of Control following which the employment of the Executive
              Officer is terminated or adversely adjusted in a material way:

          

    
      

      

    

    	 	
            21.1.

          	
            Acceleration of vesting of outstanding options or other equity-based awards;

          

    
      

      

    

    	 	
            21.2.

          	
            Extension of the exercise period of equity-based grants for Chemomab’s Executive Officers for a period of up to one (1) year, following
              the date of termination of employment; and

          

    
      

      

    

    	 	
            21.3.

          	
            Up to an additional six (6) months of continued base salary and benefits following the date of termination of employment (the “Additional Adjustment Period”). For avoidance of doubt, such additional Adjustment Period may be in addition to the advance notice and adjustment periods pursuant to Sections 14 and 15 of this Policy, but
              subject to the limitation set forth in Section 18 of this Policy.

          

    
      

      

    

    	 	
            21.4.

          	
            A cash bonus not to exceed 200% of the Executive Officer’s annual base salary in case of an Executive Officer other than the CEO and
              250% in case of the CEO.

          

    
      

      

    

    
      H. Board of Directors Compensation

       

    

    
      All Chemomab’s non-employee Board members may be entitled to an annual cash fee retainer of up to $50,000 (and up to $100,000 for the
        chairperson of Chemomab’s Board), an annual committee membership fee retainer of up to $7,500, and an annual committee chairperson cash fee retainer of up to $15,000 (it is being clarified that the payment for the chairperson would be in lieu of
        (and not in addition) to the payments referenced above for committee membership.

       

    

    
      A - 9

      
        
          

      

       

    

    	
            23.

          	
            The compensation of the Company’s external directors, if any are required and elected, shall be in accordance with the Companies
              Regulations (Rules Regarding the Compensation and Expenses of an External Director), 5760-2000, as amended by the Companies Regulations (Relief for Public Companies Traded in Stock Exchange Outside of Israel), 5760-2000, as such regulations
              may be amended from time to time.

          

    
      

      

    

    	
            24.

          	
            Notwithstanding the provisions of Section 22 above, in special circumstances, such as in the case of a professional director, an expert
              director or a director who makes a unique contribution to the Company, such director’s compensation may be different than the compensation of all other directors and may be greater than the maximum amount allowed under Section 22.

          

    
      

      

    

    	
            25.

          	
            Each non-employee member of Chemomab’s Board (other than the chairperson of Chemomab’s Board) may be granted equity-based compensation
              not to exceed, per annum, 0.4% of the share capital of the Company on a fully diluted basis at the time of the grant. The chairperson of Chemomab’s Board may be granted equity-based compensation not to exceed, per annum, 1.0% of the share
              capital of the Company on a fully diluted basis at the time of the grant.

          

    
      

      

    

    	
            26.

          	
            All other terms of the equity awards shall be in accordance with Chemomab’s incentive plans and other related practices and policies.
              Accordingly, the Board may, following approval by the Compensation Committee, make modifications to such awards consistent with the terms of such incentive plans, subject to any additional approval as may be required by the Companies Law.

          

    
      

      

    

    	
            27.

          	
            In addition, members of Chemomab’s Board may be entitled to reimbursement of expenses in connection with the performance of their
              duties.

          

    
      

      

    

    	
            28.

          	
            The compensation (and limitations) stated under Section H will not apply to directors who serve as Executive Officers.

          

    
      

      

    

    
      I. Miscellaneous

       

    

    	
            29.

          	
            Nothing in this Policy shall be deemed to grant to any of Chemomab’s Executive Officers, employees, directors, or any third party any
              right or privilege in connection with their employment by or service to the Company, nor deemed to require Chemomab to provide any compensation or benefits to any person. Such rights and privileges shall be governed by applicable personal
              employment agreements or other separate compensation arrangements entered into between Chemomab and the recipient of such compensation or benefits. The Board may determine that none or only part of the payments, benefits and perquisites
              detailed in this Policy shall be granted, and is authorized to cancel or suspend a compensation package or any part of it.

          

    
      

      

    

    	
            30.

          	
            An Immaterial Change in the Terms of Employment of an Executive Officer other than the CEO may be approved by the CEO, provided that the
              amended terms of employment are in accordance with this Policy. An “Immaterial Change in the Terms of Employment” means a change in the terms of employment of an Executive Officer with an annual total cost to the Company not exceeding an
              amount equal to two (2) monthly base salaries of such employee.

          

    
      

      

    

    	
            31.

          	
            In the event that new regulations or law amendment in connection with Executive Officers’ and directors’ compensation will be enacted
              following the adoption of this Policy, Chemomab may follow such new regulations or law amendments, even if such new regulations are in contradiction to the compensation terms set forth herein.

          

    
       

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

       

      

    

    
      This Policy is designed solely for the benefit of Chemomab and none of the provisions thereof are intended to provide any rights or remedies
        to any person other than Chemomab.

       

    

    
      A - 10

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