Document:

Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES
PURCHASE AGREEMENT (the “Agreement”), dated as of September 19, 2013, is by and among Celsus Therapeutics
Plc, a public limited company formed under the laws of England and Wales (the “Company”), and each investor
identified on the signature pages hereto (individually, a “Buyer” and collectively, the “Buyers”).

 

RECITALS

 

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

B.The Company has
authorized the issuance of a minimum of USD$12,000,000 and up to USD$15,000,000 of ordinary shares, par value £0.01 per share
(the “Ordinary Shares” and such Ordinary Shares issued, the “Shares”), at a price equal to
$0.57 per Share (the “Per Share Purchase Price”).

 

C. Each Buyer wishes
to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, the aggregate number of Shares
set forth on such Buyer’s signature page.

 

D.At the Closing
(as defined below), the parties hereto shall execute and deliver a Registration Rights Agreement, in the form attached hereto as
Exhibit A (the “Registration Rights Agreement”), pursuant to which the Company has agreed to provide
certain registration rights with respect to the Registrable Securities (as defined in the Registration Rights Agreement), under
the 1933 Act and the rules and regulations promulgated thereunder, and applicable state securities laws.

 

E.The Shares are
referred to herein as the “Securities.”

 

AGREEMENT

 

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

 

		1.	PURCHASE AND SALE OF SECURITIES.

 

(a)              
Securities. Subject to the satisfaction (or waiver) of the conditions
set forth in Sections 7 and 8 below, the Company shall issue and sell to each Buyer, and each Buyer severally, but not jointly,
shall purchase from the Company on the Closing Date (as defined below), the number of Shares as is set forth on such Buyer’s
signature page.

 

(b)              
Purchase Price. The aggregate purchase price for the Shares to be
purchased by each Buyer (the “Purchase Price”) shall be the amount set forth on such Buyer’s signature
page.

 

    	 

    	 

    

 

(c)              
Closing. The closing (the “Closing”) of the purchase
of the Shares by the Buyers shall occur at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., 666 Third Avenue,
New York, New York 10017. The date and time of the Closing (the “Closing Date”) shall be 10:00 a.m., New York
time, on the first (1st) Business Day on which the conditions to the Closing set forth in Sections 6 and 7 below are
satisfied or waived (or such later date as is mutually agreed to by the Company and each Buyer). As used herein, “Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York, New York or London,
England are authorized or required by law to remain closed. 

 

(d)             
Payment of Purchase Price on Closing Date; Delivery of Shares. On
the Closing Date, (i) each Buyer shall pay its respective Purchase Price to the Company for the respective Shares to be issued
and sold to such Buyer at the Closing, by wire transfer of immediately available funds in accordance with the wire instructions
provided by the Company and (ii) the Company shall deliver instructions to the Company’s transfer agent for the issuance
of the number of Shares as is set forth on such Buyer’s signature page. Within two (2) Business Days of the Closing Date,
the Company shall deliver to each Buyer evidence of beneficial ownership from the Company’s transfer agent representing the
number of Shares as is set forth on such Buyer’s signature page. Upon the effectiveness of the initial Registration Statement
pursuant to Section 2(a) of the Registration Rights Agreement, the Company shall cause to be delivered ADSs (as defined herein)
representing the Shares to Buyer through the facilities of DTC or as otherwise directed by Buyer.

 

		2.	BUYER’S REPRESENTATIONS AND WARRANTIES.

 

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

 

(a)               
Organization; Authority. Such Buyer is an entity duly organized,
validly existing and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority
to enter into and to consummate the transactions contemplated by the Transaction Documents (as defined herein) to which it is a
party and otherwise to carry out its obligations hereunder and thereunder.

 

(b)              
No Public Sale or Distribution. Such Buyer is acquiring the Securities
for its own account and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation
of applicable securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making
the representations herein, such Buyer does not agree, or make any representation or warranty, to hold any of the Securities for
any minimum or other specific term and reserves the right to dispose of the Securities at any time in accordance with or pursuant
to a registration statement or an exemption under the 1933 Act. Such Buyer does not presently have any agreement or understanding,
directly or indirectly, with any Person to distribute any of the Securities in violation of applicable securities laws.

 

(c)               
Accredited Investor Status. Such Buyer is an “accredited investor”
as that term is defined in Rule 501(a) of Regulation D.

 

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(d)              
Reliance on Exemptions. Such Buyer understands that the Securities
are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal
and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Buyer’s compliance
with, the representations, warranties, agreements, acknowledgments and understandings of such Buyer set forth herein in order to
determine the availability of such exemptions and the eligibility of such Buyer to acquire the Securities. Such Buyer is not purchasing
the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any
newspaper, magazine or similar media or on the internet or broadcast over television, radio or internet or presented at any seminar
or, to its knowledge, any other general solicitation or general advertisement. 

 

(e)               
Information. Such Buyer and its advisors, if any, have been furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale
of the Securities which have been requested by such Buyer. Such Buyer and its advisors, if any, have been afforded the opportunity
to ask questions of the Company. Neither such inquiries nor any other due diligence investigation conducted by such Buyerr shall
modify, limit or otherwise affect such Buyer’s right to rely on the Company’s representations and warranties contained
in this Agreement. Such Buyer understands that its investment in the Securities involves a high degree of risk. Such Buyer has
sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect
to its acquisition of the Securities.

 

(f)               
No Governmental Review. Such Buyer understands that no United States
federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement
of the Securities or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed
the merits of the offering of the Securities.

 

(g)              
Limited Public Market; Transfer or Resale. Such Buyer understands
that a limited public market now exists for the ADSs representing the Securities, and that the Company has made no assurances that
a liquid public market will ever exist for the Securities. Such Buyer understands that except as provided in the Registration Rights
Agreement and Section 4(h) hereof: (i) the Securities have not been and are not being registered under the 1933 Act or any state
securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder,
(B) such Buyer shall have delivered to the Company (if requested by the Company) an opinion of counsel to such Buyer, in a form
reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred may be sold, assigned
or transferred pursuant to an exemption from such registration, or (C) such Buyer provides the Company with reasonable assurance
that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated under the 1933 Act (or
a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the Securities made in reliance on Rule
144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable, any resale of the Securities
under circumstances in which the seller (or the Person (as defined below) through whom the sale is made) may be deemed to be an
underwriter (as that term is defined in the 1933 Act) may require compliance with some other exemption under the 1933 Act or the
rules and regulations of the SEC promulgated thereunder; and (iii) except with respect to the obligations of the Company under
the Registration Rights Agreement, neither the Company nor any other Person is under any obligation to register the Securities
under the 1933 Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. If a Buyer
or any subsequent holder of the Securities proposes to transfer the Securities held by such Person pursuant to Rule 144, the Company
shall provide necessary opinions to its transfer agent, if requested, provided that such Buyer or such subsequent holder, as the
case may be, provides the necessary representations as requested by the Company’s counsel. 

 

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(h)              
Validity; Enforcement. This Agreement has been duly and validly authorized,
executed and delivered on behalf of such Buyer and constitutes the legal, valid and binding obligations of such Buyer enforceable
against such Buyer in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or
affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

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

 

(j)                
Certain Trading Activities. Such Buyer has not directly or indirectly,
nor has any Person acting on behalf of or pursuant to any understanding with such Buyer, engaged in any transactions in the securities
of the Company (including, without limitation, any Short Sales (as defined below) involving the Company’s securities) during
the period commencing as of the time that such Buyer received a term sheet (written or oral) from the Company in respect of the
specific investment in the Company contemplated by this Agreement and ending immediately prior to the execution of this Agreement
by such Buyer (it being understood and agreed that for all purposes of this Agreement, and without implication that the contrary
would otherwise be true, neither transactions nor purchases nor sales shall include the location and/or
reservation of borrowable Ordinary Shares). “Short Sales” means all “short sales” as defined
in Rule 200 promulgated under Regulation SHO under the Securities Exchange Act of 1934, as amended (the “1934 Act”).

 

		3.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

Except as set forth
in the Company’s Annual Report on Form 20-F (File No. 000-54749) as filed with the Securities and Exchange Commission (the
“SEC”) on March 22, 2013 (the “Form 20-F”), the Rule 424(b)(3) Prospectus filed on April
17, 2013 (the “Resale Prospectus”) and Reports of Foreign Private Issuer on Form 6-K filed on April 30, 2013,
May 2, 2013, May 8, 2013, May 22, 2013 and June 20, 2013 (the “Form 6-Ks”, and together with the Form 20-F and
Resale Prospectus, collectively, the “SEC Documents”), which disclosures in the SEC Documents shall be deemed
a part hereof and shall qualify any representation, warranty or otherwise made herein to the extent of the disclosure contained
therein, the Company represents and warrants to each of the Buyers that:

 

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(a)               
Organization and Qualification. Each of the Company and each of its
Subsidiaries are entities duly organized and validly existing and has paid all applicable franchise taxes under the laws of the
jurisdiction in which they are formed, and have the requisite power and authorization to own their properties and to carry on their
business as now being conducted and as presently proposed to be conducted. Each of the Company and each of its Subsidiaries is
duly qualified as a foreign entity to do business and is in good standing in every jurisdiction in which its ownership of property
or the nature of the business conducted by it makes such qualification necessary, except to the extent that the failure to be so
qualified or be in good standing would not, individually or in the aggregate, have a Material Adverse Effect. “Material
Adverse Effect” means any material adverse effect on (i) the business, properties, assets, liabilities, operations
(including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary, either individually
or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents or (iii) the authority
or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under any of the Transaction
Documents (as defined below). Other than Morria Biopharmaceuticals Inc. and Morria Biopharma Ltd., the Company has no Subsidiaries.
“Subsidiaries” means any Person in which the Company, directly or indirectly, (I) owns any of the outstanding
capital stock or holds any equity or similar interest of such Person or (II) controls or operates all or any part of the business,
operations or administration of such Person, and each of the foregoing, is individually referred to herein as a “Subsidiary.”

 

(b)              
Authorization; Enforcement; Validity. The Company has the requisite
power and authority to enter into and perform its obligations under this Agreement and the other Transaction Documents and to issue
the Securities in accordance with the terms hereof and thereof. Each Subsidiary has the requisite power and authority to enter
into and perform its obligations under the Transaction Documents to which it is a party. The execution and delivery of this Agreement
and the other Transaction Documents by the Company and its Subsidiaries, and the consummation by the Company and its Subsidiaries
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Shares) have been duly
authorized by the Company’s board of directors and each of its Subsidiaries’ board of directors or other governing
body, as applicable, and (other than the filing with the SEC of one or more Registration Statements in accordance with the requirements
of the Registration Rights Agreement, a Form D with the SEC and any other filings as may be required by any state securities agencies)
no further filing, consent or authorization is required by the Company, its Subsidiaries, their respective boards of directors
or their stockholders or other governing body. This Agreement has been, and the other Transaction Documents will be prior to the
Closing, duly executed and delivered by the Company, and each constitutes the legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by general
principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies and except as rights to indemnification
and to contribution may be limited by federal or state securities law (collectively, the “Enforceability Exceptions”).
“Transaction Documents” means, collectively, this Agreement and the Registration Rights Agreement and each of
the other agreements and instruments entered into or delivered by any of the parties hereto or any of the Subsidiaries in connection
with the transactions contemplated hereby and thereby, as may be amended from time to time. 

 

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(c)               
Issuance of Shares. The Shares are duly authorized and, when issued
and paid for in accordance with this Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive
or similar rights, taxes, liens, charges and other encumbrances with respect to the issue hereof. 

 

(d)              
Exemption from 1933 Act. Subject to the accuracy of the representations
and warranties of the Buyers in this Agreement, the offer and issuance by the Company of the Securities is exempt from registration
under the 1933 Act.

 

(e)               
No Conflicts. The execution, delivery and performance of the Transaction
Documents by the Company and its Subsidiaries and the consummation by the Company and its Subsidiaries of the transactions contemplated
hereby and thereby (including, without limitation, the issuance of the Shares) will not (i) result in a violation of the Memorandum
of Association (as defined below) (including, without limitation, any certificate of designation contained therein) or other organizational
documents of the Company or any of its Subsidiaries, any capital stock of the Company or any of its Subsidiaries or Articles of
Association (as defined below) of the Company or any of its Subsidiaries, (ii) except as set forth on Schedule 3(e),
result in the adjustment of the exercise, conversion or exchange price and/or ratio in respect of any securities of the Company
or any of its Subsidiaries, result in any such securities exercisable, convertible or exchangeable for a greater number of underlying
securities, or require the approval or the receipt of waivers from any holders of any instrument or class of securities or counterparties
to any agreement or understanding to which the Company or any Subsidiary is a party, (iii) conflict with, or constitute a default
(or an event which with notice or lapse of time or both would become a default) under, give to others any rights of termination,
amendment, acceleration or cancellation of, any indenture, agreement, note, lease, mortgage, deed or other instrument to which
the Company or any of its Subsidiaries is a party, or (iv) result in a violation of any law, rule, regulation, order, judgment
or decree (including, without limitation, foreign, federal and state securities laws and regulations) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except,
in the case of clause (ii), (iii) or (iv) above, to the extent such violations that would not reasonably be expected to have a
Material Adverse Effect.

 

(f)               
No Violation. Neither the Company nor any of its Subsidiaries is
(i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred
that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term,
covenant or condition contained in any indenture, agreement, note, lease, mortgage, deed or other instrument to which the Company
or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property
or assets of the Company or any of its Subsidiaries is subject; or (iii) in violation of any law, rule, regulation, order, judgment
or decree (including, without limitation, foreign, federal and state securities laws and regulations) applicable to the Company
or any of its Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected except,
in the case of clause (ii) or (iii) above, to the extent such violations that would not reasonably be expected to have a Material
Adverse Effect.

 

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(g)              
Consents. Neither the Company nor any Subsidiary is required to obtain
any consent from, authorization or order of, or make any filing or registration with (other than the filing with the SEC of one
or more Registration Statements in accordance with the requirements of the Registration Rights Agreement, a Form D with the SEC
and any other filings as may be required by any state securities agencies), any court, governmental agency or any regulatory or
self-regulatory agency or any other Person in order for it to execute, deliver or perform any of its respective obligations under,
or contemplated by, the Transaction Documents, in each case, in accordance with the terms hereof or thereof. All consents, authorizations,
orders, filings and registrations which the Company or any Subsidiary is required to obtain have been obtained or effected, and
neither the Company nor any of its Subsidiaries are aware of any facts or circumstances which might prevent the Company or any
Subsidiary from obtaining or effecting any of the registration, application or filings contemplated by the Transaction Documents.

 

(h)              
Acknowledgment Regarding Buyer’s Purchase of Securities. The
Company acknowledges and agrees that each Buyer is acting solely in the capacity of an arm’s length purchaser with respect
to the Transaction Documents and the transactions contemplated hereby and thereby. The Company further acknowledges that no Buyer
is acting as a financial advisor or fiduciary of the Company or any of its Subsidiaries (or in any similar capacity) with respect
to the Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by a Buyer or any of its
representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and thereby is
merely incidental to such Buyer’s purchase of the Securities. The Company further represents to each Buyer that the Company’s
and each Subsidiary’s decision to enter into the Transaction Documents to which it is a party has been based solely on the
independent evaluation by the Company, each Subsidiary and their respective representatives.

 

(i)                
No General Solicitation; Placement Agent’s Fees. Neither the
Company, nor any of its Subsidiaries or affiliates, nor any Person acting on its or their behalf, has engaged in any form of general
solicitation or general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.
The Company shall be responsible for the payment of any placement agent’s fees, financial advisory fees, or brokers’
commissions (other than for Persons engaged by any Buyer or its investment advisor) relating to or arising out of the transactions
contemplated hereby. Except as set forth on Schedule 3(i), neither the Company
nor any of its Subsidiaries has engaged any placement agent or other agent in connection with the offer or sale of the Securities.

 

(j)                
No Integrated Offering. None of the Company, its Subsidiaries or
any of their affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security
or solicited any offers to buy any security, under circumstances that would require registration of the issuance of any of the
Securities under the 1933 Act, whether through integration with prior offerings or otherwise, or cause this offering of the Securities
to require approval of stockholders of the Company under any applicable stockholder approval provisions. None of the Company, its
Subsidiaries, their affiliates nor any Person acting on their behalf will take any action or steps that would require registration
of the issuance of any of the Securities under the 1933 Act or cause the offering of any of the Securities to be integrated with
other offerings of securities of the Company.

 

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(k)              
Dilutive Effect. The Company acknowledges that its obligation to
issue the Shares in accordance with this Agreement is absolute and unconditional, regardless of any dilutive effect that such issuance
may have on the ownership interests of other stockholders of the Company.

 

(l)                
Application of Takeover Protections; Rights Agreement. The Company
and its board of directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition,
interested stockholder, business combination, poison pill (including, without limitation, any distribution under a rights agreement)
or other similar anti-takeover provision under the Memorandum of Association, the Articles of Association, Bylaws or other organizational
documents or the laws of the jurisdiction of its incorporation or otherwise which is or could become applicable to any Buyer as
a result of the transactions contemplated by this Agreement, including, without limitation, the Company’s issuance of the
Securities and any Buyer’s ownership of the Securities. The Company and its board of directors have taken all necessary action,
if any, in order to render inapplicable any stockholder rights plan or similar arrangement relating to accumulations of beneficial
ownership of Ordinary Shares or a change in control of the Company or any of its Subsidiaries.

 

(m)            
SEC Documents; Financial Statements. Since January 1, 2013, the Company
has timely filed all reports, schedules, forms, statements and other documents required to be filed by it with the SEC pursuant
to the reporting requirements of the 1934 Act (all of the foregoing filed prior to the date hereof and all exhibits included therein
and financial statements, notes and schedules thereto and documents incorporated by reference therein being hereinafter referred
to as the “SEC Reports”). The Company has delivered to the Buyers or their respective representatives true,
correct and complete copies of each of the SEC Reports not available on the EDGAR system. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated
thereunder applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading. As of their respective
dates, the financial statements of the Company included in the SEC Reports complied in all material respects with applicable accounting
requirements and the published rules and regulations of the SEC with respect thereto as in effect as of the time of filing. Such
financial statements have been prepared in accordance with generally accepted accounting principles, consistently applied, during
the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the
case of unaudited interim statements, to the extent they may exclude footnotes or may be condensed or summary statements) and fairly
present in all material respects the financial position of the Company as of the dates thereof and the results of its operations
and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal year-end audit adjustments which
will not be material, either individually or in the aggregate). No other information provided by or on behalf of the Company to
any of the Buyers which is not included in the SEC Reports contains any untrue statement of a material fact or omits to state any
material fact necessary, in order to make the statements therein not misleading, in light of the circumstances under which they
are or were made.

 

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(n)              
Absence of Certain Changes. Since the date of the latest audited
financial statements contained in the Form 20-F and except as disclosed in the SEC Documents, there has been no material adverse
change and no material adverse development in the business, assets, liabilities, properties, operations (including results thereof),
condition (financial or otherwise) or prospects of the Company or any of its Subsidiaries. Except as disclosed in the SEC Documents,
neither the Company nor any of its Subsidiaries has (i) declared or paid any dividends, (ii) sold any assets, individually or in
the aggregate, outside of the ordinary course of business or (iii) made any material capital expenditures, individually or in the
aggregate. Neither the Company nor any of its Subsidiaries has taken any steps to seek protection pursuant to any law or statute
relating to bankruptcy, insolvency, reorganization, receivership, liquidation or winding up, nor does the Company or any Subsidiary
have any knowledge or reason to believe that any of their respective creditors intend to initiate involuntary bankruptcy proceedings
or any actual knowledge of any fact which would reasonably lead a creditor to do so.

 

(o)              
No Undisclosed Events, Liabilities, Developments or Circumstances.
No event, liability, development or circumstance has occurred or exists, or is reasonably expected to occur or exist with respect
to the Company, any of its Subsidiaries or any of their respective businesses, properties, liabilities, prospects, operations (including
results thereof) or condition (financial or otherwise), that has not been disclosed to the Buyers and could reasonably likely have
a Material Adverse Effect. 

 

(p)              
Conduct of Business; Regulatory Permits; No Violations. Neither the
Company nor any of its Subsidiaries is in violation of any term of or in default under its Memorandum of Association, Articles
of Association, Certificate of Incorporation, any certificate of designation, preferences or rights of any other outstanding series
of preferred stock of the Company or any of its Subsidiaries or Bylaws or their organizational charter, certificate of formation
or certificate of incorporation or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation of any
judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries (including,
without limitation, foreign, federal and state securities laws and regulations), and neither the Company nor any of its Subsidiaries
will conduct its business in violation of any of the foregoing, except in all cases for possible violations which could not, individually
or in the aggregate, have a Material Adverse Effect. The Company and each of its Subsidiaries possess all certificates, authorizations
and permits issued by the appropriate regulatory authorities necessary to conduct their respective businesses, except where the
failure to possess such certificates, authorizations or permits would not have, individually or in the aggregate, a Material Adverse
Effect, and neither the Company nor any such Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such certificate, authorization or permit.

 

(q)              
Foreign Corrupt Practices. Neither the Company nor any of its Subsidiaries
nor any director, officer, agent, employee or other Person acting on behalf of the Company or any of its Subsidiaries has, in the
course of its actions for, or on behalf of, the Company or any of its Subsidiaries (i) used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any
provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence
payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

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(r)                
Transactions With Affiliates. Except as disclosed in the SEC Documents,
none of the officers, directors, employees or affiliates of the Company or any of its Subsidiaries is presently a party to any
transaction with the Company or any of its Subsidiaries (other than for ordinary course services as employees, officers or directors),
including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental
of real or personal property to or from, or otherwise requiring payments to or from any such officer, director, employee or affiliate
or, to the knowledge of the Company or any of its Subsidiaries, any corporation, partnership, trust or other Person in which any
such officer, director, employee or affiliate has a substantial interest or is an employee, officer, director, trustee or partner.

 

(s)               
Equity Capitalization. As of the date hereof, the issued capital
stock of the Company consists of (i) 14,040,809 issued and outstanding Ordinary Shares and 9,353,652 Ordinary Shares reserved for
issuance pursuant to capital stock or other securities of the Company or any of its Subsidiaries that are at any time and under
any circumstances directly or indirectly convertible into, exercisable or exchangeable for, or which otherwise entitles the holder
thereof to acquire, any capital stock or other security of the Company or any of its Subsidiaries (“Convertible Securities”)
(other than relating to the Securities), (ii) 633,333 deferred B shares of £0.001 each, which were previously issued and
have all expired, and (iii) 400,000 deferred C shares of £0.001 each, which were previously issued and have all expired.
3,748,266 shares of the Company’s issued and outstanding Ordinary Shares, on a fully diluted basis, on the date hereof are
owned by a Person who is an “affiliate” (as defined in Rule 405 of the 1933 Act) of the Company or any of its Subsidiaries.
Except as disclosed in the SEC Documents or as set forth on Schedule 3(s),
(i) none of the Company’s or any Subsidiary’s capital stock is subject to preemptive rights or any other similar rights
or any liens or encumbrances suffered or permitted by the Company or any Subsidiary; (ii) there are no outstanding options, warrants,
scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible
into, or exercisable or exchangeable for, any capital stock of the Company or any of its Subsidiaries, or contracts, commitments,
understandings or arrangements by which the Company or any of its Subsidiaries is or may become bound to issue additional capital
stock of the Company or any of its Subsidiaries or options, warrants, scrip, rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities or rights convertible into, or exercisable or exchangeable for, any capital stock
of the Company or any of its Subsidiaries; (iii) there are no outstanding debt securities, notes, credit agreements, credit facilities
or other agreements, documents or instruments evidencing Indebtedness of the Company or any of its Subsidiaries or by which the
Company or any of its Subsidiaries is or may become bound; (iv) there are no financing statements securing obligations in any amounts
filed in connection with the Company or any of its Subsidiaries; (v) except for shares to be issued pursuant to price protection
and most favored nation provisions triggered by the issuance of the Shares pursuant to the Securities Purchase Agreement as set
forth on Schedule 3(s), there are no agreements or arrangements under which
the Company or any of its Subsidiaries is obligated to register the sale of any of their securities under the 1933 Act (except
pursuant to the Registration Rights Agreement); (vi) there are no outstanding securities or instruments of the Company or any of
its Subsidiaries which contain any redemption or similar provisions, and there are no contracts, commitments, understandings or
arrangements by which the Company or any of its Subsidiaries is or may become bound to redeem a security of the Company or any
of its Subsidiaries; (vii) there are no securities or instruments containing anti-dilution or similar provisions that will be triggered
by the issuance of the Securities and (viii) neither the Company nor any Subsidiary has any stock appreciation rights, restricted
stock units or “phantom stock” plans or agreements or any similar plan or agreement. The Company has furnished to the
Buyers true, correct and complete copies of the Company’s Memorandum of Association, as amended and as in effect on the date
hereof (the “Memorandum of Association”), and the Company’s Articles of Association, as amended and as
in effect on the date hereof (the “Articles of Association”), and the terms of all securities convertible into,
or exercisable or exchangeable for, Ordinary Shares and the material rights of the holders thereof
in respect thereto. 

 

    	10

    	 

    

 

(t)                
Indebtedness and Other Contracts. Neither the Company nor any of
its Subsidiaries (i) has any outstanding Indebtedness (as defined below), (ii) is a party to any contract, agreement or instrument,
the violation of which, or default under which, by the other party(ies) to such contract, agreement or instrument could reasonably
be expected to result in a Material Adverse Effect, (iii) is in violation of any term of, or in default under, any contract, agreement
or instrument relating to any Indebtedness, except where such violations and defaults would not result, individually or in the
aggregate, in a Material Adverse Effect, or (iv) is a party to any contract, agreement or instrument relating to any Indebtedness,
the performance of which, in the judgment of the Company’s officers, has or is expected to have a Material Adverse Effect.
The Company has furnished to the Buyers true, correct and complete copies of all indentures, agreements, notes, leases, mortgages,
deeds or other instruments to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound
or affected that is material to the Company or any Subsidiary. “Indebtedness” of any Person means, without duplication
(A) all indebtedness for borrowed money, (B) all obligations issued, undertaken or assumed as the deferred purchase price of property
or services (including, without limitation, “capital leases” in accordance with GAAP), other than (i) trade payables
entered into in the ordinary course of business, (ii) trade payables entered into in the ordinary course of business and trade
payables relating to or arising from services provided by the Company’s counsel, (C) all reimbursement or payment obligations
with respect to letters of credit, surety bonds and other similar instruments, (D) all obligations evidenced by notes, bonds, debentures
or similar instruments, or guarantees thereof, including obligations so evidenced incurred in connection with the acquisition of
property, assets or businesses, (E) all indebtedness created or arising under any conditional sale or other title retention agreement,
or incurred as financing, in either case with respect to any property or assets acquired with the proceeds of such indebtedness
(even though the rights and remedies of the seller or bank under such agreement in the event of default are limited to repossession
or sale of such property), (F) all monetary obligations under any leasing or similar arrangement which, in connection with GAAP,
consistently applied for the periods covered thereby, is classified as a capital lease, (G) all indebtedness referred to in clauses
(A) through (F) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any mortgage, lien, pledge, charge, security interest or other encumbrance upon or in any property or assets
(including accounts and contract rights) owned by any Person, even though the Person which owns such assets or property has not
assumed or become liable for the payment of such indebtedness, and (H) all Contingent Obligations in respect of indebtedness or
obligations of others of the kinds referred to in clauses (A) through (G) above; provided,
however, that, for the avoidance of doubt, any deferred compensation in
respect of any of the Company’s officers, directors, employees, agents or consultants shall not be deemed to constitute Indebtedness.
“Contingent Obligation” means, as to any Person, any direct or indirect liability, contingent or otherwise,
of that Person with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or
intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability
that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders
of such liability will be protected (in whole or in part) against loss with respect thereto. “Person” means
an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity and a government or any department or agency thereof. 

 

    	11

    	 

    

 

(u)              
Absence of Litigation. There is no action, suit, proceeding, inquiry
or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the
knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries, the Ordinary
Shares or any of the Company’s or its Subsidiaries’ officers or directors which is outside of the ordinary course
of business or individually or in the aggregate material to the Company or any of its Subsidiaries. There has not been, and to
the knowledge of the Company, there is not pending or contemplated, any investigation by the SEC involving the Company, any of
its Subsidiaries or any current or former director or officer of the Company or any of its Subsidiaries.

 

(v)              
Insurance. The Company and each of its Subsidiaries are insured by
insurers of recognized financial responsibility against such losses and risks and in such amounts as management of the Company
believes to be prudent and customary in the businesses in which the Company and its Subsidiaries are engaged. Neither the Company
nor any such Subsidiary has been refused any insurance coverage sought or applied for, and neither the Company nor any such Subsidiary
has any reason to believe that it will be unable to renew its existing insurance coverage as and when such coverage expires or
to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material
Adverse Effect.

 

(w)            
Employee Relations. Neither the Company nor any of its Subsidiaries
is a party to any collective bargaining agreement or employs any member of a union. The Company believes that its and its Subsidiaries’
relations with their respective employees are good. No executive officer (as defined in Rule 501(f) promulgated under the 1933
Act) or other key employee of the Company or any of its Subsidiaries has notified the Company or any such Subsidiary that such
officer intends to leave the Company or any such Subsidiary or otherwise terminate such officer’s employment with the Company
or any such Subsidiary. No executive officer or other key employee of the Company or any of its Subsidiaries is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement,
non-competition agreement, or any other contract or agreement or any restrictive covenant, and the continued employment of each
such executive officer or other key employee (as the case may be) does not subject the Company or any of its Subsidiaries to any
liability with respect to any of the foregoing matters. The Company and its Subsidiaries are in compliance with all federal, state,
local and foreign laws and regulations respecting labor, employment and employment practices and benefits, terms and conditions
of employment and wages and hours, except where failure to be in compliance would not, either individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.

 

    	12

    	 

    

 

(x)              
Title. The Company and its Subsidiaries have good and marketable
title in fee simple to all real property, and have good and marketable title to all personal property, owned by them which is material
to the business of the Company and its Subsidiaries, in each case, free and clear of all liens, encumbrances and defects except
such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company and any of its Subsidiaries. Any real property and facilities held under lease by the Company or any of
its Subsidiaries are held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do
not interfere with the use made and proposed to be made of such property and buildings by the Company or any of its Subsidiaries.

 

(y)              
Intellectual Property Rights. The Company and its Subsidiaries own
or possess adequate rights or licenses to use all trademarks, trade names, service marks, service mark registrations, service names,
patents, patent rights, copyrights, original works, inventions, licenses, approvals, governmental authorizations, trade secrets
and other intellectual property rights and all applications and registrations therefor (“Intellectual Property Rights”)
necessary to conduct their respective businesses as now conducted and as presently proposed to be conducted. None of the Company’s
or its Subsidiaries’ Intellectual Property Rights have expired, terminated or been abandoned, or are expected to expire,
terminate or be abandoned, within three years from the date of this Agreement. The Company has no knowledge of any infringement
by the Company or any of its Subsidiaries of Intellectual Property Rights of others. There is no claim, action or proceeding being
made or brought, or to the knowledge of the Company or any of its Subsidiaries, being threatened, against the Company or any of
its Subsidiaries regarding their Intellectual Property Rights. The Company is not aware of any facts or circumstances which might
give rise to any of the foregoing infringements or claims, actions or proceedings. The Company and each of its Subsidiaries have
taken reasonable security measures to protect the secrecy, confidentiality and value of all of their Intellectual Property Rights.

 

(z)               
Environmental Laws. The Company and its Subsidiaries (i) are in compliance
with all Environmental Laws (as defined below), (ii) have received all permits, licenses or other approvals required of them under
applicable Environmental Laws to conduct their respective businesses and (iii) are in compliance with all terms and conditions
of any such permit, license or approval where, in each of the foregoing clauses (i), (ii) and (iii), the failure to so comply could
be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect. “Environmental Laws”
means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment (including,
without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including, without limitation,
laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous
substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well
as all authorizations, codes, decrees, demands or demand letters, injunctions, judgments, licenses, notices or notice letters,
orders, permits, plans or regulations issued, entered, promulgated or approved thereunder.

 

    	13

    	 

    

 

(aa)           
Tax Status. The Company and each of its Subsidiaries (i) has timely
made or filed all foreign, federal and state income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject, (ii) has timely paid all taxes and other governmental assessments and charges that are material in amount,
shown or determined to be due on such returns, reports and declarations, except those being contested in good faith and (iii) has
set aside on its books provision reasonably adequate for the payment of all taxes for periods subsequent to the periods to which
such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Company and its Subsidiaries know of no basis for any such claim. The Company is not
operated in such a manner as to qualify as a passive foreign investment company, as defined in Section 1297 of the U.S. Internal
Revenue Code of 1986, as amended.

 

(bb)          
Investment Company Status. The Company is not, and upon consummation
of the sale of the Securities will not be, an “investment company,” an affiliate of an “investment company,”
a company controlled by an “investment company” or an “affiliated person” of, or “promoter”
or “principal underwriter” for, an “investment company” as such terms are defined in the Investment Company
Act of 1940, as amended. 

 

(cc)           
Public Utility Holding Act. None of the Company nor any of its Subsidiaries
is a “holding company,” or an “affiliate” of a “holding company,” as such terms are defined
in the Public Utility Holding Act of 2005.

 

(dd)         
Federal Power Act. None of the Company nor any of its Subsidiaries
is subject to regulation as a “public utility” under the Federal Power Act, as amended.

 

(ee)           
Real Property. Each of the Company and its Subsidiaries holds good
title to all real property, leases in real property, or other interests in real property owned or held by the Company or any of
its Subsidiaries (the “Real Property”) owned by the Company or any of its Subsidiaries (as applicable). The
Real Property is free and clear of all mortgages, defects, claims, liens, pledges, charges, taxes, rights of first refusal, encumbrances,
security interests and other encumbrances (collectively “Encumbrances”) and is not subject to any rights of
way, building use restrictions, exceptions, variances, reservations, or limitations of any nature except for (a) liens for current
taxes not yet due, and (b) zoning laws and other land use restrictions that do not impair the present or anticipated use of the
property subject thereto.

 

(ff)            
Illegal or Unauthorized Payments; Political Contributions. Neither
the Company nor any of its Subsidiaries nor, to the best of the Company’s knowledge (after reasonable inquiry of its officers
and directors), any of the officers, directors, employees, agents or other representatives of the Company or any of its Subsidiaries
or any other business entity or enterprise with which the Company or any Subsidiary is or has been affiliated or associated, has,
directly or indirectly, made or authorized any payment, contribution or gift of money, property, or services, whether or not in
contravention of applicable law, (a) as a kickback or bribe to any Person or (b) to any political organization, or the holder of
or any aspirant to any elective or appointive public office except for personal political contributions not involving the direct
or indirect use of funds of the Company or any of its Subsidiaries.

 

    	14

    	 

    

 

(gg)          
Money Laundering. The Company and its Subsidiaries are in compliance
with, and have not previously violated, the USA Patriot Act of 2001 and all other applicable U.S. and non-U.S. anti-money laundering
laws and regulations, including, without limitation, the laws, regulations and Executive Orders and sanctions programs administered
by the U.S. Office of Foreign Assets Control, including, without limitation, (i) Executive Order 13224 of September 23, 2001 entitled,
“Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism”
(66 Fed. Reg. 49079 (2001)); and (ii) any regulations contained in 31 CFR, Subtitle B, Chapter V.

 

(hh)          
FDA. As to each product subject to the jurisdiction of the U.S. Food
and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations
thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the
Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”), such Pharmaceutical Product
is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance with all applicable
requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket clearance,
licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product listing,
quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have
a Material Adverse Effect. There is no pending, completed or, to the Company's knowledge, threatened, action (including any lawsuit,
arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation) against the Company or any
of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication
from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration, or approval
of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion
of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or
orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company
or any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any
of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries,
and which, either individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations
of the Company have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations
of the FDA or applicable foreign jurisdiction regulatory bodies.  The Company has not been informed by the FDA that the FDA
will prohibit the marketing, sale, license or use in the United States of any product proposed to be developed, produced or marketed
by the Company nor has the FDA expressed any concern as to approving or clearing for marketing any product being developed or proposed
to be developed by the Company.

 

(ii)              
Accountants. The Company’s accounting firm is Kost, Forer,
Gabbay & Kasserier, a member of Ernst &Young Global.  To the knowledge and belief of the Company, such accounting
firm: (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect
to the financial statements to be included in the Company’s Annual Report for the fiscal year ending December 31, 2013.

 

    	15

    	 

    

 

(jj)              
Regulation M Compliance. The Company has not, and to its knowledge
no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold,
bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay
to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case
of clauses (ii) and (iii), compensation paid to the Company’s placement agents in connection with the placement of the Securities.

 

(kk)          
Disclosure. The Company understands and confirms that each of the
Buyers will rely on the foregoing representations in effecting transactions in securities of the Company. All disclosure provided
to the Buyers regarding the Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including
the schedules to this Agreement, furnished by or on behalf of the Company or any of its Subsidiaries is true and correct and does
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. Each press release issued by the Company
or any of its Subsidiaries during the twelve (12) months preceding the date of this Agreement did not at the time of release contain
any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to
make the statements therein, in the light of the circumstances under which they are made, not misleading. No event or circumstance
has occurred or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties,
liabilities, prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable
law, rule or regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not
been so publicly disclosed. The Company acknowledges and agrees that no Buyer makes or has made any representations or warranties
with respect to the transactions contemplated hereby other than those specifically set forth in Section 2.

 

		4.	COVENANTS.

 

(a)               
Reasonable Efforts. Each Buyer shall use its commercially reasonable
efforts to timely satisfy each of the conditions to be satisfied by it as provided in Section 6 of this Agreement. The Company
shall use its commercially reasonable efforts to timely satisfy each of the conditions to be satisfied by it as provided in Section
7 of this Agreement.

 

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

 

    	16

    	 

    

 

(c)               
Reporting Status. Until the earlier to occur of (i) the date on which
the Buyers shall have sold all of the Registrable Securities or (ii) the five (5) year anniversary of the date of this Agreement
(such period is referred to herein as the “Reporting Period”), the Company shall timely file all reports
required to be filed with the SEC pursuant to the 1934 Act, and the Company shall not terminate its status as an issuer required
to file reports under the 1934 Act even if the 1934 Act or the rules and regulations thereunder would no longer require or otherwise
permit such termination.

 

(d)              
Use of Proceeds. The Company shall use the net proceeds from the
sale of the Securities for research and development of the Company’s product candidates, working capital and general corporate
purposes.

 

(e)               
Financial Information. The Company agrees to send the following to
each Investor (as defined in the Registration Rights Agreement) during the Reporting Period unless the following are publicly filed
with the SEC through EDGAR or are otherwise available to the public, (i) within three (3) Business Days after the filing thereof
with the SEC, a copy of its Annual Reports on Form 20-F (or Form 10-K, if applicable), any interim reports or any consolidated
balance sheets, income statements, stockholders’ equity statements and/or cash flow statements for any period other than
annual, any Reports of Foreign Private Issuer on Form 6-K and any registration statements (other than on Form S-8) or amendments
filed pursuant to the 1933 Act, (ii) on the same day as the release thereof, facsimile copies of all press releases issued by the
Company or any of its Subsidiaries and (iii) copies of any notices and other information made available or given to the stockholders
of the Company generally, contemporaneously with the making available or giving thereof to the stockholders. The Company’s
filing on EDGAR shall be deemed to satisfy this requirement.

 

(f)               
Listing or Quotation. The Company shall take all necessary actions
to obtain listing or quotation for trading of the Ordinary Shares or American depositary shares
or receipts representing the Ordinary Shares (the “ADSs”) on the OTC Bulletin Board (or any successor) (the
“Principal Market”). If the Ordinary Shares or ADSs becomes listed or designated
for quotation on any other Eligible Market (as defined below), then the Company shall promptly secure the listing or designation
for quotation (as the case may be) of all of the Registrable Securities (or ADSs representing such Registrable Securities) upon
each national securities exchange and automated quotation system, if any, upon which the Ordinary Shares
or ADSs are then listed or designated for quotation (as the case may be) (subject to official notice of issuance) and shall maintain
such listing or designation for quotation (as the case may be) of all Registrable Securities (or ADSs representing such Registrable
Securities) from time to time issuable under the terms of the Transaction Documents on such then applicable national securities
exchange or automated quotation system. The Company shall take all necessary actions to maintain the Ordinary
Shares’ (or ADSs representing such Registrable Securities) trading on the Principal Market. If in the future, the
Ordinary Shares or ADSs become listed or designated for quotation on any of The New York Stock
Exchange, the NYSE MKT, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market (each, together
with the Principal Market, an “Eligible Market”), the Company shall maintain the Ordinary
Shares of ADSs’ listing or designation for quotation (as the case may be) on such market. Neither the Company nor
any of its Subsidiaries shall take any action which could be reasonably expected to result in the delisting or suspension of the
Ordinary Shares or ADSs on an Eligible Market on which the Ordinary
Shares or ADSs are then traded, listed or designated for quotation. The Company shall take such actions and do all things
reasonably necessary or appropriate to assist the Buyer in exchanging any Shares for ADSs. The Company shall pay all fees and expenses
in connection with satisfying its obligations under this Section 4(f).

 

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(g)              
Fees; Expenses. The Company shall be responsible for the payment
of any placement agent’s fees, financial advisory fees, or broker’s commissions (other than for Persons engaged by
any Buyer) claimed by any person or entity as a result of commitments made by the Company and relating to or arising out of the
transactions contemplated hereby. The Company shall pay, and hold each Buyer harmless against, any liability, loss or expense (including,
without limitation, reasonable attorneys’ fees and out-of-pocket expenses) arising in connection with any claim relating
to any such payment, except for payments that are determined to be due to such third parties as a result of commitments made by
the Buyers. Except as otherwise set forth in the Transaction Documents, each party to this Agreement shall bear its own expenses
in connection with the sale of the Securities to the Buyers.

 

(h)              
Pledge of Securities. Notwithstanding anything to the contrary contained
in this Agreement, the Company acknowledges and agrees that the Securities may be pledged by a Buyer in connection with a bona
fide margin agreement or other loan or financing arrangement that is secured by the Securities. The pledge of Securities shall
not be deemed to be a transfer, sale or assignment of the Securities hereunder, and no Buyer effecting a pledge of Securities shall
be required to provide the Company with any notice thereof or otherwise make any delivery to the Company pursuant to this Agreement
or any other Transaction Document. The Company hereby agrees to execute and deliver such documentation as a pledgee of the Securities
may reasonably request in connection with a pledge of the Securities to such pledgee by a Buyer.

 

(i)                
Disclosure of Transactions and Other Material Information. The Company
shall, on or before 8:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement, file
a Report of Foreign Private Issuer on Form 6-K describing all the material terms of the transactions contemplated by the Transaction
Documents in the form required by the 1934 Act and attaching all the material Transaction Documents (including, without limitation,
this Agreement (and all exhibits and schedules to this Agreement, other than the Disclosure Schedules), and the form of the Registration
Rights Agreement) (including all attachments, the “6-K Filing”); provided, however, that if the Company issues
a press release on or before 8:30 a.m., New York time, on the first (1st) Business Day after the date of this Agreement,
which press release contains a description of all material terms of the transactions contemplated by the Transaction Documents,
the Company shall be permitted to make the 6-K Filing on or before 5:30 p.m., New York time, on the fourth (4th) Business
Day after the date of this Agreement. From and after the issuance of the press release or 6-K Filing, whichever is earlier, the
Company shall have disclosed all material, non-public information (if any) delivered to any of the Buyers by the Company or any
of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated
by the Transaction Documents. From and after the Closing Date, the Company shall not, and the Company shall cause each of its Subsidiaries
and each of its and their respective officers, directors, employees and agents not to, provide any Buyer with any material, non-public
information regarding the Company or any of its Subsidiaries, without the express prior written consent of such Buyer. Subject
to the foregoing, neither the Company, its Subsidiaries nor any Buyer shall issue any press releases or any other public statements
with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without the prior approval
of any Buyer, to make any press release or other public disclosure with respect to such transactions (i) contemporaneously therewith
and (ii) as is required by applicable law and regulations (including, without limitation, any applicable law or regulation of the
United Kingdom) (provided that in the case of clause (i) each Buyer shall be consulted by the Company in connection with any such
press release or other public disclosure prior to its release). Without the prior written consent of the applicable Buyer, the
Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose the name of such Buyer in any filing,
announcement, release or otherwise, except as may be required by applicable law and regulations (including, without limitation,
any applicable law or regulation of the United Kingdom). Notwithstanding anything contained in this Agreement to the contrary and
without implication that the contrary would otherwise be true, the Company expressly acknowledges and agrees that no Buyer has
had, and no Buyer shall have (unless expressly agreed to by a particular Buyer after the date hereof in a written definitive and
binding agreement executed by the Company and such particular Buyer (it being understood and agreed that no Buyer may bind any
other Buyer with respect thereto)), any duty of confidentiality with respect to, or a duty not to trade on the basis of, any information
regarding the Company or any of its Subsidiaries.

 

    	18

    	 

    

 

(j)                
Market Standstill. From the date hereof until ninety (90) days after
the Effective Date of the Registration Statement, neither the Company nor any Subsidiary shall issue, enter into any agreement
to issue or announce the issuance or proposed issuance of any Ordinary Shares or Convertible Securities.  Notwithstanding
the foregoing, the restrictions contained in this Section 4(j) shall not apply in respect of an Exempt Issuance (as defined herein).

 

(k)              
Conduct of Business. The business of the Company and its Subsidiaries
shall not be conducted in violation of any law, ordinance or regulation of any governmental entity, except where such violations
would not result, either individually or in the aggregate, in a Material Adverse Effect.

 

(l)                
Passive Foreign Investment Company. The Company shall use its commercially
reasonable efforts to conduct its business in such a manner as will ensure that the Company will not be deemed to constitute a
passive foreign investment company within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended.

 

(m)            
Participation in Future Financings. From the date hereof until the
date that is the later of (A) the 24 month anniversary of the date hereof or (B) such time at which the Company has issued an aggregate
of $35,000,000 of incremental equity or equity-linked securities (including Shares sold pursuant hereto), neither the Company nor
any of its Subsidiaries shall, directly or indirectly, effect any issuance of Common Stock or Convertible Securities for cash consideration,
or a combination of units hereof (a “Subsequent Placement”) unless the Company shall have first complied with
this Section 4(m). 

 

    	19

    	 

    

 

(i)                
At least five (5) Trading Days prior to the Company making any binding offer of securities to a third party in a Subsequent
Placement, the Company shall deliver to each Buyer that, together with its affiliated funds managed by the same investment manager,
has purchased at least $2,000,000 of Shares pursuant hereto (a “Qualified Buyer”) a written notice (each such
notice, a “Pre-Notice”), which Pre-Notice shall not contain any information (including, without limitation,
material, non-public information) other than an offer to provide the Buyer with information that may constitute material non-public
information. Upon the written request of a Qualified Buyer within three (3) Trading Days after the Company’s delivery to
such Qualified Buyer of such Pre-Notice, and only upon a written request by such Qualified Buyer, the Company shall promptly, but
no later than one (1) Trading Day after such request, deliver to such Qualified Buyer a written notice (the “Offer Notice”)
of any proposed or intended issuance or sale or exchange (the “Offer”) of the securities being offered (the
“Offered Securities”) in a Subsequent Placement, which Offer Notice shall (w) identify and describe the Offered
Securities, (x) describe the price and other terms upon which they are to be issued, sold or exchanged, and the number or amount
of the Offered Securities to be issued, sold or exchanged, (y) identify the Persons (if known) to which or with which the Offered
Securities are intended to be offered, issued, sold or exchanged and (z) offer to issue and sell to or exchange with such Qualified
Buyer in accordance with the terms of the Offer 100% of the Offered Securities, provided that the number of Offered Securities
which such Qualified Buyer shall have the right to subscribe for under this Section 4(m) shall be (a) based on such Qualified Buyer’s
pro rata portion of the aggregate Purchase Price purchased hereunder by all Buyers (the “Basic Amount”), and
(b) with respect to each Qualified Buyer that elects to purchase its Basic Amount, any additional portion of the Offered Securities
attributable to the Basic Amounts of other Qualified Buyers as such Qualified Buyer shall indicate it will purchase or acquire
should the other Qualified Buyers subscribe for less than their Basic Amounts (the “Undersubscription Amount”)
and provided further that any Qualified Buyer shall only be entitled to exercise its rights to purchase such Offered Securities
until its aggregate beneficial ownership of the Company’s Ordinary Shares represents a maximum of 19.9% of the Company’s
issued and outstanding Ordinary Shares.

 

(ii)              
To accept an Offer, in whole or in part, such Qualified Buyer must deliver a written notice to the Company prior to the
end of the fifth (5th) Business Day after such Qualified Buyer’s receipt of the Offer Notice (the “Offer
Period”), setting forth the portion of such Qualified Buyer’s Basic Amount that such Qualified Buyer elects to
purchase and, if such Qualified Buyer shall elect to purchase all of its Basic Amount, the Undersubscription Amount, if any, that
such Qualified Buyer elects to purchase (in either case, the “Notice of Acceptance”). If the Basic Amounts subscribed
for by all Qualified Buyers are less than the total of all of the Basic Amounts, then such Qualified Buyer who has set forth an
Undersubscription Amount in its Notice of Acceptance shall be entitled to purchase, in addition to the Basic Amounts subscribed
for, the Undersubscription Amount it has subscribed for; provided, however, if the Undersubscription Amounts subscribed for exceed
the difference between the total of all the Basic Amounts and the Basic Amounts subscribed for (the “Available Undersubscription
Amount”), such Qualified Buyer who has subscribed for any Undersubscription Amount shall be entitled to purchase only
that portion of the Available Undersubscription Amount as the Basic Amount of such Qualified Buyer bears to the total Basic Amounts
of all Qualified Buyers that have subscribed for Undersubscription Amounts (but in no event shall it be greater than such Qualified
Buyer’s specified Undersubscription Amount), subject to rounding by the Company to the extent it deems reasonably necessary.
Notwithstanding the foregoing, each time the Company desires to modify or amend the terms and conditions of the Offer prior to
the expiration of the Offer Period, the Company must deliver to each Qualified Buyer a new Offer Notice and the Offer Period shall
expire on the fifth (5th) Business Day after such Qualified Buyer’s receipt of such new Offer Notice, provided
that the Offer Period, as extended by any such modification or amendments, shall not exceed sixty (60) days in the aggregate.

 

    	20

    	 

    

 

(iii)            
The Company shall have fifteen (15) days from the expiration of the Offer Period above (i) to offer, issue, sell or exchange
all or any part of such Offered Securities as to which a Notice of Acceptance has not been given by a Qualified Buyer (the “Refused
Securities”) pursuant to a definitive agreement(s) (the “Subsequent Placement Agreement”), but only
to the offerees described in the Offer Notice (if so described therein) and only upon terms and conditions (including, without
limitation, unit prices and interest rates) that are not more favorable to the acquiring Person or Persons or less favorable to
the Company than those set forth in the Offer Notice and (ii) to publicly announce (a) the execution of such Subsequent Placement
Agreement, and (b) either (x) the consummation of the transactions contemplated by such Subsequent Placement Agreement or (y) the
termination of such Subsequent Placement Agreement, which shall be filed with the SEC on a Report of Foreign Private Issuer on
Form 6-K with such Subsequent Placement Agreement and any documents contemplated therein filed as exhibits thereto.

 

(iv)            
In the event the Company shall propose to sell less than all the Refused Securities (any such sale to be in the manner and
on the terms specified in Section 4(m)(iii) above), then such Qualified Buyer may, at its sole option and in its sole discretion,
reduce the number or amount of the Offered Securities specified in its Notice of Acceptance to an amount that shall be not less
than the number or amount of the Offered Securities that such Qualified Buyer elected to purchase pursuant to Section 4(m)(iii)
above multiplied by a fraction, (i) the numerator of which shall be the number or amount of Offered Securities the Company actually
proposes to issue, sell or exchange (including Offered Securities to be issued or sold to Qualified Buyers pursuant to this Section
4(m) prior to such reduction) and (ii) the denominator of which shall be the original amount of the Offered Securities. In the
event that any Qualified Buyer so elects to reduce the number or amount of Offered Securities specified in its Notice of Acceptance,
the Company may not issue, sell or exchange more than the reduced number or amount of the Offered Securities unless and until such
securities have again been offered to the Qualified Buyers in accordance with Section 4(m)(i) above.

 

    	21

    	 

    

 

(v)              
Upon the closing of the issuance, sale or exchange of all or less than all of the Refused Securities, such Qualified Buyer
shall acquire from the Company, and the Company shall issue to such Qualified Buyer, the number or amount of Offered Securities
specified in its Notice of Acceptance. The purchase by such Qualified Buyer of any Offered Securities is subject in all cases to
the preparation, execution and delivery by the Company and such Qualified Buyer of a separate purchase agreement relating to such
Offered Securities reasonably satisfactory in form and substance to such Qualified Buyer and its counsel.

 

(vi)            
Any Offered Securities not acquired by a Qualified Buyer or other Persons in accordance with this Section 4(m) may be issued,
sold or exchanged in the Subsequent Placement to which the Offered Securities related, but may not be otherwise issued, sold or
exchanged in a later Subsequent Placement until they are again offered to such Qualified Buyer under the procedures specified in
this Agreement.

 

(vii)          
The Company and each Qualified Buyer agree that if any Qualified Buyer elects to participate in the Offer, the Subsequent
Placement Agreement with respect to such Offer and any other transaction documents related thereto (collectively, the “Subsequent
Placement Documents”) shall be in the same form and substance for such participating Qualified Buyers as the third-party
purchasers in such Subsequent Placement to which such Offer relates, but shall not include any term or provision whereby such Qualified
Buyer shall be required to agree to any restrictions on trading as to any securities of the Company or be required to consent to
any amendment to or termination of, or grant any waiver or release or the like under or in connection with, any agreement previously
entered into with the Company or any instrument received from the Company.

 

(viii)        
Notwithstanding anything to the contrary in this Section 4(m) and unless otherwise agreed to by such Qualified Buyer, the
Company shall either confirm in writing to such Qualified Buyer that the transaction with respect to the Subsequent Placement has
been abandoned or shall publicly disclose the execution of such Subsequent Placement Agreement, in either case, in such a manner
such that such Qualified Buyer will not be in possession of any material, non-public information, by the fifth (5th)
Business Day following the expiration of the Offer Period. If by such fifth (5th) Business Day, no public disclosure
regarding a transaction with respect to the Offered Securities has been made, and no notice regarding the abandonment of such transaction
has been received by such Qualified Buyer, such transaction shall be deemed to have been abandoned and such Qualified Buyer shall
not be in possession of any material, non-public information with respect to the Company or any of its Subsidiaries. Following
a Subsequent Placement that has been abandoned or deemed to be abandoned, should the Company decide to pursue such transaction
with respect to the Offered Securities, the Company shall on each such occasion provide such Qualified Buyer with another Pre-Notice
and Offer Notice, if applicable, in accordance with, and subject to, the terms of this Section 4(m) and such Qualified Buyer will
again have the right of participation set forth in this Section 4(m). The Company shall not be permitted to deliver more than one
Offer Notice to such Qualified Buyer in any sixty (60) day period, except as expressly contemplated by the last sentence of Section
4(m)(ii).

 

    	22

    	 

    

 

(ix)            
Notwithstanding the foregoing, the restrictions contained in this Section 4(m) shall not apply in respect of an Exempt Issuance
(as defined below). “Exempt Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers
or directors of the Company pursuant to any share or option plan duly adopted for such purpose, by a majority of the non-employee
members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose,
(b) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable
or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this Agreement, provided that such
securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the
exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions or strategic
transactions approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be
to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner
of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for
the purpose of raising capital or to an entity whose primary business is investing in securities, and (d) securities issued in
an underwritten public offering by the Company.

 

		5.	TRANSFER AGENT INSTRUCTIONS; LEGEND.

 

(a)              
Transfer Agent Instructions. As promptly as practicable after the
deposit of the Shares with the Company’s depositary with respect to the ADSs following the Effective Date of the Company’s
Registration Statement pursuant to Section 2(a) of the Registration Rights Agreement, the Company shall issue irrevocable instructions
to its transfer agent and any subsequent transfer agent in a form acceptable to each of the Buyers (the “Transfer Agent
Instructions”) to issue certificates or credit shares to the applicable balance accounts at The Depository Trust Company
(“DTC”), registered in the name of each Buyer or its respective nominee(s), for the ADSs representing the Shares
in such amounts as specified by each Buyer to the Company. If a Buyer or any subsequent holder of the Securities proposes to transfer
the Securities held by such Person pursuant to Rule 144, the Company shall provide necessary opinions to its transfer agent, if
requested, provided that such Buyer or such subsequent holder, as the case may be, provides the necessary representations as requested
by the Company’s counsel. Any fees (with respect to the transfer agent, counsel to the Company or otherwise) associated with
the issuance of such opinion or the removal of any legends on any of the Securities shall be borne by the Company.

 

    	23

    	 

    

 

(b)              
Legends. Each Buyer understands that the Securities
have been issued pursuant to an exemption from registration or qualification under the 1933 Act and applicable state securities
laws, and except as set forth in Section 5(c) below, the Securities shall bear any legend as required by the “blue sky”
laws of any state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against
transfer of such stock certificates):

 

NEITHER THE ISSUANCE AND SALE OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN][THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION
STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED
BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

(c)              
Removal of Legends. Certificates evidencing Securities shall not
be required to contain the legend set forth in Section 5(b) above or any other legend (i) while a registration statement (including
a Registration Statement) covering the resale of such Securities is effective under the 1933 Act, (ii) following any sale of such
Securities pursuant to Rule 144 (assuming the purchaser is not an affiliate of the Company), (iii) if such Securities are eligible
to be sold, assigned or transferred without restriction under Rule 144 (provided that a Buyer provides the Company with reasonable
assurances that such Securities are eligible for sale, assignment or transfer under Rule 144 which shall not include an opinion
of counsel), (iv) in connection with a sale, assignment or other transfer (other than under Rule 144), provided that such Buyer
provides the Company with an opinion of counsel to such Buyer, in a form reasonably acceptable to the Company, to the effect that
such sale, assignment or transfer of the Securities may be made without registration under the applicable requirements of the 1933
Act or (v) if such legend is not required under applicable requirements of the 1933 Act (including, without limitation, controlling
judicial interpretations and pronouncements issued by the SEC). If a legend is not required pursuant to the foregoing, the Company
shall no later than three (3) Trading Days following the delivery by a Buyer to the Company or the transfer agent (with notice
to the Company) of a legended certificate representing such Securities (endorsed or with stock powers attached, signatures guaranteed,
and otherwise in form necessary to affect the reissuance and/or transfer, if applicable), together with any other deliveries from
such Buyer as may be required above in this Section 6(d), as directed by such Buyer, either: (A) provided that the Company’s
transfer agent is participating in the DTC Fast Automated Securities Transfer Program and such Securities are Shares or Warrant
Shares, or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program,
issue and deliver (via reputable overnight courier) to such Buyer, a certificate representing such Securities that is free from
all restrictive and other legends, registered in the name of such Buyer or its designee (the date by which such credit is so required
to be made to the balance account of such Buyer’s or such Buyer’s nominee with DTC or such certificate is required
to be delivered to such Buyer pursuant to the foregoing is referred to herein as the “Required Delivery Date”).
When the Company is required to cause an unlegended certificate to replace a previously issued legended certificate, if: (1) the
unlegended certificate is not delivered to a Buyer within three (3) Business Days of submission by that Buyer of a legended certificate
and supporting documentation as provided above and (2) prior to the time such unlegended certificate is received by the Buyer,
the Buyer, or any third party on behalf of such Buyer or for the Buyer’s account, purchases (in an open market transaction
or otherwise) Ordinary Shares or ADSs to deliver in satisfaction of a sale by the Buyer of shares represented by such certificate
(a “Buy-In”), then the Company shall pay in cash to the Buyer (for costs incurred either directly by such Buyer or
on behalf of a third party) the amount by which the total purchase price paid for Ordinary Shares or ADSs as a result of the Buy-In
(including brokerage commissions, if any) exceeds the proceeds received by such Buyer as a result of the sale to which such Buy-In
relates. The Buyer shall provide the Company written notice indicating the amounts payable to the Buyer in respect of the Buy-In.

 

    	24

    	 

    

 

(d)             
Delivery Through DTC. The Company shall cause to be delivered ADSs
(as defined herein) representing the Shares subject to legend removal hereunder to Buyer through the facilities of DTC or as otherwise
directed by Buyer. 

 

(e)              
Failure to Timely Deliver. In addition to such Buyer’s other
available remedies, the Company shall pay to a Buyer, in cash, as partial liquidated damages and not as a penalty, for each $1,000
of Shares (based on the VWAP of the Ordinary Shares on the date such Securities are submitted to the Transfer Agent) delivered
for removal of the restrictive legend and subject to Section 5(c), $10 per Trading Day (increasing to $20 per Trading Day five
(5) Trading Days after such damages have begun to accrue) for each Trading Day after the Required Delivery Date until such certificate
is delivered without a legend. Nothing herein shall limit such Buyer’s right to pursue actual damages for the Company’s
failure to deliver certificates representing any Securities as required by this Agreement, and such Buyer shall have the right
to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or
injunctive relief.

 

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

 

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

 

(i)                
Such Buyer and each other Buyer shall have executed each of the other Transaction Documents to which it is a party and delivered
the same to the Company.

 

(ii)              
Such Buyer and each other Buyer shall have delivered to the Company the Purchase Price for the Securities being purchased
by such Buyer at the Closing by wire transfer of immediately available funds.

 

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

 

    	25

    	 

    

 

(iv)            
Such Buyer shall have delivered a fully completed and duly executed Accredited Investor
Questionnaire in the form attached hereto as Exhibit B.

 

		(v)	The aggregate Purchase Price shall be at least USD$12,000,000.

 

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

 

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

 

(i)                
The Company shall have duly executed and delivered to such Buyer each of the Transaction Documents to which it is a party
and the Company shall have duly executed and delivered to such Buyer the Securities being purchased by such Buyer at the Closing
pursuant to this Agreement (which, in relation to the Closing, shall be the aggregate number of Shares set forth on such Buyer’s
signature page.

 

(ii)              
Such Buyer shall have received the opinion of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., the Company’s U.S.
counsel, dated as of the Closing Date, in the form and substance acceptable to such Buyer and addressing such legal matters as
such Buyers may reasonably request.

 

(iii)            
Such Buyer shall have received the opinion of Fladgate LLP, the Company’s U.K. counsel, dated as of the Closing Date,
in the form and substance acceptable to such Buyer and addressing such legal matters as such Buyers may reasonably request.

 

(iv)            
The aggregate Purchase Price shall be at least USD$12,000,000.

 

(v)              
The Company shall have delivered to such Buyer a certificate evidencing the formation, qualification and/or good standing
of the Company in such entity’s jurisdiction of formation and each jurisdiction in which they are qualified to do business,
issued by the Secretary of State (or comparable office) of such jurisdictions, of formation, qualification and/or good standing
as of a date within ten (10) days of the Closing Date provided that the Company may deliver the certificate of good standing from
the Companies House in the U.K. within the thirty (30) day period following the Closing Date.

 

(vi)            
The Company shall have delivered to such Buyer a certified copy of the Articles of Association as certified by the Companies
House of the Company’s jurisdiction of incorporation within ten (10) days of the Closing Date.

 

    	26

    	 

    

 

(vii)          
The Company shall have delivered to such Buyer certificates, in the form acceptable to such Buyer, executed by the Secretary
of the Company (or another officer, if such entity does not have a secretary) and dated as of the Closing Date, as to (i) the resolutions
consistent with Section 3(b) as adopted by the board of directors in a form reasonably acceptable to such Buyer, (ii) the Memorandum
of Association and Articles of Association of the Company, each as in effect at the Closing.

 

(viii)        
Each and every representation and warranty of the Company shall be true and correct as of the date when made and as of the
Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date,
which shall be true and correct as of such date) and the Company shall have performed, satisfied and complied in all respects with
the covenants, agreements and conditions required to be performed, satisfied or complied with by the Company at or prior to the
Closing Date. Such Buyer shall have received a certificate, executed by the Chief Executive Officer of the Company, dated as of
the Closing Date, to the foregoing effect and as to such other matters as may be reasonably requested by such Buyer in the form
acceptable to such Buyer.

 

(ix)            
The Company shall have delivered to such Buyer a certificate from the Company’s transfer agent (which, for the avoidance
of doubt, may be the Company) certifying the number of Ordinary Shares outstanding on the Closing
Date immediately prior to the Closing and certain other matters typically covered by a transfer agent’s certificate.

 

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

 

(xi)            
No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents.

 

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

 

(xiii)        
The Company and its Subsidiaries shall have delivered to such Buyer such other documents, instruments or certificates relating
to the transactions contemplated by this Agreement as such Buyer or its counsel may reasonably request.

 

		8.	TERMINATION. 

 

In the event that the
Closing shall not have occurred with respect to a Buyer within ten (10) days after the date hereof, then such Buyer shall have
the right to terminate its obligations under this Agreement with respect to itself at any time on or after the close of business
on such date without liability of such Buyer to any other party; provided, however, (i) the right to terminate this
Agreement under this Section 8 shall not be available to such Buyer if the failure of the transactions contemplated by this Agreement
to have been consummated by such date is the result of such Buyer’s breach of this Agreement and (ii) the abandonment of
the sale and purchase of the Shares shall be applicable only to such Buyer providing such written notice, provided further that
no such termination shall affect any obligation of the Company under this Agreement to reimburse such Buyer for the expenses described
in Section 4(g) above. In the event of any such termination, the Company shall give prompt written notice thereof to the other
Buyers. Nothing contained in this Section 8 shall be deemed to release any party from any liability for any breach by such party
of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel
specific performance by any other party of its obligations under this Agreement or the other Transaction Documents.

 

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		9.	MISCELLANEOUS.

 

(a)               
Governing Law; Jurisdiction; Jury Trial. All questions concerning
the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State
of New York, without giving effect to any choice of law or conflict of law provision or rule. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to
process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing
contained herein shall be deemed or operate to preclude any Buyer from bringing suit or taking other legal action against the Company
in any other jurisdiction to collect on the Company’s obligations to such Buyer or to enforce a judgment or other court ruling
in favor of such Buyer. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL
FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED
HEREBY. 

 

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

 

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

 

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(d)              
Severability. If any provision of this Agreement is prohibited by
law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise
be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Agreement
so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties
as to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does
not substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to
that of the prohibited, invalid or unenforceable provision(s). Notwithstanding anything to the contrary contained in this Agreement
or any other Transaction Document (and without implication that the following is required or applicable), it is the intention of
the parties that in no event shall amounts and value paid by the Company and/or its Subsidiaries (as the case may be), or payable
to or received by any of the Buyers, under the Transaction Documents (including without limitation, any amounts that would be characterized
as “interest” under applicable law) exceed amounts permitted under any applicable law. Accordingly, if any obligation
to pay, payment made to any Buyer, or collection by any Buyer pursuant the Transaction Documents is finally judicially determined
to be contrary to any such applicable law, such obligation to pay, payment or collection shall be deemed to have been made by mutual
mistake of such Buyer, the Company and its Subsidiaries and such amount shall be deemed to have been adjusted with retroactive
effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by the applicable law. Such
adjustment shall be effected, to the extent necessary, by reducing or refunding, at the option of such Buyer, the amount of interest
or any other amounts which would constitute unlawful amounts required to be paid or actually paid to such Buyer under the Transaction
Documents. For greater certainty, to the extent that any interest, charges, fees, expenses or other amounts required to be paid
to or received by such Buyer under any of the Transaction Documents or related thereto are held to be within the meaning of “interest”
or another applicable term to otherwise be violative of applicable law, such amounts shall be pro-rated over the period of time
to which they relate.

 

(e)               
Entire Agreement; Amendments. This Agreement, the other Transaction
Documents, the Disclosure Schedules and the schedules and exhibits attached hereto and thereto and the instruments referenced herein
and therein supersede all other prior oral or written agreements between the Buyers, the Company, its Subsidiaries, their affiliates
and Persons acting on their behalf solely with respect to the matters contained herein and therein, and this Agreement, the other
Transaction Documents, the Disclosure Schedules and the schedules and exhibits attached hereto and thereto and the instruments
referenced herein and therein contain the entire understanding of the parties solely with respect to the matters covered herein
and therein; provided, however, nothing contained in this Agreement or any other Transaction Document shall (or shall be deemed
to) (i) have any effect on any agreements any Buyer has entered into with, or any instruments any Buyer has received from, the
Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment made by such Buyer in the Company
or (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of its Subsidiaries, or any rights of
or benefits to any Buyer or any other Person, in any agreement entered into prior to the date hereof between or among the Company
and/or any of its Subsidiaries and any Buyer, or any instruments any Buyer received from the Company and/or any of its Subsidiaries
prior to the date hereof, and all such agreements and instruments shall continue in full force and effect. Except as specifically
set forth herein or therein, neither the Company nor any Buyer makes any representation, warranty, covenant or undertaking with
respect to such matters. For clarification purposes, the Recitals are part of this Agreement. No provision of this Agreement may
be amended other than by an instrument in writing signed by the Company and the Required Buyers (as defined below), and any amendment
to any provision of this Agreement made in conformity with the provisions of this Section 9(e) shall be binding on all Buyers and
holders of Securities, as applicable, provided that no such amendment shall be effective to the extent that it (1) applies to less
than all of the holders of the Securities then outstanding or (2) imposes any obligation or liability on any Buyer without such
Buyer’s prior written consent (which may be granted or withheld in such Buyer’s sole discretion). No waiver shall be
effective unless it is in writing and signed by an authorized representative of the waiving party, provided that the Required Buyers
may waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions
of this Section 9(e) shall be binding on all Buyers and holders of Securities, as applicable, provided that no such waiver shall
be effective to the extent that it (1) applies to less than all of the holders of the Securities then outstanding (unless a party
gives a waiver as to itself only) or (2) imposes any obligation or liability on any Buyer without such Buyer’s prior written
consent (which may be granted or withheld in such Buyer’s sole discretion). No consideration shall be offered or paid to
any Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same
consideration also is offered to all of the parties to the Transaction Documents, all holders of Shares. The Company has not, directly
or indirectly, made any agreements with any Buyers relating to the terms or conditions of the transactions contemplated by the
Transaction Documents except as set forth in the Transaction Documents. Without limiting the foregoing, the Company confirms that,
except as set forth in this Agreement, no Buyer has made any commitment or promise or has any other obligation to provide any financing
to the Company, any Subsidiary or otherwise. As a material inducement for each Buyer to enter into this Agreement, the Company
expressly acknowledges and agrees that no due diligence or other investigation or inquiry conducted by a Buyer, any of its advisors
or any of its representatives shall affect such Buyer’s right to rely on, or shall modify or qualify in any manner or be
an exception to any of, the Company’s representations and warranties contained in this Agreement or any other Transaction
Document. “Required Buyers” means (i) prior to the Closing Date, (A) each Buyer who, together with its Affiliates,
has agreed to purchase at least 5,263,157 Shares and (B) the Buyers who, together with their respective Affiliates, have agreed
to purchase a majority of the Shares to be sold hereunder, and (ii) from and after the Closing Date, (A) each Buyer who, together
with its Affiliates, beneficially owns at least 5,263,157 Shares (appropriately adjusted for any stock split, reverse stock split,
recapitalization or similar change occurring after the date hereof) and (B) the Buyers who, together with their respective Affiliates,
beneficially own at least a majority of the Shares then owned by all of the Buyers and their respective Affiliates and permitted
transferees.

 

    	29

    	 

    

 

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

 

If to the Company:

 

Mark Cohen

Executive Chairman

c/o Pearl Cohen Zedek Latzer,
LLP

1500 Broadway

New York, NY 10036

Telephone: (646) 878-0804

Facsimile: (646) 878-0801

Email: markc@pczlaw.com

 

With a copy (for informational
purposes only) to:

 

 

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

666 Third Avenue

New York, NY 10017

Telephone: (212) 935-3000

Facsimile: (212) 983-3115

Attention: Kenneth R. Koch, Esq.

                  Jeffrey P. Schultz, Esq.

 

If to a Buyer, to its address, facsimile
number or e-mail address set forth on such buyer’s signature page hereto.

 

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

 

    	30

    	 

    

 

(g)              
Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns, including, as contemplated below, any assignee
of any of the Securities. The Company shall not assign this Agreement or any rights or obligations hereunder without the prior
written consent of the Required Buyers. On or prior to the Closing Date, a Buyer shall not assign this Agreement or any rights
or obligations hereunder without the prior written consent of the Company. 

 

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

 

(i)                
Survival. The representations, warranties, agreements and covenants
shall survive the Closing. Each Buyer shall be responsible only for its own representations, warranties, agreements and covenants
hereunder.

 

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

 

(k)              
Indemnification. In consideration of each Buyer’s execution
and delivery of the Transaction Documents and acquiring the Securities thereunder and in addition to all of the Company’s
other obligations under the Transaction Documents, the Company shall defend, protect, indemnify and hold harmless each Buyer and
each holder of any Securities and all of their stockholders, partners, members, officers, directors, employees and direct or indirect
investors and any of the foregoing Persons’ agents or other representatives (including, without limitation, those retained
in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”) from and
against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages, and expenses
in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder
is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee as a result of, or arising out of, or relating to (a) any misrepresentation or breach of any representation
or warranty made by the Company or any Subsidiary in any of the Transaction Documents, (b) any breach of any covenant, agreement
or obligation of the Company or any Subsidiary contained in any of the Transaction Documents or (c) any cause of action, suit,
proceeding or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative action
brought on behalf of the Company or any Subsidiary) or which otherwise involves such Indemnitee that arises out of or results from
the following (except that the Company shall not have any obligations hereunder to such Buyer as a result of a breach of any of
the Transaction Documents by such Buyer): (i) the execution, delivery, performance or enforcement of any of the Transaction Documents,
(ii) any transaction financed or to be financed in whole or in part, directly or indirectly, with the proceeds of the issuance
of the Securities, or (iii) the status of such Buyer or holder of the Securities either as an investor in the Company pursuant
to the transactions contemplated by the Transaction Documents or as a party to this Agreement (including, without limitation, as
a party in interest or otherwise in any action or proceeding for injunctive or other equitable relief). To the extent that the
foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. Except as otherwise
set forth herein, the mechanics and procedures with respect to the rights and obligations under this Section 9(k) shall be the
same as those set forth in Section 6 of the Registration Rights Agreement.

 

    	31

    	 

    

 

(l)                
Construction. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict construction will be applied against
any party. No specific representation or warranty shall limit the generality or applicability of a more general representation
or warranty. Each and every reference to share prices, Ordinary Shares and any other numbers
in this Agreement that relate to the Ordinary Shares shall be automatically adjusted for stock
splits, stock combinations and other similar transactions that occur with respect to the Ordinary Shares
after the date of this Agreement.

 

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

 

(n)              
Withdrawal Right. Notwithstanding anything to the contrary contained
in (and without limiting any similar provisions of) the Transaction Documents, whenever any Buyer exercises a right, election,
demand or option under a Transaction Document and the Company or any Subsidiary does not timely perform its related obligations
within the periods therein provided, then such Buyer may rescind or withdraw, in its sole discretion from time to time upon written
notice to the Company or such Subsidiary (as the case may be), any relevant notice, demand or election in whole or in part without
prejudice to its future actions and rights.

 

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

 

    	32

    	 

    

 

[signature
pages follow]

 

    	33

    	 

    

 

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

 

	 	COMPANY:
	 	 
	 	celsus therapeutics plc
	 	 
	 	 
	 	By: 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

[PURCHASER SIGNATURE PAGES TO CELSUS
SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF,
the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as
of the date first indicated above.

 

Name of Buyer: ________________________________________________________

 

Signature of Authorized Signatory of
Buyer: __________________________________

 

Name of Authorized Signatory: ____________________________________________________

 

Title of Authorized Signatory: _____________________________________________________

 

Email Address of Authorized Signatory:
______________________________________________

 

Facsimile Number of Authorized Signatory:
_____________________________________________

 

Address for Notice to Buyer:

 

 

 

 

Address for Delivery of Securities to Buyer
(if not same as address for notice):

 

 

 

 

 

Subscription Amount: USD$_________________

 

Shares: _________________

 

EIN Number: _______________________

 

 

[SIGNATURE PAGES CONTINUE]

 

    	 

    	 

    

 

Exhibit A

 

Registration Rights Agreement

 

    	 

    	 

    

 

Exhibit B

 

Accredited Investor Questionnaire

 

(ALL
INFORMATION WILL BE TREATED CONFIDENTIALLY)

 

To: CELSUS THERAPEUTICS
PLC

 

This Investor Questionnaire
(“Questionnaire”) must be completed by each potential investor in connection with the offer and sale
of the shares of the ordinary shares, par value £0.01 per share (collectively, the “Securities”),
of Celsus Therapeutics Plc, a public limited company formed under the laws of England and Wales (the “Company”).
The Securities are being offered and sold by the Company without registration under the Securities Act of 1933, as amended (the
“Act”), and the securities laws of certain states, in reliance on the exemptions contained in Section
4(2) of the Act and on Regulation D promulgated thereunder and in reliance on similar exemptions under applicable state laws. The
Company must determine that a potential investor meets certain suitability requirements before offering or selling Securities to
such investor. The purpose of this Questionnaire is to assure the Company that each investor will meet the applicable suitability
requirements. The information supplied by you will be used in determining whether you meet such criteria, and reliance upon the
private offering exemptions from registration is based in part on the information herein supplied.

 

This Questionnaire
does not constitute an offer to sell or a solicitation of an offer to buy any security. Your answers will be kept strictly confidential.
However, by signing this Questionnaire, you will be authorizing the Company to provide a completed copy of this Questionnaire to
such parties as the Company deems appropriate in order to ensure that the offer and sale of the Securities will not result in a
violation of the Act or the securities laws of any state and that you otherwise satisfy the suitability standards applicable to
purchasers of the Securities. All potential investors must answer all applicable questions and complete, date and sign this Questionnaire.
Please print or type your responses and attach additional sheets of paper if necessary to complete your answers to any item.

 

PART A.BACKGROUND INFORMATION

 

	Name of Beneficial Owner of the
    Securities: 	

 

	Business address:	 

(Number and Street)

 

	 	 	 
	(City)	(State)	(Zip Code)

 

	Telephone Number:	(       )

 

If a corporation, partnership, limited
liability company, trust or other entity:

 

	Type of entity:	 

 

	State of formation:	 

 

    	 

    	 

    

 

	Approximate Date of formation:	

 

 

Set forth in the space provided below the
(i) state(s), if any, in the United States in which you maintained your principal office during the past two years and the dates
during which you maintained your office in each state, and (ii) state(s), if any, in which you pay income taxes:

 

 

	 

                                                             

	 

                                                

 

 

 

 

 

 

 

Were you formed for the purpose of investing
in the securities being offered?

 

Yes ___No ___

 

If an individual:

 

	Residence Address:	

 

(Number and Street)

 

	 	 	 
	(City)	(State)	(Zip Code)

 

	Telephone Number:	(       )

 

Age: ___________    Citizenship:
_______________    Where registered to vote: _____________

 

Set forth in the space provided below the
state(s), if any, in the United States in which you maintained your residence during the past two years and the dates during which
you resided in each state:

 

Are you a director or executive officer
of the Company?

 

Yes ___No ___

 

	Social Security or Taxpayer Identification No.	

 

 

PART B. ACCREDITED INVESTOR QUESTIONNAIRE

 

In order for the Company to offer and sell
the Securities in conformance with state and federal securities laws, the following information must be obtained regarding your
investor status. Please initial each category applicable to you as a Purchaser of Securities of the Company.

 

___(1)A
bank as defined in Section 3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in
Section 3(a)(5)(A) of the Securities Act whether acting in its individual or fiduciary capacity;

 

___(2)A
broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934;

 

___(3)An
insurance company as defined in Section 2(13) of the Securities Act;

 

    	 

    	 

    

 

___(4)An
investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section
2(a)(48) of that Act;

 

___(5)A
Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958;

 

___(6)A
plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political
subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

___(7)An
employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment decision is
made by a plan fiduciary, as defined in Section 3(21) of such act, which is either a bank, savings and loan association, insurance
company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed
plan, with investment decisions made solely by persons that are accredited investors;

 

___(8)A
private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940;

 

___(9)An
organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation, Massachusetts or similar business trust,
or partnership, not formed for the specific purpose of acquiring the Securities, with total assets in excess of $5,000,000;

 

___(10)An
executive officer or director of the Company;

 

___(11)A
natural person whose individual net worth, or joint net worth with that person’s spouse, at the time of his purchase exceeds
$1,000,000 (for purposes of this calculation, do not include your primary residence as an asset, and do not include as a liability
indebtedness that is secured by your primary residence that is not in excess of the fair market value of your primary residence
(except that if the amount of such indebtedness outstanding at the time of sale of the Securities exceeds the amount outstanding
60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be
included as a liability);

 

___(12)A
natural person who had an individual income in excess of $200,000 in each of the two most recent years, or joint income with that
person’s spouse in excess of $300,000, in each of those years, and has a reasonable expectation of reaching the same income
level in the current year;

 

___(13)A
trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Securities, whose purchase
is directed by a sophisticated person who has such knowledge and experience in financial and business matters that such person
is capable of evaluating the merits and risks of investing in the Company;

 

___(14)An
entity in which all of the equity owners qualify under any of the above subparagraphs. If the undersigned belongs to this investor
category only, list the equity owners of the undersigned, and the investor category which each such equity owner satisfies:

 

(Continue on a separate piece of paper,
if necessary.)

 

    	 

    	 

    

 

A.FOR EXECUTION BY AN INDIVIDUAL:

 

	Date	 	By:

 

	 	 	Print Name:

 

B.FOR EXECUTION BY AN ENTITY:

 

	 	 	Entity Name: 

 

	Date	 	By

 

	 	 	Print Name: 

 

	 	 	Title: 

 

 

 

		C.	ADDITIONAL SIGNATURES (if required by partnership, corporation or trust document):

 

	 	 	Entity Name: 

 

	Date	 	By

 

	 	 	Print Name: 

 

	 	 	Title: 

 

 

	 	 	Entity Name: 

 

	Date	 	By

 

	 	 	Print Name: 

 

	 	 	Title:Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”), dated as of September 19, 2013, is by and among Celsus Therapeutics
Plc, a public limited company formed under the laws of England and Wales (the “Company”), and each of the
undersigned buyers (each, a “Buyer,” and collectively, the “Buyers”).

 

RECITALS

 

A.In connection
with the Securities Purchase Agreement by and among the parties hereto, dated as of September 19, 2013 (the “Securities
Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase
Agreement, to issue and sell to each Buyer the Shares (as defined in the Securities Purchase Agreement).

 

B.To induce the
Buyers to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to provide certain
registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor
statute (collectively, the “1933 Act”), and applicable state securities laws.

 

AGREEMENT

 

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

 

		1.	Definitions.

 

Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used
in this Agreement, the following terms shall have the following meanings:

 

(a)               
“ADSs” means American depositary shares or receipts representing the Ordinary Shares.

 

(b)              
“Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in
New York, New York are authorized or required by law to remain closed.

 

(c)               
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement.

 

(d)              
“Company Counsel” means Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

 

(e)               
“Effective Date” means the date that the applicable Registration Statement has been declared effective
by the SEC.

 

    	 

    	 

    

 

(f)               
“Effectiveness Deadline” means (i) with respect to the initial Registration Statement required to be
filed pursuant to Section 2(a), the earlier of the (A) 60th calendar day after the Closing Date (or the 120th
calendar day after the Closing Date in the event that such Registration Statement is subject to Full Review by the SEC), and (B)
3rd Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration
Statement will not be reviewed or will not be subject to further review, and (ii) with respect to any additional Registration Statements
that may be required to be filed by the Company pursuant to this Agreement, the earlier of the (A) 90th calendar day
following the date on which the Company was required to file such additional Registration Statement and (B) 3rd Business Day after
the date the Company is notified (orally or in writing, whichever is earlier) by the SEC that such Registration Statement will
not be reviewed or will not be subject to further review.

 

(g)              
“Filing Deadline” means (i) with respect to the initial Registration Statement required to be
filed pursuant to Section 2(a), the 30th calendar day after the Closing Date, and (ii) with respect to any additional
Registration Statements that may be required to be filed by the Company pursuant to this Agreement, the date on which the Company
was required to file such additional Registration Statement pursuant to the terms of this Agreement.

 

(h)              
“Full Review” in respect of any Registration Statement shall mean an instance where the staff of the
SEC does not inform the Company either that the Registration Statement will not be reviewed or that such review will be on a limited,
monitor or expedited (or other similar) basis.

 

(i)                
 “Investor” means a Buyer or any transferee or assignee of any Registrable Securities to whom a Buyer
assigns its rights under this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section
9 and any transferee or assignee thereof to whom a transferee or assignee of any Registrable Securities assigns its rights under
this Agreement and who agrees to become bound by the provisions of this Agreement in accordance with Section 9.

 

(j)                
“Person” means an individual, a limited liability company, a partnership, a joint venture, a corporation,
a trust, an unincorporated organization or a government or any department or agency thereof.

 

(k)              
 “register,” “registered,” and “registration” refer to a registration
effected by preparing and filing one or more Registration Statements in compliance with the 1933 Act and pursuant to Rule 415 and
the declaration of effectiveness of such Registration Statement(s) by the SEC.

 

(l)                
“Registrable Securities” means (i) the Shares, and (ii) any capital stock of the Company issued or issuable
with respect to the Shares, including, without limitation, as a result of any stock split, stock dividend, recapitalization, exchange
or similar event or otherwise; provided that Shares shall cease to be Registrable Securities upon the earliest to occur of the
following: (A) sale pursuant to a Registration Statement or Rule 144 under the Securities Act (in which case, only such security
sold shall cease to be a Registrable Security); or (B) becoming eligible for sale by the Holder, without notice or restriction,
pursuant to Rule 144 provided that, upon the Company determining that the Shares no longer constitute Registrable Securities pursuant
to this clause (B), if requested by a Holder, the Company shall have furnished the Holder with an opinion of counsel, reasonably
satisfactory to the Holder, that such Holder may dispose of such Shares under the Securities Act without complying with the registration
requirements thereof.

 

    	2

    	 

    

 

(m)            
“Registration Statement” means a registration statement or registration statements of the Company filed
under the 1933 Act covering Registrable Securities.

 

(n)              
“Required Holders” means (i) each Holder who, together with its Affiliates, beneficially owns at least
5,263,157 Registrable Securities (appropriately adjusted for any stock split, reverse stock split, recapitalization or similar
change occurring after the date hereof) and (ii) the holders of at least a majority of the Registrable Securities.

 

(o)              
 “Rule 144” means Rule 144 promulgated by the SEC under the 1933 Act, as such rule may be amended from
time to time, or any other similar or successor rule or regulation of the SEC that may at any time permit the Investors to sell
securities of the Company to the public without registration.

 

(p)              
“Rule 415” means Rule 415 promulgated by the SEC under the 1933 Act, as such rule may be amended from
time to time, or any other similar or successor rule or regulation of the SEC providing for offering securities on a continuous
or delayed basis.

 

(q)              
“SEC” means the United States Securities and Exchange Commission or any successor thereto.

 

		2.	Registration.

 

(a)               
Mandatory Registration. The Company shall prepare and, as soon as practicable, but in no event later than the Filing
Deadline, file with the SEC an initial Registration Statement on Form F-1 covering the resale of all of the Registrable Securities;
provided that the Company shall use such other form as is required by Section 2(c) once the Company becomes eligible to use such
form. Such initial Registration Statement, and each other Registration Statement required to be filed pursuant to the terms of
this Agreement, shall contain (except if otherwise directed by the Required Holders; provided, however, that no Holder shall be
named as an underwriter without its express written consent) the “Plan of Distribution” section in substantially
the form attached hereto as Exhibit A. The Company shall use its best efforts to have such initial Registration Statement,
and each other Registration Statement required to be filed pursuant to the terms of this Agreement, declared effective by the SEC
as soon as practicable, but in no event later than the applicable Effectiveness Deadline for such Registration Statement.

 

(b)              
[Reserved]

 

(c)               
Use of Form F-3. In the event that the Company becomes eligible to use Form F-3 for the registration of the resale
of Registrable Securities hereunder, the Company shall undertake to register the resale of the Registrable Securities on Form F-3
as soon as such form is available, provided that the Company shall maintain the effectiveness of all Registration Statements then
in effect until such time as a Registration Statement on Form F-3 covering the resale of all the Registrable Securities has been
declared effective by the SEC.

 

    	3

    	 

    

 

(d)              
Sufficient Number of Shares Registered. In the event the number of shares available under any Registration Statement
is insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor’s
allocated portion of the Registrable Securities pursuant to Section 2(g), the Company shall amend such Registration Statement (if
permissible), or file with the SEC a new Registration Statement (on the short form available therefor, if applicable), or both,
so as to cover at least the Required Registration Amount as of the Trading Day immediately preceding the date of the filing of
such amendment or new Registration Statement, in each case, as soon as practicable, but in any event not later than fifteen (15)
days after the necessity therefor arises (but taking account of any Staff position with respect to the date on which the Staff
will permit such amendment to the Registration Statement and/or such new Registration Statement (as the case may be) to be filed
with the SEC). The Company shall use its best efforts to cause such amendment to such Registration Statement and/or such new Registration
Statement (as the case may be) to become effective as soon as practicable following the filing thereof with the SEC, but in no
event later than the applicable Effectiveness Deadline for such Registration Statement. For purposes of the foregoing provision,
the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the Registrable
Securities” if at any time the number of Ordinary Shares available for resale under the applicable Registration Statement
is less than the product determined by multiplying (x) the Required Registration Amount as of such time by (y) 0.90.

 

(e)               
Effect of Failure to File and Obtain and Maintain Effectiveness of any Registration Statement. If (i) a Registration
Statement covering the resale of all of the Registrable Securities required to be covered thereby (disregarding any reduction pursuant
to Section 2(f)) and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or before
the Filing Deadline for such Registration Statement (a “Filing Failure”) (it being understood that if the Company
files a Registration Statement without affording each Investor the opportunity to review and comment on the same as required by
Section 3(c) hereof, the Company shall be deemed to not have satisfied this clause (i)(A) and such event shall be deemed to be
a Filing Failure) or (B) not declared effective by the SEC on or before the Effectiveness Deadline for such Registration Statement
(an “Effectiveness Failure”) (it being understood that if on the Business Day immediately following the Effective
Date for such Registration Statement the Company shall not have filed a “final” prospectus for such Registration Statement
with the SEC under Rule 424(b) in accordance with Section 3(b) (whether or not such a prospectus is technically required by such
rule), the Company shall be deemed to not have satisfied this clause (i)(B) and such event shall be deemed to be an Effectiveness
Failure), (ii) other than during an Allowable Grace Period (as defined below), on any day after the Effective Date of a Registration
Statement, sales of all of the Registrable Securities required to be included on such Registration Statement (disregarding any
reduction pursuant to Section 2(f)) cannot be made pursuant to such Registration Statement (including, without limitation, because
of a failure to keep such Registration Statement effective, a failure to disclose such information as is necessary for sales to
be made pursuant to such Registration Statement, on or after the Initial Quotation Date a suspension or delisting of (or a failure
to timely list) the Ordinary Shares on an Eligible Market (as defined in the Securities Purchase Agreement), or a failure to register
a sufficient number of Ordinary Shares or by reason of a stop order) or the prospectus contained therein is not available for use
for any reason (a “Maintenance Failure”), or (iii) at any time when a Registration Statement is not effective
for any reason or the prospectus contained therein is not available for use for any reason, the Company fails to file with the
SEC any required reports under Section 13 or 15(d) of the 1934 Act such that it is not in compliance with Rule 144(c)(1) (or Rule
144(i)(2), if applicable) (a “Current Public Information Failure”) as a result of which any of the Investors
are unable to sell Registrable Securities without restriction under Rule 144 (including, without limitation, volume restrictions),
then, as partial relief for the damages to any holder by reason of any such delay in, or reduction of, its ability to sell the
underlying Ordinary Shares (which remedy shall not be exclusive of any other remedies available at law or in equity), the Company
shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one and one
half percent (1.5%) of such Investor’s Purchase Price on the Closing Date (1) on the date of such Filing Failure, Effectiveness
Failure, Maintenance Failure or Current Public Information Failure, as applicable, and (2) on every thirty (30) day anniversary
of (I) a Filing Failure until such Filing Failure is cured; (II) an Effectiveness Failure until such Effectiveness Failure is cured;
(III) a Maintenance Failure until such Maintenance Failure is cured; and (IV) a Current Public Information Failure until the earlier
of (i) the date such Current Public Information Failure is cured and (ii) such time that such public information is no longer required
pursuant to Rule 144 (in each case, pro rated for periods totaling less than thirty (30) days). The payments to which a holder
of Registrable Securities shall be entitled pursuant to this Section 2(e) are referred to herein as “Registration Delay
Payments.” Following the initial Registration Delay Payment for any particular event or failure (which shall be paid
on the date of such event or failure, as set forth above), without limiting the foregoing, if an event or failure giving rise to
the Registration Delay Payments is cured prior to any thirty (30) day anniversary of such event or failure, then such Registration
Delay Payment shall be made on the third (3rd) Business Day after such cure. In the event the Company fails to make
Registration Delay Payments in a timely manner in accordance with the foregoing, such Registration Delay Payments shall bear interest
at the rate of one percent (1.0%) per month (prorated for partial months) until paid in full. Notwithstanding the foregoing, no
Registration Delay Payments shall be owed to an Investor (other than with respect to a Maintenance Failure resulting from a suspension
of listing or quotation or delisting of (or a failure to timely list or quote) the Ordinary Shares or ADSs on the Principal Market)
with respect to any period during which all of such Investor’s Registrable Securities may be sold by such Investor without
restriction under Rule 144 (including, without limitation, volume restrictions) and without the need for current public information
required by Rule 144(c)(1) (or Rule 144(i)(2), if applicable).

 

    	4

    	 

    

 

(f)               
Offering. Notwithstanding anything to the contrary contained in this Agreement, in the event the staff of the SEC
(the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed
pursuant to this Agreement as constituting an offering of securities by, or on behalf of, the Company, or in any other manner,
such that the Staff or the SEC do not permit such Registration Statement to become effective and used for resales
in a manner that does not constitute such an offering and that permits the continuous resale at the market by the Investors participating therein (or
as otherwise may be acceptable to each Investor) without being named therein as an “underwriter,” then the Company
shall reduce the number of shares to be included in such Registration Statement by all Investors until such time as the Staff and
the SEC shall so permit such Registration Statement to become effective as aforesaid. In making such reduction, the Company
shall reduce the number of shares to be included by all Investors on a pro rata basis (based upon the number of Registrable Securities
otherwise required to be included for each Investor) unless the inclusion of shares by a particular Investor or a particular set
of Investors are resulting in the Staff or the SEC’s “by or on behalf of the Company” offering position,
in which event the shares held by such Investor or set of Investors shall be the only shares subject to reduction (and if by a
set of Investors on a pro rata basis by such Investors or on such other basis as would result in the exclusion of the least number
of shares by all such Investors).  In addition, in the event that the Staff or the SEC requires any Investor seeking to sell
securities under a Registration Statement filed pursuant to this Agreement to be specifically identified as an “underwriter” in
order to permit such Registration Statement to become effective, and such Investor does not consent to being so named as an underwriter
in such Registration Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities
to be registered on behalf of such Investor, until such time as the Staff or the SEC does not require such identification
or until such Investor accepts such identification and the manner thereof. Any reduction pursuant to this paragraph will first
reduce all securities that are not Registrable Securities (including securities included in such Registration Statement pursuant
to a Permitted Registration (as defined in the Securities Purchase Agreement)), if any such securities are permitted by the Required
Holders to be included in accordance with the terms of this Agreement. In the event of any reduction in Registrable Securities
pursuant to this paragraph, an affected Investor shall have the right to require, upon delivery of a written request to the
Company signed by such Investor, the Company to file a registration statement within thirty (30) calendar days of such request
(subject to any restrictions imposed by Rule 415 or required by the Staff or the SEC) for resale by such Investor in
a manner acceptable to such Investor, and the Company shall following such request cause to be and keep effective such registration
statement in the same manner as otherwise contemplated in this Agreement for registration statements hereunder, in each
case, until such time as: (i) all Registrable Securities held by such Investor have been registered and sold pursuant to an
effective Registration Statement in a manner acceptable to such Investor or (ii) all Registrable Securities may be resold
by such Investor without restriction (including, without limitation, volume limitations) pursuant to Rule 144 (taking account
of any Staff position with respect to “affiliate” status) and without the need for current public information required
by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (iii) such Investor agrees to be named as an underwriter in any such Registration
Statement in a manner acceptable to such Investor as to all Registrable Securities held by such Investor and that have not theretofore
been included in a Registration Statement under this Agreement (it being understood that the special demand right under this sentence
may be exercised by an Investor multiple times and with respect to limited amounts of Registrable Securities in order to permit
the resale thereof by such Investor as contemplated above). Any reduction made to securities included in a Registration Statement
in accordance with this Section 2(f) shall not constitute a Filing Failure, Effectiveness Failure or a Maintenance Failure and
shall not be subject to the payment requirements under Section 2(e).

 

    	5

    	 

    

 

(g)              
Allocation of Registrable Securities. The initial number of Registrable Securities included in any Registration Statement
and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based
on the number of Registrable Securities held by each Investor at the time such Registration Statement covering such initial number
of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise
transfers any of such Investor’s Registrable Securities, each transferee or assignee (as the case may be) that becomes an
Investor shall be allocated a pro rata portion of the then-remaining number of Registrable Securities included in such Registration
Statement for such transferor or assignee (as the case may be). Any Ordinary Shares included in a Registration Statement and which
remain allocated to any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be
allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors which
are covered by such Registration Statement.

 

    	6

    	 

    

 

(h)              
Inclusion of Other Securities. Other than shares to be issued pursuant to price protection and most favored nation
provisions triggered by the issuance of the Shares pursuant to the Securities Purchase Agreement and as set forth in this Agreement,
in no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the
prior written consent of the Required Holders. Until the Expiration Date (as defined in the Securities Purchase Agreement), the
Company shall not enter into any agreement providing any registration rights to any of its security holders that have any priority
to any of the Investor’s rights contained in this Agreement or adversely affect any Investor’s rights under this Agreement.

 

		3.	Related Obligations.

 

The Company shall use
its best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition
thereof, and, pursuant thereto, the Company shall have the following obligations:

 

(a)               
The Company shall prepare and file with the SEC a Registration Statement with respect to all the Registrable Securities
(but in no event later than the applicable Filing Deadline) and use its best efforts to cause such Registration Statement to become
effective as soon as practicable after such filing (but in no event later than the Effectiveness Deadline). Subject to Allowable
Grace Periods, the Company shall keep each Registration Statement effective (and the prospectus contained therein available for
use) pursuant to Rule 415 for resales by the Investors on a delayed or continuous basis at then-prevailing market prices (and not
fixed prices) at all times until the earlier of (i) the date as of which all of the Investors may sell all of the Registrable Securities
required to be covered by such Registration Statement (disregarding any reduction pursuant to Section 2(f)) without restriction
pursuant to Rule 144 (including, without limitation, volume restrictions) and without the need for current public information required
by Rule 144(c)(1) (or Rule 144(i)(2), if applicable) or (ii) the date on which the Investors shall have sold all of the Registrable
Securities covered by such Registration Statement (the “Registration Period”). Notwithstanding anything to the
contrary contained in this Agreement, the Company shall ensure that, when filed and at all times while effective, each Registration
Statement (including, without limitation, all amendments and supplements thereto) and the prospectus (including, without limitation,
all amendments and supplements thereto) used in connection with such Registration Statement (1) shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein
(in the case of prospectuses, in the light of the circumstances in which they were made) not misleading and (2) will disclose (whether
directly or through incorporation by reference to other SEC filings to the extent permitted) all material information regarding
the Company and its securities.

 

    	7

    	 

    

 

(b)              
Subject to Section 3(r) of this Agreement, the Company shall prepare and file with the SEC such amendments (including,
without limitation, post-effective amendments) and supplements to each Registration Statement and the prospectus used in
connection with each such Registration Statement, which prospectus is to be filed pursuant to Rule 424 promulgated under the 1933
Act, as may be necessary to keep each such Registration Statement effective at all times during the Registration Period for such
Registration Statement, and, during such period, comply with the provisions of the 1933 Act with respect to the disposition of
all Registrable Securities of the Company required to be covered by such Registration Statement until such time as all of such
Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers
thereof as set forth in such Registration Statement; provided, however, by 9:30 a.m. (New York time) no later than the second Business
Day immediately following each Effective Date, the Company shall file with the SEC in accordance with Rule 424(b) under the 1933
Act the final prospectus to be used in connection with sales pursuant to the applicable Registration Statement (whether or not
such a prospectus is technically required by such rule). In the case of amendments and supplements to any Registration Statement
which are required to be filed pursuant to this Agreement (including, without limitation, pursuant to this Section 3(b)) by reason
of the Company filing a report on Form 20-F, Form 6-K or any analogous report under the Securities Exchange Act of 1934, as amended
(the “1934 Act”), the Company shall have incorporated such report by reference into such Registration Statement,
if applicable, or shall file such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed
which created the requirement for the Company to amend or supplement such Registration Statement.

 

(c)               
The Company shall (A) permit each Investor to review and provide comments to the Company and Company Counsel, with respect
to (i) each Registration Statement at least two (2) Business Days prior to its filing with the SEC and (ii) all amendments and
supplements to each Registration Statement (including, without limitation, the prospectus contained therein) (except for Reports
on Form 20-F, Form 6-K, and any similar or successor reports) within a reasonable number of days prior to their filing with the
SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which the Required Holders reasonably
objects.

 

(d)              
The Company shall promptly furnish to each Investor whose Registrable Securities are included in any Registration Statement,
without charge, (i) after the same is prepared and filed with the SEC, at least one (1) copy of each Registration Statement and
any amendment(s) and supplement(s) thereto, including, without limitation, financial statements and schedules, all documents incorporated
therein by reference, if requested by an Investor, all exhibits and each preliminary prospectus (unless such Registration Statement
is available on EDGAR), (ii) upon the effectiveness of each Registration Statement, ten (10) copies of the prospectus included
in such Registration Statement and all amendments and supplements thereto (unless such Registration Statement is available on EDGAR)
and (iii) such other documents, including, without limitation, copies of any preliminary or final prospectus, as such Investor
may reasonably request from time to time (unless such document is available on EDGAR) in order to facilitate the disposition of
the Registrable Securities owned by such Investor.

 

    	8

    	 

    

 

(e)               
The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and
qualification applies, the resale by Investors of the Registrable Securities covered by a Registration Statement under such other
securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including, without limitation, post-effective amendments) and supplements to such registrations
and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period,
and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions;
provided, however, the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business
in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(e), (y) subject itself to general
taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall
promptly notify each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to
the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or “blue
sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any
proceeding for such purpose.

 

(f)               
The Company shall either notify each Investor in writing or file a current Report on Form 6-K with the SEC providing disclosure
of the happening of any event, as promptly as practicable after becoming aware of such event, as a result of which the prospectus
included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a
material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading (provided that in no event shall such notice contain any material, non-public information
regarding the Company or any of its Subsidiaries), and, subject to Section 3(r), promptly prepare a supplement or amendment to
such Registration Statement and such prospectus contained therein to correct such untrue statement or omission and deliver ten
(10) copies of such supplement or amendment to each Investor (or such other number of copies as such Investor may reasonably request)
(unless such supplements or amendments are available on EDGAR). The Company shall also promptly notify each Investor in writing
(i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, when a Registration Statement or
any post-effective amendment has become effective (notification of such effectiveness shall be delivered to each Investor by facsimile
or e-mail on the same day of such effectiveness and by overnight mail), and when the Company receives written notice from the SEC
that a Registration Statement or any post-effective amendment will be reviewed by the SEC, (ii) of any request by the SEC for amendments
or supplements to a Registration Statement or related prospectus or related information, (iii) of the Company’s reasonable
determination that a post-effective amendment to a Registration Statement would be appropriate; and (iv) of the receipt of any
request by the SEC or any other federal or state governmental authority for any additional information relating to the Registration
Statement or any amendment or supplement thereto or any related prospectus. The Company shall respond as promptly as practicable
to any comments received from the SEC with respect to each Registration Statement or any amendment thereto (it being understood
and agreed that the Company’s response to any such comments shall be delivered to the SEC no later than ten (10) Business
Days after the receipt thereof).

 

    	9

    	 

    

 

(g)              
The Company shall (i) use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of each Registration Statement or the use of any prospectus contained therein, or the suspension of the qualification, or the loss
of an exemption from qualification, of any of the Registrable Securities for sale in any jurisdiction and, if such an order or
suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and (ii) notify each
Investor who holds Registrable Securities of the issuance of such order and the resolution thereof or its receipt of actual notice
of the initiation or threat of any proceeding for such purpose.

 

(h)              
[RESERVED]

 

(i)                
If any Investor may be required under applicable securities law to be described in any Registration Statement as an underwriter
and such Investor consents to so being named an underwriter, upon the written request of such Investor, the Company shall make
available for inspection by (i) such Investor, (ii) legal counsel for such Investor and (iii) one (1) firm of accountants or other
agents retained by such Investor (collectively, the “Inspectors”), all pertinent financial and other records,
and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably
deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all information which
any Inspector may reasonably request; provided, however, each Inspector shall agree in writing to hold in strict confidence and
not to make any disclosure (except to such Investor) or use of any Record or other information which the Company’s board
of directors determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (1)
the disclosure of such Records is necessary to avoid or correct a misstatement or omission in any Registration Statement or is
otherwise required under the 1933 Act, (2) the release of such Records is ordered pursuant to a final, non-appealable subpoena
or order from a court or government body of competent jurisdiction, or (3) the information in such Records has been made generally
available to the public other than by disclosure in violation of this Agreement or any other Transaction Document (as defined in
the Securities Purchase Agreement). Such Investor agrees that it shall, upon learning that disclosure of such Records is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at its expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the
Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and such Investor, if
any) shall be deemed to limit any Investor’s ability to sell Registrable Securities in a manner which is otherwise consistent
with applicable laws and regulations.

 

(j)                
The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company
unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in any Registration Statement or is otherwise required
to be disclosed in such Registration Statement pursuant to the 1933 Act, (iii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information
has been made generally available to the public other than by disclosure in violation of this Agreement or any other Transaction
Document. The Company agrees that it shall, upon learning that disclosure of such information concerning an Investor is sought
in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor
and allow such Investor, at such Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain
a protective order for, such information.

 

    	10

    	 

    

 

(k)              
Without limiting any obligation of the Company under the Securities Purchase Agreement, on and after the Initial Quotation
Date, the Company shall use its best efforts either to (i) cause all of the Registrable Securities covered by each Registration
Statement or ADSs to be listed on each securities exchange on which securities of the same class or series issued by the Company
are then listed, if any, if the listing of such Registrable Securities or ADSs is then permitted under the rules of such exchange,
(ii) secure designation and quotation of all of the Registrable Securities or ADSs covered by each Registration Statement on the
OTC Bulletin Board, or (iii) if, despite the Company’s best efforts to satisfy the preceding clauses (i) or (ii) the Company
is unsuccessful in satisfying the preceding clauses (i) or (ii), without limiting the generality of the foregoing, to use its best
efforts to arrange for at least two market makers to register with the Financial Industry Regulatory Authority, Inc. (“FINRA”)
as such with respect to such Registrable Securities. In addition, the Company shall cooperate with each Investor and any broker
or dealer through which any such Investor proposes to sell its Registrable Securities in effecting a filing with FINRA pursuant
to FINRA Rule 5110 as requested by such Investor. The Company shall pay all fees and expenses in connection with satisfying its
obligations under this Section 3(k).

 

(l)                
To the extent that any registration statement filed pursuant to this Agreement has been declared effective by the SEC or
restricted legends have been removed pursuant to Section 5 of the Securities Purchase Agreement, then the Company shall cooperate
with the Investors who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation
and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant
to a Registration Statement and enable such certificates to be in such denominations or amounts (as the case may be) as the Investors
may reasonably request from time to time and registered in such names as the Investors may request, or, if requested by an Investor
and the Ordinary Shares or ADSs are traded through the facilities of the DTC (as defined below), credit such aggregate number of
Registrable Securities or ADSs to be offered by such Investor to such Investor’s or its designee’s balance account
with The Depository Trust Company (“DTC”) through its Deposit/Withdrawal at Custodian system.

 

(m)            
If requested by an Investor, the Company shall as soon as practicable after receipt of notice from such Investor and subject
to Section 3(o) hereof, (i) incorporate in a prospectus supplement or post-effective amendment such information as an Investor
reasonably requests to be included therein, but only as to which information the Company Counsel agrees (which agreement shall
not be unreasonably withheld), relating to the sale and distribution of Registrable Securities, including, without limitation,
information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor
and any other terms of the offering of the Registrable Securities to be sold in such offering; (ii) make all required filings of
such prospectus supplement or post-effective amendment after being notified of the matters to be incorporated in such prospectus
supplement or post-effective amendment; and (iii) supplement or make amendments to any Registration Statement or prospectus contained
therein if reasonably requested by an Investor holding any Registrable Securities.

 

    	11

    	 

    

 

(n)              
The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection
with any registration hereunder.

 

(o)              
Notwithstanding anything to the contrary herein (but subject to the last sentence of this Section 3(r)), at any time after
the Effective Date of a particular Registration Statement, the Company may delay the disclosure of material, non-public information
concerning the Company or any of its Subsidiaries the disclosure of which at the time is not, in the good faith opinion of the
board of directors of the Company, in the best interest of the Company and, in the opinion of Company Counsel, otherwise required
(a “Grace Period”), provided that the Company shall promptly notify the Investors in writing of the (i) existence
of material, non-public information giving rise to a Grace Period (provided that in each such notice the Company shall not disclose
the content of such material, non-public information to any of the Investors) and the date on which such Grace Period will begin
and (ii) date on which such Grace Period ends, provided further that (I) no Grace Period shall exceed ten (10) consecutive
days and during any three hundred sixty five (365) day period all such Grace Periods shall not exceed an aggregate of thirty (30)
days, (II) the first day of any Grace Period must be at least five (5) Trading Days after the last day of any prior Grace Period
and (III) no Grace Period may exist during the thirty (30) Trading Day period immediately following the Effective Date of such
Registration Statement (provided that such thirty (30) Trading Day period shall be extended by the number of Trading Days during
such period and any extension thereof contemplated by this proviso during which such Registration Statement is not effective or
the prospectus contained therein is not available for use) (each, an “Allowable Grace Period”). For purposes
of determining the length of a Grace Period above, such Grace Period shall begin on and include the date the Investors receive
the notice referred to in clause (i) above and shall end on and include the later of the date the Investors receive the notice
referred to in clause (ii) above and the date referred to in such notice. The provisions of the first sentence of Section 3(f)
and the provisions of Section 3(g) hereof shall not be applicable during the period of any Allowable Grace Period. Upon expiration
of each Grace Period, the Company shall again be bound by the first sentence of Section 3(f) and the provisions of Section 3(g)
with respect to the information giving rise thereto unless such material, non-public information is no longer applicable. Notwithstanding
anything to the contrary contained in this Section 3(r), the Company shall cause its transfer agent to deliver unlegended Ordinary
Shares to a transferee of an Investor in accordance with the terms of the Securities Purchase Agreement in connection with any
sale of Registrable Securities with respect to which such Investor has entered into a contract for sale, and delivered a copy of
the prospectus included as part of the particular Registration Statement (unless an exemption from such prospectus delivery requirement
exists), prior to such Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled.

 

		4.	Obligations of the Investors.

 

(a)               
At least five (5) Business Days prior to the first anticipated filing date of each Registration Statement, the Company shall
notify each Investor in writing of the information the Company reasonably requires from each such Investor with respect to such
Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant
to this Agreement with respect to the Registrable Securities of a particular Investor that such Investor shall furnish to the Company
such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable
Securities held by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable
Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

 

    	12

    	 

    

 

(b)              
Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless
such Investor has notified the Company in writing of such Investor’s election to exclude all of such Investor’s Registrable
Securities from such Registration Statement.

 

(c)               
Each Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3(g) or the first sentence of 3(f), such Investor will immediately discontinue disposition of Registrable Securities
pursuant to any Registration Statement(s) covering such Registrable Securities until such Investor’s receipt of the copies
of the supplemented or amended prospectus contemplated by Section 3(g) or the first sentence of Section 3(f) or receipt of notice
that no supplement or amendment is required. Notwithstanding anything to the contrary in this Section 4(c), the Company shall cause
its transfer agent to deliver unlegended Ordinary Shares to a transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with respect to which such Investor has entered into a
contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind
described in Section 3(g) or the first sentence of Section 3(f) and for which such Investor has not yet settled.

 

(d)              
Each Investor covenants and agrees that, upon written notification by the Company
that it no longer meets the requirements for the use of Rule 172 and that such Investor therefore is required to deliver a prospectus
in connection with any disposition of Registrable Securities by it pursuant to the Registration Statement and upon receipt from
the Company of a current prospectus relating to the Registrable Securities meeting the requirements of the Securities Act, it will
comply with the prospectus delivery requirements of the 1933 Act as applicable to it in connection with sales of Registrable
Securities pursuant to a Registration Statement.

 

		5.	Expenses of Registration.

 

All reasonable expenses,
other than underwriting discounts and commissions, incurred in connection with registrations, filings or qualifications pursuant
to Sections 2 and 3, including, without limitation, all registration, listing and qualifications fees, printers and accounting
fees, FINRA filing fees (if any), blue sky fees and fees and disbursements of counsel for the Company shall be paid by the Company.
The Company shall have no obligation to pay the expenses of any Investor incurred in connection with any registration, filing or
qualification pursuant to Sections 2 and 3 of this Agreement.

 

    	13

    	 

    

 

		6.	Indemnification.

 

(a)               
To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor
and each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other
Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other
title) and each Person, if any, who controls such Investor within the meaning of the 1933 Act or the 1934 Act and each of the directors,
officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling
Persons (each, an “Indemnified Person”), against any losses, obligations, claims, damages, liabilities, contingencies,
judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees and costs
of defense and investigation), amounts paid in settlement or expenses, joint or several, (collectively, “Claims”)
incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from
the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending
or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified Damages”), to
which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration
Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under
the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue
Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary
to make the statements therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact contained
in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus
(as amended or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or
alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances
under which the statements therein were made, not misleading or (iii) any violation or alleged violation by the Company of the
1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing
clauses (i) through (iii) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse
the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary
contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified
Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing
to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation of such
Registration Statement or any such amendment thereof or supplement thereto and (ii) shall not be available to a particular Investor
to the extent such Claim is based on a failure of such Investor to deliver or to cause to be delivered the prospectus made available
by the Company (to the extent applicable), including, without limitation, a corrected prospectus, if such prospectus or corrected
prospectus was timely made available by the Company pursuant to Section 3(d) and then only if, and to the extent that, following
the receipt of the corrected prospectus no grounds for such Claim would have existed; and (iii) shall not apply to amounts paid
in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall
not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of the Indemnified Person and shall survive the transfer of any of the Registrable Securities by any of the Investors
pursuant to Section 9.

 

    	14

    	 

    

 

(b)              
In connection with any Registration Statement in which an Investor is participating, such Investor agrees to severally and
not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the
Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls
the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Party”), against any Claim
or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such
Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent,
that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor
expressly for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section
6(b), such Investor will reimburse an Indemnified Party any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this Section
6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any
Claim if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably
withheld or delayed, provided further that such Investor shall be liable under this Section 6(b) for only that amount of a Claim
or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the applicable sale of Registrable Securities
pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made
by or on behalf of such Indemnified Party and shall survive the transfer of any of the Registrable Securities by any of the Investors
pursuant to Section 9.

 

(c)               
Promptly after receipt by an Indemnified Person or Indemnified Party (as the case may be) under this Section 6 of notice
of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving
a Claim, such Indemnified Person or Indemnified Party (as the case may be) shall, if a Claim in respect thereof is to be made against
any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and
the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with
any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to
the indemnifying party and the Indemnified Person or the Indemnified Party (as the case may be); provided, however, an Indemnified
Person or Indemnified Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such
counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses;
(ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory
to such Indemnified Person or Indemnified Party (as the case may be) in any such Claim; or (iii) the named parties to any such
Claim (including, without limitation, any impleaded parties) include both such Indemnified Person or Indemnified Party (as the
case may be) and the indemnifying party, and such Indemnified Person or such Indemnified Party (as the case may be) shall have
been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Person
or such Indemnified Party and the indemnifying party (in which case, if such Indemnified Person or such Indemnified Party (as the
case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying
party, then the indemnifying party shall not have the right to assume the defense thereof and such counsel shall be at the expense
of the Indemnifying Party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible
for the reasonable fees and expenses of more than one (1) separate legal counsel for such Indemnified Person or Indemnified Party
(as the case may be). The Indemnified Party or Indemnified Person (as the case may be) shall reasonably cooperate with the indemnifying
party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to
the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person (as the case may be)
which relates to such action or Claim. The indemnifying party shall keep the Indemnified Party or Indemnified Person (as the case
may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No
indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent;
provided, however, the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party
shall, without the prior written consent of the Indemnified Party or Indemnified Person (as the case may be), consent to entry
of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving
by the claimant or plaintiff to such Indemnified Party or Indemnified Person (as the case may be) of a release from all liability
in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified
Party. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified
Party or Indemnified Person (as the case may be) with respect to all third parties, firms or corporations relating to the matter
for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time
of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or
Indemnified Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially and
adversely prejudiced in its ability to defend such action.

 

    	15

    	 

    

 

(d)              
No Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning
of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person involved in
such sale of Registrable Securities who is not guilty of fraudulent misrepresentation.

 

(e)               
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

(f)               
The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right
of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying
party may be subject to pursuant to the law.

 

		7.	Contribution.

 

To the extent any indemnification
by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect
to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however:
(i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the
fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which Person
is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall
be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation;
and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received
by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement less any damages
otherwise paid by such seller with respect to the claim giving rise to such contribution obligation. Notwithstanding the provisions
of this Section 7, no Investor shall be required to contribute, in the aggregate, any amount in excess of the amount by which the
net proceeds actually received by such Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds
the amount of any damages that such Investor has otherwise been required to pay, or would otherwise be required to pay under Section
6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission. Notwithstanding the foregoing, the
contribution agreement contained in this Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement
is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed

 

    	16

    	 

    

 

		8.	Reports Under the 1934 Act.

 

With a view to making
available to the Investors the benefits of Rule 144, on and after the Self Filing Effective Date, the Company agrees to:

 

(a)               
make and keep public information available, as those terms are understood and defined in Rule 144;

 

(b)              
file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the
1934 Act so long as the Company remains subject to such requirements (it being understood and agreed that nothing herein shall
limit any obligations of the Company under the Securities Purchase Agreement) and the filing of such reports and other documents
is required for the applicable provisions of Rule 144; and

 

(c)               
furnish to each Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement
by the Company, if true, that it has complied with the reporting, submission and posting requirements of Rule 144 and the 1934
Act, (ii) a copy of the most recent Form 20-F of the Company and such other reports and documents so filed by the Company with
the SEC if such reports are not publicly available via EDGAR, and (iii) such other information as may be reasonably requested to
permit the Investors to sell such securities pursuant to Rule 144 without registration.

 

		9.	Assignment of Registration Rights.

 

All or any portion
of the rights under this Agreement shall be automatically assignable by each Investor to any transferee or assignee (as the case
may be) of all or any portion of such Investor’s Registrable Securities if: (i) such Investor agrees in writing with such
transferee or assignee (as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished
to the Company within a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a reasonable
time after such transfer or assignment (as the case may be), furnished with written notice of (a) the name and address of such
transferee or assignee (as the case may be), and (b) the securities with respect to which such registration rights are being transferred
or assigned (as the case may be); (iii) immediately following such transfer or assignment (as the case may be) the further disposition
of such securities by such transferee or assignee (as the case may be) is restricted under the 1933 Act or applicable state securities
laws if so required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence
such transferee or assignee (as the case may be) agrees in writing with the Company to be bound by all of the provisions contained
herein; (v) such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements
of the Securities Purchase Agreement and the other Transaction Documents (as defined in the Securities Purchase Agreement) (as
the case may be); and (vi) such transfer or assignment (as the case may be) shall have been conducted in accordance with all applicable
federal and state securities laws.

 

    	17

    	 

    

 

		10.	Amendment of Registration Rights.

 

Provisions of this
Agreement may be amended only with the written consent of the Company and the Required Holders. Any amendment effected in accordance
with this Section 10 shall be binding upon each Investor and the Company, provided that no such amendment shall be effective to
the extent that it (1) applies to less than all of the holders of the holders of Registrable Securities, (2) imposes any obligation
or liability on any Investor without such Investor’s prior written consent (which may be granted or withheld in such Investor’s
sole discretion) or (3) applies retroactively. No waiver shall be effective unless it is in writing and signed by an authorized
representative of the waiving party, provided that the Required Holders (in a writing signed by all of the Required Holders) may
waive any provision of this Agreement, and any waiver of any provision of this Agreement made in conformity with the provisions
of this Section 10 shall be binding on each Investor, provided that no such waiver shall be effective to the extent that it (1)
applies to less than all the Investors (unless a party gives a waiver as to itself only) or (2) imposes any obligation or liability
on any Investor without such Investor’s prior written consent (which may be granted or withheld in such Investor’s
sole discretion). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any
provision of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

 

		11.	Miscellaneous.

 

(a)               
Solely for purposes of this Agreement, a Person is deemed to be a holder of Registrable Securities whenever such Person
owns, or is deemed to own, of record such Registrable Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions,
notice or election received from such record owner of such Registrable Securities.

 

    	18

    	 

    

 

(b)              
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party); (iii) with respect to Section 3(c), by e-mail (provided confirmation of transmission is electronically generated and kept
on file by the sending party); or (iv) one (1) Business Day after deposit with a nationally recognized overnight delivery service
with next day delivery specified, in each case, properly addressed to the party to receive the same. The addresses and facsimile
numbers for such communications shall be:

 

If to the Company:

 

Mark Cohen

Chairman of the Board

c/o Pearl Cohen Zedek Latzer, LLP

1500 Broadway

New York, NY 10036

Telephone: (646) 878-0804

Facsimile: (646) 878-0801

Email: markc@pczlaw.com

With a copy (for informational
purposes only) to:

 

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

666 Third Avenue

New York, NY 10017

Telephone: (212) 935-3000

Facsimile: (212) 983-3115

Attention: Kenneth R. Koch, Esq.

   Jeffrey P. Schultz, Esq.

 

If to a Buyer, to its address, facsimile
number or e-mail address (as the case may be) set forth on the Schedule of Buyers attached to the Securities Purchase Agreement,
with copies to such Buyer’s representatives as set forth on the Schedule of Buyers, or to such other address, facsimile number
and/or e-mail address and/or to the attention of such other Person as the recipient party has specified by written notice given
to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or e-mail transmission containing the time, date and recipient facsimile number or e-mail address or (C) provided by a
courier or overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally
recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    	19

    	 

    

 

(c)               
Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising
such right or remedy, shall not operate as a waiver thereof.

 

(d)              
All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed
by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal
courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any
suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each
party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this
Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF
ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

(e)               
This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto and the instruments
referenced herein and therein constitute the entire agreement among the parties hereto and thereto solely with respect to the subject
matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein and therein. This Agreement, the other Transaction Documents, the schedules and exhibits attached hereto and thereto
and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto solely
with respect to the subject matter hereof and thereof; provided, however, nothing contained in this Agreement or any other Transaction
Document shall (or shall be deemed to) (i) have any effect on any agreements any Investor has entered into with, or any instrument
that any Investor received from, the Company or any of its Subsidiaries prior to the date hereof with respect to any prior investment
made by such Investor in the Company, (ii) waive, alter, modify or amend in any respect any obligations of the Company or any of
its Subsidiaries or any rights of or benefits to any Investor or any other Person in any agreement entered into prior to the date
hereof between or among the Company and/or any of its Subsidiaries and any Investor or any instrument that any Investor received
prior to the date hereof from the Company and/or any of its Subsidiaries and all such agreements and instruments shall continue
in full force and effect or (iii) limit any obligations of the Company under any of the other Transaction Documents.

 

    	20

    	 

    

 

(f)               
Subject to compliance with Section 9 (if applicable), this Agreement shall inure to the benefit of and be binding upon the
permitted successors and assigns of each of the parties hereto. This Agreement is not for the benefit of, nor may any provision
hereof be enforced by, any Person, other than the parties hereto, their respective permitted successors and assigns and the Persons
referred to in Sections 6 and 7 hereof.

 

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

 

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

 

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

 

(j)                
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent
and no rules of strict construction will be applied against any party. Notwithstanding anything to the contrary set forth in Section
10, terms used in this Agreement but defined in the other Transaction Documents shall have the meanings ascribed to such terms
on the Closing Date in such other Transaction Documents unless otherwise consented to in writing by each Investor.

 

(k)              
All consents and other determinations required to be made by the Investors pursuant to this Agreement shall be made, unless
otherwise specified in this Agreement, by the Required Holders.

 

(l)                
The obligations of each Investor under this Agreement and the other Transaction Documents are several and not joint with
the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of
any other Investor under this Agreement or any other Transaction Document. Nothing contained herein or in any other Transaction
Document, and no action taken by any Investor pursuant hereto or thereto, shall be deemed to constitute the Investors as, and the
Company acknowledges that the Investors do not so constitute, a partnership, an association, a joint venture or any other kind
of group or entity, or create a presumption that the Investors are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by the Transaction Documents or any matters, and the Company acknowledges
that the Investors are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such
obligations or the transactions contemplated by this Agreement or any of the other the Transaction Documents. Each Investor shall
be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement
or out of any other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party
in any proceeding for such purpose. The use of a single agreement with respect to the obligations of the Company contained herein
was solely in the control of the Company, not the action or decision of any Investor, and was done solely for the convenience of
the Company and not because it was required or requested to do so by any Investor. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction Document is between the Company and an Investor, solely, and
not between the Company and the Investors collectively and not between and among Investors.

 

[signature pages follow]

 

    	21

    	 

    

 

IN WITNESS WHEREOF,
Buyers and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as
of the date first written above.

 

	 	COMPANY:
	 	 
	 	celsus therapeutics plc
	 	 
	 	 
	 	By: 
	 	Name:
	 	Title:

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
Buyers and the Company have caused their respective signature page to this Registration Rights Agreement to be duly executed as
of the date first written above.

 

	 	
        BUYERS:

         

	 	
        Name of Buyer: __________________________

         

        Signature of Authorized Signatory of Buyer: __________________________

         

        Name of Authorized Signatory: _________________________

         

        Title of Authorized Signatory: __________________________

         

	 	 
	 	 

 

	 

Signature Page to Celsus RRA

 

[SIGNATURE PAGES CONTINUE]

 

    	 

    	 

    

 

EXHIBIT A

 

PLAN OF DISTRIBUTION

 

We are registering
the ordinary shares issued to the holders to permit the resale of these ordinary shares by the holders of the shares from time
to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of
the ordinary shares. We will bear all fees and expenses incident to our obligation to register the ordinary shares.

 

The selling stockholders
may sell all or a portion of the ordinary shares or ADSs held by them and offered hereby from time to time directly or through
one or more underwriters, broker-dealers or agents. If the ordinary shares or ADSs are sold through underwriters or broker-dealers,
the selling stockholders will be responsible for underwriting discounts or commissions or agent’s commissions. The ordinary
shares or ADSs may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at
varying prices determined at the time of sale or at negotiated prices. These sales may be effected in transactions, which may involve
crosses or block transactions, pursuant to one or more of the following methods:

 

		·	on any national securities exchange or quotation service on which the securities may be listed
or quoted at the time of sale;

 

		·	in the over-the-counter market;

 

		·	in transactions otherwise than on these exchanges or systems or in the over-the-counter market;

 

		·	through the writing or settlement of options, whether such options are listed on an options exchange
or otherwise;

 

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

 

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

 

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

 

		·	an exchange distribution in accordance with the rules of the applicable exchange;

 

		·	privately negotiated transactions;

 

		·	short sales made after the date the Registration Statement is declared effective by the SEC;

 

    	 

    	 

    

 

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

 

		·	a combination of any such methods of sale; and

 

		·	any other method permitted pursuant to applicable law.

 

The selling stockholders
may also sell ordinary shares or ADSs under Rule 144 promulgated under the Securities Act of 1933, as amended, if available, rather
than under this prospectus. In addition, the selling stockholders may transfer the ordinary shares or ADSs by other means not described
in this prospectus. If the selling stockholders effect such transactions by selling ordinary shares or ADSs to or through underwriters,
broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions
or commissions from the selling stockholders or commissions from purchasers of the ordinary shares or ADSs for whom they may act
as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers
or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the ordinary
shares or ADSs or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of the ordinary shares or ADSs in the course of hedging in positions they assume. The selling stockholders
may also sell ordinary shares or ADSs short and deliver ordinary shares covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge ordinary shares
or ADSs to broker-dealers that in turn may sell such shares.

 

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

 

To the extent required
by the Securities Act and the rules and regulations thereunder, the selling stockholders and any broker-dealer participating in
the distribution of the ordinary shares or ADSs may be deemed to be “underwriters” within the meaning of the Securities
Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting
commissions or discounts under the Securities Act. At the time a particular offering of the ordinary shares or ADSs is made, a
prospectus supplement, if required, will be distributed, which will set forth the aggregate amount of ordinary shares or ADSs being
offered and the terms of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions
and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or
re-allowed or paid to broker-dealers.

 

    	 

    	 

    

 

Under the securities
laws of some states, the ordinary shares or ADSs may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the ordinary shares or ADSs may not be sold unless such shares have been registered or qualified for
sale in such state or an exemption from registration or qualification is available and is complied with.

 

There can be no assurance
that any selling stockholder will sell any or all of the ordinary shares or ADSs registered pursuant to the registration statement,
of which this prospectus forms a part.

 

The selling stockholders
and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act
of 1934, as amended, and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation
M of the Exchange Act, which may limit the timing of purchases and sales of any of the ordinary shares or ADSs by the selling stockholders
and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged
in the distribution of the ordinary shares or ADSs to engage in market-making activities with respect to the ordinary shares or
ADSs. All of the foregoing may affect the marketability of the ordinary shares or ADSs and the ability of any person or entity
to engage in market-making activities with respect to the ordinary shares or ADSs.

 

We will pay all expenses
of the registration of the ordinary shares pursuant to the registration rights agreement, estimated to be $[     ]
in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities
or “blue sky” laws; provided, however, a selling stockholder will pay all underwriting discounts and selling commissions,
if any. We will indemnify the selling stockholders against liabilities, including some liabilities under the Securities Act in
accordance with the registration rights agreements or the selling stockholders will be entitled to contribution. We may be indemnified
by the selling stockholders against civil liabilities, including liabilities under the Securities Act that may arise from any written
information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related
registration rights agreements or we may be entitled to contribution.

 

Once sold under the
registration statement, of which this prospectus forms a part, the ordinary shares or ADSs will be freely tradable in the hands
of persons other than our affiliates.

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