Document:

Exhibit
10.10

 

 

THIS
AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of the 4 day of October,
2017 (the “Effective Date”), by and among Entera Bio Ltd., an Israeli company (the “Company")
and those individuals and entities listed on Schedule A hereto (including each of the 2012 Lenders which are party to a
convertible financing agreement entered into with the Company as of November 2012) (the “Investors").

 

W I T N E
S S E T H:

 

WHEREAS,
the Company and several of its shareholders and noteholders are party to that certain Amended and Restated Investors Rights Agreement
(the "Prior Agreement"); 

WHEREAS,
the parties wish to enter into this Agreement and to amend and restatethe Prior Agreement, in accordance with Section 3.4 of the
Prior Agreement, as set forth below.

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

1.     
Affirmative Covenants.

 

1.1              Delivery
of Financial Statements. The Company shall, subject to Section 1.5 below, deliver to each of the Major Holders (as defined
below):

 

1.1.1. 
As soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, a balance sheet
of the Company as of the end of such year, and statements of income and statements of cash flow of the Company for such year,
setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in
accordance with International Financial Reporting Standards (“IFRS”), audited by an accounting firm in the State of
Israel associated with one of the “Big 4” firms of Independent Certified Public Accountants, and accompanied by an
opinion of such firm which opinion shall state that such balance sheet, statements of income and cash flow have been prepared
in accordance with IFRS applied on a basis consistent with that of the preceding fiscal year, and present fairly and accurately
the financial position of the Company as of their date, and that the audit by such accountants in connection with such financial
statements has been made in accordance with IFRS;

 

1.1.2. 
As soon as practicable, but in any event within sixty (60) days after the end of the first three quarters of each fiscal year
of the Company, an unaudited balance sheet of the Company as of the end of each such period and unaudited statements of (i) income
and (ii) cash flow of the Company for such period and, in the case of the first, second and third quarterly periods, for
the period from the beginning of the current fiscal year to the end of such quarterly period, setting forth in each case in comparative
form the figures for the corresponding period of the previous fiscal year, all in reasonable detail, and certified, by the chief
financial officer (or if none, by the chief executive officer) of the Company, that such financial statements were prepared in
accordance with IFRS applied on a basis consistent with that of preceding periods and, except as otherwise stated therein, fairly
present the financial position of the Company as of their date subject to changes resulting from year-end audit adjustments, and
all reviewed by an accounting firm in the State of Israel associated with one of the “Big 4” firms of Independent
Certified Public Accountants;

 

1.1.3. 
Promptly upon request of the Major Holder, an up-to-date capitalization table of the Company, showing the number of shares of
each class and series of share capital and securities convertible into or exercisable for shares of share capital outstanding
at the end of the period, the Ordinary Shares issuable upon conversion or exercise of any outstanding securities convertible or
exercisable for Ordinary shares and the exchange ratio or exercise price applicable thereto, and the number of shares of issued
share options and share options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit the Major
Holder to calculate its

 

    

    

    

respective
percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of the Company
as being true, complete, and correct.

 

1.2                  
Reserved.

 

1.3                  
Accounting. The Company shall maintain and cause each of its Subsidiaries (as defined below) to maintain a system of accounting
established and administered in accordance with IFRS consistently applied, and will set aside on its books and cause each of its
operating Subsidiaries to set aside on its books all such proper reserves as shall be required by IFRS. For purpose of this Agreement,
a “Subsidiary” means any corporation or entity at least a majority of whose voting securities are at the time
owned by the Company, or by one or more of its Subsidiaries, or by the Company and one or more of its Subsidiaries.

 

1.4                  
Confidentiality. Each of the parties hereto agrees that any confidential information obtained from the Company, including,
without limitation, pursuant to Section ‎1.1 will be held in strict confidence, will not be disclosed to any person or entity
without the prior written consent of the Company and will not be used for any purpose, other than with respect to such party's
rights as a shareholder in the Company, unless such confidential information (a) is known or becomes known to the public in general
(other than as a result of a breach of this Section ‎1.4 by such party), (b) is or has been independently developed or conceived
by such party without use of or reference to the Company’s confidential information, or (c) is or has been made known or
disclosed to such party by a third party without a breach of any obligation of confidentiality such third party may have to the
Company; provided that such party may disclose confidential information to its (i) attorneys, accountants and consultants,
to the extent necessary to obtain their services in connection with monitoring its investment or holdings in the Company, (ii)
to any prospective purchaser of any Registrable Securities from such party, provided that such prospective purchaser is not a
competitor of the Company, agrees to be bound by the provisions of this Section ‎1.4 and prior to any such disclosure executes
a confidentiality agreement acceptable to the Company in its reasonable discretion, (iii) to any existing or prospective Affiliate,
partner, member, stockholder, or wholly owned subsidiary of such party in the ordinary course of business, provided that
such party informs such Person that such information is confidential and directs such Person to maintain the confidentiality of
such information and prior to any such disclosure executes a confidentiality undertaking similar to those under this Section ‎1.4;
or (iv) as may otherwise be required by law, provided that such party promptly notifies the Company of such disclosure,
takes reasonable steps to minimize the extent of any such required disclosure and at the request of the Company provides reasonable
assistance in obtaining an order protecting the information from public disclosure.

 

1.5                  
Termination of Financial Information Rights. The Company’s obligation to deliver the financial statements and other
information under Section ‎1.1 shall terminate and shall be of no further force or effect (i) immediately upon the closing
of the Company’s underwritten public offering of the Company’s shares pursuant to an effective registration statement
under the United States Securities Act of 1933, as amended (the “Securities Act”), or other equivalent law
of another jurisdiction (ii) when the Company (or any surviving or successor entity) becomes subject to the periodic reporting
requirements under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, or (iii)
upon a Deemed Liquidation Event, as such term is defined in the Amended Articles, whichever event occurs first.

 

1.6                  
Covered Persons. The Company acknowledges that Centillion Fund and its affiliates, members, equity holders, director representatives,
partners, employees, agents and other related persons are engaged in the business of investing in private and public companies
in a wide range of industries, including the industry segment in which the Company operates (the “Company Industry Segment”).
Accordingly, the Company and Centillion Fund acknowledge and agree that a Covered Person shall, subject to any applicable law,
including without limitation, with respect to any Covered Person which is a member of the Board, his fiduciary duties and the

 

    2 

    

    

provisions
of sections 254 and 255 of the Israeli Companies Law, 1999, as shall be amended from time to time:

 

(a)
       have no duty to the Company to refrain from participating as a director, investor or
otherwise with respect to any company or other person or entity that is engaged in the Company Industry Segment or is otherwise
competitive with the Company, and

 

(b)       in
connection with making investment decisions, to the fullest extent permitted by law, have no obligation of confidentiality or
other duty to the Company to refrain from using any information, including, but not limited to, market trend and
market data, which comes into such Covered Person’s possession, whether as a director, investor or otherwise (the
“Information Waiver”), provided that the Information Waiver shall not apply, and therefore such Covered
Person shall be subject to such obligations and duties as would otherwise apply to such Covered Person under applicable law, if
the information at issue (i) constitutes material non-public information concerning the Company or otherwise subject to confidentiality
obligation of Centillion Fund towards the Company, including under Section 1 herein, or (ii) is covered by a contractual
obligation of confidentiality to which the Company is subject.

 

1.6.1. 
Notwithstanding anything in this Section ‎1.6 to the contrary, nothing herein shall be construed as a waiver of any Covered
Person’s duty of loyalty or obligation of confidentiality with respect to the disclosure of confidential information of
the Company including without limitation such non-use and confidentiality obligations with respect to information provided pursuant
to this Agreement and/or such obligations and duties of any member of the Board of Directors.

 

1.6.2. 
For the purpose of this Section ‎1.6, “Covered Persons” shall mean the Preferred A Director.

 

1.7              FCPA. The Company represents that it shall not -- and shall not permit any of its Subsidiaries or Affiliates or any of
its or their respective directors, officers, managers, employees, independent contractors, representatives or agents to -- promise,
authorize or make any payment to, or otherwise contribute any item of value to, directly or indirectly, any Non-U.S. Official,
in each case, in violation of the United States Foreign Corrupt Practices Act (“FCPA”) the U.K. Bribery Act,
or any other applicable anti-bribery or anti-corruption law. The Company further represents that it shall -- and shall cause each
of its Subsidiaries and Affiliates to -- cease all of its or their respective activities, as well as remediate any actions taken
by the Company, its Subsidiaries or Affiliates, or any of their respective directors, officers, managers, employees, independent
contractors, representatives or agents in violation of the FCPA the U.K. Bribery Act, or any other applicable anti-bribery or
anti-corruption law. The Company further represents that it shall -- and shall cause each of its Subsidiaries and Affiliates to
-- maintain systems of internal controls (including, but not limited to, accounting systems, purchasing systems and billing systems)
to ensure compliance with the FCPA the U.K. Bribery Act, or any other applicable anti-bribery or anti-corruption law.

 

1.8             
Post-IPO Board. Following an IPO or the Registration of the Registrable Securities pursuant to a Registration Statement,
whichever occurs first, (i) pursuant to which the Company’s Ordinary Shares shall be listed on the NASDAQ or NYSE MKT LLC
(AMEX), so long as Centillion Fund and its Affiliates hold an aggregate of at least ten percent (10%) of the Company's issued
and outstanding Ordinary Shares and subject to applicable law, the Company shall nominate, if so requested by Centillion Fund,
a designee of Centillion Fund for election by the Company's shareholders as a member of the Company’s Board and shall recommend
that the Company's shareholders vote in favor of such election and (ii) the rights of those lenders which are party to that certain
Convertible Financing Agreement with the Company dated as of November 2012 (as listed therein, the “2012 Lenders”)
to collectively elect one member of the Company's Board of Directors set forth in Section 10.1 thereof shall immediately, upon
the

 

    3 

    

    

consummation
of such IPO or the Registration of the Registrable Securities on a Registration Statement pursuant to Section 2.1(a)(i), whichever
occurs first, terminate, and (iii) the rights of those lenders which are party to that certain Convertible Financing Agreement
with the Company dated as of June 14, 2016 ("2016 CLA") to collectively elect one member of the Company's Board
of Directors shall immediately, upon the consummation of such IPO or the Registration of the Registrable Securities on a Registration
Statement pursuant to Section 2.1(a)(i), whichever occurs first, terminate.

 

1.9               Right
to Conduct Activities. The Company hereby agrees and acknowledges that Centillion Fund (together with its Affiliates) is a
professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with
the Company’s business (as currently conducted or as currently propose to be conducted). The Company hereby agrees that,
to the extent permitted under applicable law, Centillion Fund shall not be liable to the Company for any claim arising out of,
or based upon, (i) the investment by Centillion Fund in any entity competitive with the Company, or (ii) actions taken by any
partner, officer or other representative of Centillion Fund to assist any such competitive company, whether or not such action
was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a
detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) Centillion Fund from liability
associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement,
or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company.

 

2.     
Registration. The following provisions govern the registration of the Company’s securities:

 

2.1              Definitions.
As used in this Agreement, the following terms have the following meanings:

 

2.1.1. 
“Affiliate” means, with respect to any specified Person, any other Person who, directly or indirectly, controls,
is controlled by, or is under common control with such Person, including without limitation any general partner, managing member,
officer or director of such Person or any venture capital fund now or hereafter existing that is controlled by one or more general
partners or managing members of, or shares the same management company with, such Person.

 

2.1.2. 
“Amended Articles” means the Amended and Restated Articles of Association of the Company as in effect from
time to time.

 

2.1.3. 
“DNA Registrable Securities” means aggregate amount of 11,000 Ordinary Shares, Preferred Shares and Ordinary
Shares issued or issuable upon conversion of Preferred Shares, in each case which were originally issued to DNA, provided that
if the IPO or Registration Statement of the Company’s Ordinary Shares for trading by the Cutoff Date pursuant to Section
2.1(a)(i), then such number of Ordinary Shares shall be increased to 14,000; in each case, whether such shares have been transferred
to any other shareholders of the Company on or following the Effective Date.

 

2.1.4. 
“Holder” means any holder of outstanding Registrable Securities (as defined below) or shares convertible into
Registrable Securities, who acquired such Registrable Securities or shares convertible into Registrable Securities in a transaction
or series of transactions not involving any registered public offering, and who is a party to this Agreement. Notwithstanding
anything to the contrary herein, for the purpose of Sections ‎2.3 and ‎2.4 below, the 2012 Lenders shall not be deemed
to be Holders.

 

2.1.5. 
“Form F-3” means Form F-3 under the Securities Act, as in effect on the date hereof or any successor registration
form under the Securities Act subsequently adopted by

 

    4 

    

    

the
Securities and Exchange Commission (“SEC”) which permits inclusion or incorporation of substantial information
by reference to other documents filed by the Company with the SEC.

 

2.1.6. 
“IPO” means the closing of the Company’s initial underwritten public offering of its Ordinary Shares
pursuant to an effective Registration Statement, or equivalent law of another jurisdiction.

 

2.1.7.      
“Major Holders” means any Holder that, individually or together with such Holder’s Permitted Transferee
(as defined in the Amended Articles), holds at 5% of the Company's issued and outstanding share capital. Notwithstanding anything
to the contrary herein, for the purpose of Section ‎1 above, D.N.A. Biomedical Solutions Ltd (“DNA”) and
the 2012 Lenders shall not be deemed to be Major Holders.

 

2.1.8. 
“Ordinary Shares” means shares of the Company’s Ordinary Shares, par value NIS 0.01 per share.

 

2.1.9. 
“Person” means any individual, corporation, partnership, trust, limited liability company, association or other
entity.

 

2.1.10.                     
“Preferred Shares” means shares of the Company’s Series A Preferred Shares, par value NIS 0.01 per share,
Series B Preferred Shares, par value NIS 0.01 per share and Series B-1 Preferred Shares, par value NIS 0.01 per share.

 

2.1.11.                     
“Register”, “registered” and “registration” refer to a registration effected by filing
a Registration Statement in compliance with the Securities Act and the declaration or ordering by the SEC of effectiveness of
such Registration Statement, or the equivalent actions under the laws of another jurisdiction.

 

2.1.12.                     
"Registrable Securities" means all (i) Ordinary Shares issued or issuable upon conversion of Preferred Shares
(including all Preferred Shares issuable following January 29, 2014 and upon exercise of the warrants to purchase Preferred Shares),
and all Ordinary Shares or Preferred Shares of any Holder may purchase on or following January 29, 2014 pursuant to its preemptive
rights, rights of first refusal, options, warrants or otherwise, and (ii) Ordinary Shares of any Holder which were purchased prior
to January 29, 2014 (the “Ordinary Registrable Securities”); excluding in all cases, however, any Registrable
Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to
Section ‎2.9 and any Registrable Securities the sale of which by the Holder thereof are not subject to any holding period
or volume limitations set forth in Rule 144 under the Securities Act.

 

2.1.13.                     
“Registration Statement” means the registration statement of the Company
filed under the Securities Act covering the Registrable Securities.

 

2.1(a)
Registration of Securities. Notwithstanding anything else to the contrary in this Agreement, (i) the Company shall have filed
a Registration Statement of the Company’s Ordinary Shares and shall use its best efforts that such Registration Statement
will be declared effective by the SEC for trading no later than February 28, 2018 (“Cutoff Date”), and
(ii) Company shall use its best efforts to apply for an approval from NASDAQ for the Company’s Ordinary Shares to trade
on the NASDAQ by the Cutoff Date.

 

2.2              
Incidental Registration. If the Company at any time, beginning immediately following the closing of the IPO, proposes to
register any of its securities for its own account, other than in a demand registration under Section ‎2.3 or Section ‎2.4
of this Agreement or other than a registration relating to employee benefit plans or registration relating to corporate reorganization,
or other transactions on Forms F–4 or any successor form, or a registration on any registration form that does not permit
secondary sales or does not include substantially the same

 

    5 

    

    

information
statement covering the sale of the Registrable Securities, it shall promptly give notice to the Holders of such intention. Upon
the written request of any Holder given within fourteen (14) days after receipt of any such notice, the Company shall, subject
to the provisions of this Section 2‎0, cause to be registered all of the Registrable Securities indicated in such request,
so as to permit the disposition of the shares so registered. The Company shall have the right to terminate or withdraw any registration
initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to
include Registrable Securities in such registration.

 

If the managing underwriter advises the Company in writing that marketing factors require a limitation of the number of shares
to be underwritten, then the number of shares of securities that are entitled to be included in the registration shall be allocated
in the following order of priority (the “Incidental Registration Priority”): first, the Company shall
be entitled to register all of the securities the Company wishes to register for its own account, subject to the provisions of
Section 2.3. below; second, if remaining, each of the Holders, other than DNA, shall be entitled to register such number
of Registrable Securities (excluding any Ordinary Registrable Securities) requested to be registered by each of them (pro rata
to the respective number of such Registrable Securities (not including the Ordinary Registrable Securities) requested by each
such Holders to be included in the registration); third, DNA and any Holder of the Ordinary Registrable Securities shall
be entitled to register such number of Registrable Securities requested to be registered by it (pro rata to the respective number
of such Registrable Securities); fourth, if remaining, any other securities of the Company held by other shareholders.
Notwithstanding any other provision of this Section 2‎0, following the IPO (i.e., a second or any subsequent Company initiated
registration), the aggregate amount of Registrable Securities which shall have the right to participate in any proposed registration
following the IPO shall not be reduced below twenty-five percent (25%) of the aggregate amount of securities proposed to be so
registered.

 

Notwithstanding anything to the contrary in this Agreement (including without limitation, the above Incidental Registration Priority),
in the event the Company has filed with the SEC a Registration Statement in connection with its IPO (the “IPO Registration
Statement”), it shall use its reasonable best efforts to (i) include in such IPO Registration Statement a prospectus
relating to the resale of all of the DNA Registration securities or (ii) have declared effective substantially concurrently with
the IPO Registration Statement, a separate Registration Statement  that shall include for resale under the Securities Act
all of the DNA Registrable Securities (the “DNA Registration Priority”), so as to permit the disposition of
such DNA Registrable Securities so registered following the closing of the IPO or any other first registration of the Ordinary
Shares. It is hereby clarified that any Holder of the DNA Registrable Securities shall be entitled to the DNA Registration Priority.
For the avoidance of doubt, the Company shall have no obligation to include the DNA Registrable Securities in any prospectus relating
to the Company’s IPO or any subsequent underwritten offering of the Company’s Ordinary Shares except as otherwise
set forth in this Section 2.

 

2.3              Demand Registration.

 

2.3.1. 
General. Subject to the provisions of this Section ‎2.3.1, beginning 180 days following the closing of the IPO and
until and for such time as the Company has qualified and remains eligible for registration under Form F-3 or any comparable or
successor form or forms (as set forth in Section 2.4 below), upon the written request (a "Demand Notice") of
holders holding at least 10% of the aggregate Registrable Securities then held by all the Holders other than DNA (collectively
the "Demand Party") requesting that the Company effect the registration under the Securities Act of all or part
of such Demand Party's Registrable Securities, and specifying the amount and intended method of disposition thereof, including
pursuant to a

 

    6 

    

    

shelf
registration statement utilizing Rule 415 of the Securities Act (or its successor provision) (a "Shelf Registration"),
thereupon the Company will promptly give written notice of such requested registration to each of the other Holders and thereupon
will, as expeditiously as reasonably practicable (and in any event no later than fifteen (15) days after the date of the Demand
Notice), file and use its reasonable commercial efforts to cause to be declared effective under the Securities Act a registration
statement to effect the registration under the Securities Act of the following. Nothing in this Section ‎2.3 shall limit the
right of any Holder to request the registration of the Registrable Securities issuable upon (i) conversion of the Preferred Shares
held by such Holder (subject to such conversion occurring prior to the completion of the sale of the underlying Registrable Securities)
or (ii) exercise of the warrants held by such Holder (subject to such exercise occurring prior to the completion of the sale of
the underlying Registrable Securities), notwithstanding the fact that at the time of the request such Holder holds Preferred Shares
or warrants, as the case may be, and not Registrable Securities.

 

2.3.2.  Shelf Take-Downs. Any of the Holders whose
Registrable Securities have been registered pursuant to a Shelf Registration may initiate an offering or sale of Registrable Securities
pursuant to such Shelf Registration (each, a "Shelf Take-Down") and, except as set forth in this Section ‎2.3.2
with respect to an underwritten offering for the Registrable Securities with respect to a registration statement effected pursuant
to this Section ‎2.3 (each, a "Marketed Underwritten Offering"), such Holder shall not be required to permit
the offer and sale of Registrable Securities by other Holders in connection with such Shelf Take-Down. If the initiating Holders
so elect by written request to the Company, a Shelf Take-Down may be in the form of an underwritten offering (an "Underwritten
Shelf Take-Down"), and the Company shall, if so requested, file and effect an amendment or supplement of the Shelf Registration
for such purpose as soon as practicable. Only the Demand Party shall have the right to initiate an Underwritten Shelf Take-Down
that is a Marketed Underwritten Offering, and any such Underwritten Shelf Take-Down that is a Marketed Underwritten Offering shall
be deemed to be a registration pursuant to Section ‎2.3.1, and the Company shall provide notice to the other Holders of such
registration in accordance with the provisions of Section ‎2.3.1.

 

2.3.3. 
Effective Registration Statement. A registration requested pursuant to this Section ‎2.3 will not be deemed to have
been effected unless: (i) it has been declared effective by the SEC or has otherwise become effective under the Securities Act,
or (ii) it has been filed with the SEC but abandoned or withdrawn at the request of the Demand Party prior to effectiveness, other
than an abandonment or withdrawal requested because of the trailing 10-trading day average stock price of the Company's Ordinary
Shares falling eighteen percent (18%) or more since the delivery of a request for registration pursuant to this Section ‎2.3.

 

2.3.4. 
Priority in Demand Registrations; Right to Abandon or Withdraw. If a requested registration pursuant to this Section ‎2.3
involves an underwritten offering and the managing underwriter advises the Company in writing that, in its opinion, the number
of securities (including Registrable Securities) to be included in such registration as contemplated by the Holders and the Company
would be likely to exceed the largest number of Equity Securities that can be sold without having an adverse effect on the success
of such offering, including any impact on the selling price or the number of Equity Securities that can be sold (the "Maximum
Offering Size"), then the Company shall include in such registration (i) first, 100% of the Registrable Securities
requested to be included in such registration by the Demand Party (other than DNA) and other Holders (other than DNA) of Registrable
Securities (not including the Ordinary Registrable Securities) who have requested that their Registrable Securities be included
up to the Maximum Offering Size (such Registrable Securities allocated, if necessary for the offering not to exceed the Maximum
Offering Size, pro rata among the Demand Party and the other Holders of Registrable Securities so requested to be included in
such registration by each); (ii) second, to the extent the managing underwriter believes additional securities can be sold
in the offering without exceeding the Maximum Offering Size, the securities requested to be

 

    7 

    

    

included
in such registration by DNA and other Holders of Ordinary Registrable Securities up to the number of securities that, in the opinion
of such managing underwriter, can be sold without exceeding the Maximum Offering Size (pro rata to the respective number of such
Registrable Securities in this subsection (ii)); and (iii) third, to the extent the managing underwriter believes additional
securities can be sold in the offering without exceeding the Maximum Offering Size, the securities the Company proposes to sell
up to the number of securities that, in the opinion of such managing underwriter, can be sold without exceeding the Maximum Offering
Size. Notwithstanding the foregoing, if the managing underwriter of any underwritten offering shall advise the Holders participating
in a registration pursuant to this Section ‎2.3 that the Registrable Securities covered by the registration statement cannot
be sold in such offering within the price range agreed in advance by the Demand Party or that all of the Registrable Securities
requested to be included in a registration by a Demand Party pursuant to this Section ‎2.3 cannot be sold in the manner requested,
then the Demand Party shall have the right to notify the Company that it has determined that the registration statement be abandoned
or withdrawn, in which event the Company shall abandon or withdraw such registration statement; it being understood that in the
event the Demand Party exercises its right set forth in this sentence, the Company shall remain liable for any Registration Expenses
pursuant to Section ‎2.6, provided that such abandoned or withdrawn registration statement shall be deemed "effected"
for purposes of Section 2.3.6 below.

 

2.3.5. 
Notification of Sales. Prior to the sale of any Registrable Securities pursuant to a Shelf Registration, the Holders shall
give reasonable prior written notice of such sale to the Company under the particular circumstances, but in any event at least
one (1) Business Days prior notice, which notice may contemplate possible sales by the Holder over a period of time not to exceed
one (1) month but need not specify the number of Registrable Securities to be sold, the method of distribution or proposed purchaser
or underwriter. Delivery of such notice shall not obligate the Holders to consummate such sale.

 

2.3.6. 
Exception to the Company’s Obligation. In no event shall the Company be required to effect more than three (3) registrations
pursuant to Section ‎2.3.

 

2.4              Form F-3 Registration. As soon as practical after its initial public offering, the Company shall use its reasonable best
efforts to fulfill all reporting requirements and qualify for registration on Form F-3 or any comparable or successor form or
forms and to maintain such qualification after the Company has qualified for the use of Form F-3. After the Company has qualified
for the use of Form F-3, the Holders of at least ten percent (10%) of the Registrable Securities then held by all the Holders
other than DNA shall have the right to submit a written request or requests that the Company effect a registration on Form F-3,
and any related qualification or compliance, with respect to Registrable Securities where the aggregate net proceeds from the
sale of such Registrable Securities are equal to not less than one million United States dollars ($1,000,000). The Company shall,
within ten (10) days after receipt of any such request, give written notice of the proposed registration, and any related qualification
or compliance, to all other Holders, and include in such registration all Registrable Securities held by all such Holders who
wish to participate in such registration and provide the Company with written requests for inclusion therein within ten (10) days
after the receipt of the Company’s notice. Thereupon, the Company shall use its reasonable commercial efforts, subject to
the provisions of this Section ‎2.4, to effect such registration and all such qualifications and compliances as may be reasonably
so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder
or Holders joining in such request, provided that if the Company shall not be able to include all the Registrable Securities of
all the Holders the registration preferences set forth in Section ‎2.3.4 above shall apply mutatis mutandis; provided,
further, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to
this Section ‎2.4, (i) if Form F-3 is not available for such offering by the Holders; (ii) if the Company shall
furnish to

 

    8 

    

    

the
Holders a certificate signed by the Chief Executive Officer of the Company stating that in the good faith judgment of the Board
it would be seriously detrimental to the Company or its shareholders for such Form F-3 registration statement to be effected
at such time, because such action would (A) materially interfere with a significant acquisition, corporate reorganization, or
other similar transaction involving the Company; (B) require premature disclosure of material information that the Company has
a bona fide business purpose for preserving as confidential; or (C) render the Company unable to comply with requirements under
the Securities Act or Exchange Act, in which event the Company shall have the right to defer the filing of the Form F-3 registration
statement for a period of not more than sixty (60) days after receipt of the request of the Holder or Holders under this Section
2.4; provided, however, that the Company shall not utilize this right more than once in any twelve (12) month period; or
(iii) if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2)
registrations on Form F-3 for the Holders pursuant to this Section ‎2.4 provided that as of and for such time as the Company
has qualified and remains eligible for registration under Form F-3 or any comparable or successor form or forms, the maximum number
of registrations on Form F-3 shall be increased from two (2) registrations by the number of demand registrations remaining available
to the Holders at such time pursuant to Section 2.3.6; (iv) during the period starting with the date sixty (60) days prior to
the Company’s estimated date of filing of, and ending on the date six (6) months immediately following the effective date
of, any registration statement pertaining to securities of the Company (other than a registration of securities in a Rule 145
transaction or with respect to an employee benefit plan), provided that the Company is actively employing in good faith reasonable
efforts to cause such registration statement to become effective and that the Company’s estimate of the date of filing such
registration statement is made in good faith; or (v) in any particular jurisdiction in which the Company would be required
to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification
or compliance.

 

2.5                  
Designation of Underwriter. (a) In the case of any registration effected pursuant to Sections ‎2.3 or ‎2.4,
the Holders that submitted the request for registration shall have the right to designate the managing underwriter(s), investment
bankers and managers for such registration in any underwritten offering; provided, however, that the selected underwriter(s)
is subject to the Company’s approval, which shall not be unreasonably withheld. (b) In the case of any registration initiated
by the Company, unless otherwise agreed by the parties, the Company shall have the right to designate the managing underwriter
in any underwritten offering and the Company shall not be required to include any of the Holders' Registrable Securities in such
underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters,
provided that such terms of the agreement between the Company and underwriters shall be in usual and customary form and provided
further that in no event shall contradict the terms of this Agreement.

 

2.6                  
Expenses. All customary expenses, including without limitation the reasonable fees and expenses of one counsel for the
Holders incurred in connection with any registration under Sections 2, ‎2.3 or ‎2.4 (only with respect to the first three
(3) Form F-3 registration requirements by the Holders) shall be borne by the Company, provided that as of and for such time
as the Company has qualified and remains eligible for registration under Form F-3 or any comparable or successor form or forms,
this number shall be increased by the number of demand registrations remaining available to the Holders at such time pursuant
to Section 2.3.6; provided, however, that each of the Holders participating in such registration shall pay its pro rata
portion of discounts and commissions payable to any underwriter.

 

2.7                  
Indemnities. In the event of any registered offering of Registrable Securities pursuant to this Section ‎2:

 

    9 

    

    

2.7.1. 
The Company will indemnify and hold harmless, to the extent permitted by law, any Holder, whose Registrable Securities are included
in the registration, and any underwriter for such Holder, and each person, if any, who controls the Holder or such underwriter,
from and against any and all losses, damages (excluding indirect or consequential damages), claims, liabilities, joint or several,
costs and expenses (including reasonable legal expenses and any amounts paid in any settlement effected with the Company’s
consent) to which the Holder or any such underwriter or controlling person may become subject under applicable law or otherwise,
insofar as such losses, damages, claims, liabilities (or actions or proceedings in respect thereof), costs or expenses arise out
of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in the registration statement
or included in the prospectus, as amended or supplemented, or (ii) the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, not misleading, and the Company will reimburse
the Holder, such underwriter and each such controlling person of the Holder or the underwriter, promptly upon written demand,
for any reasonable legal or any other expenses incurred by them in connection with investigating, preparing to defend or defending
against or appearing as a third-party witness in connection with such loss, claim, damage, liability, action or proceeding; provided,
however, that the Company will not be liable to any Holder, underwriter or controlling person in any such case to the extent
that any such loss, damage, liability, cost or expense arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission so made in conformity with information furnished in writing by such Holder, such underwriter or
such controlling persons claiming for indemnification in writing specifically for inclusion therein; provided further,
that this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations; provided further,
that the indemnity agreement contained in this Section ‎2.7.1 shall not apply to amounts paid in settlement of any
such claim, loss, damage, liability or action if such settlement is effected without the written consent of the Company, which
consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation
made by or on behalf of the selling shareholder, the underwriter or any controlling person of the selling shareholder or the underwriter,
and regardless of any sale in connection with such offering by the selling shareholder. Such indemnity shall survive the transfer
of securities by a selling shareholder.

 

2.7.2. 
Each Holder participating in a registration hereunder will furnish to the Company in writing any information regarding such Holder
and his or her intended method of distribution of Registrable Securities as the Company may reasonably request and will indemnify
and hold harmless the Company, any underwriter for the Company, any other person participating in the distribution and each person,
if any, who controls the Company, such underwriter, or such other person from and against any and all losses, damages (excluding
indirect or consequential damages), claims, liabilities, costs or expenses (including reasonable legal expenses and any amounts
paid in any settlement effected with the selling shareholder’s consent) to which the Company or any such controlling person
and/or any such underwriter may become subject under applicable law or otherwise, insofar as such losses, damages, claims, liabilities
(or actions or proceedings in respect thereof), costs or expenses arise out of or are based on (i) any untrue or alleged
untrue statement of any material fact contained in the registration statement or included in the prospectus, as amended or supplemented,
or (ii) the omission or the alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein, in the light of the circumstances in which they were made, not misleading, but, in each case,
only to the extent of such information relating to such Holder and provided in writing by such Holder, and each such Holder will
reimburse the Company, any underwriter, any other person participating in the distribution and each such controlling person of
the Company, any underwriter or other person, promptly upon demand, for any reasonable legal or other expenses incurred by them
in connection with investigating, preparing to defend or defending against or appearing as a third-party witness in connection
with

 

    10 

    

    

such
loss, claim, damage, liability, action or proceeding; in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission was so made in strict conformity with written information furnished
by such Holder specifically for inclusion therein. The foregoing indemnity agreement shall be individual and several by each Holder
and shall not be joint. The foregoing indemnity is also subject to the condition that, insofar as it relates to any such untrue
statement (or alleged untrue statement) or omission (or alleged omission) made in the preliminary prospectus but eliminated or
remedied in the amended prospectus at the time the registration statement becomes effective or in the final prospectus, such indemnity
agreement shall not inure to the benefit of (i) the Company, (ii) any underwriter and any person, if any, controlling
the Company or the Underwriter, if a copy of the final prospectus was not furnished to the person or entity asserting the loss,
liability, claim or damage at or prior to the time such furnishing is required by the Securities Act; provided further,
that this indemnity shall not be deemed to relieve any underwriter of any of its due diligence obligations; provided further,
that the indemnity agreement contained in this Section ‎2.7.2 shall not apply to amounts paid in settlement of any such
claim, loss, damage, liability or action if such settlement is effected without the consent of the Holders, as the case may be,
which consent shall not be unreasonably withheld. In no event shall the liability of a Holder exceed the net proceeds from the
offering received by such Holder.

 

2.7.3. 
Promptly after receipt by an indemnified party, pursuant to the provisions of Section ‎2.7.1 or ‎2.7.2, of notice of the
commencement of any action involving the subject matter of the foregoing indemnity provisions, such indemnified party will, if
a claim thereof is to be made against the indemnifying party pursuant to the provisions of said Section ‎2.7.1 or ‎2.7.2,
promptly notify the indemnifying party of the commencement thereof; but the omission to notify the indemnifying party will not
relieve it from any liability which it may have to any indemnified party hereunder. In case such action is brought against any
indemnified party and it notifies the indemnifying party of the commencement thereof, the indemnifying party shall have the right
to participate in, and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume
the defense thereof with counsel reasonably satisfactory to such indemnified party; provided, however, that if the defendants
in any action include both the indemnified party and the indemnifying party and the indemnified party reasonably believes that
there is a conflict of interests which would prevent counsel for the indemnifying party from also representing the indemnified
party, the indemnified party or parties shall have the right to select one separate counsel to participate in the defense of such
action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its
election so to assume the defense thereof, the indemnifying party will not be liable to such indemnified party pursuant to the
provisions of said Section ‎2.7.1 or ‎2.7.2 for any legal or other expense subsequently incurred by such indemnified party
in connection with the defense thereof, unless (i) the indemnified party shall have employed counsel in accordance with the provision
of the preceding sentence, (ii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after the notice of the commencement of the action and within
fifteen (15) days after written notice of the indemnified party’s intention to employ separate counsel pursuant to the previous
sentence, or (iii) the indemnifying party has authorized the employment of counsel for the indemnified party at the expense of
the indemnifying party. No indemnifying party will consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation, unless otherwise approved in writing by such indemnified party.

 

2.7.4. 
Notwithstanding anything to the contrary herein, the foregoing indemnity agreements of the parties in this Section ‎2.7 are
subject to the condition that, insofar as they relate to losses, damages, claims, liabilities, costs and expenses arising from
any untrue statement or

 

    11 

    

    

alleged
untrue statement of a material fact contained, or omission or alleged omission of a material fact from, a preliminary prospectus
(or necessary to make the statements therein not misleading) that has been corrected in the form of prospectus included in the
registration statement at the time it becomes effective, or any amendment or supplement thereto filed with the SEC under the Securities
Act (the “Final Prospectus”), such indemnity agreement shall not inure to the benefit of any person if a copy
of the Final Prospectus was furnished to the indemnified party and such indemnified party failed to deliver, at or before the
confirmation of the sale of the shares registered in such offering, a copy of the Final Prospectus to the person asserting the
loss, liability, claim or damage, in any case in which such delivery was required under the Securities Act.

 

If
recovery is not available under the foregoing indemnification provisions, for any reason other than as specified therein, the
indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect
the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the
statements or omissions that resulted in such loss, liability, claim, damage or expense, as well as any other relevant equitable
considerations. In determining the amount of contribution to which the respective parties are entitled, there shall be considered
the parties’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted,
the opportunity to correct and prevent any statement or omission, and any other equitable considerations appropriate under the
circumstances. In no event shall the liability of a Holder exceed the net proceeds from the offering received by such Holder.

 

2.7.5. 
Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Section ‎2.7 shall survive the completion of any offering of Registrable
Securities in a registration under this Section ‎2.7, and otherwise shall survive the termination of this Agreement.

 

2.8            Obligations
of the Company. Whenever required under this Section ‎2 to effect the Registration of any Registrable Securities,
unless otherwise specified therein, the Company shall, as expeditiously as reasonably possible:

 

2.8.1. 
prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its reasonable commercial
efforts to cause such registration statement to become effective as soon as possible, and keep such registration statement effective
for a period of up to six (6) months or, if sooner, until the distribution contemplated in the Registration Statement has been
completed;

 

2.8.2. 
prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition
of all Registrable Securities covered by such registration statement;

 

2.8.3. 
furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them;

 

2.8.4. 
use its commercially reasonable efforts to register and qualify the Registrable Securities covered by such registration statement
under such other securities or “blue sky” laws of such jurisdictions as shall be reasonably requested by the Holders;
provided, that in no event shall the Company be required to qualify to do business in any state or other jurisdiction,
unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act;

 

    12 

    

    

2.8.5. 
in the event of any underwritten public offering, use its commercially reasonable efforts to enter into and perform its obligations
under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering;

 

2.8.6. 
notify each holder of Registrable Securities covered by such registration statement at any time when a prospectus relating thereto
is required to be delivered under the Act of the happening of any event that comes to its knowledge, as a result of which the
prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light
of the circumstances then existing;

 

2.8.7. 
use its commercially reasonable efforts to cause all Registrable Securities registered pursuant hereunder to be listed on each
securities exchange on which similar securities issued by the Company are then listed;

 

2.8.8. 
provide a transfer agent and registrar for all Registrable Securities registered pursuant hereunder and a CUSIP number for all
such Registrable Securities, in each case not later than the effective date of such registration;

 

2.8.9. 
furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section ‎2 at such
Holder’s expense, on the date that such Registrable Securities are delivered to the underwriters for sale in connection
with a registration pursuant to this Section 2, if such securities are being sold through underwriters, or, if such securities
are not being sold through underwriters, on the date that the registration statement with respect to such securities becomes effective,
(i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance
as is customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, or, if such
securities are nor being sold through underwriters, to the Holders requesting registration of Registrable Securities and (ii)
a letter dated such date, from the independent certified public accountants of the Company, in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters,
if any, or if such securities are not being sold through underwriters, to the Holders requesting registration of Registrable Securities;
and

 

2.8.10.      
use reasonable best efforts to make available certain of the executive officers of the Company (which in any event shall include
the Company's chief executive officer) as reasonably requested by the underwriters in connection with a Marketed Underwritten
Offering and to provide reasonable cooperation to such underwriters.

 

2.9            Assignment
of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to this Section ‎2
may not be assigned except as hereinafter provided. Any Holder may assign its rights to cause the Company to register Registrable
Securities pursuant to this Section ‎2 (but only with all related obligations) to a transferee of such Registrable Securities;
provided that (i) the Company is, within ten (10) days after such transfer, furnished with written notice of the name
and address of such transferee and the securities with respect to which such registration rights are being assigned; and (ii) such
transferee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including without limitation
the provisions of this Section ‎2.9. Such transferee to whom registration rights under this Section ‎2 are duly assigned
in accordance with this Section ‎2.9 shall not be treated for any purpose herein as an assignee of such rights unless and
until the Company has been furnished with the notice under clause (i) above and with a copy of the undertaking under clause (ii)
above and, until such time, the transferring Holder shall continue to be regarded and treated as a Holder with respect to such
Registrable Securities.

 

2.10        Lock-Up.
Each Holder hereby agrees that, if so requested by the representative of the lead or managing underwriters of an IPO effected
by the Company pursuant to a

 

    13 

    

    

registration
statement (the “Managing Underwriter”), such Holder shall not, without the prior consent of the Managing Underwriter,
(i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Registrable Securities
or any securities of the Company (whether such shares or any such securities are then owned by the Holder, or are thereafter acquired),
or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of the Registrable Securities, whether any such transaction described in clause (i) or (ii) above is to be settled
by delivery of Registrable Securities or such other securities, in cash or otherwise, during the period specified by the Managing
Underwriter, with such period not to exceed 180 days following the effective date of such IPO (the “Market Standoff Period”),
provided that the Market Standoff Period may be extended as required pursuant to applicable law, rule or regulation (including
any rule or regulation of FINRA); provided however, notwithstanding any request of the managing underwriters or the Company,
any Holder of the DNA Registrable Securities (including without limitation, Capital Point Ltd.) shall not be subject to any Market
Standoff Period or be required to execute or sign any contractual “Lock-up”, agreement, restriction, or other limitation
stated in this Section, other than as required by the applicable law, rule or regulation, if any.

 

2.11              
The provisions of this Section ‎‎2.10 shall not apply to the sale of any shares to an underwriter pursuant to an underwriting
agreement, and shall only be applicable to the Holder if all, officers, directors and shareholders of the Company holding more
than 1% of the Company’s outstanding Ordinary Shares (after giving effect to conversion into Ordinary Shares of all outstanding
Preferred Shares), enter into similar agreements and restrictions. The underwriters in connection with such registration are intended
third-party beneficiaries of this Section 2.10 and shall have the right, power, and authority to enforce the provisions hereof
as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the
underwriters in connection with such registration that are consistent with this Section 2.10. Any discretionary waiver or termination
of the restrictions of any or all of such agreements by the Company or the underwriters shall apply pro rata to all Holders subject
to such agreements, based on the number of shares subject to such agreements.

 

2.12              
Limitations on Subsequent Registration Rights. From and after the date of this Agreement, the Company shall not, without
the prior written consent of the Holders of a majority of the Registrable Securities including the affirmative consent of Centillion
Fund, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder
or prospective holder any registration rights superior or equal to the rights hereunder.

 

2.13              
Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities
in any registration pursuant to Section 2 shall terminate if the Holder may sell all of the Registrable Securities beneficially
owned by such Holder, as applicable, under SEC Rule 144 or any successor rule, within a three month period.

 

2.14              
Public Information. At any time and from time to time after the earlier of the close of business on such date as (i) a
registration statement filed by the Company under the Securities Act becomes effective, (ii) the Company registers a class
of securities under Section 12 of the United States Securities Exchange Act of 1934, as amended, or any federal statute or
code which is a successor thereto, or (iii) the Company issues an offering circular meeting the requirements of Regulation A
under the Securities Act, the Company shall undertake to make publicly available and available to the Holder pursuant to Rule
144, such information as is necessary to enable the Holder to make sales of Registrable Securities pursuant to that Rule. The
Company shall use its reasonable best efforts to comply with the current public information

 

    14 

    

    

requirements
of Rule 144 and shall furnish thereafter to the Holder, upon request, a written statement executed by the Company as to such
compliance.

 

2.14.1.  
Cooperation by Holders. As a condition to the inclusion of any Registrable Securities in a registration pursuant to this
Section 2, the Holder of such Registrable Securities shall timely furnish to the Company such information regarding such Holder
and the distribution proposed by such Holder as the Company may reasonably request in writing and as shall be reasonably required
for any registration, qualification or legal compliance, and if the registration relates to an underwritten offering, the Holder
of such Registrable Securities shall cooperate with the reasonable requests of the Managing Underwriter.

 

2.15         
Foreign Offerings. The provisions of this Section ‎2 shall apply, mutatis mutandis, to any registration of the
securities of the Company outside of the United States.

 

2.16         
Legends.All certificates representing any shares of the Company shall have endorsed thereon a legend to substantially
the following effect:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.
SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.”

 

“THE
SALE OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF THE COMPANY’S
ARTICLES OF ASSOCIATION, AS AMENDED FROM TIME TO TIME AND ANY AGREEMENT BY AND AMONG THE HOLDER HEREOF AND THE COMPANY. A COPY
OF SUCH AGREEMENTS IS ON FILE AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS.”

 

2.17              
DNA Registrable Securities. Notwithstanding anything to the contrary in this Agreement or in the Amended Articles, DNA shall be
entitled to freely transfer, assign, pledgee, sell, dispose or any other similar transfer of the Registrable Securities and/or
DNA Registrable Securities to Capital point Ltd. or other third party and shall be entitled to transfer any of the registration
rights associated with such securities under this Agreement, without any limitations or restrictions.

 

3.     
Miscellaneous.

 

3.1                  
Further Assurances. Each of the parties hereto shall perform such further acts and execute such further documents as may
reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties
as reflected thereby.

 

3.2                  
Governing Law. This Agreement shall be governed by and construed according to the laws of the State of Israel, without
regard to the conflict of laws provisions thereof. Any dispute arising under or in relation to this Agreement shall be resolved
in the competent court for Tel Aviv-Jaffa district, and each of the parties hereby submits irrevocably to the jurisdiction of
such court.

 

3.3                  
Successors and Assigns; Assignment. Except as otherwise expressly limited herein, the provisions hereof shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. Unless
otherwise stated herein, none of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement
may be assigned or transferred without the prior consent in writing of each party to this Agreement, with the exception of a transfer
by a Holder to any Permitted Transferee thereof, subject to the limitations set forth in the Amended Articles.

 

    15 

    

    

3.4                  
Entire Agreement; Amendment and Waiver. This Agreement and the Schedule hereto constitute the full and entire understanding
and agreement between the parties with regard to the subject matters hereof and thereof and supersede all prior and contemporaneous
agreements, representations and understandings of the parties, including without limitations, the Prior Agreement. Any term of
this Agreement may be amended and the observance of any term hereof may be waived (either prospectively or retroactively and either
generally or in a particular instance) with the written consent of the Company and the Holders of at least a majority of the Registrable
Securities including the affirmative consent of Centillion Fund, provided however that Sections 2.1(a), 2.17 and the last sentence
of Section 2.10 (starting as of “provided however”) of this Agreement may not be amended or terminated and
the observance of its terms may not be waived without the written consent of DNA. Notwithstanding the foregoing, this Agreement
may not be amended or terminated and the observance of any term hereof may not be waived with respect to a specific Holder without
the written consent of such Holder, unless such amendment, termination, or waiver applies to all Holders in the same manner (for
the avoidance of doubt, notwithstanding anything in this agreement to the contrary, any right expressly provided for the benefit
or protection of, or applying to a specifically named Investor (a “Specifically Named Investor”) may not be
modified, abrogated or waived, whether through an amendment to this Agreement, or otherwise, without the prior written consent
of such Specifically Named Investor). Any amendment or waiver effected in accordance with this paragraph shall be binding upon
each party hereto. The Company shall give prompt notice of any amendment or termination hereof or waiver hereunder to any party
hereto that did not consent in writing to such amendment, termination, or waiver. Any amendment, termination, or waiver effected
in accordance with this Section ‎3.4 shall be binding on all parties hereto, regardless of whether any such party has consented
thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall
be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

3.5                  
Notices, etc. All notices and other communications required or permitted hereunder to be given to a party to this Agreement
shall be in writing and shall be telecopied or mailed by registered, electronic or certified mail, postage prepaid, or otherwise
delivered by hand or by messenger, addressed to such party’s address as set forth below or at such other address as the
party shall have furnished to each other party in writing in accordance with this provision:

 

	if to the Investors:

        
	The address set forth
        in Schedule A.

        

	 	 
	 	 
	 	 
	 	 
	if
    to the Company:	Entera Bio Ltd.

        Jerusalem Bio Park

        

        PO Box 12117

        

        Jerusalem 91220

        

        Tel: +972-54-535-2683

        

        Attn: Dr. Phillip Schwartz

        

 

or such
other address with respect to a party as such party shall notify each other party in writing as above provided. Any notice sent
in accordance with this Section ‎3.5 shall be effective (i) if mailed, seven (7) business days after mailing, (ii) if sent
by messenger, upon delivery, and (iii) if

 

    16 

    

    

sent via email, telecopier or
facsimile, upon transmission and electronic confirmation of receipt or, if transmitted and received on a non-business day, on
the first business day following transmission and electronic confirmation of receipt (provided, however, that any notice
of change of address shall only be valid upon receipt).

 

3.6                  
Additional Investors. Notwithstanding anything to the contrary contained herein, (i) if the Company issues additional Preferred
B Shares pursuant to the Purchase Agreement, any purchaser of such shares may become a party to this Agreement by executing a
delivering a signature page to this agreement, and (ii) any of the lenders under the 2016 CLA according to the terms of the 2016
CLA., shall be deemed an “Investor” for all purposes hereunder, and Schedule A attached hereto will be updated accordingly.
No action or consent by the Investors or any other party shall be required for such purpose.

 

3.7                  
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party upon any breach
or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent, or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall
be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or
otherwise afforded to any of the parties, shall be cumulative and not alternative.

 

3.8                  
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under
applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted
as if such provision were so excluded and shall be enforceable in accordance with its terms; provided, however, that in
such event this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable
law, to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction.

 

3.9                  
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
enforceable against the parties actually executing such counterpart, and all of which together shall constitute one and the same
instrument.

 

3.10                
Aggregation of Shares. All Preferred Shares held or acquired by affiliated entities or persons shall be aggregated together
for the purpose of determining the availability of any rights under this Agreement. For the purpose of this Section ‎3.9 “affiliated
entities or persons” shall mean, with respect to any entity or person, its Permitted Transferees.

 

3.11                
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

[Signature
Page to Follow]

 

 

 

 

 

 

 

 

 

    17 

    

    

IN
WITNESS WHEREOF the parties have signed this Amended and Restated Investors' Rights Agreement as of the date first hereinabove
set forth.

 

ENTERA BIO LTD.

 

 

	By:	/s/ Phillip Schwartz	 
	 	 	 
	Name:   	Phillip Schwartz	 
	 	 	 
	Title:	CEO	 

 

 

 

[Signature
Page to Entera Bio Ltd. Amended and Restated Investors' Rights Agreement]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Signature
page to Entera Amended and Restated IRA

    

    

    

IN
WITNESS WHEREOF the parties have signed this Amended and Restated Investors' Rights Agreement as of the date first hereinabove
set forth.

 

INVESTOR:

 

	By:	 	 
	 	 	 
	Name:   	 	 
	 	 	 
	Title:	 	 

 

  

 

 

 

[Signature
Page to Entera Bio Ltd. Amended and Restated Investors' Rights Agreement]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    19 

    

    

Schedule
A

 

	Name
    of Investor	Address
	D.N.A.
    Biomedical Solutions Ltd.	[Intentionally
omitted]
	Centillion
    Fund	[Intentionally
omitted]
	WFI
    E. BIO , llc	 
	Menachem
    Raphael	[Intentionally
omitted]
	HFN
    Trust Company 2013 Ltd.	[Intentionally
omitted]
	Revach
    Fund LP	[Intentionally
omitted]
	Europa
    International Inc	[Intentionally
omitted]

        

	Jack
    Eizikovitz	[Intentionally
omitted]
	Fragrant
    Partners LLC	[Intentionally
omitted]
	Ivan
    Berkowitz	[Intentionally
omitted]
	Kenneth
    Rubinson	[Intentionally
omitted]
	Robert
    Stricker 	 
	Jean
    Marc Bara	 
	Gary
    S. Gladstein 2009 Revocable Trust 	 
	Ruth
    T. Benanav Revocable Trust)	 
	Efrat
    Investments	 
	FirstFire
    Global Opportunities Fund LLC	 
	Thomas
    J. Holevas	 
	Harold
    and Nancy Jacob 	 
	Gil
    Barel 	 
	Oren
    Elbaz 	 
	Avi
    Domoshevizki	 
	Piada
    Investment 	 
	Rosalind
    Capital Partners L.P	 
	Rosalind
    Master Fund L.P.	 
	Gal
    Gordon 	 
	Phillip
    Schwartz	 
	Northlea
    Partners LLLP	[Intentionally
omitted]
	Republic
    Construction Corporation	[Intentionally
omitted]
	Joe
    N. & Jamie W. Behrendt Revocable Trust dtd 10/30/96	[Intentionally
omitted]
	Gibralt
    US, Inc.	[Intentionally
omitted]
	Bozarth
    LLC	[Intentionally
omitted]
	Richard
    A Brown Trust	[Intentionally
omitted]
	Alexander
    J. Brown Trust	[Intentionally
omitted]
	Robert
    G. Curtin	[Intentionally
omitted]
	Robert
    G. Curtin 401k	[Intentionally
omitted]
	Rob
    DeSantis	[Intentionally
omitted]
	Stephen
    A. DiChiara	[Intentionally
omitted]
	James
    L. Dritz	[Intentionally
omitted]
	Norm
    Dumbroff	[Intentionally
omitted]
	Robert
    D. Frankel	[Intentionally
omitted]

 

 

    20 

    

    

 

 

	Name
    of Investor	Address
	Charles
    Freeland	[Intentionally
omitted]
	John
    P. Funkey Revocable Trust dtd 2/26/90	[Intentionally
omitted]
	John
    O. Gallant	[Intentionally
omitted]
	Albert
    Gentile & Hiedi Gentile	[Intentionally
omitted]
	Richard
    Gostanian	[Intentionally
omitted]
	Gubbay
    Investments LLC	[Intentionally
omitted]
	Joel
    L. Hochman Revocable Trust UAD 12/8/1994	[Intentionally
omitted]
	Edward
    O'Connell	[Intentionally
omitted]
	Michael
    J. Pierce	[Intentionally
omitted]
	Casimir
    S. Skrzypczak	[Intentionally
omitted]
	David
    & Susan Stollwerk	[Intentionally
omitted]
	Howard
    Stringer	[Intentionally
omitted]
	Clayton
    Struve	[Intentionally
omitted]
	Raphael
    Tshibangu	[Intentionally
omitted]
	The
    Elizabeth M. Walenczyk 2011 Revocable Trust	[Intentionally
omitted]
	Michael
    Zimmerman	[Intentionally
omitted]
	Asaf
    Oren 	 
	Lars
    Bader	[Intentionally
omitted]
	Yisroel
    Brauner & Chana Brauner	[Intentionally
omitted]
	Meryle
    Evans Family Trust	[Intentionally
omitted]
	Andrew
    & Melissa Fisher	[Intentionally
omitted]
	Walter
    G. Gans	[Intentionally
omitted]
	M
    & M Investors (Partnership)	[Intentionally
omitted]
	Clay
    Lebhar	[Intentionally
omitted]
	Clyde
    Smith McGregor & LeAnn Pedersen Pope Revocable Trust U/A/D 10/22/16	[Intentionally
omitted]
	Daniel
    Michael 	[Intentionally
omitted]
	Gilbert
    S. Omenn	[Intentionally
omitted]
	David
    M. Rickey Trust dtd 5/8/02	[Intentionally
omitted]
	Dyke
    Rogers	[Intentionally
omitted]
	Sack
    Investment Holdings SAS, LLC	[Intentionally
omitted]
	Sack
    Family Partners, LP	[Intentionally
omitted]
	Whiting
    Holdings, LP 	[Intentionally
omitted]

 

 

 

    21Exhibit 10.12

 

THIS
CONVERTIbLE PROMISSORY NOTE AND LOAN AGREEMENT AND THE SHARES ISSUABLE UPON CONVERSION HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED
OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SHARES,
SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT.

 

entera
bio ltd.

Convertible
Promissory NOTE and Loan agreement

(THE
“NOTE”)

 

 

	$[___]
	
Issue Date: June 14, 2016

 

 

This
Convertible Promissory Note and Loan Agreement is made and entered into as of June 14, 2016 by and between Entera Bio Ltd., a
company organized under the laws of the State of Israel (the “Company”),
and [___________________] (the “Lender”), and is one of a series of Convertible Promissory Note and Loan Agreements
entered into as of the date hereof by the Company and the other parties thereto (such other parties together with the Lender,
the “Lender Group”),
totaling an aggregate amount of $5.5 million (and together with the Corundum Note an aggregate amount of $6.5 million). Commencing
from the date of the Closing and until 90 days from the date of the Closing, the Company may raise an additional amount of up
to 0.5 million, in one or more additional closing(s), under the terms of this Convertible Promissory Note from certain lenders,
as shall be determined at the sole discretion of the Board.

 

For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

 

1.                 
The Loan. Subject to the terms and conditions of this Agreement, at
the Closing (as defined below), the Lender shall lend (the “Loan”)
to the Company the aggregate principal amount of [___] (the “Principal Amount”). Subject to the fulfillment or waiver
of the conditions set forth in Section 10 hereof, the closing of the Loan (“Closing”)
shall take place simultaneously upon the execution and delivery by the Lender and the Company of this Note. The Lender shall pay
the Principal Amount to the Company, by wire transfer to the Company’s bank account designated by the Company to the Lender.
The Principal Amount together with all accrued interest (together, the “Loan Obligations”) shall be pari passu to
all principal and other amounts outstanding under those certain (i) Convertible Financing Agreements entered into by the Company
with the other parties thereto (cumulatively, the “Convertible Financing Agreements”) in the  total principal
amounts of $1.15 million as described in Note 7 to the Company’s financial statements for the fiscal year ended December
31, 2014, (ii) Convertible Promissory Note and Loan Agreement entered into by the Company with the other parties thereto in the
total principal amounts of $2.005 million dated August 5, 2015 (the “Original
Convertible Notes”) and (iii) the Convertible Promissory Note and Loan Agreements entered into by the Company
and Corundum Open Innovation Fund, L.P. (“Corundum”),
dated as of the date hereof (the “Corundum
Note”, and together with the Convertible Financing Agreements and the Original Convertible Notes, the “Prior
Notes”).

 

At
the execution of this Agreement, the Company shall deliver to the Lender (i)

 

     

     

    

 

(i)  
a copy of the resolution of the Company’s board of directors (“Board”),
duly approving this Agreement, the Warrant and all the transactions contemplated hereby; (ii) a copy of the resolution of the
shareholders of the Company (x) duly approving the transactions contemplated hereby; (y) amending Article 38(i) of the Fourth
Amended Articles of Association such that the Board will include one additional director to be nominated by Pontifax, on behalf
of the Lender Group as long as the Loan Obligations have not been converted or repaid in full pursuant to the terms of this Note,
provided that following the conversion of this Note into equity securities of the Company in accordance with the terms of this
Note, the Lender Group shall be entitled to appoint one director for so long as it holds one percent (1%) or more of the issued
and outstanding share capital of the Company on a fully-diluted and as-converted basis. The abovementioned right to appoint a
director shall terminate immediately prior to and subject to the closing of the IPO by the Company. In the event of any 30 day
uncured default of payment by the Company under the terms of this Note or any of the Prior Notes, then the holders of a majority
of principal amounts of the Lender Group shall be entitled to nominate, upon written notice to the Company, that number of Board
members to the Board of Directors of the Company determined by multiplying the total number of Board members by a fraction, the
numerator of which shall be the aggregate principal amount of the Lender Group Notes then outstanding and the denominator of which
shall equal the aggregate principal amount of the Lender Group then outstanding plus the principal amount of the Prior Notes then
outstanding; (iii) confirmation by the Company’s CEO that the Company has executed (a) identical convertible promissory
notes (including this Note) with the Lender Group in the aggregate amount equal to $5.5 million or more, and (b) the Corundum
Note with Corundum in the aggregate amount of 1.0 million; and (iv) establishment of an escrow account to be used for the repayment
in full of the outstanding principal amount plus any interest owed at maturity under the Original Convertible Notes (the “Escrowed
Funds”). The Company may convert any or the entire outstanding amounts under the Original Convertible Notes (which for the
avoidance of doubt, shall include the interest accrued thereon as of such time) into the Lender Group Notes at the Closing or
for a period of 15 days following the Closing and the amount of Escrowed Funds will be reduced by the amount of such Original
Convertible Notes that convert into Lender Group Notes with such reduced amount released to the Company for general corporate
purpose use.

 

2.               
Interest. Interest shall accrue on the Principal Amount from the Issue
Date through the Maturity Date at the rate of five percent (5%) per annum. Interest shall be calculated on the basis of the actual
number of days elapsed over a 365-day year. The Loan shall be subject to the היתר עסקה
publicized on http://www.keter.org.il/.

 

3.               
Maturity Date. Unless earlier converted pursuant to Sections 4 or 5
below, the Loan Obligations shall be due and payable in full on December 14, 2017 (“Maturity
Date”), provided, however,
that upon the earlier to occur of (i) maturity of the Original Convertible Notes where the Company is using any of
the Company’s funds in excess of the Escrowed Funds for the payment of principal and interest on the Original Convertible
Notes; or (ii) acceleration of any of the Original Convertible Notes including as a result of the occurrence of an event of default
pursuant to their terms or trigger of an “Insolvency Event” (as defined below), the Loan Obligations shall become
immediately due and payable in full and shall be pari passu to all principal and other amounts outstanding under the Convertible
Financing Agreements, the Original Convertible Notes and the Corundum Note.

 

4.     
Conversion. (a) The Loan Obligations shall be converted as described
in Sections 4(i) or 4(ii) below.

 

		(i)	Conversion
                                         upon Triggering Event. The Note shall be automatically
                                         converted, with no further action required on the part of the Lender, immediately prior
                                         to the consummation of:

 

    2 

     

    

 

		(1)	a
                                         Qualified Financing or a QIPO (each as defined below) occurring prior to the Maturity
                                         Date into that type (or types) and number of (i) equity securities of the most senior
                                         class and/or (ii) securities convertible into equity securities issued by the Company
                                         or sold by the shareholders of the Company in the Triggering Event (the “Applicable
                                         Securities”) (including any warrants or other securities convertible
                                         into Applicable Securities) equal to the Loan Obligations divided by the lesser of (i)
                                         in the case of a Triggering Event - the applicable price per share in the Triggering
                                         Event or in the case of a Voluntary Conversion - the applicable price per share in the
                                         Voluntary Conversion (as applicable for the conversion of the Loan Obligations in the
                                         event of a Voluntary Conversion in accordance with section 4(ii) below) multiplied by
                                         0.75 (the “Discount”)
                                         or (ii) the price per share of such securities calculated at a valuation of the Company
                                         that on a fully diluted basis is equal to $65.0 million (the lower of the two referred
                                         to herein as the “Adjusted
                                         Valuation”); or

 

		(2)	a
                                         Change of Control (as defined below) occurring prior to the Maturity Date into the same
                                         type and amount of consideration that would be received upon the consummation of such
                                         Change of Control (or upon the distribution of the proceeds of such Change of Control
                                         that is an asset transaction) by a holder of Applicable Securities, had the Loan Obligations
                                         been converted into Applicable Securities immediately prior to the Change of Control
                                         at the Adjusted Valuation.

 

For
purposes of this Note: "Triggering Event" means the consummation of the first to occur of a Change of Control, Qualified
Financing or QIPO, occurring following the date of this Note;

 

“Change
of Control” means any (i) acquisition of the Company by another person or group of persons by means of any transaction or
series of related transactions (including, without limitation, any share acquisition, reorganization, merger or consolidation),
other than a transaction or series
of transactions in which the holders of the voting shares of the Company outstanding immediately prior to such transaction continue
to retain (either by such voting shares remaining outstanding or by such voting shares being converted into voting shares of the
surviving entity), as a result of shares in the Company held by such holders prior to such transactions, in substantially the
same proportions, at least fifty percent (50%) of the total voting power represented by the voting shares of the Company or such
surviving entity outstanding immediately after such transaction or series of transactions, or (ii) sale, lease or other conveyance
of all or substantially all of the assets of the Company other than to
a company in which the holders of the shares hold, in substantially the same proportions, at least fifty percent (50%)
of the total voting power represented by the voting shares of the Company;

 

    3 

     

    

 

“Qualified
Financing” means a private placement or series of private placements (under the same terms and provided all such placements
occur within a six month period) of equity securities of the Company, or securities convertible into equity securities of the
Company, in an aggregate amount of no less than $10.0 million not including issuances of securities, the conversion of securities,
or private placements, in any such case pursuant to agreements in effect on the date hereof; and

 

(3)
“QIPO” means the initial underwritten public offering on a firm commitment basis pursuant to a registration statement
filed with the Securities and Exchange Commission under the Act pursuant to which the Company’s Ordinary Shares shall be
listed for trading on the NASDAQ or AMEX and in which the aggregate proceeds (before deduction of underwriters’ discounts
and commissions) equals or exceeds $20.0 million.

 

(ii)  
Voluntary Conversion

 

Notwithstanding
any other provision of this Note, at any time following the date hereof until such time as the then-outstanding Loan Obligations
have been paid by the Company in full (including at any time after 30 days following the failure to make all payments of principal
and interest at the Maturity Date as part of the investment round contemplated below), the Lender has the right, in its sole discretion,
but not the obligation, to choose to convert the Loan Obligations into the most senior class of securities of the Company to be
issued as part of an investment or series of investments of between $4 million and $10 million (including the right to acquire
any convertible securities that were acquired by the holders of such securities upon acquisition of such securities) with identical
rights and preferences, at a conversion price per share equal to the price per share of such securities calculated assuming a
valuation of the Company (on a fully diluted basis) equal to the Adjusted Valuation (such conversion, the “Voluntary
Conversion”).

 

(b)  
Investors Rights Agreement. Upon conversion of the Note, the Lender
shall execute a joinder to the Amended and Restated Investors' Rights Agreement among the Company and the other parties thereto,
as the same may be amended from time to time, as though an original party thereto and shall be bound by all of the terms and conditions
thereof, including but not limited to Section 2.10 (Lock-Up) thereof.

 

(c)  
Mechanics. The person or persons in whose name(s) any certificate(s)
representing all shares of the Company issued or acquired upon conversion of this Note

 

(collectively,
the “Securities”)
shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the
Securities represented thereby (and such Securities shall be deemed to have been issued) immediately prior to the close of business
on the date or dates upon which this Note is converted, and certificates for such Securities shall be delivered to the Lender
as soon as possible and in any event within thirty (30) days after such conversion.

 

(d)  
No Fractional Shares. No fractional shares will be issued in connection
with any conversion hereunder, but in lieu of such fractional shares the Company shall round up or down to the nearest whole number
of shares (in the event any such fraction is equal to one-half (1/2), the Company shall round up to the nearest whole number)
and issue such whole number of shares.

 

(e)  
The Securities shall be of the same class or series and shall have the same applicable rights and preferences as the most
senior class of shares issued by the Company to the investors in the Triggering Event or acquired by the Lender upon Voluntary
Conversion, as applicable (“Senior

 

    4 

     

    

 

Shares”),
including without limitation, liquidation preference, anti-dilution protection, registration rights, preemptive rights, right
of first refusal, voting and other rights, pro-rata to the respective amounts of investment but excluding veto rights, and in
the event of a conversion pursuant to Section 4(a)(i) above (provided such rights shall not be deemed to include the warrants
issued by the Company prior to the date hereof or any veto rights of Centillion Fund, Inc.) Lender shall otherwise be deemed an
investor in such event in which the applicable Senior Shares were issued, for all purposes pro-rata as adjusted for the Discount
to the respective amounts of investment (including with respect to any other securities, warrants or other rights issued or provided
to such investors). Notwithstanding anything herein to the contrary, the Original Issue Price (as such term is defined in the
Company’s Fourth Amended and Restated Articles of Association, as amended and as the same may be amended from time to time
(the “Articles”))
for each of the shares issued and converted pursuant to this Section 4 shall be equal to the price per share paid hereunder by
the Lender for such shares.

 

(f)   
Notice. Without limiting any other rights the Lender may have under
this Agreement, for as long as any part of the Loan remains outstanding, the Company shall deliver prior written notice to the
Lender of any contemplated Triggering Event or any financing of the Company, as promptly as possible, but in any event at least
ten (10) days prior to the closing of such transaction, specifying the terms and conditions of such transaction (“Transaction
Notice”).

 

(g)  
In the event that on or prior to the Maturity Date or the date of conversion pursuant to this Section 4, the Company shall
grant any lender preferential rights, then this Note shall be automatically amended to include such preferential rights.

 

5.                 
No Prepayment. Upon the written consent of Pontifax (Israel) IV Fund
L.P.; Pontifax (Cayman) IV Fund L.P.; and Pontifax (China) Fund L.P. (collectively, “Pontifax”)
and the Company, the Company shall be entitled to prepay the Loan Obligations prior to the earlier of (i) the conversion of the
Note pursuant to Section 4 above; or (ii) the Maturity Date.

 

6.                 
Default. Subject to Section 3 above, in the event that any of the events
specified in this Section 6 (each an “Event
of Default”) shall occur prior to the conversion of this Note or the repayment of the Principal Amount and all
accrued interest, all Loan Obligations shall become immediately due and payable prior, and the Loan Obligations shall be pari
passu to any other payments, debts or distributions due from the Company under the Prior Notes:

 

(a)   
The Company shall fail to perform any material obligation or undertaking of the Company under this Note and such failure
shall continue to uncured for a period of ten (10) business days following receipt of notice from the Lender; or

 

(b)  
(i) The Company files a petition for voluntary dissolution or seeking any reorganization (excluding the Reincorporation,
as such term is defined below), arrangement, composition or any other similar relief under any law regarding insolvency or relief
of debtors,

 

(ii)  
any involuntary liquidation or dissolution proceedings or acts of bankruptcy are instituted against the Company, and such
actions are not stayed, enjoined, or discharged within sixty (60) days from their commencement, (iii) a receiver, trustee, or
similar officer is appointed for the business or a significant part of the property of the Company, and such appointments are
not stayed, enjoined, or discharged within sixty (60) days from their commencement, (iv) the Company makes a general assignment
for the benefit of its creditors, (v) the Company adopts a resolution for discontinuance of its business or for its liquidation,
dissolution or winding-up, or (vi) the Company admits in writing that it is generally unable to pay its debts as they become due
(any of (i) through (vi) above, an “Insolvency
Event”).

 

    5 

     

    

 

Immediately
upon the occurrence of any such Event of Default, the Company shall notify the Lender of such Event of Default setting forth the
details of such Event of Default.

 

7.                 
Warrant; Right to Purchase Additional Shares of the Company. Upon execution
of this Note, the Company shall issue to the Lender a warrant to purchase shares of the Company, on the terms and conditions set
forth in the warrant agreement in the form attached hereto as Schedule
A (the “Warrant”).
In addition, the Lender shall be entitled to invest up to $[___] in the next share issuance by the Company (provided that the
Company and the Lender may mutually agree on a greater amount).

 

8.                 
Representations and Warranties of the Company. The Company represents
and warrants to the Lender that:

 

(b)  
Organization. The Company is duly organized and validly existing under
the laws of the State of Israel, and has full corporate power and authority to own, lease and operate its properties and assets
and to conduct its business as now being conducted and as presently proposed to be conducted and the Company is not in material
default under any permit to do business. The Company has all requisite power and authority to execute and deliver this Note and
to consummate the transactions and perform its obligations contemplated hereby.

 

(c)   
Authority. The authorization, execution, delivery and performance by
the Company of this Note and the Warrant and the consummation of the transactions contemplated hereby have been duly authorized
by all necessary corporate action.

 

(d)  
Enforceability. The Note and the Warrant have been duly executed and
delivered by the Company and, assuming the execution and delivery of this Note and the Warrant by the Lender, constitutes a legal,
valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by
bankruptcy, insolvency or other laws

 

of
general application relating to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(e)  
Non-Contravention. The Company is not in violation or default of any
term of the Articles, of any provision of any mortgage, indenture, agreement, instrument or contract to which it is party or by
which it is bound or to its knowledge of any judgment, decree, order or writ. The execution and delivery by the Company of this
Note and the Warrant and the performance and consummation of the transactions contemplated hereby do not and will not (i) violate
the Articles or any material judgment, order, writ, decree, law, statute, rule or regulation applicable to the Company; (ii) violate
any provision of, or result in the breach or the acceleration of, or entitle any other person to accelerate (whether after the
giving of notice or lapse of time or both), any material mortgage, indenture, agreement, instrument or contract to which the Company
is a party or by which it or any of its property is bound; or (iii) result in the creation or imposition of any Lien (as defined
herein) upon any material property, asset or revenue of the Company or the suspension, revocation, impairment, forfeiture, or
nonrenewal of any material permit, license, authorization or approval applicable to the Company, its business or operations, or
any of its material assets or properties. “Lien”
shall mean, with respect to any property, any security interest, mortgage, pledge, lien, claim, charge or other encumbrance in,
of, or on such property or the income therefrom.

 

(f)   
Approvals. No consent, approval, order, license, permit, action by,
or authorization of, or designation or declaration with any governmental authority or other person (including, without limitation,
the shareholders of any person) is required in connection with the execution and delivery of

 

    6 

     

    

 

this Note and the Warrant executed by the Company and the performance and consummation of the transactions contemplated hereby
(including the issuance of Securities upon conversion of the Loan Obligations and/or upon execution of the Warrant, other than
the execution by the Lender of the undertaking to the Office of the Chief Scientist of the Ministry of Industry, Trade and Labor,
If required according to the provisions of the Israeli Encouragement of Research and Development in Industry Law 5744-1984).

 

(g)  
Shares. The registered and authorized share capital of the Company
as of the Issue Date is one million (1,000,000) Ordinary Shares and twenty-five thousand (25,000) Series A Preferred Shares. Schedule
8(g)-1 contains a true and correct description of the identity of each holder of shares and other securities of the
Company, including the number of such shares and securities held thereby, the “Capitalization
Table”). Except as set forth in the Capitalization Table and except as set forth on Schedule
8(g)-2 attached hereto, there are no other share capital, outstanding preemptive rights, convertible securities, warrants,
options or other rights to subscribe for, purchase or acquire from the Company (or to the knowledge of the Company, from any shareholder
of the Company) any share capital of the Company, and there are no contracts or binding commitments providing for the issuance
of, or the granting of rights to acquire, any share capital of the Company or under which the Company is obligated to issue, sell,
transfer or otherwise cause to be issued, sold, transferred or otherwise any of the Company's securities. All issued and outstanding
share capital of the Company has been duly authorized in compliance with all applicable laws, and is validly issued and outstanding
and fully paid and nonassessable.

 

(h)  
Litigation. There is no action, proceeding, claim, or (to the knowledge
of the Company) governmental inquiry or investigation pending or threatened against the Company or

 

any
of its officers, directors, or employees (in their capacity as such), or against any of the Company's properties and to the Company’s
knowledge there is no basis for any such claim. There is no action, suit, proceeding or investigation by the Company pending or
which the Company intends to initiate.

 

(i)    
Financial Statements. The Company’s audited financial statements
as of December 31, 2014 and audited financial reports as of December 31, 2015 are attached hereto as Schedule
8(o) (together, the “Financial
Statements”). The Financial Statements have been prepared in accordance with International Financial Reporting
Standards (IFRS) applied on a consistent basis throughout the periods indicated. The Financial Statements fairly present in all
material respects the Company’s financial condition for the periods indicated. Except as set forth in the Financial Statements,
the Company has no material liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary
course of business subsequent to December 31, 2015 (including, but not limited to, the Corundum Note, (ii) obligations under contracts
and commitments incurred in the ordinary course of business, (iii) liabilities and obligations of a type or nature not required
under IFRS to be reflected in the Financial Statements, or (iv) as set forth in Schedule
8(o)(2).

 

(j)
Taxes. As of the date hereof the
Company has no outstanding liability for taxes, except for taxes the payment of which is not yet due or for which the Company
has made adequate and sufficient provisions in its financial statements.

 

(k)
Intellectual Property.

 

    7 

     

    

 

		i.	Except
                                         as set forth on Schedule 8(k), the Company is the sole owner of the entire right, title
                                         and interest in and to, and has developed, or has obtained the right to use, free and
                                         clear of all Third Party Rights, all Intellectual Property (as defined below), used in
                                         the conduct of its business as now conducted and as currently proposed to be conducted,
                                         without (to the knowledge of the Company) infringing upon or violating any third party
                                         right of others. Schedule
                                         8(k) lists the patents and provisional patents owned or used by the Company
                                         in its business as currently conducted and all patent applications filed by the Company.
                                         To the Company’s best knowledge, there are no claims or demands pending by any
                                         other person pertaining to any of such Intellectual Property nor is there a claim or
                                         demand threatened, and no proceedings have been instituted or threatened which challenge
                                         the rights of the Company with respect to such Intellectual Property and the Company
                                         does not believe there is any reasonable basis for such claim.

 

		ii.	Each
                                         of the Company’s current and former employees, who, either alone or in concert
                                         with others, developed, invented, discovered, derived, programmed or designed the Intellectual
                                         Property or who have knowledge of or access to information about the Intellectual Property,
                                         has entered into a written agreement with the Company, assigning to the Company all

 

rights
in intellectual property developed in the course of their employment by or consultancy to the Company.

 

		iii.	The
                                         Company has not violated or by conducting its business as conducted or currently proposed
                                         to be conducted, would not violate, any of the patents, trademarks, service marks, trade
                                         names, copyrights or trade secrets or other proprietary rights of any other person or
                                         entity and (to the knowledge of the Company) no person or entity is engaging in any activity
                                         that infringes or violates the Company’s Intellectual Property. No action, suit,
                                         proceeding, hearing, investigation (to the Company’s knowledge), charge, complaint,
                                         or demand is pending which challenges the legality, validity, enforceability, use, or
                                         ownership of any of the Intellectual Property and the Company was not served with any
                                         written notice relating to the intention of any party to commence such actions.

 

		iv.	As
                                         used in this Note, the term “Intellectual Property” shall mean (1) inventions
                                         (whether or not patentable), trade secrets, technical data, databases, customer lists,
                                         designs, tools, methods, processes, technology, ideas, know-how and other confidential
                                         or proprietary information and materials; (2) trademarks and service marks (whether or
                                         not registered), applications for trademarks and service marks, trade names, logos, trade
                                         dress and other proprietary indicia and all goodwill associated therewith;

 

(3)  
documentation, specifications, mask works, drawings, graphics, databases, recordings and other works of authorship, whether
or not protected by copyright; (4) source code, object code, data and operating files, user manuals, documentation, flow charts,
algorithms, compilers, development tools, maintenance records and other materials related to computer programs; (5) internet web-sites
and domain names; and (6) all forms of legal rights and protections that may be obtained for, or may pertain to, the Intellectual

 

    8 

     

    

 

Property set forth in clauses (1) through (5) in any country of the world, including, without limitation, all letters patent,
patent applications, provisional patents, design patents, PCT filings and other rights to inventions or designs, all registered
and unregistered copyrights in both published and unpublished works, trade secret rights, mask works, moral rights or other literary
property or authors rights, rights regarding trademarks and other proprietary indicia, and all applications, registrations, issuances,
divisions, continuations, renewals, reinsurances and extensions of the foregoing.

 

(l)
Full Disclosure. Neither this
Agreement nor any certificate or document made, delivered or made available by the Company in connection herewith (including,
without limitation, all such documents made available in the data room made available by the Company to the Lender Group in connection
herewith located at

 

https://www.dropbox.com/sh/9fxi459ipewbi2x/AABkFc06xiUxKStLptLvB1yCa7dH0
and https://www.dropbox.com/sh/qx3wk6uhu0m25d8/AACfKSxsl1ZvKi9WQJbtuc1ha7dH0)
contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements
herein or therein not misleading. The Lender has the right to rely fully upon the representations, warranties, covenants and agreements
of the Company contained in this Section.

 

9.     
Representations and Warranties of the Lender.

 

By
the acceptance of this Note, the Lender represents and warrants to the Company that:

 

(a)  
The Lender is acquiring this Note and the Warrant for Lender’s own account for investment and not with a view to
or for sale in connection with any distribution, and all Securities will also be acquired for Lender’s own account, for
investment and not with a view to, or for sale in connection with any distribution.

 

(b)  
The Lender was contacted directly by the Company and/or its representatives regarding engaging in the transactions contemplated
by this Note and the Warrant or a similar financing transaction with the Company, and was not initially notified about the Company
or a potential transaction with the Company via any public announcement or publication regarding an intended public offering of
the Company's securities.

 

(c)  
The Lender understands that the Securities and the Warrant may not be sold, transferred, assigned, pledged, or otherwise
disposed of unless the Securities or the Warrant (as applicable) are registered under the Act, and all applicable state securities
laws or unless exemptions from such registration requirements are available.

 

(d)  
The Lender is an experienced investor in securities of companies in an early development stage and acknowledges that it
is able to fend for itself, can bear the economic risks of such investment (including the complete loss thereof) and has such
knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of this investment.
The Lender has been afforded the opportunity to ask questions to officers or other representatives of the Company concerning the
business of the Company, and it has reviewed and inspected all of the data and information provided to it by the Company in connection
with this Note. The Lender is (i) an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated
under the Act and/or (ii) a non-“U.S. person” within the meaning of Rule 902(k) promulgated under the Securities Act
(and the Lender is not engaging in the transactions hereunder for the account or benefit of a U.S. Person) and at the time of
the offer and sale of the Note and the Warrant the Lender was not located in the United States.

 

    9 

     

    

 

(e)  
The Lender understands that any permitted successor holder or transferee of the Securities will be required to provide
to the Company the representations and warranties contained in this Section 9.

 

(f)   
The Lender understands that the Securities and the Warrant have not been, and will not be, registered under the Act, or
any state securities law, based on an exemption or exemptions provided thereunder, the availability of which depends upon, among
other things, the bona fide nature of the investment intent and the accuracy of such Lender’s representations as expressed
herein, and will be “restricted securities” within the meaning of Rule 144 promulgated under the Act; and that all
stock certificates representing Securities may have affixed thereto a legend substantially in the following form.

 

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN

 

REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UNLESS SUCH
TRANSFER IS EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE COMPANY MAY REQUIRE
AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED
IN CONNECTION WITH SUCH TRANSFER.

 

10.            
Conditions to the Parties’ Obligations. The obligations of the
Lender and the Company under this Agreement are subject to the fulfillment of each of the following conditions, at or before the
Closing, unless otherwise waived by the parties hereto, as applicable:

 

(a)  
Waivers of Pre-emptive Rights. Any pre-emptive or other participation
rights of any person other than the Lender to participate in the lending of such Lender's Loan and in the issuances of the Company’s
Securities upon conversion of the Principal Amount and accrued interest and in the issuance of the Company's Securities upon execution
of the Warrant, as may exist pursuant to the Articles or any other agreements between the Company and its shareholders, shall
have been properly waived.

 

(b)  
Corporate Approvals. The board of directors of the Company shall have
approved this Agreement, the Warrants and all the transactions contemplated hereby

 

(c)   
Warrant. The executed Warrant shall have been delivered to the Lender.

 

11.            
Covenants of the Company. The Company hereby covenants to the Lender
that, promptly following the Closing and subject to all applicable law and receipt of all necessary approvals and consents, it
shall use its reasonable efforts to reincorporate within a jurisdiction in the United States (the “Reincorporation”),
which such reincorporation may be effected pursuant to a merger of the Company with an affiliated entity of the Company that is
incorporated in the United States following which such affiliated entity would hold all the outstanding shares of the Company,
and the Lender agrees to exchange this Note and the Warrant being issued in connection herewith for a note and warrant to be issued
on substantially the same terms and conditions hereof and thereof to be issued by the U.S. entity following the Reincorporation.

 

    10 

     

    

 

12.            
Restrictions on Transfer. This Note and the obligations under this
Note may not be assigned by the Company without the prior written consent of the Lender. By acceptance of this Note, the Lender
hereby agrees that (i) until the consummation of the IPO, the Lender will not sell, offer for sale, pledge, hypothecate or otherwise
transfer “Transfer”)
this Note or the Securities except in accordance with the Articles and (ii) upon and following the consummation of an IPO, absent
an effective registration statement filed with the Securities and Exchange Commission under the Act covering the disposition or
sale of this Note or the Securities, as the case may be, and registration or qualification under applicable state securities laws,
the Lender will not Transfer any or all of this Note or the Securities, as the case may be, unless such Transfer is exempt from
the registration requirements of the Act and any applicable state securities laws, and in such event the Company may reasonably
require an opinion of counsel, in form and substance reasonably satisfactory to the Company, to the effect that such registration
is not required in connection with such transfer except in accordance with the Articles.

 

13.           
Shares Fully Paid; Reservation of Securities. All Securities that may
be issued upon the conversion of this Note and upon conversion of the Warrant will, upon issuance pursuant to the terms and conditions
herein, be fully paid and nonassessable, and free from all preemptive rights and taxes, liens and charges with respect to the
issuance thereof. Upon any event in which Securities are issued to the Lender (under this Note and/or under the Warrant), the
Company will have authorized and reserved for the purpose of the issue upon conversion of this Note and/or the Warrant, as applicable,
a sufficient number of Securities to provide for the conversion of this Note and Warrant and, in the event that the Applicable
Securities are convertible preferred shares, a sufficient number of Ordinary Shares of the Company to provide for the conversion
of the Applicable Securities into Ordinary Shares of the Company.

 

14.           
Taxes; Withholding. Any taxes, fees, levies, duties, surcharges or
withholdings of any nature imposed by any governmental authority or third party owed on the interest or the Discount shall be
the sole liability and responsibility of the Lender. Notwithstanding the foregoing, any payment by the Company of interest hereunder
shall be subject to applicable withholding tax, which shall be withheld and deducted by the Company unless the Company is provided
with a certificate evidencing any valid exemption from such deduction or withholding. Any value added tax to be paid by the Company
in connection with the transactions hereunder (including but not limited to payment of any interest due hereunder) shall be paid
by the Company upon receipt of a valid value added tax invoice.

 

15.            
Designation of Observer.

 

The
holder of the then-largest amount of outstanding principal and accrued but unpaid interest among the Original Convertible Notes,
the Corundum Note and the Lender Group shall have the right to designate, dismiss and replace one (1) representative (the “Observer”),
who (subject to the Observer entering into a confidentiality and non-compete undertaking with the Company) shall be entitled to
attend all meetings of the Board in a non-voting observer capacity, to receive notice of such meetings and to receive any and
all documentation, information and/or other materials provided to the members of the Board and in addition the Observer shall
be entitled to request and receive from the Company any documentation, information and/or other materials that any of the members
of the Board is or may be entitled to receive from the Company. Any materials furnished to the Observer and the discussions and
presentations in connection with or at any meeting shall be considered confidential information and the Observer will keep such
materials and discussions confidential and will not disclose or divulge such materials and discussions to any third party. Notwithstanding
the above, the Company shall not be obligated to provide access to any information or meeting of the Board that will impair attorney-client
privileges between the Company and its counsel, or which constitutes a conflict of interest, such determination made reasonably
by the Board, acting in good faith.

 

    11 

     

    

 

16.           
Expenses. Each of the Company and the Lender Group shall pay all costs
and expenses that it incurs with respect to the negotiation, due diligence investigation, execution, delivery and performance
of this Note; provided that upon the consummation of the Closing, the Company shall bear all legal and accounting fees and other
expenses (e.g. costs of due diligence) incurred by the Lender Group in connection with the transactions contemplated by this Note,
in the amount of up to US$ 18,000 plus V.A.T. Pontifax may deduct such amount from the Loan Amount transferred by it at the Closing.

 

17.             
Miscellaneous.

 

a.    
Notices. Any notice, request, communication or other document required
or permitted to be given or delivered to the Lender or the Company shall be delivered, or shall be sent by certified or registered
mail, postage prepaid, overnight courier or facsimile (with return receipt requested) or delivered personally to the Lender at
its address as shown on the signature page hereto or to the Company at the address indicated therefor on the signature page of
this Note.

 

b.   
Governing Law; Jurisdiction. This Note and all acts and transactions
pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted solely in accordance
with the laws of the State of Israel, without giving effect to its conflict of laws principles. Any dispute arising under or in
relation to this Note shall be resolved exclusively by the competent courts of Tel-Aviv Jaffa and each of the parties hereby irrevocably
submits to the exclusive jurisdiction of such courts.

 

c.    
Successors and Assigns. This Note, and the obligations and rights of
the Company hereunder, shall be binding on and inure to the benefit of the Company, the Lender, and their respective permitted
successors, assigns, heirs and beneficiaries. Without limiting the foregoing, any successor, assign, heir or beneficiary of a
Lender shall be subject to the terms of this Note, including the limitations on transfer and the representations contained in
this Note.

 

d.   
Amendments and Waivers; Delays or Omissions. Any term of this Note
may be amended only by an instrument in writing executed by the Company and Pontifax on behalf of the Lender Group. The compliance
with any provision or condition of this Note, and any breach or default thereof, may be waived only with the written consent of
the Company or the Lender. Any waiver on the part of any party of any provision, condition, breach or default under this Note
shall be effective only to the extent specifically set forth in such writing. No delay or omission to exercise any right, power
or remedy accruing to any party upon any breach or default under this Note shall impair any such right, power or remedy nor shall
it be construed to be a waiver of any such breach or default, or an acquiescence thereto, or of any subsequent breach or default;
nor shall any waiver of any single breach or default be deemed a waiver of any other prior or subsequent breach or default.

 

e.    
Severability. If one or more provisions of this Note are held to be
unenforceable under applicable law, such provision shall be excluded from this Note, and the remainder of this Note shall be enforceable
in accordance with its terms.

 

    12 

     

    

 

f.    
Entire Agreement. This Note constitutes the entire agreement between
the parties pertaining to the subject matter contained herein and supersedes all prior and contemporaneous agreements, representations,
and undertakings of the parties, whether oral or written, with respect to such subject matter.

 

g.    
Counterparts. This Note may be executed in one or more counterparts,
each of which shall be deemed an original and all of which together shall constitute one instrument. Facsimile signatures shall
be binding as original signatures.

 

[Signature
page follows]

 

 

    13 

     

    

IN
WITNESS WHEREOF, this Note has been executed and delivered on the date first above written.

 

 

	 	ENTERA
BIO LTD.	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Entera
Bio Ltd.

Jerusalem Bio Park

PO
Box 12117

Jerusalem
91220

Fax
no.: +972.2. 532.7151

Attn:
Dr. Phillip Schwartz

	 

 

 

 

 

 

 

 

 

[Company
signature page to Convertible Promissory Note and Loan Agreement]

 

    14 

     

    

 

Accepted
and Agreed to by:

 

	 	 
	 	 
	 	 

[Address]

 

 

[Lender’s
signature page to Convertible Promissory Note and Loan Agreement]

 

    15 

     

    

SCHEDULE
A

 

Form of
Warrant

 

Attached
hereto.

 

 

 

    16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00276-of-00352.parquet"}]]