Document:

Exhibit 4.27

    

    

    Form of Warrant

    

    

    THIS SECURITY AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
      OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER:

     

    (1)          REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS AN ACCREDITED INVESTOR (WITHIN THE MEANING OF RULE 501(a) UNDER THE
        SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND

     

    (2)          AGREES FOR THE BENEFIT OF ENTERA BIO LTD. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR
        ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

     

    (A)          TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

     

    (B)          PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

     

    (C)          TO AN ACCREDITED INVESTOR IN COMPLIANCE WITH SECTION 4(a)(7) OF THE SECURITIES ACT, OR

     

    (D)          PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE
        REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     

    PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE COMPANY’S WARRANT AGENT RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER
      EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM
      THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     

    SECURITIES EVIDENCED HEREBY AND ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.

     

    ORDINARY SHARE PURCHASE WARRANT

    

     

    For the Purchase of [_____] Ordinary Shares

     

    of

     

      ENTERA BIO LTD.

     

    
      
        

    

    
    Series Investors Warrants

     

    	
            Warrant Shares:   [   ]

          	
            Initial Exercise Date:  December 11, 2019

          
	
            Warrant Number:  [   ]

          	
            Issue Date:  [           ], 2019

          

    

    

    CUSIP:  N/A

    ISIN:  N/A

     

    THIS ORDINARY SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, American Stock Transfer & Trust Company, LLC, as Warrant Agent, on behalf of the
      Persons whose names the Warrants are registered in the relevant Warrant Register (the “Holders”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after December
      11, 2019 (the “Initial Exercise Date”) and on or prior to 5:00 p.m., New York City time, on the third (3) year anniversary of the Initial Exercise Date, subject to early acceleration as set forth in Section 3(h) below (the “Termination Date”)
      but not thereafter, to subscribe for and purchase from Entera Bio Ltd., a company limited by shares incorporated under the laws of Israel (the “Company”), up to the number of Ordinary Shares shown on Schedule 1 hereto (as subject to
      adjustment hereunder, the “Warrant Shares”).  The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

     

    Section 1.          Definitions.  In addition to the terms defined elsewhere in this Warrant, the following terms shall have the meanings indicated in this Section 1:

     

    “2018 Plan” means the 2018 Equity Incentive Plan governing the issuance of equity incentive awards from and after the Company’s initial public offering on
      July 2, 2018.

     

    “Accredited Investor” has the meaning set forth in Rule 501 of Regulation D promulgated under the Securities Act.

     

    “Affiliate” means any Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with
      a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

     

    “Adjustment Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance or sale (or deemed
      issuance or sale in accordance with Section 3(b)) of Ordinary Shares (other than rights of the type described in Section 3(f) and (g) hereof) that could result in a decrease in the net consideration received by the Company in connection with, or with
      respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights).

     

    “Bloomberg” means Bloomberg L.P.

     

    “Board of Directors” means the board of directors of the Company.

     

    “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or Israel or any day on which
      banking institutions in the State of New York or Israel are authorized or required by law or other governmental action to close.

     

    “Calculation Period” means the 10 consecutive Trading Day period beginning on, and including, the Trading Day immediately following the Cashless Exercise
      Date for a Warrant.

     

    “Cashless Exercise Date” means the date on which a Holder complies with the applicable requirements for cashless exercise as set forth in Sections 2(a)
      and 2(c); provided that, if such date is not a Trading Day or the Holder satisfies such requirements after 5:00 p.m. on a Trading Day, then the Cashless Exercise Date shall be (i) the immediately succeeding Trading Day, or (ii) if such date
      is the Termination Date, the immediately preceding Trading Day.

     

    “Commission” means the United States Securities and Exchange Commission.

     

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

     

    “Exempt Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers, consultants or directors of the Company pursuant to any
      stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of the Company or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the
      Company, provided, however, issuances to consultants shall not exceed 250 Ordinary Shares during any calendar quarter (it being understood that this limitation, if applied to an issuance of options to consultants during any calendar quarter, shall
      not apply to subsequent exercises of such options), (b) securities to be sold pursuant to and issuable upon the exercise or exchange of any securities issued pursuant to this Warrant and/or rights, options or other securities exercisable or
      exchangeable for or convertible into Ordinary Shares issued and outstanding as of December 11, 2019, provided that such securities have not been amended since December 11, 2019 to increase the number of such securities or to decrease the
      exercise price, exchange price or conversion price of any such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that any such
      issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic with the business of the Company and shall provide to the Company
      additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities
      and (d) securities in the Offering or the 2018 Plan, including any deemed issuance or automatic conversion of securities issued therein (including, for the avoidance of doubt, the issuance of shares upon conversion of convertible loans under the
      convertible financing agreements immediately prior to the closing of the Company’s initial public offering).

     

    “Offering” means the private placement offering by the Company of a minimum of Seven Million Dollars ($7,000,000) and a maximum of Fourteen Million
      Dollars ($14,000,000) of the Company’s Ordinary Shares in connection with the offering the Warrants.

     

    “Last Reported Sale Price” of the Ordinary Shares on any date means the closing sale price per share (or if no closing sale price is reported, the average
      of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities exchange on which the
      Ordinary Shares are traded. If the Ordinary Shares are not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price for the Ordinary Shares in
      the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices). If the Ordinary Shares (or such other security) are not so quoted, the “Last
        Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Ordinary Shares (or such other security) on the relevant date from a nationally recognized independent investment banking firm selected by the
      Company for this purpose.

     

    “Listed Stock Transaction” means a Fundamental Transaction for which at least 90% of the consideration received or to be received by holders of Ordinary
      Shares, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ or appraisal rights, in connection with such Fundamental Transaction consists of ordinary shares, common shares or American Depositary shares that
      are listed or quoted on any of the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any of their respective successors) or will be so listed or quoted
      when issued or exchanged in connection with such Fundamental Transaction.

     

    “Market Disruption Event” means (a) a failure by the primary U.S. national or regional securities exchange or market on which the Ordinary Shares are
      listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Ordinary Shares for more than one half-hour period
      in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant stock exchange or otherwise) in the Ordinary Shares or in any options
      contracts or futures contracts relating to the Ordinary Shares.

     

    
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    “NIS” means the legal currency of Israel.

     

    “Ordinary Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time
      Ordinary Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
      Ordinary Shares.

     

    “Ordinary Shares” means the ordinary shares of the Company, nominal value NIS 0.0000769 per share, and any other class of securities into which such
      securities may hereafter be reclassified or changed.

     

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

     

    “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on a Trading Market or, if the Ordinary Shares are not then listed on a Trading
      Market, on the principal other U.S. national or regional securities exchange on which the Ordinary Shares are then listed or admitted for trading.  If the Ordinary Shares are not so listed or admitted for trading, “Scheduled Trading Day” means
      a Business Day.

     

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

     

    “Specified Fundamental Transaction” means (I) one or more related transactions described in clause (i) of the first sentence of Section 3(e) where,
      immediately after giving effect thereto (x) the holders of all of the Company’s classes of common equity immediately prior to such transaction(s) own, directly or indirectly, more than 50% of all classes of common equity of the continuing or
      surviving corporation or transferee or the parent thereof immediately after such transaction(s) in substantially the same proportions as such ownership immediately prior to such transaction(s), or (y) the Company will be the surviving entity or (II)
      a Listed Stock Transaction.

     

    “Subsidiary” means any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or
      acquired after the date hereof.

     

    “Trading Day” means a day on which (i) there is no Market Disruption Event and (ii) the Ordinary Shares are traded on a Trading Market or, if the Ordinary
      Shares are not then listed on a Trading Market, on the principal other U.S. national or regional securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional securities
      exchange, on the principal other market on which the Ordinary Shares are then traded; provided that if the Ordinary Shares are not so listed or traded, “Trading Day” means a Business Day.

     

    “Trading Market” means any of the following markets or exchanges on which the Ordinary Shares are listed or quoted for trading on the date in question: 
      the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any successors to any of the foregoing).

     

    “Transfer Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent for the Ordinary Shares and the Warrants, with a
      mailing address of 6201 15th Avenue, Brooklyn, New York 11219 and a phone number of (718) 921-8124 and any successor transfer agent for the Ordinary Shares and the Warrants.

     

    “U.S. dollars” or “$” means United States dollars.

     

    
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    “VWAP” means, for any date, with respect to the Ordinary Shares or any other security, the price determined by the first of the following clauses that
      applies: (a) if the Ordinary Shares or such other security are then listed or quoted on a Trading Market, the daily volume-weighted average price per share of the Ordinary Shares or of such other security for such date (or the nearest preceding date)
      on the primary Trading Market on which the Ordinary Shares or such other security are then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Ordinary
      Shares or such other security are not then listed or quoted for trading on a Trading Market and if prices for the Ordinary Shares or such other security are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar
      organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares or such other security so reported, or (c) in all other cases, the fair market value of an Ordinary Share or such
      other security as determined, using a volume-weighted average method, by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the
      reasonable fees and expenses of which shall be paid by the Company.

     

    “Warrant Agency Agreement” means that certain warrant agency agreement, dated as of the Initial Exercise Date, between the Company and the Warrant Agent.

     

    “Warrant Agent” means the Transfer Agent and any successor warrant agent of the Company.

     

    “Warrants” means the Series Investors Warrants issued by the Company.

     

    Section 2.          Exercise.

     

    a)          Exercise of Warrant.  Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
      after the Initial Exercise Date and on or before the Termination Date by delivery to the Company or the Warrant Agent (or such other office, agency or bank that the Company may designate by notice in writing to the registered Holder at the address of
      the Holder appearing on the books of the Company), as applicable, of  a duly executed facsimile copy (or electronic copy, i.e. “PDF” or “TIF”, submitted by e-mail) of the Notice of Exercise in the form annexed hereto as Exhibit A (“Notice
        of Exercise”), to be delivered to the Warrant Agent; provided that any partial exercise of a Warrant hereunder must be in relation to a whole number of Warrant Shares.  On the Termination Date, this Warrant, to the extent not previously
      exercised or expired pursuant to Section 3(h), shall terminate and expire worthless. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be
      required.  Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount
      equal to the applicable number of Warrant Shares so purchased.  The Warrant Agent shall reflect any such initial exercise on Schedule 1 hereto.  The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of
      receipt of such notice. Any reference in this Warrant to the issuance of a certificate or the certificates representing the Warrant Shares shall be deemed to be a reference to the book-entry issuance of such Warrant Shares. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares
        available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

     

    b)         Exercise Price.  The exercise price per Ordinary Share under this Warrant shall be $2.96, subject to adjustment hereunder (the “Exercise
        Price”); provided that in no event shall the Exercise Price be adjusted below the nominal value (or U.S. dollar equivalent) of the Ordinary Shares.

     

    c)          Cashless Exercise.  The Holder may exercise this Warrant to receive a number of Warrant Shares equal to the quotient obtained by dividing
      [(A-B) (X)] by (A), where:

     

    (A) = the arithmetic average of the VWAPs of the Ordinary Shares over each of the 10 consecutive Trading Days during the related Calculation Period;

     

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

     

    
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    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant, assuming such exercise were by means of a cash
      exercise rather than a cashless exercise.

     

    The parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics under the
      Securities Act of the Warrants being exercised. The Company agrees not to take any position contrary to this Section 2(c).

     

    d)          Mechanics upon Exercise.

     

    
      
        	

              	i.	
                Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder (A) by crediting the Holder’s, or its designee’s, balance account
                  with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and such Warrant Shares are then eligible for sale by such Holder pursuant to Rule
                  144(b)(1)(i), and (B) otherwise by registering such Warrant Shares in the Company’s share register in the name of such Holder or its assignee, in each case, by the date that is two (2) Trading Days after the final day of the related
                  Calculation Period (such date the “Warrant Share Delivery Date”).  The Warrant Shares shall be deemed to have been issued, and the Holder, or any other person so designated by the Holder to be named in the share register, shall be
                  deemed to have become a holder of record of such shares for all purposes as of the final day of the related Calculation Period; provided that payment to the Company of all taxes required to be paid by the Holder, if any, pursuant
                  to Section 2(d)(vi) have timely been made prior to the issuance of such shares; provided, further that if such final date of the Calculation Period is a date upon which the Ordinary
                  Share transfer books of the Company are closed, such person shall be deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Ordinary Share transfer books of the
                  Company are open.  If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
                  not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth
                  Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.  The Company agrees to maintain a transfer
                  agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.

              

      

    

     

    
      
        	

              	ii.	
                [Reserved.]

              

      

    

     

    
      
        	

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

              

      

    

     

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

    
      
        	

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

              

      

    

     

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

     

    Section 3.          Certain Adjustments.

     

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

     

    
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    b)          Adjustment Upon Issuance of Ordinary Shares.  If within one (1) year after December 11, 2019 (the “Issuance Date”), the Company issues
      or sells, or in accordance with this Section 3(b) is deemed to have issued or sold, any Ordinary Shares and/or Ordinary Share Equivalents (including the issuance or sale of Ordinary Shares owned or held by or for the account of the Company, but
      excluding any Exempt Issuance issued or sold or deemed to have been issued or sold) for a consideration per share (the “New Issuance Price”) less than a price equal to $2.37 (as adjusted in proportion with any adjustments made from time to
      time to the Exercise Price pursuant to this Section 3, the “Applicable Price”) (the foregoing a “Dilutive Issuance”), then immediately upon such Dilutive Issuance, the Exercise Price then in effect shall be reduced to the New Issuance
      Price.

     

    For all purposes of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this Section 3(b)), the following shall
      be applicable:

     

    
      
        	

              	i.	
                Issuance of Options.  If the Company in any manner grants or sells any rights, warrants or options to subscribe for or purchase Ordinary Shares or Ordinary Share Equivalents (“Options”) and the weighted average price per
                  share for which one Ordinary Share is, as of the time of such grant or sale, at any time issuable upon the exercise of the Options so granted or sold or upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon
                  exercise of such Options or otherwise pursuant to the terms thereof is less than the Applicable Price, then the Ordinary Shares underlying such Options shall be deemed to have been issued and sold for purposes of the adjustment under this
                  Section 3(b) at the time of the granting or sale of such Options for such price per share.  For purposes of this Section 3(b)(i), the “weighted average price per share for which one Ordinary Share is issuable upon the exercise of any such
                  Options or upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise of any such Options or otherwise pursuant to the terms thereof” shall be equal to the arithmetic average of the sums of the amounts
                  of consideration (if any) received or receivable by the Company with respect to each Ordinary Share issuable upon the granting or sale of the relevant Options, upon exercise of such Options and upon conversion, exercise or exchange of any
                  Ordinary Share Equivalents issuable upon exercise of such Options or otherwise pursuant to the terms thereof.  Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such
                  Ordinary Shares or of such Ordinary Share Equivalents upon the exercise of such Options or otherwise pursuant to the terms of or upon the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Share
                  Equivalents.

              

      

    

     

    
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              	ii.	
                Issuance of Ordinary Share Equivalents.  If the Company in any manner issues or sells any Ordinary Share Equivalents and the weighted average price per share for which one Ordinary Share is, as of the time of such issuance or
                  sale, at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less than the Applicable Price, then the Ordinary Shares underlying such Ordinary Share Equivalents shall be deemed
                  to have been issued and sold for purposes of the adjustment under this Section 3(b) at the time of the issuance or sale of such Ordinary Share Equivalents for such price per share.  For the purposes of this Section 3(b)(ii), the “weighted
                  average price per share for which one Ordinary Share is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof” shall be equal to (1) the arithmetic average of the sums of the amounts of
                  consideration (if any) received or receivable by the Company with respect to each Ordinary Share underlying the relevant Ordinary Share Equivalents upon the issuance or sale of such Ordinary Share Equivalents and upon conversion, exercise
                  or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof minus (2) the arithmetic average of the sums (determined on a per share basis with respect to the Ordinary
                  Shares underlying each such Ordinary Share Equivalent) of (I) all amounts paid or payable to the holder(s) of each such Ordinary Share Equivalent (or any other Person) upon the issuance or sale of each such Ordinary Share Equivalent plus (II) the value of any other consideration received or receivable by, or benefit conferred on, the holder(s) of each such Ordinary Share Equivalent (or any other Person).  Except as contemplated
                  below, no further adjustment of the Exercise Price shall be made upon the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise pursuant to the terms thereof, and if
                  any such issuance or sale of such Ordinary Share Equivalents is made upon exercise of any Options for which adjustment of the Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except as contemplated
                  below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale.

              

      

    

     

    
      
        	

              	iii.	
                Change in Option Price or Rate of Conversion.  If the purchase or exercise price provided for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Ordinary Share
                  Equivalents, or the rate at which any Ordinary Share Equivalents are convertible into or exercisable or exchangeable for Ordinary Shares increases or decreases at any time (other than proportional changes in conversion or exercise prices,
                  as applicable, in connection with an event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease shall be adjusted as provided in this Section 3(b) as if such Options or Ordinary Share
                  Equivalents were a new issuance and sale as of the time of such increase or decrease.  For purposes of this Section 3(b)(iii), if the terms of any Option or Ordinary Share Equivalent that was outstanding as of the Issuance Date are
                  increased or decreased in the manner described in the immediately preceding sentence, then such Option or Ordinary Share Equivalents and the Ordinary Shares deemed issuable upon exercise, conversion or exchange thereof shall be deemed to
                  have been issued as of the date of such increase or decrease.  No adjustment pursuant to this Section 3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

              

      

    

     

    
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              	iv.	
                Calculation of Consideration Received.  If any Option and/or Ordinary Share Equivalent and/or Adjustment Right (each, a “Component Security”) is issued in connection with the issuance or sale or deemed issuance or sale of
                  any other securities of the Company (“Units”), together comprising one integrated transaction, the Exercise Price in effect at the time of such issuance or sale or deemed issuance or sale shall be adjusted in accordance with the
                  formula in the first paragraph of this Section 3(b) based on clauses (b)(i) and (b)(ii) above, as applicable, based on the Company’s allocation of the purchase price among the different Component Securities included in the Units issued or
                  sold or deemed to be issued or sold in such transaction.  If any Ordinary Shares, Options or Ordinary Share Equivalents are issued or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed
                  to be the net amount of consideration received by the Company therefor.  If any Ordinary Shares, Options or Ordinary Share Equivalents are issued or sold for a consideration other than cash, the amount of such consideration received by
                  the Company will be the fair value of such consideration, except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company for such securities will be the arithmetic
                  average of the VWAPs of such security for each of the five (5) Trading Days immediately preceding the date of receipt.  If any Ordinary Shares, Options or Ordinary Share Equivalents are issued to the owners of the non-surviving entity in
                  connection with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is
                  attributable to such Ordinary Shares, Options or Ordinary Share Equivalents (as the case may be).  The fair value of any consideration other than cash or publicly traded securities will be determined jointly by the Company and the
                  Holder.  If such parties are unable to reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration will be determined within five (5)
                  Trading Days after the tenth (10th) day following such Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder.  The determination of such appraiser shall be final and binding upon all parties
                  absent manifest error and the reasonable fees and expenses of such appraiser shall be borne by the Company.

              

      

    

     

    
      
        	

              	v.	
                Record Date.  If the Company takes a record of the holders of Ordinary Shares for the purpose of entitling them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or in Ordinary Share Equivalents
                  or (B) to subscribe for or purchase Ordinary Shares, Options or Ordinary Share Equivalents, then such record date will be deemed to be the date of the issuance or sale of the Ordinary Shares deemed to have been issued or sold upon the
                  declaration of such dividend or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may be).

              

      

    

     

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

     

    d)          Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
      distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a
      dividend, spin-off, corporate rearrangement, scheme of arrangement or other similar transaction, other than (x) a reclassification as to which Section 3(e) applies or (y) any issuance, deemed issuance or automatic conversion of securities in the
      Offering or the 2018 Plan) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
      therein if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
      before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are to be determined for the participation in such Distribution; provided, however,
      to the extent that the Holder’s right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in
      the beneficial ownership of any Ordinary Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until the earlier of (i) such time, if ever, as the delivery
      to such Holder of such portion would not result in the Holder exceeding the Beneficial Ownership Limitation and (ii) such time as the Holder has exercised this Warrant.

     

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

     

    
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    f)          Calculations.  The Company shall make all calculations under this Section 3 to the nearest cent or the nearest 1/100th of a share, as the case
      may be.  For purposes of this Section 3, except as otherwise expressly set forth herein, the number of Ordinary Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury
      shares, if any) issued and outstanding.

     

    g)          Notice to Holder.

     

    
      
        	

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

              

      

    

     

    
      
        	

              	ii.	
                Notice to Allow Exercise by Holder.  If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a
                  redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the
                  approval of any shareholders of the Company shall be required in connection with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of
                  the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or
                  winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or e-mail to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the
                  Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights
                  or warrants, or if a record is not to be taken, the date as of which the holders of record of the Ordinary Shares to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which
                  such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of record of the Ordinary Shares shall be entitled to exchange
                  their Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein
                  or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice required by this Warrant constitutes, or contains, material, non-public information
                  regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.  The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such
                  notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

              

      

    

     

    
      14

      
        

    

    
    h)          Early Termination upon Satisfaction of Sale Price Condition. The Company may accelerate the Termination Date of this Warrant upon written
      notice to the Holder at any time if the Last Reported Sale Price exceeds $4.74 (as adjusted in proportion with any adjustments made from time to time to the Exercise Price pursuant to Section 3) for a ten (10) consecutive Trading Day period. In the
      30 calendar days following the date the acceleration notice is given in accordance with this Section 3(h) (the “Early Termination Exercise Period”), Holders may exercise this Warrant or a portion of the Warrant in accordance with Section 2(a)
      and Section 2(c). Any Warrants not exercised by 5:00 p.m., New York City Time, on the last day of the Early Termination Exercise Period shall terminate and expire worthless.

     

    Section 4.          Transfer of Warrant.

     

    a)          Transferability.  Subject to the Holder’s compliance with the transfer restrictions set forth in Section 6 of the Warrant Agency Agreement, a
      Holder’s interest in this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, delivery to the Warrant Agent of a written assignment of this Warrant substantially in the form
      attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such delivery and, if required, such payment, the Warrant Agent shall record such
      interest in this Warrant in the Warrant Register in the name of the assignee or assignees, as applicable.

     

    b)          [Reserved.]

     

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

     

    
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    Section 5.          Miscellaneous.

     

    a)          No Rights as Shareholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
      shareholder of the Company until the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

     

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

     

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

     

    d)          Authorized Shares.

     

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

     

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

     

    
      16

      
        

    

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

     

    e)          Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and
      construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
      of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and
      federal courts sitting in the City of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
      or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
      any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
      proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
      and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.  If either party shall commence an action, suit or proceeding to
      enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and
      prosecution of such action or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
        ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

     

    For the avoidance of doubt, matters involving the rights of shareholders, issuance of Ordinary Shares and the validity of Ordinary Shares shall be governed by
      the laws of Israel.

     

    f)          Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale
      imposed by state and federal securities laws.

     

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

     

    
      17

      
        

    

    h)          Notices.  Any notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms of
      this Warrant must be in writing and will be deemed to have been delivered:  (i) upon receipt, if delivered personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
      file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from
      the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each
      case, properly addressed to the party to receive the same.  If notice is given by facsimile or email, a copy of such notice shall be dispatched no later than the next business day by first class mail, postage prepaid.  The addresses, facsimile
      numbers and e-mail addresses for such communications shall be:

     

    If to the Company:

     

    	
            Entera Bio Ltd.

          
	
            37 Walnut Street, Suite 300

          
	
            Wellesley Hills, MA 02481

          
	
            Attention: Adam Gridley, CEO

          
	
             Email: adam@enterabio.com

          

    

    

    With a copy to:

    

    

    Email: Notice@enterabio.com

    

    

    And with a copy (for informational purposes only) to:

     

    Gil Savir, Esq.

    Davis Polk & Wardwell LLP

    450 Lexington Avenue

    New York, NY 10017

    Email: gil.savir@davispolk.com

    

    

    and

     

    Yair Geva, Adv.

    Ron Ben Menachem, Adv.

    Tomer Farkash, Adv.

    Herzog Fox & Neeman

    4 Weizmann Street

    Tel Aviv 6423904, Israel

    +972 (3) 692-2020

    

    

    If to the Warrant Agent, to its address, facsimile number or e-mail address set forth in Exhibit A.

     

    If to a Holder, to its address, facsimile number or e-mail address set forth herein or on the books and records of the Company.

     

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

     

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

     

    
      18

      
        

    

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

     

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

     

    l)          Amendment.  With the consent of Holders of the Warrants entitled, upon exercise hereof, to receive not less than a majority of the Ordinary
      Shares issuable under this Warrant Certificate, the Company and the Warrant Agent may modify this Warrant Certificate for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Warrant
      Certificate or modifying in any manner the rights of the Holders of the Warrants; provided, however, that no material modifications, including (i) modification of the terms of Section 2(a), Section 2(b), Section 2(c) or to the
      adjustments described in Section 3 hereunder or (ii) modifications reducing the percentage required for consent to modification of this Warrant Certificate, in each case, may be made without the consent of the Holder of each relevant outstanding
      Warrant affected thereby. The determination of whether any modification is material shall be made in good faith by the Company.

     

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

     

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

     

    o)          Warrant Agency Agreement.  This Warrant is issued subject to the Warrant Agency Agreement.  To the extent any provision of this Warrant
      conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

     

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

    (Signature Page Follows)

    

    

    
      19

      
        

    

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

     

    
      	 	ENTERA BIO LTD.	 
	 	 	 	 
	

            	
              By: 

            	

            	 
	 	 	Name	 
	 	 	Title	 

    

     

    

     

  

  
    20

    
      

  

  

    SCHEDULE 1

     

    SCHEDULE OF EXCHANGES OR EXERCISES OF WARRANTS

      

      ENTERA BIO LTD.

      Investors Warrants

     

    The initial number of Warrant Shares issuable upon exercise of this Warrant is [_______].  The following increases or decreases in such number of Warrant Shares have been made:

     

    	
            
              Date of

              exchange

            

          	 	
            
              Amount of decrease in number 

              of Warrant Shares

            

          	 	
            
              Amount of increase in number 

              of Warrant Shares

            

          	 	
            
              Number of Warrant Shares

              following such decrease or increase

            

          	 	
            
              Signature of authorized 

              signatory of Warrant Agent

            

          
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    
      

      

      
        21

        
          

      

    

    EXHIBIT A

     

    NOTICE OF EXERCISE

     

    	 	
            TO:

          	
            ENTERA BIO LTD.

          

    

    

    (1) The undersigned hereby elects to exercise this Warrant with respect to _______ underlying Warrant Shares pursuant to the terms of the attached Warrant and tenders herewith
      payment of any applicable transfer taxes.

     

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

     

    
      

     

    

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

     
      
        

         

        

        
          

          

          

          
            

        

      

               

    [SIGNATURE OF HOLDER]

     

    	
            Name of Investing Entity:

          	 	

          
	
            Signature of Authorized Signatory of Investing Entity:

          	 	 
	
            Name of Authorized Signatory:

          	 	 
	
            Title of Authorized Signatory:

          	 	 
	
            Date:

          	 	 

    

    

    
      22

      
        

    

    EXHIBIT B

     

    ASSIGNMENT FORM

     

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

     

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

     

    	
            Name:

          	 
	 	
            (Please Print)

          
	 	 
	
            Address:

          	 
	 	
            (Please Print)

          

    

    

    	
            Phone Number:

          	 
	 	 
	
            Email Address:

          	 

    

    

    Dated:  _______________ __, ______

    Holder’s Signature:__________________

    Holder’s Address:  ___________________

     

    

    23Exhibit 4.28

   

  REGISTRATION RIGHTS AGREEMENT

   

  This Registration Rights Agreement (this “Agreement”) is made and entered into effective as of December 10, 2019, among Entera
      Bio Ltd., an Israeli corporation (the “Company”), each of the persons who have executed omnibus or counterpart signature page(s) hereto (each, a “Subscriber” and,
    collectively, the “Subscribers”), and GP Nurmenkari Inc. (the “Broker”).

   

  RECITALS:

   

  

  WHEREAS, the Company has offered and sold in compliance with Section 4(a)(2) and/or Rule 506 of Regulation D, if
    applicable, promulgated under the Securities Act to accredited investors in a private placement offering (the “Offering”) of Ordinary Shares, and three-year series Investor Warrants to purchase additional
    Ordinary Shares at an exercise price as set forth in the Offering (the “Investor Warrants”) pursuant to Subscription Agreements entered into by and between the Company and each of the accepted subscribers for
    Ordinary Shares and Investor Warrants in the Offering (the “Subscription Agreements”); and

   

  WHEREAS, to induce the Subscribers to execute and deliver the Subscription Agreement, the Company has agreed to
    certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable state
    securities laws;

   

  WHEREAS, the Company has agreed to certain registration rights under the Securities Act and applicable state
    securities laws with each of the Broker who hold Placement Agent Warrants;

   

  NOW, THEREFORE, in consideration of the mutual promises, representations, warranties, covenants, and conditions set
    forth herein, the parties mutually agree as follows:

   

  1.          Certain Definitions. Capitalized terms used herein without definition have the meanings ascribed to them in the Subscription Agreement. As used in this Agreement, the following terms shall have the
    following respective meanings:

   

  “Blackout Period” means, with respect to a registration, a period during which the Company, in the good faith
    judgment of its board of directors or its counsel, determines (including because of the existence of, or in anticipation of, any acquisition, financing activity, or other transaction involving the Company, or the unavailability for reasons beyond the
    Company’s reasonable control of any required financial statements, disclosure of information which is in its best interest not to publicly disclose, or any other event or condition of similar significance to the Company) that the registration and
    distribution of the Registrable Securities to be covered by such registration statement, if any, or the filing of an amendment to such registration statement in the circumstances described in Section 4(f), would be seriously detrimental to the Company,
    in each case commencing on the day the Company notifies the Holders that they are required, because of the determination described above, to suspend offers and sales of Registrable Securities and ending on the earlier of (1) the date upon which the
    material non-public information resulting in the Blackout Period is disclosed to the public or ceases to be material and (2) such time as the Company notifies the selling Holders that sales pursuant to such Registration Statement or a new or amended
    Registration Statement may resume; provided, however, that the Company shall use its reasonable best efforts to limit the duration of any Blackout Period.

   

  
    
      

  

  
  “Business Day” means any day of the year, other than a Saturday, Sunday, or other day on which banks in the State of New York are required or
    authorized to close.

   

  “Commission” means the U. S. Securities and Exchange Commission or any other federal agency at the time administering the Securities Act.

   

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

   

  

  “Family Member” means (a) with respect to any individual, such individual’s spouse, any descendants (whether natural or adopted), any trust all of the
    beneficial interests of which are owned by any of such individuals or by any of such individuals together with any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, the estate of any such individual, and any
    corporation, association, partnership or limited liability company all of the equity interests of which are owned by those above described individuals, trusts or organizations and (b) with respect to any trust, the owners of the beneficial interests of
    such trust.

   

  “Holder” means (i) each Subscriber or any of such Subscriber’s respective successors and Permitted Assignee who acquire rights in accordance with this
    Agreement with respect to any Registrable Securities directly or indirectly from a Subscriber or from any Permitted Assignee, and (ii) each Broker or any of such Broker’s respective successors and Permitted Assignee who acquire rights in accordance
    with this Agreement with respect to any Registrable Securities directly or indirectly from a Broker or from any Permitted Assignee, and (iii) all other holders of Registerable Securities (the “Other Holders”).

   

  “Ordinary Shares” means the Ordinary Shares, par value NIS $0.0000769 of the Company.

   

  “Permitted Assignee” means (a) with respect to a partnership, its partners or former partners in accordance
    with their partnership interests, (b) with respect to a corporation, its stockholders in accordance with their interest in the corporation, (c) with respect to a limited liability company, its members or former members in accordance with their interest
    in the limited liability company, (d) with respect to an individual party, any Family Member of such party, (e) an entity that is controlled by, controls, or is under common control with a transferor, or (f) a party to this Agreement.

   

  
    2

    
      

  

  “Placement Agent Warrants” shall mean the Series Broker Warrants-A and Broker Warrants-B issued to the Placement Agents pursuant to Section 3 of the
    Subscription Agreement.

   

  The terms “register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement
    in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement.

   

  “Registrable Securities” means (i) Ordinary Shares issued or issuable to Subscribers and Broker in connection with the Offering, including Ordinary
    Shares underlying the Investor Warrants and Placement Agent Warrants, and Ordinary Shares issuable upon any stock split, dividend or distribution, recapitalization or similar event with respect to the foregoing, exclusive of Ordinary Shares (a) that
    have been publicly (including, without limitation, distribution to the public under Rule 144) sold by Subscribers prior to the earlier of the Registration Filing Date or the date or which the Registration Statement is initially filed, or (b) that have
    been privately sold after the date on which such Ordinary Shares were eligible to be sold under Rule 144, without restriction (the items discussed in this section (i), (i)(a) and (i)(b) hereof after referred to as the “New
      Registrable Securities”), (ii) any Ordinary Shares (including Ordinary Shares underlying warrants of the Company) not purchased in the Offering held by Subscribers prior to the date hereof; (iii) any holders of Ordinary Shares (including
    Ordinary Shares underlying warrants of the Company held by such holders) eligible for registration rights with respect to such Ordinary Shares pursuant to any agreement between the Company and such holders of such Ordinary Shares entered into prior to
    the date of this Agreement in an amount to be determined in the sole discretion of the Company (the New Registrable Securities together with the section discussed in section (ii) and this (iii) and hereof after referred to as the "Participating Subscribers Registrable Securities”; and (iv) Ordinary Shares (including the Ordinary Shares underlying the warrants of which the Company issued from time to time) owned, from time to time, by certain
    holders of the Company’s securities in an amount to be determined in the sole discretion of the Company (the section discussed in this (iv) and hereof after referred to as the “Non-Subscribers Securities”).

   

  “Registration Default Period” means the period during which any Registration Event occurs and is continuing.

   

  “Registration Event” means the circumstance where the Company fails to file with the Commission the Registration Statement on or before the
    Registration Filing Date.

   

  “Registration Filing Date” means the date that is seven (7) months after the final closing date of the Offering.

   

  “Registration Statement” means the registration statement that the Company is required to file pursuant to Section 3(a) of this Agreement to register
    the New Registrable Securities.

   

  
    3

    
      

  

  “Rule 144” means Rule 144 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time, or
    any similar successor rule that may be promulgated by the Commission.

   

  “Rule 145” means Rule 145 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time, or
    any similar successor rule that may be promulgated by the Commission.

   

  “Rule 415” means Rule 415 promulgated by the Commission under the Securities Act, as such rule may be amended or supplemented from time to time, or
    any similar successor rule that may be promulgated by the Commission.

   

  “SEC Effective Date” means the date the Registration Statement is first declared effective by the Commission.

   

  “Trading Day” means any day on which such national securities exchange, which at the time constitutes the principal securities market for the Ordinary
    Shares, is open for general trading of securities.

   

  2.          Term. This Agreement shall terminate with respect to each Holder on the earlier of: (i) the 2 year anniversary of the SEC Effective Date, (ii) the date as of which the Holders may
    sell all of the Registrable Securities covered by such Registration Statement pursuant to Rule 144 (or any successor thereto) promulgated under the Securities Act, or (iii) the date on which the Holders shall have sold all of the Registrable Securities
    covered by such Registration Statement.

   

  3.          Registration.

   

   (a)          Registration on Form F-3. To the extent the Company is able to file with the Commission a
    Registration Statement on Form F-3 (or S-3, if applicable) and which form shall be available for the resale by the Holders of all of their Registrable Securities, and the Company shall (i) use its commercially reasonable efforts to make the initial
    filing of the Registration Statement no later than the Registration Filing Date, (ii) use its commercially reasonable efforts to cause such Registration Statement to be declared effective as soon as practicable after it is filed and (iii) use its
    commercially reasonable efforts to keep such Registration Statement effective until the earlier of: (i) for a period of 2 years commencing on the SEC Effective Date or (ii) the date on which the Holders shall have sold all of the Registrable Securities
    covered by such Registration Statement (the “Effectiveness Period”); provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant
    to this Section, or keep such registration effective pursuant to the terms hereunder, in any particular jurisdiction in which the Company would be required to qualify to do business as a foreign corporation or as a dealer in securities under the
    securities laws of such jurisdiction or to execute a general consent to service of process in effecting such registration, qualification or compliance, in each case where it has not already done so. Notwithstanding the foregoing, in the event that the
    staff of the Commission (the “Staff”) should limit the number of Registrable Securities that may be sold pursuant to the Registration Statement, the Company may remove from the Registration Statement such number
    of Registrable Securities as specified by the Staff on behalf of all of the Holders, first on a pro rata basis among Holders of Non- Subscribers Securities, based on the number of Non-Subscribers Securities held by each Holder of such
    Non-Subscribes Securities at the time the Registration Statement covering such initial number of Non-Subscribers Securities or increase thereof is declared effective by the SEC. In such event, the Company shall give such applicable Holders, a notice of
    the number of Registrable Securities excluded therefrom. Without limiting Section 3(b), no liquidated damages shall accrue or be payable to any Holder pursuant to Section 3(b) with respect to any Registrable Securities that are excluded by reason of
    the Staff limiting the number of Registrable Securities that may be sold pursuant to a registration statement; second on a pro rata basis among Holders of the Registrable Securities issued or issuable upon exercise of the Placement Agent
    Warrants, based on the number of such Registrable Securities held by each Holder at the time the Registration Statement covering such initial number of Securities issued or issuable upon exercise of the Placement Agent Warrants or increase thereof is
    declared effective by the SEC; and third on a pro rata basis among Holders of the Participating Subscribers Registrable Securities (excluding any Ordinary Shares held by such Holders underlying the Placement Agent Warrants) based on the number
    of Participating Subscribers Registrable Securities (excluding any Ordinary Shares held by such Holders underlying the Placement Agent Warrants) held by each Holder, as applicable, at the time the Registration Statement covering such initial number of
    Participating Subscribers Registrable Securities (excluding any Ordinary Shares held by such Holders underlying the Placement Agent Warrants) or increase thereof is declared effective by the SEC. No Ordinary Shares or other securities of the Company
    other than Registrable Securities will be included in the Registration Statement.

   

  
    4

    
      

  

  

  

                            (b)          Liquidated
        Damages. If a Registration Event occurs, each Holder of New Registrable Securities (without taking into account any Placement Agent Warrant and Ordinary Shares underlying the Placement Agent Warrants held by such Holder) identified in section
      (i) of the Holder definition, herein will be entitled to liquidated damages, by reason of the Registration Event, a cash sum calculated at a rate of one percent (1%) per month the aggregate purchase price paid in cash by such Holder, if any, for the
      New Registrable Securities (excluding Placement Agent Warrant and Ordinary Shares underlying the Placement Agent Warrants) solely pursuant to the Subscription Agreement, provided, however, that such payment shall be paid only with respect to New Registrable Securities (excluding Placement Agent Warrant and Ordinary Shares underlying the Placement Agent Warrants) still held by such
      Holder at the time of the Registration Event and only for the period during which such Registration Event continues. For the avoidance of doubt, no liquidated damages shall be made with respect to any Placement Agent Warrant and Ordinary Shares
      underlying the Placement Agent Warrants or to Broker. Notwithstanding the foregoing, the maximum amount of liquidated damages that must be paid by the Company pursuant to this Section 3(b) shall not exceed an amount equal to eight percent (8%) of the
      applicable foregoing amounts; Each payment of liquidated damages  pursuant to this Section 3(b) shall be due and payable in arrears within five (5) days after the end of each full 30-day period of the Registration Default Period until the termination
      of theRegistration Default Period and within five (5) days after such termination. The Registration Default Period shall terminate upon the earlier of such time as the New Registrable Securities (excluding Placement Agent Warrant and Ordinary
    Shares underlying the Placement Agent Warrants) that are affected by the Registration Event cease to be New Registrable Securities (excluding Placement Agent Warrant and Ordinary Shares underlying the Placement Agent Warrants) or the filing of the
    Registration Statement. The amounts payable as liquidated damages pursuant to this Section 3(b) shall be payable in lawful money of the United States. Notwithstanding the foregoing, the Company will not be liable for the payment of liquidated damages
    described in this Section 3(b), with respect to a Holder, if such Holder fails to timely provide to the Company information concerning the Holder and manner of distribution of the Holder’s New Registrable Securities that is required by the Securities
    Act, Nasdaq rules or SEC Rules to be disclosed in a registration statement utilized in connection with the registration of the New Registrable Securities. Notwithstanding anything to the contrary in this Agreement, the Company may, if required under
    applicable law and subject thereto, withhold, deduct or set-off any amounts as required by the applicable law from any payments payable, if any, by the Company according to this Section 3(b).

   

  (c)          Other Limitations. Notwithstanding the provisions of Section 3(b) above and without limiting Section 3(a) above, if the Commission allows the Registration Statement to be declared
    effective, subject to the withdrawal of certain Registrable Securities from the Registration Statement, and the reason is the Commission’s determination that (x) the offering of any of the Registrable Securities constitutes a primary offering of
    securities by the Company, (y) Rule 415 may not be relied upon for the registration of the resale of any or all of the Registrable Securities, and/or (z) a Holder of any Registrable Securities must be named as an underwriter, such Holder, as
    applicable, understands and agrees that under such circumstances the Company may (notwithstanding anything to the contrary contained herein) reduce, on a pro rata basis, in the manner provided above, the total number of Registrable Securities to be
    registered on behalf of each such Holder, as applicable, and in such instance such Holder, as applicable, shall not be entitled to liquidated damages, or otherwise, with respect to the Registrable Securities so reduced on a pro rata basis as set forth
    above. Each Holder agrees that such liquidated damages will be its sole and exclusive remedy if a Registration Event occurs.

   

  
    5

    
      

  

  4.          Registration Procedures. The Company will keep each Holder reasonably advised as to the filing and effectiveness of the Registration Statement. At its expense with respect to the Registration Statement,
    the Company will:

   

  

  (a)          prepare and file with the Commission with respect to the Registrable Securities, a Registration Statement in accordance with Section 3(a) hereof, and use its commercially reasonable
    efforts to cause such Registration Statement to become effective and to remain effective for the Effectiveness Period;

   

  (b)          not name any Holder in the Registration Statement as an underwriter without that Holder’s prior written consent (unless the Staff requires such Holder to be so named in order to include
    the Holder in the Registration Statement);

   

  (c)          if the Registration Statement is subject to review by the Commission, use its commercially reasonable efforts to timely respond to all comments and diligently pursue resolution of any
    comments to the satisfaction of the Commission;

   

  (d)          use its commercially reasonable efforts to prepare and file with the Commission such amendments and supplements to such Registration Statement as may be necessary to keep such Registration
    Statement effective during the Effectiveness Period;

   

  (e)          use its commercially reasonable efforts to furnish, without charge, to each Holder of Registrable Securities covered by such Registration Statement (i) a reasonable number of copies of such Registration
    Statement (including any exhibits thereto other than exhibits incorporated by reference), each amendment and supplement thereto as such Holder may reasonably request, (ii) such number of copies of the prospectus included in such Registration Statement
    (including each preliminary prospectus and any other prospectus filed under Rule 424 of the Securities Act) as such Holders may reasonably request, in conformity with the requirements of the Securities Act, and (iii) such other documents as such Holder
    may reasonably require to consummate the disposition of the Registrable Securities owned by such Holder, but only during the Effectiveness Period; provided that the Company shall have no obligation to furnish any document pursuant to this clause that
    is available on the Commission’s EDGAR system;

   

  (f)          as promptly as practicable after becoming aware of such event, notify each Holder of Registrable Securities, the disposition of which requires delivery of a prospectus relating thereto under the Securities
    Act, of the happening of any event, which comes to the Company’s attention, that will after the occurrence of such event cause the prospectus included in such Registration Statement, if not amended or supplemented, to contain to the knowledge of the
    Company an untrue statement of a material fact or an omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and the
    Company shall timely thereafter prepare and furnish to such Holder a supplement or amendment to such prospectus (or prepare and file appropriate reports under the Exchange Act, and if such filing was done the Company shall not be obligated to furnish
    to such Holder a supplement or amendment prospectus) so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain to the knowledge of the Company an untrue statement of a material fact or omit to
    state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not  misleading, unless suspension of the use of such prospectus otherwise is authorized
    herein or in the event of a Blackout Period, in which case no supplement or amendment need be furnished (or Exchange Act filing to be made) until the termination of such suspension or Blackout Period;

   

  
    6

    
      

  

  

  

  provided that any and all information provided to such Holder pursuant to such notification
    shall remain confidential by such Holder until such information otherwise becomes public, unless disclosure by a Holder is required by law;

   

  (g)          use its commercially reasonable efforts to comply, and continue to comply during the Effectiveness Period, in all material respects with the Securities Act and the Exchange Act and with all applicable rules
    and regulations of the Commission with respect to the disposition of all securities covered by such Registration Statement;

   

  (h)          after becoming aware of any stop order or other suspension of effectiveness of the Registration Statement, notify each Holder of Registrable Securities being offered or sold pursuant to the Registration
    Statement of the issuance by the Commission of;

   

  (i)          use its commercially reasonable efforts to cause all the Registrable Securities covered by the Registration Statement to be listed on the NASDAQ Capital Market or such other principal securities market on
    which securities of the same class issued by the Company are then listed or traded, if the listing of such Registrable Securities is then permitted under the rules of Nasdaq.

   

  (j)          provide a transfer agent and registrar for the Ordinary Shares at all times;

   

  (k)          during the Effectiveness Period, refrain from bidding for or purchasing any Ordinary Shares or any right to purchase Ordinary Shares or attempting to induce any person to purchase any such security or right if
    such bid, purchase or attempt would in any way limit the right of the Holders to sell Registrable Securities by reason of the limitations set forth in Regulation M of the Exchange Act; and

   

  (l)          take all other commercially reasonable actions necessary to expedite and facilitate the disposition by the Holders of the Registrable Securities pursuant to the Registration Statement during the term of this
    Agreement; provided, however, the Company is not obligated under this clause (l) to expend any of the Company's funds, other than the costs and expenses specifically required under Section 6 of this Agreement.

   

  5.          Obligations of the Holders.

   

  (a)          Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4(f) hereof or of the commencement of a Blackout Period,
    such Holder shall discontinue the disposition of Registrable Securities included in the Registration Statement until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4(f) hereof or notice of the end
    of the Blackout Period, and, if so directed by the Company, such Holder shall deliver to the Company (at the Company’s expense) all copies (including, without limitation, any and all drafts), other than permanent file copies, then in such Holder’s
    possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice.

   

  
    7

    
      

  

   

  (b)          No later than three (3) Business Days following a request of the Company, the Holders of the Registrable Securities shall provide such information as may reasonably be requested by the
    Company, or the managing underwriter, if any, in connection with the preparation of any registration statement, including amendments and supplements thereto, in order to effect the registration of any Registrable Securities under the Securities Act
    pursuant to Section 3 of this Agreement and in connection with the Company’s obligation to comply with Federal laws, Nasdaq rules, Exchange Act and Securities Act (including any applicable state securities laws), including, among others, a completed
    questionnaire in the form attached to this Agreement as Annex A (a “Selling Securityholder Notice and Questionnaire”) or any update thereto that the Company may provide from time to time.

   

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

   

  6.          Registration Expenses. The Company shall pay all reasonable expenses in connection with any registration obligation provided herein, including, without limitation, all registration,
    filing, stock exchange fees, printing expenses, all fees and expenses of complying with applicable securities laws, and the fees and disbursements of counsel for the Company (but not for the Holders) and of the Company’s independent accountants; provided,
    that, in any underwritten registration, the Company shall have no obligation to pay any underwriting discounts, selling commissions or transfer taxes attributable to the Registrable Securities being sold by the Holders thereof, which underwriting
    discounts, selling commissions and transfer taxes shall be borne by such Holders. In addition, the Company shall not be liable and have no obligation to the Holders for the fees and disbursements of legal counsel or other advisor employed by a Holder,
    or otherwise, in connection with registration, filing or qualification pursuant to Section 3 of this Agreement. Except as provided in this Section 6 and Section 8 of this Agreement, the Company shall not be responsible for the expenses of any attorney
    or other advisor employed by a Holder.

   

  7.          Assignment or Transfer of Rights. No Holder may assign or transfer its rights under this
    Agreement to any party without the prior written consent of the Company; provided, however, that any Holder may assign its rights under this Agreement without such consent (i) to the purchaser, in the case of a private sale of
    Registrable Securities by a Holder made within six (6) months of the date such Holder acquired the Registrable Securities in the Offering; and (ii) to a Permitted Assignee; provided, however, that no transfer or assignment of rights under this Agreement shall be allowed, unless (a) such transfer or assignment is effected in accordance with applicable securities laws; (b) such transferee or
    assignee agrees in writing to become bound by and subject to the terms of this Agreement and enters into an agreement to be bound by the terms of this Agreement in the form of the Joinder Agreement attached hereto as Exhibit A, and by
    delivering an executed Joinder Agreement, such transferee shall be deemed to be a party thereto and such Joinder Agreement shall be a part of this Agreement.; and (c) such Holder notifies the Company in writing of such transfer or assignment, stating
    the name and address of the purchaser, transferee or assignee and identifying the Registrable Securities with respect to which such rights are being transferred or assigned. The Company may assign this Agreement or any rights or obligations hereunder
    without the prior written consent of any other party hereto.

   

  
    8

    
      

  

   

  8.          Indemnification.

   

  (a)          In the event of the offer and sale of Registrable Securities under the Securities Act, the Company
    shall, and hereby does, indemnify and hold harmless, to the fullest extent permitted by law, each Holder, its directors, officers, partners, and each other person, if any, who controls or is under common control with such Holder within the meaning of
    Section 15 of the Securities Act, against any losses, claims, damages or liabilities, joint or several, and expenses to which the Holder or any such director, officer, partner or controlling person may become subject under the Securities Act or
    otherwise, insofar as such losses, claims, damages, liabilities or expenses (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon any untrue statement of any material fact contained in any
    registration statement prepared and filed by the Company under which Registrable Securities were registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained therein, or any amendment or supplement
    thereto, or any omission to state therein a material fact required to be stated or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, and the Company shall reimburse the Holder, and each
    such director, officer, partner and controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating, defending or settling any such loss, claim, damage, liability, action or proceeding; provided,
      however, that the indemnity obligation of the Company under this Section 8(a) to any Holder shall in no event exceed the net proceeds from the Offering received by the Company from such Holder (or Holder's predecessor-in-interest) reduced by any
    liquidated damages paid pursuant to Section 3(b) of this Agreement; and provided further, that the Company shall not be liable in any such case (i) to the extent that any such loss, claim, damage, or liability (or action or proceeding in
    respect thereof) or expense arises out of or is based upon (x) an untrue statement in or omission from such registration statement, any such preliminary prospectus, final prospectus, summary prospectus, amendment or supplement in reliance upon and in
    conformity with written information furnished by a Holder or its representative to the Company for use in the preparation thereof or (y) the failure of a Holder to comply with the covenants and agreements contained in Section 5 hereof respecting the
    sale of Registrable Securities; or (ii) if the person asserting any such loss, claim, damage or liability (or action or proceeding in respect thereof) who purchased the Registrable Securities that are the subject thereof did not receive a copy of an
    amended preliminary or final prospectus or the final prospectus (or the final prospectus as amended or supplemented) at or prior to the written confirmation of the sale of such Registrable Securities to such person because of the failure of such Holder
    to so provide such amended preliminary or final prospectus and the untrue statement or omission of a material fact made in such preliminary or final prospectus was corrected in the amended preliminary or final prospectus (or the final prospectus as
    amended or supplemented). Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Holders, or any such director, officer, partner or controlling person and shall survive the transfer of such
    shares by the Holder.

   

  
    9

    
      

  

  (b)          As a condition to including Registrable Securities in any
      registration statement filed pursuant to this Agreement, each Holder agrees to be bound by the terms of this Section 8 and to indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of its directors, officers, partners,
      legal counsel and accountants and each underwriter, if any, and each other person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which
      the Company or any such director or officer or controlling person may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings, whether commenced or threatened, in respect
      thereof) arise out of or are based upon any untrue statement of a material fact or any omission of a material  fact required to be stated in any registration statement, any preliminary prospectus, final prospectus, summary prospectus, amendment or
      supplement thereto or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, to the extent that such untrue statement or omission is included or omitted in reliance upon and in conformity with
      information furnished by the Holder or its representative to the Company for use in the preparation thereof, and such Holder shall reimburse the Company, and such Holders, directors, officers, partners, legal counsel and accountants, persons,
      underwriters, or control persons, each such director, officer, and controlling person for any legal or other expenses reasonably incurred by them in connection with investigating, defending, or settling any such loss, claim, damage, liability,
      action, or proceeding; provided, however, that the indemnity obligation of a Holder under this Section 8(b) shall in no event exceed the amount of the net proceeds received by such Holder as a result of the sale of such Holder’s
      Registrable Securities pursuant to such registration statement, except in the case of fraud or willful misconduct. Such indemnity shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or any such
      director, officer or controlling person and shall survive the transfer by any Holder of such shares.

   

  (c)          Promptly after receipt by an indemnified party of notice of the commencement of any action or
    proceeding involving a claim referred to in this Section 8 (including any governmental action), such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party, give written notice within ten (10) business days
    to  the indemnifying party of the commencement of such action; provided, that the failure of any indemnified party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section, except to the
    extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an indemnified party, unless in the reasonable judgment of counsel to such indemnified party a conflict of interest
    between such indemnified and indemnifying parties may exist or the indemnified party may have defenses not available to the indemnifying party in respect of such claim, the indemnifying party shall be entitled to participate in and to assume the
    defense thereof, with counsel reasonably satisfactory to such indemnified party and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to such
    indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof, unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying
    parties arises in respect of such claim after the assumption of the defenses thereof or the indemnifying party fails to defend such claim in a diligent manner, other than reasonable costs of investigation. Neither an indemnified nor an indemnifying
    party shall be liable for any settlement of any action or proceeding effected without its consent, which consent shall not unreasonably withheld. No indemnifying party shall, without the consent, which consent shall not unreasonably withheld, of the
    indemnified party, 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 of
    such claim or litigation. Notwithstanding anything to the contrary set forth herein, and without limiting any of the rights set forth above, in any event any party shall have the right to retain, at its own expense, counsel with respect to the defense
    of a claim. Each indemnified party shall furnish such information regarding itself or the claim in question as an indemnifying party may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and
    litigation resulting therefrom.

   

  
    10

    
      

  

  (d)          If an indemnifying party does not or is not permitted to assume the defense of an action pursuant to Section 8(c) or in the case of the expense reimbursement obligation set forth in Sections 8(a) and  8(b), 
    the indemnification required by Sections  8(a)  and 8(b) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or expenses, losses, damages, or liabilities are
    incurred.

   

  (e)          If the indemnification provided for in Section 8(a) or 8(b) is held by a court of competent
    jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to herein, 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 (i) in such proportion as is appropriate to reflect the proportionate relative fault of the indemnifying party on the one hand and the indemnified
    party on the other (determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission relates to information supplied by the indemnifying party or the indemnified party and the parties’
    relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission), or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides a lesser sum to the
    indemnified party than the amount herein provided, then in such proportion as is appropriate to reflect not only the proportionate relative fault of the indemnifying party and the indemnified party, but also the relative benefits received by the
    indemnifying party on the one hand and the indemnified party on the other, as well as any other relevant equitable considerations. No indemnified party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
    shall be entitled to contribution from any indemnifying party who was not guilty of such fraudulent misrepresentation.

   

  (f)          Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with an underwritten
    public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control.

   

  (g)          Other Indemnification. Indemnification similar to that specified in this Section (with appropriate modifications) shall be given by the Company and each Holder of Registrable
    Securities with respect to any required registration or other qualification of securities under any federal or state law or regulation or governmental authority other than the Securities Act.

   

  9.          Rule 144. Until the earlier of the termination of this Agreement, or the date on which all Subscribers shall have sold all of their Ordinary Shares and Ordinary Shares underlying the
    Investor Warrants and the Broker shall have sold all of the Ordinary Shares underlying their Placement Agent Warrants, the Company shall file in a timely manner all reports required to be filed with the SEC pursuant to the Exchange Act, and the
    regulations of the SEC thereunder, and the Company shall not terminate its status as an issuer required to file reports under the Exchange Act even if the Exchange Act or the rules and regulations thereunder would otherwise permit such termination (the
    “Company Reporting Obligations”); provided, however, that twelve (12) months after the final closing date of the Offering the Company shall only use commercially reasonable efforts with respect to
    the Company Reporting Obligations.

   

  10.          Independent Nature of Each Holder’s Obligations and Rights. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other Holder,
    and each Holder shall not be responsible in any way for the performance of the obligations of any other Holder under this Agreement. Nothing contained herein and no action taken by any Holder pursuant hereto, shall be deemed to constitute such Holders
    as a partnership, an association, a joint venture, or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Agreement.
    Each Holder shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any
    proceeding for such purpose.

   

  
    11

    
      

  

  11.          Miscellaneous.  

    

   

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

   

  (a)          Remedies. In the event of a breach by the Company or by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in
    addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.

   

  (b)          Successors and Assigns. Except as otherwise provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the successors, Permitted Assignees, executors
    and administrators of the parties hereto.

   

  
    (c)          No Inconsistent Agreements. The Company has not entered,
        as of the date hereof, and shall not enter, on or after the date of this Agreement, into any agreement that conflicts with the provisions hereof. Notwithstanding anything to the contrary contained herewith, except as specifically provided in this
        Agreement, any action by the Company which could have the effect of diminishing the value of any Registrable Securities, including, without limitation, the issuance of additional stock or other securities, the granting of registration rights to
        others, and actions in connection with the operation of the business of the Company, shall not by itself, absent bad faith, be deemed an impairment of the rights granted to the Holders in this Agreement.

     

    
      12

      
        

    

    (d)          Entire Agreement. This Agreement and the documents, instruments and other agreements specifically referred to herein or delivered pursuant hereto constitute the full and entire understanding and
      agreement between the parties with regard to the subjects hereof.

     

    (e)          Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

     

    (f)          Notices, etc. All notices, consents, waivers, and other communications which are required or permitted under this Agreement shall be in writing will be deemed given to a party (a) on the date of
      delivery, if delivered to the appropriate address by hand or  by nationally recognized overnight courier service (costs prepaid); (b) the date of transmission if sent by facsimile or e-mail with confirmation of transmission by the transmitting
      equipment if such notice or communication is delivered prior to 5:00 P.M., New York City time, on a Business Day, or the next Business Day after the date of transmission, if such notice or communication is delivered on a day that is not a Business
      Day or later than 5:00 P.M., New York City time, on any Business Day; (c) the date received or rejected by the addressee, if sent by certified mail, return receipt requested; or (d) seven days after the placement of the notice into the mails (first
      class postage prepaid), to the party at the address, facsimile number, or e-mail address furnished by the such party,

     

    

  

  
    
      if to the Company, to:

      

      

      
        Entera Bio Ltd.

         

        37 Walnut Street, Suite 300 

        Wellesley Hills, MA 02481 

        Attention: Adam Gridley, CEO 

        Email: adam@enterabio.com

        

        

      

              with copy to:
      

      

      Davis Polk & Wardwell LLP 

      450 Lexington Avenue

      New York, NY 10017 

      Attention: Gil Savir, Esq. 

      Email: gil.savir@davispolk.com

      
        

        

        if to a Subscriber, to:

         

        the subscriber physical or email address set forth on Exhibit B attached hereto; or

         

        if to a Broker, to:

         

        such Broker at the address set forth on the Broker’s signature page hereto;

      

       

      or at such other address as any party shall have furnished to the other parties in writing in accordance with this Section 11(f).

    

  

   

  
    13

    
      

  

   

  (g)          Delays or Omissions. No delay or omission to exercise any right, power  or remedy accruing to any Holder, upon any breach or default of the Company under this Agreement, shall impair any such right,
    power or remedy of such Holder nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereunder occurring; nor shall any waiver of any single breach or default 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 Holder of any breach or default under this Agreement, or any waiver on the part of any
    Holder 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 holder,
    shall be cumulative and not alternative.

   

  (h)          Counterparts. This Agreement may be executed in any number of counterparts, and with respect to any Subscriber, by execution of an Omnibus Signature Page to this Agreement and the Subscription
    Agreement, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. In the event that any signature is delivered by facsimile transmission or by an e- mail,
    which contains a portable document format (.pdf) file of an executed signature page, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
    such facsimile or e-mail of a .pdf signature page were an original thereof.

   

  (i)          Filing of the Agreement. The Company in order to comply with  applicable laws (including the Securities Act or Exchange Act, SEC rules or Nasdaq rules) may make this agreement public, including, without
    limitation, filing of the Agreement and any other related documents with the Commission using the EDGAR system

   

  (j)          Severability. In the case any provision of this Agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be
    affected or impaired thereby.

   

  (k)          Amendments. Except as otherwise provided herein, the provisions of this Agreement may be amended at any time and from time to time, and particular provisions of this Agreement may be waived, with and
    only with an agreement or consent in writing signed by the Company and majority of the Holders.

   

  [Company Signature Page Follows]

   

  
    14

    
      

  

  
    

    

    This Registration Rights Agreement is hereby executed as of the date first above written.

     

    
      	
               

            	 	
              THE COMPANY:

               

                

              Entera Bio Ltd. 

               

                

              
                
                  By:  /s/ Adam Gridley          

                

                Name: Title:

                Adam Gridley

                Chief Executive Officer

                 

            	 
	 	 	 	 
	SUBSCRIBERS	 	 	 
	 	 	 	 
	See Omnibus Signature Pages to the Subscription Agreement	 	 	 
	 	 	 	 
	BROKER (INDIVIDUAL):	 	BROKER (ENTITY):	 
	 	 	 	 
	 	 	GP Nurmenkari, Inc	 
	Print Name	 	Print Name of Entity	 
	 	 	 	 
	 	 	By: /s/ Albert William Pezone	 
	
              Signature

               

              

            	 	
              Name: Albert William Pezone

              Title:    CEO

            	 
	 	 	 	 
	Broker: Address	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    
       

      [Signature Page to Registration Rights Agreement]

       

      

      15

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