Document:

Exhibit
4.1

 

GENETA
SCIENCE S.P.A.

 

AND

 

THE
BANK OF NEW YORK MELLON

 

As
Depositary

 

AND

 

OWNERS
AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

Deposit
Agreement

 

__________,
2021

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE
    1. DEFINITIONS	1
	SECTION
    1.1. American Depositary Shares.	1
	SECTION
    1.2. Commission.	2
	SECTION
    1.3. Company.	2
	SECTION
    1.4. Custodian.	2
	SECTION
    1.5. Deliver; Surrender.	2
	SECTION
    1.6. Deposit Agreement.	3
	SECTION
    1.7. Depositary; Depositary’s Office.	3
	SECTION
    1.8. Deposited Securities.	3
	SECTION
    1.9. Disseminate.	3
	SECTION
    1.10. Dollars.	3
	SECTION
    1.11. DTC.	4
	SECTION
    1.12. Foreign Registrar.	4
	SECTION
    1.13. Holder.	4
	SECTION
    1.14. Owner.	4
	SECTION
    1.15. Receipts.	4
	SECTION
    1.16. Registrar.	4
	SECTION
    1.17. Replacement.	4
	SECTION
    1.18. Restricted Securities.	5
	SECTION
    1.19. Securities Act of 1933.	5
	SECTION
    1.20. Shares.	5
	SECTION
    1.21. SWIFT.	5
	SECTION
    1.22. Termination Option Event.	5
	ARTICLE
    2. FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES	6
	SECTION
    2.1. Form of Receipts; Registration and Transferability of American Depositary Shares.	6
	SECTION
    2.2. Deposit of Shares.	7
	SECTION
    2.3. Delivery of American Depositary Shares.	8
	SECTION
    2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated
    and Uncertificated American Depositary Shares.	8
	SECTION
    2.5. Surrender of American Depositary Shares and Withdrawal of Deposited Securities.	9
	SECTION
    2.6. Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares.	10
	SECTION
    2.7. Lost Receipts, etc.	11

 

    	i

     

    

 

	SECTION
    2.8. Cancellation and Destruction of Surrendered Receipts.	11
	SECTION
    2.9. DTC Direct Registration System and Profile Modification System.	12
	ARTICLE
    3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES	12
	SECTION
    3.1. Filing Proofs, Certificates and Other Information.	12
	SECTION
    3.2. Liability of Owner for Taxes.	13
	SECTION
    3.3. Warranties on Deposit of Shares.	13
	SECTION
    3.4. Disclosure of Interests.	13
	ARTICLE
    4. THE DEPOSITED SECURITIES	14
	SECTION
    4.1. Cash Distributions.	14
	SECTION
    4.2. Distributions Other Than Cash, Shares or Rights.	15
	SECTION
    4.3. Distributions in Shares.	16
	SECTION
    4.4. Rights.	16
	SECTION
    4.5. Conversion of Foreign Currency.	18
	SECTION
    4.6. Fixing of Record Date.	19
	SECTION
    4.7. Voting of Deposited Shares.	20
	SECTION
    4.8. Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.	21
	SECTION
    4.9. Reports.	23
	SECTION
    4.10. Lists of Owners.	23
	SECTION
    4.11. Withholding.	23
	ARTICLE
    5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	24
	SECTION
    5.1. Maintenance of Office and Register by the Depositary.	24
	SECTION
    5.2. Prevention or Delay of Performance by the Company or the Depositary.	24
	SECTION
    5.3. Obligations of the Depositary and the Company.	25
	SECTION
    5.4. Resignation and Removal of the Depositary.	26
	SECTION
    5.5. The Custodians.	27
	SECTION
    5.6. Notices and Reports.	27
	SECTION
    5.7. Distribution of Additional Shares, Rights, etc.	28
	SECTION
    5.8. Indemnification.	29
	SECTION
    5.9. Charges of Depositary.	29
	SECTION
    5.10. Retention of Depositary Documents.	30
	SECTION
    5.11. Exclusivity.	31
	SECTION
    5.12. Information for Regulatory Compliance.	31
	ARTICLE
    6. AMENDMENT AND TERMINATION	31
	SECTION
    6.1. Amendment.	31
	SECTION
    6.2. Termination.	32
	ARTICLE
    7. MISCELLANEOUS	33
	SECTION
    7.1. Counterparts; Signatures; Delivery.	33
	SECTION
    7.2. No Third Party Beneficiaries.	33
	SECTION
    7.3. Severability.	33
	SECTION
    7.4. Owners and Holders as Parties; Binding Effect.	33
	SECTION
    7.5. Notices.	34
	SECTION
    7.6. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.	35
	SECTION
    7.7. Waiver of Immunities.	35
	SECTION
    7.8. Governing Law.	35

 

    	ii

     

    

 

DEPOSIT
AGREEMENT

 

DEPOSIT
AGREEMENT dated as of __________, 2021 among GENETA SCIENCE S.P.A., a company incorporated under the laws of Italy (herein called
the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders
(each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.

 

W
I T N E S S E T H:

 

WHEREAS,
the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of
the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement,
for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American
Depositary Receipts evidencing the American Depositary Shares; and

 

WHEREAS,
the American Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate
insertions, modifications and omissions, as set forth in this Deposit Agreement;

 

NOW,
THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE
1. DEFINITIONS

 

The
following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit
Agreement:

 

SECTION
1.1. American Depositary Shares.

 

The
term “American Depositary Shares” shall mean the securities created under this Deposit Agreement representing
rights with respect to the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts
or uncertificated securities. The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required
under the Securities Act of 1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those
provisions of this Deposit Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply
to both certificated and uncertificated American Depositary Shares.

 

Each
American Depositary Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that,
if there is a distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section
4.8 with respect to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section
3.2 or 4.8, each American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that
are then on deposit per American Depositary Share after giving effect to that distribution, change or sale.

 

    	-1-

     

    

 

SECTION
1.2. Commission.

 

The
term “Commission” shall mean the Securities and Exchange Commission of the United States or any successor governmental
agency in the United States.

 

SECTION
1.3. Company.

 

The
term “Company” shall mean Geneta Science S.p.A., a company incorporated under the laws of Italy, and its successors.

 

SECTION
1.4. Custodian.

 

The
term “Custodian” shall mean The Bank of New York Mellon, acting through an office located in the United Kingdom,
as custodian for the Depositary for the purposes of this Deposit Agreement, and any other firm or corporation the Depositary appoints
under Section 5.5 as a substitute or additional custodian under this Deposit Agreement, and shall also mean all of them collectively.

 

SECTION
1.5. Deliver; Surrender.

 

(a)
The term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall
mean (i) book-entry transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized
under applicable law to effect transfers of such securities designated by the person entitled to that delivery or (ii) physical
transfer of certificates evidencing those Shares or other Deposited Securities registered in the name of, or duly endorsed or
accompanied by proper instruments of transfer to, the person entitled to that delivery.

 

(b)
The term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i)
registration of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary
Shares to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary
Shares not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery
and mailing to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery,
execution and delivery at the Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing
those American Depositary Shares registered in the name requested by that person.

 

(c)
The term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry
transfers of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of
an instruction to surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its
Office of one or more Receipts evidencing American Depositary Shares.

 

    	-2-

     

    

 

SECTION
1.6. Deposit Agreement.

 

The
term “Deposit Agreement” shall mean this Deposit Agreement, as it may be amended from time to time in accordance
with the provisions of this Deposit Agreement.

 

SECTION
1.7. Depositary; Depositary’s Office.

 

The
term “Depositary” shall mean The Bank of New York Mellon, a New York banking corporation, and any successor
as depositary under this Deposit Agreement. The term “Office”, when used with respect to the Depositary, shall
mean the office at which its depositary receipts business is administered, which, at the date of this Deposit Agreement, is located
at 240 Greenwich Street, New York, New York 10286.

 

SECTION
1.8. Deposited Securities.

 

The
term “Deposited Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited
under this Deposit Agreement, including without limitation, Shares that have not been successfully delivered upon surrender of
American Depositary Shares, and any and all other securities, property and cash received by the Depositary or the Custodian in
respect of Deposited Securities and at that time held under this Deposit Agreement.

 

SECTION
1.9. Disseminate.

 

The
term “Disseminate,” when referring to a notice or other information to be sent by the Depositary to Owners,
shall mean (i) sending that information to Owners in paper form by mail or another means or (ii) with the consent of Owners, another
procedure that has the effect of making the information available to Owners, which may include (A) sending the information by
electronic mail or electronic messaging or (B) sending in paper form or by electronic mail or messaging a statement that the information
is available and may be accessed by the Owner on an Internet website and that it will be sent in paper form upon request by the
Owner, when that information is so available and is sent in paper form as promptly as practicable upon request.

 

SECTION
1.10. Dollars.

 

The
term “Dollars” shall mean United States dollars.

 

    	-3-

     

    

 

SECTION
1.11. DTC.

 

The
term “DTC” shall mean The Depository Trust Company or its successor.

 

SECTION
1.12. Foreign Registrar.

 

The
term “Foreign Registrar” shall mean the entity that carries out the duties of registrar for the Shares and
any other agent of the Company for the transfer and registration of Shares, including, without limitation, any securities depository
for the Shares.

 

SECTION
1.13. Holder.

 

The
term “Holder” shall mean any person holding a Receipt or a security entitlement or other interest in American
Depositary Shares, whether for its own account or for the account of another person, but that is not the Owner of that Receipt
or those American Depositary Shares.

 

SECTION
1.14. Owner.

 

The
term “Owner” shall mean the person in whose name American Depositary Shares are registered on the books of
the Depositary maintained for that purpose.

 

SECTION
1.15. Receipts.

 

The
term “Receipts” shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing
certificated American Depositary Shares, as the same may be amended from time to time in accordance with the provisions of this
Deposit Agreement.

 

SECTION
1.16. Registrar.

 

The
term “Registrar” shall mean any corporation or other entity that is appointed by the Depositary to register
American Depositary Shares and transfers of American Depositary Shares as provided in this Deposit Agreement.

 

SECTION
1.17. Replacement.

 

The
term “Replacement” shall have the meaning assigned to it in Section 4.8.

 

    	-4-

     

    

 

SECTION
1.18. Restricted Securities.

 

The
term “Restricted Securities” shall mean Shares that (i) are “restricted securities,” as defined
in Rule 144 under the Securities Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions,
(ii) are beneficially owned by an officer, director (or person performing similar functions) or other affiliate of the Company,
(iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer and sale thereof
in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of Italy, a shareholder agreement
or the articles of association or similar document of the Company.

 

SECTION
1.19. Securities Act of 1933.

 

The
term “Securities Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION
1.20. Shares.

 

The
term “Shares” shall mean [ordinary] shares of the Company that are validly issued and outstanding, fully paid
and nonassessable and that were not issued in violation of any pre-emptive or similar rights of the holders of outstanding securities
of the Company; provided, however, that, if there shall occur any change in nominal or par value, a split-up or
consolidation or any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion
in respect of the Shares of the Company, the term “Shares” shall thereafter also mean the successor securities resulting
from such change in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.

 

SECTION
1.21. SWIFT.

 

The
term “SWIFT” shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial
Telecommunication, or its successor.

 

SECTION
1.22. Termination Option Event.

 

The
term “Termination Option Event” shall mean any of the following events or conditions:

 

(i)
the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency
proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect
of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator,
assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes
an assignment for the benefit of creditors, or if information becomes publicly available indicating that unsecured claims against
the Company are not expected to be paid;

 

(ii)
the Shares are delisted, or the Company announces its intention to delist the Shares, from a stock exchange outside the United
States, and the Company has not applied to list the Shares on any other stock exchange outside the United States;

 

    	-5-

     

    

 

(iii)
the American Depositary Shares are delisted from a stock exchange in the United States on which the American Depositary Shares
were listed and, 30 days after that delisting, the American Depositary Shares have not been listed on another stock exchange in
the United States, nor is there a symbol available for over-the-counter trading of the American Depositary Shares in the United
States;

 

(iv)
the Depositary has received notice of facts that indicate, or otherwise has reason to believe, that the American Depositary Shares
have become, or with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933;
or

 

(v)
an event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8.

 

ARTICLE
2. FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

SECTION
2.1. Form of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive
Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.
The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement
and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all
registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person
that was at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary,
even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.

 

    	-6-

     

    

 

The
Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such
legends or recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the
Depositary or required to comply with any applicable law or regulations thereunder or with the rules and regulations of any securities
exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate
any special limitations or restrictions to which any particular Receipts and American Depositary Shares are subject by reason
of the date of issuance of the underlying Deposited Securities or otherwise.

 

American
Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer,
shall be transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares
not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.
The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have
any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only
to the Owner of those American Depositary Shares).

 

SECTION
2.2. Deposit of Shares.

 

Subject
to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this
Deposit Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer,
or endorsement, in form satisfactory to the Custodian.

 

As
conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the
Custodian in accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver
to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing those deposited
Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or
the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence
satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body
in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that provides
for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property,
that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those Shares,
or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

    	-7-

     

    

 

At
the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may
receive certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose
of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement.

 

The
Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to
be deposited under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall,
as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the Company or the
Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or
its nominee or that Custodian or its nominee.

 

Deposited
Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other
place or places as the Depositary shall determine.

 

SECTION
2.3. Delivery of American Depositary Shares.

 

The
Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together
with the other documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and
the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon
receiving a notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by
the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order
of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only
upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those American Depositary Shares
as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the
transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers of American Depositary Shares.

 

SECTION
2.4. Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated
and Uncertificated American Depositary Shares.

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer,
the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.

 

    	-8-

     

    

 

The
Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for
any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered.

 

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9)
from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary
Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing
the same number of certificated American Depositary Shares.

 

The
Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary
Shares and combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary, and the Depositary
shall notify the Company if it makes an appointment of that kind. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary
Shares and will be entitled to protection and indemnity to the same extent as the Depositary.

 

SECTION
2.5. Surrender of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes
and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to
the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery
(to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited
Securities at the time represented by those American Depositary Shares, but not any money or other property as to which
a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on the
scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be required to accept
surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery of a fraction of
a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay.

 

    	-9-

     

    

 

As
a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the
Depositary may require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of
transfer in blank and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary
to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated
in that order.

 

Thereupon,
the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of
this Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented
by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for
giving that direction by cable (including SWIFT) or facsimile transmission.

 

If
Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that
delivery will be made at the Custodian’s office, except that, at the request, risk and expense of an Owner surrendering
American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct
the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and
other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares
to the Depositary for delivery at the Depositary’s Office or to another address specified in the order received from the
surrendering Owner.

 

SECTION
2.6. Limitations on Delivery, Registration of Transfer and Surrender of American Depositary Shares.

 

As
a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment
from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and
any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of
proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any regulations
the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section
2.6.

 

    	-10-

     

    

 

The
Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American
Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it
or the Company considers it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares
for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal
generally, but, notwithstanding anything to the contrary in this Deposit Agreement, only for (i) temporary delays caused
by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar,
or the deposit of Shares, in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is permitted
under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993 or any successor to that provision;
in each case, the Depositary shall notify the Company as promptly as practicable of any suspension of that kind that is outside
the ordinary course of business.

 

The
Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.

 

SECTION
2.7. Lost Receipts, etc.

 

If
a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced
by that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution
for that destroyed, lost or stolen Receipt. However, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with
the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.

 

SECTION
2.8. Cancellation and Destruction of Surrendered Receipts.

 

The
Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

 

    	-11-

     

    

 

SECTION
2.9. DTC Direct Registration System and Profile Modification System.

 

(a)
Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.

 

(b)
In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that
is claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph
(a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial
Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through
the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on
the part of the Depositary.

 

ARTICLE
3. CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

SECTION
3.1. Filing Proofs, Certificates and Other Information.

 

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made.

 

    	-12-

     

    

 

SECTION
3.2. Liability of Owner for Taxes.

 

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those
American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary
Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and
may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or
all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or other distributions
or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale
of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency. The Depositary shall distribute
any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled
to them in accordance with Section 4.1. If the number of Shares represented by each American Depositary Share decreases as a result
of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares
to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares
to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net
proceeds of that sale to the Owners entitled to them.

 

SECTION
3.3. Warranties on Deposit of Shares.

 

Every
person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under this Section shall survive the deposit of Shares
and delivery of American Depositary Shares.

 

SECTION
3.4. Disclosure of Interests.

 

When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the
capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously
interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of
such matter is required for that compliance. Each Owner and Holder agrees to provide all information known to it in response to
a request made pursuant to this Section. Each Holder consents to the disclosure by the Depositary and the Owner or any other Holder
through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant
to this Section relating to that Holder that is known to that Owner or other Holder. The Depositary agrees to use reasonable efforts
to comply with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners
and to forward to the Company any responses it receives in response to that request. The Depositary may charge the Company a fee
and its expenses for complying with requests under this Section 3.4.

 

    	-13-

     

    

 

ARTICLE
4. THE DEPOSITED SECURITIES

 

SECTION
4.1. Cash Distributions.

 

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to
the provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received
(net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the
number of American Depositary Shares representing those Deposited Securities held by them respectively; provided, however,
that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend or other cash
distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American
Depositary Shares representing those Deposited Securities shall be reduced accordingly. However, the Depositary will not
pay any Owner a fraction of one cent, but will round each Owner’s entitlement to the nearest whole cent.

 

The
Company or its agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and
owing to such agency.

 

If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender
of American Depositary Shares) as a condition of making that cash distribution; or

 

(ii)
sell all Deposited Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash
distribution, call for surrender of all those American Depositary Shares and require that surrender as a condition of making that
cash distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

    	-14-

     

    

 

SECTION
4.2. Distributions Other Than Cash, Shares or Rights.

 

Subject
to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described
in Section 4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities),
the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after deduction
or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number
of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that the Depositary
deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing
the securities received); provided, however, that if in the opinion of the Depositary such distribution cannot be
made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received
must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary, after consultation
with the Company to the extent practicable, deems such distribution not to be lawful and feasible, the Depositary may adopt such
other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited
to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds
of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all
in the manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities
under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not require
registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or
other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect
of that distribution.

 

If
a distribution to be made under this Section 4.2 would represent a return of all or substantially all the value of the Deposited
Securities underlying American Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender
of American Depositary Shares) as a condition of making that distribution; or

 

(ii)
sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution,
call for surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

    	-15-

     

    

 

SECTION
4.3. Distributions in Shares.

 

Whenever
the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares,
the Depositary may deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing
those Deposited Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount
of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect
to the deposit of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as
provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary
may sell, by public or private sale, an amount of the Shares received (or American Depositary Shares representing those Shares)
sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary
Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares
representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section
4.1. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares
are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited
Securities represented thereby.

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933 that has not been effected.

 

SECTION
4.4. Rights.

 

(a)
If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the
Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with
that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by
the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate
and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing
by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and
distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered
or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

    	-16-

     

    

 

(b)
If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to
that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner.
The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.

 

(c)
If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

 

(d)
If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to
the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled
to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise. The Depositary may enter into
any arrangements with the Company or persons acting on behalf of the Company to effect the orderly disposal of such rights.

 

(e)
Payment or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the
Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment
of cash proceeds under this Section 4.4.

 

(f)
The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available
to or exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

    	-17-

     

    

 

SECTION
4.5. Conversion of Foreign Currency.

 

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary or one of its agents or affiliates or the Custodian shall convert or cause to be converted by sale or in
any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners
entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be
net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9.

 

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.

 

If
the Depositary, after consultation with the Company to the extent practicable, determines that in its judgment any foreign currency
received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States,
or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought
by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute
the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible
to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that
balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

 

    	-18-

     

    

 

The
Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency
and pay Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary
acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue,
including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other
things, the difference between the exchange rate assigned to the currency conversion made under this Deposit Agreement and the
rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary
makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under this Deposit
Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined
will be the most favorable to Owners, subject to the Depositary’s obligations under Section 5.3. The methodology used to
determine exchange rates used in currency conversions made by the Depositary is available upon request. Where the Custodian converts
currency, the Custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to ensure that
the method by which that rate will be determined will be the most favorable to Owners, and the Depositary makes no representation
that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with the rate. In
certain instances, the Depositary may receive dividends or other distributions from the Company in Dollars that represent the
proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined by
or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible for, any foreign currency
transactions and neither it nor the Company makes any representation that the rate obtained or determined by the Company is the
most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with the rate.

 

SECTION
4.6. Fixing of Record Date.

 

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be
made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company
has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against
the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary
Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall
be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for
the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other distribution or those
rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be
responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on or after which each
American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and
to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled
to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the
net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or
charge, as the case may be.

 

    	-19-

     

    

 

SECTION
4.7. Voting of Deposited Shares.

 

(a)
Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested
in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the
form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the
notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified
record date will be entitled, subject to any applicable provision of Italian law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount
of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which those
instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction
Cutoff Date”).

 

(b)
Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to
vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the
instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to
the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

 

    	-20-

     

    

 

(c)
There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a)
above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d)
In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary
notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders
of Shares in connection with the meeting not less than 45 days prior to the meeting date.

 

Notwithstanding
anything in this Section 4.7 to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures
with respect to voting Deposited Securities from time to time as they determine may be necessary or appropriate to comply with
applicable laws and regulations.

 

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

 

(a)
The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)
If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute
the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares
in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section
4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding
portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted
into a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted
under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
prior to the Redemption, except that the allocations may be adjusted so that no fraction of a converted American Depositary
Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a Termination
Option Event.

 

    	-21-

     

    

 

(c)
If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it
is not lawful or not practical for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited
Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at
public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had
been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event.

 

(d)
In the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may, after consultation with
the Company to the extent practicable, call for surrender of the American Depositary Shares to be exchanged on a mandatory basis
for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing
fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to
them.

 

(e)
If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call
for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that
condition shall be a Termination Option Event.

 

    	-22-

     

    

 

SECTION
4.9. Reports.

 

The
Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and
(b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and
communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent
those materials are required to be translated into English pursuant to any regulations of the Commission.

 

SECTION
4.10. Lists of Owners.

 

Upon
written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date,
of the names, addresses and American Depositary Share holdings of all Owners.

 

SECTION
4.11. Withholding.

 

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.

 

Services
for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld,
and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this
Deposit Agreement.

 

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it. The obligations of Owners and Holders under the preceding sentence shall survive any transfer of American Depositary Shares
or surrender of American Depositary Shares and withdrawal of Deposited Securities and the termination of this Deposit Agreement.

 

    	-23-

     

    

 

ARTICLE
5. THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION
5.1. Maintenance of Office and Register by the Depositary.

 

Until
termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery,
registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

The
Depositary shall keep a register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection
by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners
regarding the business of the Company or a matter related to this Deposit Agreement or the American Depositary Shares.

 

The
Depositary may close the register for delivery, registration of transfer or surrender for the purpose of withdrawal from time
to time as provided in Section 2.6.

 

If
any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar
or one or more co-registrars for registration of those American Depositary Shares in accordance with any requirements of that
exchange or those exchanges.

 

SECTION
5.2. Prevention or Delay of Performance by the Company or the Depositary.

 

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:

 

(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or any provision of any securities issued or distributed by the Company, or any offering or distribution thereof;
or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the Depositary
or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to, earthquakes,
floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes, criminal acts or outbreaks of infectious
disease; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access
to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other systems
or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could
be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or
thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

 

    	-24-

     

    

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take);

 

(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders;
or

 

(iv)
for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement.

 

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any
other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution
or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution
or offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

SECTION
5.3. Obligations of the Depositary and the Company.

 

The
Company assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except
that the Company agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith.

 

The
Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder
(including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that the
Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith,
and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders.

 

Neither
the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding
in respect of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any
other person.

 

    	-25-

     

    

 

Each
of the Depositary and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or
other document believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

Neither
the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good
faith to be competent to give such advice or information.

 

The
Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary,
provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations
without negligence or bad faith while it acted as Depositary.

 

The
Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in
connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In
the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to
vote any of the Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.

 

The
Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company or any
liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary
Shares. The Depositary shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign
tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.

 

No
disclaimer of liability under the United States federal securities laws is intended by any provision of this Deposit Agreement.

 

SECTION
5.4. Resignation and Removal of the Depositary.

 

The
Depositary may at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of that appointment as provided in this
Section. The effect of resignation if a successor depositary is not appointed is provided for in Section 6.2.

 

    	-26-

     

    

 

The
Depositary may at any time be removed by the Company by 120 days’ prior written notice of that removal, to become effective
upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary
and its acceptance of its appointment as provided in this Section.

 

If
the Depositary resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be
a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute
and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary
receives notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary,
upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their respective
holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor.
When the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become the Depositary and
shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor
depositary shall cease to be the Depositary and shall be discharged and released from all obligations under this Deposit Agreement,
except for its duties under Section 5.8 with respect to the time before that discharge. A successor Depositary shall notify the
Owners of its appointment as soon as practical after assuming the duties of Depositary.

 

Any
corporation or other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary
without the execution or filing of any document or any further act.

 

SECTION
5.5. The Custodians.

 

The
Custodian shall be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely
to it. The Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which
shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is
resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the
Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians, each of
which shall thereafter be a Custodian under this Deposit Agreement. The Depositary shall require any Custodian that resigns or
is removed to deliver all Deposited Securities held by it to another Custodian.

 

SECTION
5.6. Notices and Reports.

 

If
the Company takes or decides to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or
that effects or will effect a change of the name or legal structure of the Company, or that effects or will effect a change to
the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical
to give that notice. The notice shall be in English and shall include all details that the Company is required to include in any
notice to any governmental or regulatory authority or securities exchange or is required to make available generally to holders
of Shares by publication or otherwise.

 

    	-27-

     

    

 

The
Company will arrange for the translation into English, if not already in English, to the extent required pursuant to any regulations
of the Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other
reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing
by the Company, the Depositary will Disseminate, at the Company’s expense, those notices, reports and communications to
all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent to the
manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities
exchange on which the American Depositary Shares are listed. The Company will timely provide the Depositary with the quantity
of such notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to
effect that Dissemination.

 

The
Company represents that as of the date of this Deposit Agrement the statements in Article 11 of the form of Receipt appearing
as Exhibit A to this Deposit Agreement or, if applicable, most recently filed with the Commission pursuant to Rule 424(b) under
the Securities Act with respect to the Company’s obligation to file periodic reports under the United States Securities
Exchange Act of 1934, as amended, or its qualification for exemption from registration under that Act pursuant to Rule 12g3-2(b)
under that Act, as the case may be, are true and correct. The Company agrees to promptly notify the Depositary upon becoming aware
of any change in the truth of any of those statements or if there is any change in the Company’s status regarding those
reporting obligations or that qualification.

 

SECTION
5.7. Distribution of Additional Shares, Rights, etc.

 

If
the Company or any affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights
to subscribe for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution
starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence
satisfactory to the Depositary that the Distribution is registered under the Securities Act of 1933 or (ii) a written opinion
from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require,
or, if made in the United States, would not require, registration under the Securities Act of 1933.

 

The
Company agrees with the Depositary that neither the Company nor any company controlled by, controlling or under common control
with the Company will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.

 

    	-28-

     

    

 

SECTION
5.8. Indemnification.

 

The
Company agrees to indemnify the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold
each of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking,
enforcing or collecting such indemnity and the reasonable and documented fees and expenses of counsel) that may arise out of or
in connection with (a) any registration with the Commission of American Depositary Shares or Deposited Securities or the offer
or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and
the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary
or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense arising out
of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

The
Depositary agrees to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability
or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and
the reasonable and documented fees and expenses of counsel) that may arise out of acts performed or omitted by the Depositary
or any Custodian or their respective directors, employees, agents and affiliates due to their negligence or bad faith.

 

The
obligations set forth in this Section 5.8 shall survive the termination of this Deposit Agreement and the succession or substitution
of any party hereto.

 

Any
person seeking indemnification hereunder (an “Indemnified Person”) shall notify the person from whom it is seeking
indemnification (the “Indemnifying Person”) of the commencement of any indemnifiable action or claim promptly after
such Indemnified Person becomes aware of such commencement and shall consult in good faith with the Indemnifying Person as to
the conduct of the defense of such action or claim, which defense shall be reasonable under the circumstances. No Indemnified
Person shall compromise or settle any such action or claim without the consent in writing of the Indemnifying Person (which shall
not be unreasonably withheld).

 

SECTION
5.9. Charges of Depositary.

 

The
Company agrees to pay the fees and charges specified in the following paragraph only to the extent the Company is a depositor
of Shares or an Owner.

 

    	-29-

     

    

 

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT)
and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred
by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary
Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender
of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to Section 4.4
(where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee
for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the
deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were
Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item
6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will
be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary’s
or Custodian’s agents or the agents of the Depositary’s or Custodian’s agents, in connection with the servicing
of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary
in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those
charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.

 

In
performing its duties under this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other
service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

The
Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

SECTION
5.10. Retention of Depositary Documents.

 

The
Depositary is authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement
at the times permitted by the laws or regulations governing the Depositary.

 

    	-30-

     

    

 

SECTION
5.11. Exclusivity.

 

Without
prejudice to the Company’s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance
of depositary shares, depositary receipts or any similar securities or instruments (for the avoidance of doubt, other than instruments
or securities issued directly by the Company) so long as The Bank of New York Mellon is acting as Depositary under this Deposit
Agreement.

 

SECTION
5.12. Information for Regulatory Compliance.

 

Each
of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise
available to it that is reasonably requested by the other to permit the other to comply with applicable law or requirements of
governmental or regulatory authorities.

 

ARTICLE
6. AMENDMENT AND TERMINATION

 

SECTION
6.1. Amendment.

 

The
form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary
Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American
Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold
American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement
as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares
represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts
in the amended form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any
amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law.

 

    	-31-

     

    

 

SECTION
6.2. Termination.

 

(a)
The Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of this Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 or
(ii) a Termination Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary
shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for
termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and this
Deposit Agreement shall terminate on that Termination Date.

 

(b)
After the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9.

 

(c)
At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement
and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain
outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash.
After making that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except (i)
to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of
American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the
terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations
under Section 5.8 and (iii) to act as provided in paragraph (d) below.

 

(d)
After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited
Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver
Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each
case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner
of those American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes
or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary
Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose
of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under this Deposit Agreement except as provided in this Section.

 

    	-32-

     

    

 

ARTICLE
7. MISCELLANEOUS

 

SECTION
7.1. Counterparts; Signatures; Delivery.

 

This
Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts
shall constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians
and shall be open to inspection by any Owner or Holder during regular business hours.

 

The
exchange of copies of this Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar
bit-mapped image, shall constitute effective execution and delivery of this Deposit Agreement as to the parties to it; copies
and signature pages so exchanged may be used in lieu of the original Deposit Agreement and signature pages for all purposes and
shall have the same validity, legal effect and admissibility in evidence as an original manual signature; the parties to this
Deposit Agreement hereby agree not to argue to the contrary.

 

SECTION
7.2. No Third Party Beneficiaries.

 

This
Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective
successors and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION
7.3. Severability.

 

In
case any one or more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit
Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby.

 

SECTION
7.4. Owners and Holders as Parties; Binding Effect.

 

The
Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions
of this Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

    	-33-

     

    

 

SECTION
7.5. Notices.

 

Any
and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered
or sent by domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching
a pdf or similar bit-mapped image of a signed writing, addressed to Geneta Science S.p.A., Via Olgettina No. 58, 20132 Milan Italy,
Attention: Pierluigi Paracchi, or any other place to which the Company may have transferred its principal office with notice to
the Depositary.

 

Any
and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and
personally delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission
or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich
Street, New York, New York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may
have transferred its Office with notice to the Company.

 

Delivery
of a notice to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a
post-office letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile
transmission or email shall be deemed effected when the recipient acknowledges receipt of that notice.

 

A
notice to be given to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper
form will be effective when personally delivered or sent by first class domestic or international air mail or air courier, addressed
to that Owner at the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary,
or, if that Owner has filed with the Depositary a written request that notices intended for that Owner be mailed to some other
address, at the address designated in that request. Dissemination in electronic form will be effective when sent in the manner
consented to by the Owner to the electronic address most recently provided by the Owner for that purpose.

 

    	-34-

     

    

 

SECTION
7.6. Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

 

The
Company hereby designates and appoints the person named in Exhibit A to this Deposit Agreement as the Company’s authorized
agent in the United States upon which process may be served in any suit or proceeding arising out of or relating to the Shares
or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a “Proceeding”).
Each of the Company and the Depositary consents and submits to the jurisdiction of any state or federal court in the State of
New York in which any Proceeding may be instituted. The Company agrees that service of process upon said authorized agent shall
be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees to deliver to the
Depositary, upon the execution and delivery of this Deposit Agreement, a written acceptance by the agent named in Exhibit A to
this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to continue that designation and appointment in full
force and effect, or to appoint and maintain the appointment of another process agent located in the United States as required
above, and to deliver to the Depositary a written acceptance by that agent of that appointment, for so long as any American Depositary
Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the
designation and appointment of a process agent in the United States in full force and effect, the Company hereby waives personal
service of process upon it and consents that a service of process in connection with a Proceeding may be made by certified or
registered mail, return receipt requested, directed to the Company at its address last specified for notices under this Deposit
Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

EACH
PARTY TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).

 

SECTION
7.7. Waiver of Immunities.

 

To
the extent that the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have
attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding,
from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment,
or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction
in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising
out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit
Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not
to plead or claim, any immunity of that kind and consents to relief and enforcement as provided above.

 

SECTION
7.8. Governing Law.

 

This
Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions
hereof and thereof shall be governed by the laws of the State of New York.

 

    	-35-

     

    

 

IN
WITNESS WHEREOF, GENETA SCIENCE S.P.A. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day
and year first set forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary
Shares or any interest therein.

 

	 	GENETA
    SCIENCE S.P.A.
	 	 
	 	By:	 
	 	Name:
    	Pierluigi
    Paracchi
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	THE
    BANK OF NEW YORK MELLON,
	 	as
    Depositary
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	-36-

     

    

 

EXHIBIT
A

 

		AMERICAN
  DEPOSITARY SHARES
		(Each American Depositary
  Share represents
		One deposited Share)

 

THE
BANK OF NEW YORK MELLON

AMERICAN
DEPOSITARY RECEIPT

FOR
ORDINARY SHARES OF

GENETA
SCIENCE S.P.A.

(INCORPORATED
UNDER THE LAWS OF ITALY)

 

The
Bank of New York Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________

 

AMERICAN
DEPOSITARY SHARES

 

representing
deposited ordinary shares (herein called “Shares”) of Geneta Science S.p.A., incorporated under the laws of Italy
(herein called the “Company”). At the date hereof, each American Depositary Share represents one Share deposited
or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein
called the “Custodian”) that, as of the date of the Deposit Agreement, was The Bank of New York Mellon, acting
through an office located in the United Kingdom. The Depositary’s Office and its principal executive office are located
at 240 Greenwich Street, New York, N.Y. 10286.

 

THE
DEPOSITARY’S OFFICE ADDRESS IS

240
GREENWICH STREET, NEW YORK, N.Y. 10286

 

    	A-1

     

    

 

	1.	THE
    DEPOSIT AGREEMENT.

 

This
American Depositary Receipt is one of an issue (herein called “Receipts”), all issued and to be issued upon
the terms and conditions set forth in the Deposit Agreement dated as of __________, 2021 (herein called the “Deposit
Agreement”) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares
issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all
the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties
of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property and cash from time
to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein called
“Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary’s Office in New
York City and at the office of the Custodian.

 

The
statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified
by and subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined
in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

	2.	SURRENDER
    OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.

 

Upon
surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment
of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement
and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities,
and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled
to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount
of Deposited Securities at the time represented by those American Depositary Shares, but not any money or other property
as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered
or paid on the scheduled payment date to the Owner as of that record date), and except that the Depositary shall not be
required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery
of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities
and may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile
transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of
withdrawal, that delivery will be made at the Custodian’s office, except that, at the request, risk and expense of
the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other
property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for,
the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s
Office or to another address specified in the order received from the surrendering Owner.

 

    	A-2

     

    

 

	3.	REGISTRATION
    OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED
    AMERICAN DEPOSITARY SHARES.

 

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares
on its transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those
American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of that Agreement), and, in either
case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration
of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled
thereto.

 

The
Depositary, subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the
purpose of effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for
any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares
as the Receipt or Receipts surrendered.

 

The
Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American
Depositary Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt
of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9
of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner
a Receipt evidencing the same number of certificated American Depositary Shares.

 

As
a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or
combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require
payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender
of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental
charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect
to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the
production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with
any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

 

    	A-3

     

    

 

The
Depositary may refuse to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American
Depositary Shares in particular instances, or may suspend deposits of Shares or registration of transfer generally, whenever it
or the Company considers it necessary or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares
for the purpose of withdrawal of Deposited Securities in particular instances, or may suspend surrenders for the purpose of withdrawal
generally, but, notwithstanding anything to the contrary in the Deposit Agreement, only for (i) temporary delays caused
by closing of the Depositary’s register or the register of holders of Shares maintained by the Company or the Foreign Registrar,
or the deposit of Shares, in connection with voting at a shareholders’ meeting or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the
American Depositary Shares or to the withdrawal of the Deposited Securities or (iv) any other reason that, at the time, is permitted
under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1933 or any successor to that provision;
in each case, the Depositary shall notify the Company as promptly as practicable of any suspension of that kind of that is outside
the ordinary course of business.

 

The
Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted
Securities.

 

	4.	LIABILITY
    OF OWNER FOR TAXES.

 

If
any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection
with any American Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection
with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable
by the Owner of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those
American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that
payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of
the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends
or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even
after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds
of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners
entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented by each American
Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary
may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American
Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

    	A-4

     

    

 

	5.	WARRANTIES
    ON DEPOSIT OF SHARES.

 

Every
person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each
certificate therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is
duly authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are
not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive
the deposit of Shares and delivery of American Depositary Shares.

 

	6.	FILING
    PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any
person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the
Custodian such proof of citizenship or residence, exchange control approval, or such information relating to the registration
on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations
and warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer
of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the delivery
of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations
and warranties are made. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required
by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing
the Depositary to deliver to, or upon the written order of, the person or persons stated in that order, the number of American
Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been
re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of
the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any
governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the
Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares
or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon
or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to
the Depositary.

 

    	A-5

     

    

 

Owners
and Holders shall comply with requests from the Depositary or the Custodian for proofs, certificates, representations and warranties
under the preceding paragraph.

 

	7.	CHARGES
    OF DEPOSITARY.

 

The
following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary
Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend
or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities
or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1)
taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares
to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit
Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of
the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of
American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary
Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion
thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement
or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf
of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes
of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the
Depositary or the Custodian, any of the Depositary’s or Custodian’s agents or the agents of the Depositary’s
or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be
assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement
and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those
charges from one or more cash dividends or other cash distributions).

 

    	A-6

     

    

 

The
Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities
to be distributed, to Owners that are obligated to pay those fees.

 

The
Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

From
time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising
out of establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided
by the Depositary or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit
Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated
with the Depositary and that may earn or share fees, spreads or commissions.

 

	8.	DISCLOSURE
    OF INTERESTS.

 

When
required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company,
the Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the
capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously
interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of
such matter is required for that compliance. Each Owner and Holder agrees to provide all information known to it in response to
a request made pursuant to Section 3.4 of the Deposit Agreement. Each Holder consents to the disclosure by the Depositary and
the Owner or other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive
to a request made pursuant to that Section relating to that Holder that is known to that Owner or other Holder.

 

	9.	TITLE
    TO AMERICAN DEPOSITARY SHARES.

 

It
is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting
or holding the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly
endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the
laws of the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated
registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may
treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled
to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes,
and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement
to any Holder of American Depositary Shares, but only to the Owner.

 

    	A-7

     

    

 

	10.	VALIDITY
    OF RECEIPT.

 

This
Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this
Receipt shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary
or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature
of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.

 

	11.	REPORTS;
    INSPECTION OF TRANSFER BOOKS.

 

The
Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain
reports with the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission’s
EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.

 

The
Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including
any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited
Securities and (b) made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish
reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to
the Depositary in English, to the extent such materials are required to be translated into English pursuant to any regulations
of the Commission.

 

The
Depositary will maintain a register of American Depositary Shares and transfers of American Depositary Shares, which shall be
open for inspection by the Owners at the Depositary’s Office during regular business hours, but only for the purpose of
communicating with Owners regarding the business of the Company or a matter related to this Deposit Agreement or the American
Depositary Shares.

 

	12.	DIVIDENDS
    AND DISTRIBUTIONS.

 

Whenever
the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time
of receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable
basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash
distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided
in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however,
that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution
an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly.

 

    	A-8

     

    

 

If
a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender
of American Depositary Shares) as a condition of making that cash distribution; or

 

(ii)
sell all Deposited Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash
distribution, call for surrender of all those American Depositary Shares and require that surrender as a condition of making that
cash distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

Subject
to the provisions of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than
a distribution described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for
or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be
distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any
taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing that
distribution (which may be a distribution of depositary shares representing the securities received); provided, however,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or
if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other
method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to,
the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds
of any such sale (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit
Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit
Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not
received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act
of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute
under this Article that is sufficient to pay its fees and expenses in respect of that distribution.

 

    	A-9

     

    

 

If
a distribution to be made under Section 4.2 of the Deposit Agreement would represent a return of all or substantially all the
value of the Deposited Securities underlying American Depositary Shares, the Depositary may:

 

(i)
require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender
of American Depositary Shares) as a condition of making that distribution; or

 

(ii)
sell all Deposited Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution,
call for surrender of all those American Depositary Shares and require that surrender as a condition of making that distribution.

 

If
the Depositary acts under this paragraph, that action shall also be a Termination Option Event.

 

Whenever
the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver
to the Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as
that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of
Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided
in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof
and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received
(or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution).
In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate
of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner
and subject to the conditions described in Section 4.1of the Deposit Agreement. If and to the extent that additional American
Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall
thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby.

 

If
the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares
or other securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary
may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the Depositary
considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary
may require satisfactory assurances from the Company that doing so does not require registration of any securities under the Securities
Act of 1933 that has not been effected.

 

    	A-10

     

    

 

If
the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe
therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may
sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor)
in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
to the number of American Depositary Shares held by them respectively.

 

Each
Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents
and affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions
to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received
by it. The obligations of Owners and Holders under the preceding sentence shall survive any transfer of American Depositary Shares
or surrender of American Depositary Shares and withdrawal of Deposited Securities and the termination of the Deposit Agreement.
Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax
withheld, and the fees and costs associated with using services of that kind, are not provided under, and are outside the scope
of, the Deposit Agreement.

 

	13.	RIGHTS.

 

(a)
If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the
Company and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with
that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by
the Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate
and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in writing
by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and
distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not exercised, delivered
or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.

 

(b)
If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the
Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase
the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i)
deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that
Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The
Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered
under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is satisfactory to it
to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities
Act of 1933.

 

    	A-11

     

    

 

(c)
If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth
the conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the
rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable
law, the Depositary will deliver those rights as requested by that Owner.

 

(d)
If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to
the number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled
to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

(e)
Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction
of the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of
securities or payment of cash proceeds under Section 4.4 of that Agreement.

 

(f)
The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available
to or exercise rights on behalf of Owners in general or any Owner in particular , or to sell rights.

 

	14.	CONVERSION
    OF FOREIGN CURRENCY.

 

Whenever
the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in
the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary or one of its agents or affiliates or the Custodian shall convert or cause to be converted by sale or in
any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners
entitled thereto. A cash distribution may be made upon an averaged or other practicable basis without regard to any distinctions
among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be
net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9 of the Deposit Agreement.

 

    	A-12

     

    

 

If
a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license
of any government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or
license.

 

If
the Depositary, after consultation with the Company to the extent practicable, determines that in its judgment any foreign currency
received by the Depositary or the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States,
or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought
by the Depositary or is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute
the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.

 

If
any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto,
the Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible
to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that
balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.

 

The
Depositary may convert currency itself or through any of its affiliates, or the Custodian or the Company may convert currency
and pay Dollars to the Depositary. Where the Depositary converts currency itself or through any of its affiliates, the Depositary
acts as principal for its own account and not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue,
including, without limitation, transaction spreads, that it will retain for its own account. The revenue is based on, among other
things, the difference between the exchange rate assigned to the currency conversion made under the Deposit Agreement and the
rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account. The Depositary
makes no representation that the exchange rate used or obtained by it or its affiliate in any currency conversion under the Deposit
Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined
will be the most favorable to Owners, subject to the Depositary’s obligations under Section 5.3 of that Agreement. The methodology
used to determine exchange rates used in currency conversions made by the Depositary is available upon request. Where the Custodian
converts currency, the Custodian has no obligation to obtain the most favorable rate that could be obtained at the time or to
ensure that the method by which that rate will be determined will be the most favorable to Owners, and the Depositary makes no
representation that the rate is the most favorable rate and will not be liable for any direct or indirect losses associated with
the rate. In certain instances, the Depositary may receive dividends or other distributions from the Company in Dollars that represent
the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained or determined
by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible for, any foreign currency
transactions and neither it nor the Company makes any representation that the rate obtained or determined by the Company is the
most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with the rate.

 

    	A-13

     

    

 

	15.	RECORD
    DATES.

 

Whenever
a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of
Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance
of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect
of which the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the
Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares
that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient,
the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date
set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit
of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting
rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record
date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to
the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter
for which that record date was fixed, or be responsible for that fee or charge, as the case may be.

 

    	A-14

     

    

 

	16.	VOTING
    OF DEPOSITED SHARES.

 

(a)
Upon receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested
in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the
form of which shall be in the sole discretion of the Depositary, that shall contain (i) the information contained in the
notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified
record date will be entitled, subject to any applicable provision of Italian law and of the articles of association or
similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount
of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in which those
instructions may be given and (iv) the last date on which the Depositary will accept instructions (the “Instruction
Cutoff Date”).

 

(b)
Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to
vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the
instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to
the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.

 

(c)
There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a)
above in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

    	A-15

     

    

 

(d)
In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary
notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders
of Shares in connection with the meeting not less than 45 days prior to the meeting date.

 

Notwithstanding
anything in Section 4.7 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or adopt additional
procedures with respect to voting Deposited Securities from time to time as they determine may be necessary or appropriate to
comply with applicable laws and regulations.

 

	17.	TENDER
    AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 

(a)
The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
offer made to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do
so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b)
If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash
in a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of
that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that
the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon
that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary
Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit
Agreement and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of
called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall
not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited
Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and
only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption.
The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata
to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations
may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or
substantially all of the Deposited Securities shall be a Termination Option Event.

 

    	A-16

     

    

 

(c)
If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as
a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender
the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement,
the new securities or other property delivered to it in that Replacement. However, the Depositary may elect to sell those
new Deposited Securities if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it
is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited
Securities may not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at
public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had
been Redeemed under paragraph (b) above. A Replacement shall be a Termination Option Event.

 

(d)
In the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited
Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares
represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may, after consultation with
the Company to the extent practicable, call for surrender of the American Depositary Shares to be exchanged on a mandatory basis
for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing
fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to
them.

 

(e)
If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for
surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that
condition shall be a Termination Option Event.

 

    	A-17

     

    

 

	18.	LIABILITY
    OF THE COMPANY AND DEPOSITARY.

 

Neither
the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability
to any Owner or Holder:

 

(i)
if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States,
any State of the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange;
(B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document
of the Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution
thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of the
Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited
to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes, criminal acts or outbreaks
of infectious disease; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized
access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other
systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or
could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any
act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

 

(ii)
for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination
by the Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);

 

(iii)
for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available
to holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders;
or

 

(iv)
for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.

 

Where,
by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section
4.4 of that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and
the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners,
then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable,
to lapse.

 

    	A-18

     

    

 

Neither
the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners
or Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence
or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall not
be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the
Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any
Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither
the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by
it in good faith to be competent to give such advice or information. Each of the Depositary and the Company may rely, and shall
be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have
been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or omissions made by
a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter
arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such
potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary.
The Depositary shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system
in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.
In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions
to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary
shall have no duty to make any determination or provide any information as to the tax status of the Company or any liability for
any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The
Depositary shall not be liable for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit,
reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability
under the United States federal securities laws is intended by any provision of the Deposit Agreement.

 

	19.	RESIGNATION
    AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The
Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered
to the Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided
in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days’ prior written notice of
that removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii)
the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary
in its discretion may at any time appoint a substitute or additional custodian or custodians.

 

    	A-19

     

    

 

	20.	AMENDMENT.

 

The
form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement
between the Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or
desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise
prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary
Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American
Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold
American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement
as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares
represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts
in the amended form or call for surrender of American Depositary Shares to effect that change of ratio. In no event shall any
amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law.

 

	21.	TERMINATION
    OF DEPOSIT AGREEMENT.

 

(a)
The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination
of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of
that Agreement or (ii) a Termination Option Event has occurred. If termination of the Deposit Agreement is initiated, the Depositary
shall Disseminate a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for
termination (the “Termination Date”), which shall be at least 90 days after the date of that notice, and the
Deposit Agreement shall terminate on that Termination Date.

 

(b)
After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations
to the Depositary under Sections 5.8 and 5.9 of that Agreement.

 

(c)
At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement
and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain
outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash.
After making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to account
for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that
Agreement and (iii) to act as provided in paragraph (d) below.

 

    	A-20

     

    

 

(d)
After the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited
Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver
Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each
case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner
of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes
or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary
Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose
of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have
not settled if in its judgment the requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii)
the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities
have been sold and (iii) the Depositary may discontinue the registration of transfers of American Depositary Shares and suspend
the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices
or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement.

 

	22.	DTC
    DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)
Notwithstanding the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration
System (“DRS”) and Profile Modification System (“Profile”) apply to the American Depositary
Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered
holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant.
Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary
Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver
those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization
from the Owner to register that transfer.

 

(b)
In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that
is claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a)
above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code).
For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from
the use of the DRS/Profile. The parties agree that the Depositary’s reliance on and compliance with instructions received
by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute
negligence or bad faith on the part of the Depositary.

 

    	A-21

     

    

 

	23.	APPOINTMENT
    OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.

 

The
Company has (i) appointed Cogency Global Inc., 122 East 42nd Street, 18th Floor New York, NY 10168 as the
Company’s authorized agent in the United States upon which process may be served in any suit or proceeding arising out of
or relating to the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented
and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding
may be instituted, and (iii) agreed that service of process upon said authorized agent shall be deemed in every respect effective
service of process upon the Company in any such suit or proceeding.

 

EACH
PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY
AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN
DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY).

 

To
the extent that the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed
to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the
giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of
process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or
proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at
any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such
immunity and consents to such relief and enforcement.

 

    	A-22Exhibit
4.3

 

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

 

UNDERWRITER
WARRANT TO PURCHASE AMERICAN DEPOSITARY SHARES

 

For
the Purchase of up to 

 

[●]
American Depositary Shares

Representing
[●] Ordinary Shares

of

 

Genenta
Science S.p.A.

(A
Republic of Italy Corporation)

 

Section 1. Underwriter
Warrant.

 

THIS CERTIFIES
THAT, in consideration of duly paid consideration by or on behalf of (“Holder”), as registered owner of this Underwriter
Warrant, to Genenta Science S.p.A. (“Company”), Holder is entitled to subscribe for, purchase and receive, in whole or in
part, up to [●] ([●]) American Depositary Shares (“Shares”), each Share representing one ordinary share of the
Company at any time on or after [●], 2022 (the “Commencement Date”) and on or prior to 5:00 p.m. (New York City
time) on [●], 2026 (the “Expiration Date”) but not thereafter. If the Expiration Date is a day on which banking institutions
are authorized by law to close, then this Underwriter Warrant may be exercised on the next succeeding day which is not such a day in
accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would
terminate the Underwriter Warrant. This Underwriter Warrant is initially exercisable at $[●] per share purchased (125% of the initial
public offering price per share); provided, however, that upon the occurrence of any of the events specified in Section 5 hereof,
the rights granted by this Underwriter Warrant, including the Exercise Price and the number of Shares to be received upon such exercise,
shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context.

 

Section 2. Exercise.

 

Section
2.1 Exercise Form. In order to exercise this Underwriter Warrant, the exercise form attached hereto must be duly executed and
completed and delivered to the Company, together with the Exercise Price in cash or by certified check or official bank check for the
Shares being purchased. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on
the Expiration Date, this Underwriter Warrant shall become and be void without further force or effect, and all rights represented hereby
shall cease and expire.

 

    	 

    	 

    

 

Section 2.2 Conversion
Right.

 

Section
2.2.1 Determination of Amount. In lieu of the payment of the Exercise Price in the manner required by Section 2.1, the Holder
shall have the right (but not the obligation) to convert any exercisable but unexercised portion of this Underwriter Warrant into Shares
(“Conversion Right”) as follows. Upon exercise of the Conversion Right, the Company shall deliver to the Holder (without
payment by the Holder of any of the Exercise Price in cash other than for any amount required by Italian law with respect to the nominal
equity capital contribution (imputazione a capitale sociale) of the Shares to be issued upon exercise of the Conversion Right))
that number of Shares equal to the quotient obtained by dividing (x) the “Value” (as defined below), at the close of
trading on the next to last trading day immediately preceding the exercise of the Conversion Right, of the portion of the Underwriter
Warrant being converted by (y) the “Market Price” (as defined below). The “Value” of the portion of the Underwriter
Warrant being converted shall equal the remainder derived from subtracting (a) the Exercise Price multiplied by the number of Shares
underlying that portion of this Underwriter Warrant being converted from (b) the Market Price of the Shares multiplied by the
number of Shares underlying that portion of the Underwriter Warrant being converted. As used in this herein, the term “Market Price”
at any date shall be deemed to be the average last reported sale price of the Shares for the five trading days ending on the next to
last trading day immediately preceding the exercise of the Conversion Right as officially reported by the principal securities exchange
on which the Shares are listed or admitted to trading, or, if the Shares are not listed or admitted to trading on any national securities
exchange or if any such exchange on which the Shares are listed is not its principal trading market, the average last reported sale price
for such five trading days as furnished by Nasdaq or, if applicable, the OTC Bulletin Board, or if the Shares are not listed or
admitted to trading on any of the foregoing markets, or similar organization, as determined in good faith by resolution of the Board
of Directors of the Company, based on the best information available to it. If the Shares are issued in such a cashless exercise, the
parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Shares shall take on the characteristics
of the Underwriter Warrants being exercised, and the holding period of the Shares being issued may be tacked on to the holding period
of this Underwriter Warrant. In no event will the Company be required to pay cash to the Holder to settle this Underwriter Warrant
in the event of exercise by the Holder of the Conversion Right.

 

Section
2.2.2 Mechanics of Conversion. The Conversion Right may be exercised by the Holder on any business day on or after the Commencement
Date and not later than the Expiration Date by delivering the Underwriter Warrant with a duly executed exercise form attached hereto
with the Conversion Right section completed to the Company, exercising the Conversion Right and specifying the total number of Shares
that the Holder will purchase pursuant to such Conversion Right.

 

Section 3. Transfer.

 

Section
3.1 General Restrictions. On and after the Commencement Date, transfers by the registered Holder to others may be made subject
to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver
to the Company the assignment form attached hereto duly executed and completed, together with the Underwriter Warrant and payment of
all transfer taxes, if any, payable in connection therewith. The Company shall immediately transfer this Underwriter Warrant on the books
of the Company and shall execute and deliver a new Underwriter Warrant or Underwriter Warrants of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall
be contemplated by any such assignment.

 

[Section
3.2 Restrictions Imposed by the Act. If, at the time of the surrender of this Underwriter
Warrant in connection with any transfer of this Underwriter Warrant, the transfer of this Underwriter Warrant shall not be either (i)
registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky
laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to
Rule 144, the Company may require, as a condition of allowing such transfer, this Underwriter Warrant and the Shares underlying this
Underwriter Warrant to not be transferred unless and until (a) the Company has received the opinion of counsel for the Holder that this
Underwriter Warrant or the Shares, as the case may be, may be transferred pursuant to an exemption from registration under the Securities
Act and applicable state law, the availability of which is established to the reasonable satisfaction of the Company (the Company hereby
agreeing that an opinion of Loeb & Loeb LLP shall be deemed satisfactory evidence of the availability of an exemption), or (b) a
registration statement relating to such Underwriter Warrant or Shares, as the case may be, has been filed by the Company and declared
effective by the Securities and Exchange Commission and compliance with applicable state law.]

 

    	 

    	 

    

 

Section 4. New
Underwriter Warrants to be Issued.

 

Section
4.1 Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Underwriter Warrant may be exercised or
assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Underwriter Warrant
for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer
tax, the Company shall cause to be delivered to the Holder without charge a new Underwriter Warrant of like tenor to this Underwriter
Warrant in the name of the Holder evidencing the right of the Holder to purchase the aggregate number of Shares purchasable hereunder
as to which this Underwriter Warrant has not been exercised or assigned.

 

Section
4.2 Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation
of this Underwriter Warrant and of reasonably satisfactory indemnification, and upon surrender and cancellation of the Underwriter Warrants,
if mutilated, the Company shall execute and deliver a new Underwriter Warrant of like tenor and date. Any such new Underwriter Warrant
executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

 

Section 5. Adjustments.

 

Section
5.1 Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Underwriter
Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

Section
5.1.1 Stock Dividends—Recapitalization, Reclassification, Split-Ups. If after the date hereof, and subject to the provisions
of Section 5.2 below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split-up, recapitalization
or reclassification of Shares or other similar event, then, on the Commencement Date thereof, the number of Shares issuable on exercise
of the Underwriter Warrant shall be increased in proportion to such increase in outstanding Shares.

 

Section
5.1.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 5.2, the number of outstanding
Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, upon the Commencement
Date thereof, the number of Shares issuable on exercise of the Underwriter Warrant shall be decreased in proportion to such decrease
in outstanding Shares.

 

Section
5.1.3 Adjustments in Exercise Price. Whenever the number of Shares purchasable upon the exercise of this Underwriter Warrant is
adjusted, as provided in this Section 5.1, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Shares purchasable upon the exercise
of this Underwriter Warrant immediately prior to such adjustment, and (y) the denominator of which shall be the number of Shares so purchasable
immediately thereafter.

 

Section
5.1.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding
Shares other than a change covered by Section 5.1.1 hereof or which solely affects the par value of such Shares, or in the case of any
merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is
the continuing corporation and which does not result in any reclassification or reorganization of the outstanding Shares), or in the
case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the Holder of this Underwriter Warrant shall have the right thereafter (until
the expiration of the right of exercise of this Underwriter Warrant) to receive upon the exercise hereof, for the same aggregate Exercise
Price payable hereunder immediately prior to such event, the kind and amount of Shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or other
transfer, by a Holder of the number of Shares obtainable upon exercise of this Underwriter Warrant immediately prior to such event; and
if any reclassification also results in a change in Shares covered by Section 5.1.1, then such adjustment shall be made pursuant to Sections
5.1.1, 5.1.3 and this Section 5.1.4. The provisions of this Section 5.1.4 shall similarly apply to successive reclassifications, reorganizations,
mergers or consolidations, sales or other transfers.

 

    	 

    	 

    

 

Section
5.1.5 Changes in Form of Underwriter Warrant. This form of Underwriter Warrant need not be changed because of any change pursuant
to this Section, and Underwriter Warrants issued after such change may state the same Exercise Price and the same number of Shares as
are stated in the Underwriter Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new
Underwriter Warrants reflecting a required or permissive change shall not be deemed to waive any rights to a prior adjustment or the
computation thereof.

 

Section
5.2 Elimination of Fractional Interests. The Company shall not be required to issue fractions of Shares upon the exercise or transfer
of the Underwriter Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent
of the parties that all fractional interests shall be eliminated by rounding any fraction up or down to the nearest whole number of Shares.

 

Section 6. Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance
upon exercise of the Underwriter Warrants, such number of Shares or other securities, properties or rights as shall be issuable upon
the exercise thereof. The Company covenants and agrees that, upon exercise of the Underwriter Warrants and payment of the Exercise Price
therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable
and not subject to preemptive rights of any stockholder. As long as the Underwriter Warrants shall be outstanding, the Company shall
use its best efforts to cause all Shares issuable upon exercise of the Underwriter Warrants to be listed (subject to official notice
of issuance) on all securities exchanges (or, if applicable on Nasdaq) on which the Shares issued to the public in connection herewith
are then listed and/or quoted.

 

Section 7. Certain
Notice Requirements.

 

Section
7.1 Holder’s Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote
or consent or to receive notice as a stockholder for the election of directors or any other matter, or as having any rights whatsoever
as a stockholder of the Company. If, however, at any time prior to the expiration of the Underwriter Warrants and their exercise, any
of the events described in Section 7.2 shall occur, then, in one or more of said events, the Company shall give written notice of such
event at least fifteen (15) days prior to the date fixed as a record date or the date of closing the transfer books for the determination
of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled
to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the
closing of the transfer books, as the case may be.

 

Section
7.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 7 upon one or more of
the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive
a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained
earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company
shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or
exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution,
liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially
all of its property, assets and business shall be proposed.

 

Section
7.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant
to Section 7 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe
the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s
President and Chief Financial Officer.

 

    	 

    	 

    

 

Section
7.4 Transmittal of Notices. All notices, requests, consents and other communications under this Underwriter Warrant shall be in
writing and shall be deemed to have been duly made on the date of delivery if delivered personally or sent by overnight courier, with
acknowledgement of receipt to the party to which notice is given, or on the fifth day after mailing if mailed to the party to whom notice
is to be given, by registered or certified mail, return receipt requested, postage prepaid and properly addressed as follows: (i) if
to the registered Holder of the Underwriter Warrant, to the address of such Holder as shown on the books of the Company, or (ii) if to
the Company, to its principal executive office.

 

Section 8. Miscellaneous.

 

Section
8.1 Amendments. The Company and the underwriters may from time to time supplement or amend this Underwriter Warrant without the
approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective
or inconsistent with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder
which the Company and the underwriters may deem necessary or desirable and which the Company and the underwriters deem shall not adversely
affect the interest of the Holders. All other modifications or amendments shall require the written consent of the party against whom
enforcement of the modification or amendment is sought.

 

Section
8.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit
or affect the meaning or interpretation of any of the terms or provisions of this Underwriter Warrant.

 

Section
8.3 Entire Agreement. This Underwriter Warrant (together with the other agreements and documents being delivered pursuant to or
in connection with this Underwriter Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

Section
8.4 Binding Effect. This Underwriter Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the
Company and their respective successors, legal representatives and assigns, and no other person shall have or be construed to have any
legal or equitable right, remedy or claim under or in respect of or by virtue of this Underwriter Warrant or any provisions herein contained.

 

Section
8.5 Governing Law; Submission to Jurisdiction. This Underwriter Warrant shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding
or claim against it arising out of, or relating in any way to this Underwriter Warrant shall be brought and enforced in the courts of
the State of New York or of the United States of America for the Southern District of New York, and irrevocably submits to such jurisdiction,
which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered
or certified mail, return receipt requested, postage prepaid, addressed to Cogency Global Inc., 122 East 42nd Street, 18th Floor, New
York, New York 10168. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding
or claim. The Company and the Holder, by acceptance hereof, agree that the prevailing party(ies) in any such action shall be entitled
to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding and/or
incurred in connection with the preparation therefor.

 

Section
8.6 Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the provisions of this Underwriter Warrant
shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Underwriter Warrant
or any provision hereof or the right of the Company or any Holder to thereafter enforce each and every provision of this Underwriter
Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Underwriter Warrant shall be effective
unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought;
and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent
breach, non-compliance or non-fulfillment.

 

    	 

    	 

    

 

[Section
9. Registration Rights.

 

Section
9.1 Demand Registration.

 

Section
9.1.1 Grant of Right. The Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of 50% or more of
the underlying Shares (“Majority Holders”), agrees to register on one occasion, all or any portion of this Underwriter Warrant
and all of the Shares underlying this Underwriter Warrant (collectively the “Registrable Securities”). On such occasion,
the Company will file a registration statement covering the Registrable Securities within sixty (60) days after receipt of the Initial
Demand Notice and use its best efforts to have the registration statement declared effective promptly thereafter. If the Company fails
to comply with the provisions of this Section 9.1.1, the Company shall, in addition to any other equitable or other relief available
to the Holder(s), be liable for any and all damages sustained by the Holder(s) as described in Section 9.3.6. The demand for registration
may be made at any time during a period of four years beginning one year from the Effective Date. The Company covenants and agrees to
give written notice of its receipt of any Initial Demand Notice by any Holder(s) to all other registered Holders of this Underwriter
Warrant and/or the Registrable Securities within ten days from the date of the receipt of any such Initial Demand Notice.

 

Section
9.1.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing required herein
to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested by the
Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State
in which such registration would cause the Company to be obligated to register or license to do business in such State or submit to general
service of process in such State. The Company shall cause any registration statement filed pursuant to the demand right granted under
Section 9.1.1 to remain effective for a period of at least six consecutive months from the date that the Holders of the Registrable Securities
covered by such registration statement are first given the opportunity to sell all of such securities.

 

Section
9.2 “Piggy-Back” Registration.

 

Section
9.2.1 Grant of Right. In addition to the demand right of registration, the Holders of this Underwriter Warrant shall have the
right for a period of six (6) years commencing one year from the Effective Date, to include the Registrable Securities as part of any
other registration of securities filed by the Company (other than in connection with a transaction contemplated by Rule 145(a) promulgated
under the Act or pursuant to Form S-8 or any equivalent form); provided, however, that if, in the written determination of the
Company’s managing underwriter or underwriters, if any, for such offering, the inclusion of the Registrable Securities, when added
to the securities being registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company’s
securities which can be marketed (i) at a price reasonably related to their then current market value, or (ii) without materially and
adversely affecting the entire offering, the Company will include in such registration (a) first, the Securities the Company proposes
to sell and (b) second, any other securities registered on behalf of selling stockholders, including the Holders, pro rata among such
stockholders on the basis of the number of securities requested by such stockholders to be included.

 

Section
9.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, but the Holders
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders
of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such
registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until
such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable Securities shall exercise
the “piggy-back” rights provided for herein by giving written notice, within twenty (20) days of the receipt of the Company’s
notice of its intention to file a registration statement. The Company shall cause any registration statement filed pursuant to the above
“piggyback” rights to remain effective for at least six months from the date that the Holders of the Registrable Securities
are first given the opportunity to sell all of such securities.

 

    	 

    	 

    

 

Section
9.3 General Terms.

 

Section
9.3.1 Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration
statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim
whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement
but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters
contained in Section 5 of the Underwriting Agreement between the Underwriters and the Company, dated the Effective Date. The Holder(s)
of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally,
and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their
successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect
as the provisions contained in Section 5 of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the
Company.

 

Section
9.3.2 Exercise of this Underwriter Warrant. Nothing contained in this Underwriter Warrant shall be construed as requiring the
Holder(s) to exercise this Underwriter Warrant prior to or after the initial filing of any registration statement or the effectiveness
thereof.

 

Section
9.3.3 Documents Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings
and to each underwriter of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of (i) an opinion
of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, an opinion dated the date of the closing under any underwriting agreement related thereto) relating to, among other
matters, the due establishment of the Company, the validity of the shares being issued and the due execution and delivery of the underwriting
agreement and a statement of such counsel regarding the absence of material misstatements or omissions in such registration statement,
and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the independent public
accountants who have issued a report on the Company’s financial statements included in such registration statement covering substantially
the same matters with respect to such registration statement (and the prospectus included therein) and with respect to events subsequent
to the date of such financial statements as are customarily covered in accountants’ letters delivered to underwriters in underwritten
public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering requesting the correspondence
described below and to the managing underwriter copies of all correspondence between the Commission and the Company, its counsel or auditors
and all memoranda relating to discussions with the Commission or its staff with respect to the registration statement and permit each
Holder and underwriter to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted
from the registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation
shall include access to books, records and properties and opportunities to discuss the business of the Company with its officers and
independent auditors, all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

    	 

    	 

    

 

Section
9.3.4 Underwriting Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s) selected
by any Holders whose Registrable Securities are being registered pursuant to this Section 9, which managing underwriter shall be reasonably
satisfactory to the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such
managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating
to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties
and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such
Holders shall not be required to make any representations or warranties to or agreements with the Company or the underwriters except
as they may relate to such Holders, their Shares and their intended methods of distribution.

 

Section
9.3.5 Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish
to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling securityholders.

 

Section
9.3.6 Damages. Should the registration or the effectiveness thereof required by Sections 9.1 and 9.2 hereof be delayed by the
Company or the Company otherwise fails to comply with such provisions, the Company shall, in addition to any other equitable or other
relief available to the Holder(s), be liable for any and all damages sustained by the Holder(s), including, but not limited to, the loss
of any profits that might have been received by the Holder upon the sale of Shares underlying this Underwriter Warrant.

 

    	 

    	 

    

 

IN WITNESS
WHEREOF, the Company has caused this Underwriter Warrant to be signed by its duly authorized officer as of the day of [●], 2021.

 

	 	GENENTA SCIENCE
    S.P.A.
	 	 
	 	By:	
	 	 	Pierluigi Paracchi 
	 	 	Chief Executive Officer

 

    	 

    	 

    

 

Form to be
used to exercise Underwriter Warrant:

 

Genenta Science
S.p.A.

 

Date:

 

The undersigned
hereby elects irrevocably to exercise the within Underwriter Warrant and to purchase Shares of Genenta Science S.p.A. and hereby makes
payment of $ (at the rate of $ per share) in payment of the Exercise Price pursuant thereto. Please issue the Share as to which this
Underwriter Warrant is exercised in accordance with the instructions given below.

 

or

 

The undersigned
hereby elects irrevocably to exercise the within Underwriter Warrant and to purchase Shares of Genenta Science S.p.A. by surrender of
the unexercised portion of the within Underwriter Warrant (with a “Value” of $   based on a “Market Price”
of $  ). Please issue the Shares as to which this Underwriter Warrant is exercised in accordance with the instructions given below.

 

	 	
	 	Signature

 

NOTICE: The
signature to this form must correspond with the name as written upon the face of the within Underwriter Warrant in every particular without
alteration or enlargement or any change whatsoever.

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES 

 

	Name	 	
	 	 	(Print
    in Block Letters)
	 	 	 
	Address	 	 

 

    	 

    	 

    

 

Form to be
used to assign Underwriter Warrant:

 

ASSIGNMENT

 

(To be executed
by the registered Holder to effect a transfer of the within Underwriter Warrant):

 

FOR VALUE RECEIVED,
does hereby sell, assign and transfer unto the right to purchase Shares of Genenta Science S.p.A. (“Company”) evidenced by
the within Underwriter Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:

 

	 	 	
	 	 	Signature
	 	 	 
		 	 
	Signature Guaranteed	 	 

 

NOTICE: The
signature to this form must correspond with the name as written upon the face of the within Underwriter Warrant in every particular without
alteration or enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company
or by a firm having membership on a registered national securities exchange.

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