Document:

Exhibit 4.2

 

PLACEMENT AGENT WARRANT TO PURCHASE ORDINARY
SHARES

REPRESENTED BY AMERICAN DEPOSITARY SHARES

  

KITOV PHARMA LTD.

 

Number of American Depositary Shares: [_______

 

	 	Initial Exercise Date: June 25, 2020
	 	Issue Date: June 25, 2020

 

THIS PLACEMENT AGENT
WARRANT TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (this “Warrant”) certifies that,
for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time on or after June 25, 2020 (the “Initial
Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on June 23, 2025 (the “Termination Date”)
but not thereafter, to subscribe for and purchase from Kitov Pharma Ltd., a company organized under the laws of the State of Israel
(the “Company”), up to [●] Ordinary Shares, no par value per share, of the Company (the “Warrant
Shares”) represented by [●___] American Depositary Shares (each, an “ADS” and, collectively, the “ADSs”
and the ADSs issuable upon exercise of this Warrant, the “Warrant ADSs”), as subject to adjustment hereunder.
The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant is being issued
pursuant to that certain engagement letter, dated as of June 22, 2020, by and between the Company and H.C. Wainwright & Co.,
LLC (the “Engagement Letter”).

 

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

 

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

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the bid price of the ADSs for the time in question (or the nearest preceding date) on the Trading Market
on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City
time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the
ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not then listed or quoted
for trading on OTCQB or OTCQX and if prices for ADSs are then reported on The Pink Open Market (or a similar organization or agency
succeeding to its functions of reporting prices), the most recent bid price per ADS so reported, or (d) in all other cases, the
fair market value of an ADS as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Warrants originally issued on the Issue Date then outstanding and reasonably acceptable to the Company, the fees and expenses
of which shall be paid by the Company.

 

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

 

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

 

    

     

    

 

“Depositary”
means Bank of New York Mellon, with offices located at 101 Barclay Street, New York, NY 10007.

 

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

 

“Ordinary Share(s)”
means the ordinary shares of the Company, no par value per share, and any other class of securities into which such securities
may hereafter be reclassified or changed.

 

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

 

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

 

“Purchase Agreement”
means that certain Securities Purchase Agreement, dated as of June 23, 2020, by and among the Company and the purchasers signatory
thereto.

 

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

 

“Subsidiary”
means any subsidiary of the Company within the meaning of Item 601(b)(21)(ii) of Regulation S-K, and shall, where applicable, also
include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading Day”
means a day on which the ADSs are traded on a Trading Market.

 

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

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the ADSs are then listed or
quoted on a Trading Market, the daily volume weighted average price of the ADSs for such date (or the nearest preceding date) on
the Trading Market on which the ADSs are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30
a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted
average price of the ADSs for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the ADSs are not
then listed or quoted for trading on OTCQB or OTCQX and if prices for the ADSs are then reported on The Pink Open Market (or a
similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per ADS so reported,
or (d) in all other cases, the fair market value of an ADS as determined by an independent appraiser selected in good faith by
the Holders of a majority in interest of the Warrants originally issued on the Issue Date then outstanding and reasonably acceptable
to the Company, the fees and expenses of which shall be paid by the Company.

 

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“Warrants”
means this Warrant and other ADS purchase warrants issued by the Company pursuant to the Engagement Letter.

  

Section 2. Exercise.

 

(a)  Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile
copy or PDF copy submitted by electronic mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the
“Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall
deliver the aggregate Exercise Price (as defined in Section 2(b) herein) for the Warrant ADSs specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified
in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding
anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the
Holder has purchased all of the Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the
Holder shall, upon request of the Company, surrender this Warrant to the Company for cancellation within three (3) Trading Days
of the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases
of a portion of the total number of Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of
Warrant ADSs purchasable hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company
shall maintain records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any
objection to any Notice of Exercise within one (1) Trading Day of receipt of such notice. The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may be less than the
amount stated on the face hereof.

 

(b) Exercise
Price. The exercise price per ADS under this Warrant shall be $1.125, subject to adjustment hereunder (the “Exercise
Price”).

 

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(c) Cashless
Exercise. If at the time of exercise hereof, there is no effective registration statement registering, or the prospectus contained
therein is not available for the issuance or resale of the Warrant ADSs by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
the number of Warrant ADSs equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

	 	(A)	=	as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	 	 	 	 
	 	(B) 	=	the Exercise Price of this Warrant, as adjusted hereunder; and
	 	 	 	 
	 	(X)	=	the number of Warrant ADSs that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 

If Warrant
ADSs 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 Warrant ADSs shall take on the registered characteristics of the Warrants being exercised.  The
Company agrees not to take any position contrary to this Section 2(c) (unless a contrary position is required due to changes in
law).

 

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(d) Mechanics
of Exercise.

 

(i) Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant Shares subject to such exercise
with the Israeli custodian of The Bank of New York Mellon, the Depositary for the ADSs (the “Depositary”), and cause
the Depositary to credit the account of the Holder’s or its designee’s balance account with The Depository Trust Company
(or another established clearing corporation performing similar functions) through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Depositary is then a participant in such system and either (A) there is an effective registration statement permitting the
issuance of the Warrant ADSs to or resale of the Warrant ADSs by the Holder or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery of a certificate, registered in the name of the Holder or its designee, for the number
of Warrant ADSs to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice
of Exercise by the date that is the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period, in each case after the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS
Delivery Date”), provided, that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company
has received the aggregate Exercise Price (other than in the case of a cashless exercise) on or before the Warrant ADS Delivery
Date. The Warrant Shares represented by the Warrant ADSs shall be deemed to have been issued, and Holder or any other person so
designated to be named therein shall be deemed to have become the holder of record of such Warrant Shares represented by the Warrant
ADSs for all purposes, as of the date the Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received by the Warrant
ADS Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise
by the second Trading Day following the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated
damages and not as a penalty, for each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of an ADS on the date
of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after the second Trading Day following such Warrant ADS Delivery Date
until such Warrant ADSs are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is
a participant in the FAST program so long as this Warrant remains outstanding and exercisable, if applicable. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s
primary Trading Market with respect to the ADS as in effect on the date of delivery of the Notice of Exercise. Notwithstanding
the foregoing, with respect to any Notice(s) of Exercise delivered on or prior to 12:00 p.m. (New York City time) on the Trading
Day prior to the Initial Exercise Date (“Pre-Closing Exercise Cut-Off”), and provided that the Initial Exercise
Date falls on a day on which the Company’s Registration Company, the TASE Clearing House and the Depository’s Custodian
all in Israel are open for regular business hours (“Pre-Closing Notice of Exercise”), which Pre-Closing Notice
of Exercise may be delivered at any time after the time of execution of the Purchase Agreement until the Pre-Closing Exercise Cut-Off,
the Company agrees to deliver the Warrant ADSs subject to such notice(s) by 4:00 p.m. (New York City time) on the Initial Exercise
Date and the Initial Exercise Date shall be the Warrant ADS Delivery Date for purposes hereunder.

 

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(ii) Delivery
of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder
and upon surrender of this Warrant certificate, at the time of delivery of the Warrant ADSs, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant ADSs called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

(iii) Rescission
Rights. If the Company fails to cause the Depositary to deliver to the Holder the Warrant ADSs pursuant to Section 2(d)(i)
by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise; provided, however, that the Holder
shall be required to return any Warrant ADSs or Ordinary Shares subject to any such rescinded exercise notice concurrently with
the return to Holder of the aggregate Exercise Price paid to the Company for such Warrant ADSs and the restoration of Holder’s
right to acquire such Warrant ADSs pursuant to this Warrant (including, issuance of a replacement warrant certificate evidencing
such restored right).

 

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

 

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

 

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

 

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

 

(e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and the Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance
after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates and any
other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, collectively, the
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below).  For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its Affiliates
and Attribution Parties shall include the number of Ordinary Shares underlying ADSs held by the Holder and its Attribution Parties
plus the number of Ordinary Shares underlying ADSs issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of Ordinary Shares underlying ADSs which would be issuable upon (i) exercise of the
remaining, unexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties
and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without
limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
contained herein that are beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set
forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and
the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to
any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares,
the Holder may rely on the number of outstanding Ordinary Shares as reflected in (x) the Company’s most recent Annual Report
on Form 20-F, Report on Form 6-K or other public filing with the Commission, as the case may be, (y) a more recent public announcement
by the Company or (z) any other written notice by the Company or the Depositary setting forth the number of Ordinary Shares outstanding. 
Upon the written or oral request of the Holder, the Company shall within one (1) Trading Day confirm orally and in writing or by
electronic mail to the Holder the number of Ordinary Shares then outstanding.  In any case, the number of outstanding Ordinary
Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Ordinary Shares was
reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of Ordinary Shares outstanding
immediately after giving effect to the issuance of Ordinary Shares issuable upon exercise of this Warrant. The Holder, upon notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the
Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Ordinary Shares outstanding immediately after giving
effect to the issuance of Ordinary Shares upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e)
shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the sixty first (61st)
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

 

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Section 3. Certain
Adjustments.

 

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

 

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

 

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

 

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(d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries,
taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition
of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares
(including any Ordinary Shares underlying ADSs) are permitted to sell, tender or exchange their shares for other securities, cash
or property and has been accepted by the holders of 50% or more of the outstanding Ordinary Shares (including any Ordinary Shares
underlying ADSs), (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Ordinary Shares or any compulsory share exchange pursuant to which the Ordinary Shares are effectively
converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more
related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation,
a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding Ordinary Shares (including any Ordinary Shares underlying
ADSs) (not including any ADSs and Ordinary Shares held by the other Person or other Persons making or party to, or associated or
affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each
a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the
right to receive, for each Warrant ADSs that would have been issuable upon such exercise immediately prior to the occurrence of
such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of
this Warrant), the number of shares of capital stock of the successor or acquiring corporation or of the Company, if it is the
surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result
of such Fundamental Transaction by a holder of a number of Ordinary Shares (including any Ordinary Shares underlying ADSs) equal
to the amount of Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination
of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
Consideration issuable in respect of one Ordinary Share or ADS, as applicable, in such Fundamental Transaction, and the Company
shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
different components of the Alternate Consideration. If holders of Ordinary Shares or ADSs are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to
the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the Holder’s
option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or,
if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder
by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion
of this Warrant on the date of the consummation of such Fundamental Transaction; provided, however, that if the Fundamental Transaction
is not within the Company's control, including not approved by the Company's Board of Directors, Holder shall only be entitled
to receive from the Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the
Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares
of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, share or any
combination thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of
consideration in connection with the Fundamental Transaction; provided, further, that if holders of Ordinary Shares of the Company
are not offered or paid any consideration in such Fundamental Transaction, such holders of Ordinary Shares will be deemed to have
received common equity of the Successor Entity (which Entity may be the Company following such Fundamental Transaction) in such
Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black Scholes Option Pricing
Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation
of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the
U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date, (B) an expected volatility equal to 100%, (C) the underlying price per share used in such calculation
shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration,
if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public
announcement of such Fundamental Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction
and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction
and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within
five (5) Trading Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). 
The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions
of this Section 3(d) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to
the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor
Entity (or its parent entity) equivalent to the Ordinary Shares or ADSs acquirable and receivable upon exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise
price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of
the Ordinary Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number
of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately
prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder.
Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that
from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company”
shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the
obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    9

     

    

 

(e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of an ADS, as the case may be. For
purposes of this Section 3, the number of Ordinary Shares or ADSs, as applicable, deemed to be issued and outstanding as of a given
date shall be the sum of the number of Ordinary Shares or ADSs, as applicable, (excluding treasury shares, if any) issued and outstanding.

 

(f) Notice
to Holder.

 

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

 

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

 

    10

     

    

 

Section 4. Transfer
of Warrant.

 

(a) Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant ADS issued upon exercise of this Warrant shall be sold,
transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction
that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately following
the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer
of any security:

 

i. by operation of law or by reason
of reorganization of the Company;

 

ii. to any FINRA member firm participating
in the offering and the officers and partners thereof, if all securities so transferred remain subject to the lock-up restriction
in this Section 4(a) for the remainder of the time period;

 

iii. if the aggregate amount of
securities of the Company held by the placement agent and related persons do not exceed 1% of the securities being offered;

 

iv. that is beneficially owned
on a pro-rata basis by all equity owners of an investment fund, provided that no participating member manages or otherwise directs
investments by the fund, and participating members in the aggregate do not own more than 10% of the equity in the fund; or

 

v. the exercise or conversion of
any security, if all securities received remain subject to the lock-up restriction in this Section 4(a) for the remainder of the
time period.

 

Subject to
the foregoing restriction, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable,
in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with
a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney-in-fact
and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required,
such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable,
and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder
has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within two (2) Trading
Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if
properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having a new
Warrant issued.

 

(b) New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney-in-fact. Subject to compliance with Section 4(a), as to any transfer which may be involved
in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or
Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the original Issue Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant ADSs issuable
pursuant thereto.

 

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

  

Section 5. Miscellaneous.

 

(a) No Rights
as Shareholder Until Exercise; No Settlement in Cash. Without prejudice to any adjustment provisions which are expressly set
forth in Section 3, it is clarified that and understood by the Holder that this Warrant does not entitle the Holder to any voting
rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i).
Without limiting the rights of a Holder to receive Warrant Shares on a “cashless exercise,” and to receive the cash
payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company be required to net cash settle an
exercise of this Warrant.

 

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

 

    11

     

    

 

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

 

(d) Authorized
Shares.

 

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

 

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

 

    12

     

    

 

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

 

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

 

(f) Restrictions.
The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

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

 

    13

     

    

 

(h) Notices.
Any and all notices or other communications or deliveries to be provided by the holders hereunder including, without limitation,
any Notice of Exercise, shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized
overnight courier service, addressed to the Company, at [__], Attention: [___], email address: [___], facsimile: [__], or such
other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and
all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally,
by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the facsimile
number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section prior to 5:30
p.m. (New York City time) on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or via e-mail at the e-mail address set forth in this Section on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (iii) the second Trading Day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom
such notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public
information regarding the Company or any subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Report on Form 6-K.

 

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

 

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

 

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

 

(l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand,
and the Holder of this Warrant, on the other hand.

 

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

 

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

 

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

 

(Signature Page Follows)

 

    14

     

    

 

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

 

	 	Kitov Pharma Ltd.
	 	 
	 	By:	    
	 	Name:	 
	 	Title:	 

 

    15

     

    

 

NOTICE OF EXERCISE

 

	To:	Kitov Pharma Ltd.

The
bank of new york mellon

 

(1) The undersigned hereby elects to purchase
________ Warrant ADSs of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2) Payment shall take the form of (check
applicable box):

 

		☐	in
lawful money of the United States; or

 

		☐	if
permitted the cancellation of such number of Warrant ADSs as is necessary, in accordance with the formula set forth in subsection
2(c), to exercise this Warrant with respect to the maximum number of Warrant ADSs purchasable pursuant to the cashless exercise
procedure set forth in subsection 2(c)..

 

(3) Please register and issue said Warrant
ADSs in the name of the undersigned or in such other name as is specified below: _______________________________

 

(4) The time of day this Notice of Exercise
is being executed is: _______________________________

 

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

 

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

 

Name of Authorized Signatory: ___________________________________________________________________

 

Title of Authorized Signatory: ____________________________________________________________________

 

Date: ________________________________________________________________________________________

 

    16

     

    

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 

        

        

	 	(Please Print)
	 	 
	Address:	

        

	 	(Please Print)
	Phone Number:	 
	Email Address:	 
	Dated:	_______________
    __, ______
	Holder’s Signature:
    ________________	 
	 	 
	Holder’s Address:
    ________________	 

 

NOTE: The signature
to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement
or any change whatsoever. Officers of corporations and those acting in a fiduciary or other representative capacity should file
proper evidence of authority to assign the foregoing Warrant.

 

 

17Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 4 TO CREDIT AGREEMENT

 

This Amendment
No. 4 to Credit Agreement, dated as of June 26, 2020 (this “Amendment”), is entered into by and among
Howmet Aerospace Inc., a Delaware corporation (“Howmet”), the Lenders (as defined below), Citibank, N.A. and
JPMorgan Chase Bank, N.A. (each, an Issuer with respect to the L/C Commitments under the Existing Credit Agreement referenced below),
Citibank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), and
JPMorgan Chase Bank, N.A., as syndication agent. Capitalized terms used but not otherwise defined herein have the meanings assigned
to such terms in the Existing Credit Agreement referenced below.

 

W
I T N E S S E T H:

 

WHEREAS, reference is
made to that certain Five-Year Revolving Credit Agreement, dated as of July 25, 2014 (as amended and extended by the letter agreement,
dated June 5, 2015, and as further amended pursuant to Amendment No. 1 to Credit Agreement, dated as of September 16, 2016, and
as further amended pursuant to Amendment No. 2 to Credit Agreement, dated as of June 29, 2018, and as further amended pursuant
to Amendment No. 3, dated as of March 4, 2020, the “Existing Credit Agreement”; the Existing Credit Agreement,
as amended by this Amendment, the “Credit Agreement”), among Howmet, the lenders and issuers from time to time
party thereto, the Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent;

 

WHEREAS, Howmet has requested
that the Existing Credit Agreement be amended on the terms and conditions set forth herein;

 

WHEREAS, Howmet has requested,
and the Lenders and the Administrative Agent have agreed, on the terms and conditions set forth herein, to make certain amendments
to the Existing Credit Agreement as provided herein;

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

Section
1.         
Definitions. Unless otherwise specifically defined herein, each term used herein (including in the recitals
above) that is defined in the Credit Agreement has the meaning assigned to such term in the Credit Agreement.

 

Section
2.         
Amendments to the Existing Credit Agreement upon the Amendment No. 4 Effective Date. Subject to the satisfaction
of the conditions set forth in Section 4 below, the parties hereto agree that the Existing Credit Agreement shall be amended, with
effect upon the Amendment No. 4 Effective Date (as defined in Section 4 below), as follows:

 

(a)               
Article I of the Existing Credit Agreement is hereby amended by amending Section 1.01 thereof to insert the following new
defined terms in their correct alphabetical order:

 

“Amendment
No. 4” shall mean Amendment No. 4 to this Agreement, dated as of June 26, 2020.

 

“Amendment
No 4. Effective Date” shall have the meaning assigned to such term in Amendment No. 4.

 

    

     

    

 

“Covenant
Relief Period” means the period commencing on June 30, 2020, and ending on (and including) the Covenant Relief Period
Termination Date.

 

“Covenant
Relief Period Termination Date” means the earlier of (a) December 31, 2021 and (b) the date on which the Administrative
Agent receives an Covenant Relief Period Termination Notice from Howmet; provided that, with respect to clause (b) hereof,
no Event of Default or Default shall have occurred and be continuing.

 

“Covenant
Relief Period Termination Notice” means a certificate of a Responsible Officer of Howmet (a) stating that Howmet irrevocably
elects to terminate the Covenant Relief Period effective as of the date set forth in such certificate (which date shall be no earlier
than the date of the certificate) delivered to the Administrative Agent and (b) certifying that (x) the Consolidated Net Debt to
Consolidated EBITDA as of the end of the fiscal quarter for the period of the four fiscal quarters of Howmet most recently ended
did not exceed 3.50 to 1.00 and (y) at the time of and immediately after the Covenant Relief Period Termination Date no Event of
Default or Default shall have occurred and be continuing.

 

“Existing
Preferred Stock” means the $3.75 Cumulative Preferred Stock, par value $100 per share of Howmet issued as of the Amendment
No. 4 Effective Date.

 

“Restricted
Payment” means (a) any dividend, distribution or any other payment (whether direct or indirect) on account of any stock
or equity interests of any Borrower or any of its Subsidiaries now or hereafter outstanding and (b) any redemption, retirement,
sinking fund or similar payment, purchase, repurchase or other acquisition for value (direct or indirect) of any stock or equity
interests of the Borrower or any of its Subsidiaries now or hereafter outstanding, in each case other than (v) with respect to
Existing Preferred Stock, (w) by any Subsidiary to another Subsidiary or any Borrower, (x) Restricted Payments by Howmet payable
solely in the common stock or other common equity interests of Howmet, (y) payments in lieu of the issuance of fractional shares
in connection with the exercise of warrants, options or other securities convertible into or exchangeable for stock and (z) repurchase
of equity interests upon the exercise of stock options if such equity interests represent a portion of the exercise price of such
stock options.

 

(b)           Article I of the Existing Credit Agreement is hereby amended by amending Section 1.01 thereof by amending and restating
the following defined terms in their entirety as follows:

 

“Applicable
Margin” shall mean:

 

(a) as of
any date of determination, other than during the Covenant Relief Period, a per annum rate equal to the rate set forth below opposite
the applicable Type of Loan and the Index Debt Ratings in effect on such date set forth below; provided, that in the event the
Index Debt Ratings fall within different categories, the Applicable Margin shall be based on the category corresponding to the
higher of such Index Debt Ratings, unless such Index Debt Ratings differ by two or more categories, in which case
the spreads shall be based upon the category one level below the category corresponding to the higher of such Index Debt Ratings;

 

    2

     

    

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt Ratings of at least BBB+ by S&P and/or Baa1 by Moody’s	Index Debt Ratings less than Category 1, but at least BBB by S&P and/or Baa2 by Moody’s	Index Debt Ratings less than Category 2, but at least BBB- by S&P and/or Baa3 by Moody’s.	Index Debt Ratings less than Category 3, but at least BB+ by S&P and/or Ba1 by Moody’s.	Index Debt Ratings less than Category 4, but at least  BB by S&P and/or Ba2 by Moody’s.	Index Debt Ratings equal to or lower than BB- by S&P and/or Ba3 by Moody’s.
	Applicable Margin for LIBOR Loans	1.015%	1.125%	1.325%	1.50%	1.70%	1.90%
	Applicable Margin for Base Rate Loans	0.015%	0.125%	0.325%	0.50%	0.70%	0.90%

 

(b) as of
any date of determination during the Covenant Relief Period, for the period through (and including) the fiscal quarter ending June
30, 2021, a per annum rate equal to the rate set forth below opposite the applicable Type of Loan and the Index Debt Ratings in
effect on such date set forth below; provided, that in the event the Index Debt Ratings fall within different categories, the Applicable
Margin shall be based on the category corresponding to the higher of such Index Debt Ratings, unless such Index Debt Ratings differ
by two or more categories, in which case the spreads shall be based upon the category one level below the category corresponding
to the higher of such Index Debt Ratings;

 

    3

     

    

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt Ratings of at least BBB+ by S&P and/or Baa1 by Moody’s	Index Debt Ratings less than Category 1, but at least BBB by S&P and/or Baa2 by Moody’s	Index Debt Ratings less than Category 2, but at least BBB- by S&P and/or Baa3 by Moody’s.	Index Debt Ratings less than Category 3, but at least BB+ by S&P and/or Ba1 by Moody’s.	Index Debt Ratings less than Category 4, but at least  BB by S&P and/or Ba2 by Moody’s.	Index Debt Ratings equal to or lower than BB- by S&P and/or Ba3 by Moody’s.
	Applicable Margin for LIBOR Loans	1.515%	1.625%	1.825%	2.00%	2.20%	2.40%
	Applicable Margin for Base Rate Loans	0.515%	0.625%	0.825%	1.00%	1.20%	1.40%

 

(c) as of any date of determination during the Covenant Relief Period, for the period
following the fiscal quarter ending June 30, 2021, a per annum rate equal to the rate set forth below opposite the applicable Type
of Loan and the Index Debt Ratings in effect on such date set forth below; provided, that in the event the Index Debt Ratings fall
within different categories, the Applicable Margin shall be based on the category corresponding to the higher of such Index Debt
Ratings, unless such Index Debt Ratings differ by two or more categories, in which case the spreads shall be based upon the category
one level below the category corresponding to the higher of such Index Debt Ratings:

 

	 	Category 1	Category 2	Category 3	Category 4	Category 5	Category 6
	 	Index Debt Ratings of at least BBB+ by S&P and/or Baa1 by Moody’s	Index Debt Ratings less than Category 1, but at least BBB by S&P and/or Baa2 by Moody’s	Index Debt Ratings less than Category 2, but at least BBB- by S&P and/or Baa3 by Moody’s.	Index Debt Ratings less than Category 3, but at least BB+ by S&P and/or Ba1 by Moody’s.	Index Debt Ratings less than Category 4, but at least  BB by S&P and/or Ba2 by Moody’s.	Index Debt Ratings equal to or lower than BB- by S&P and/or Ba3 by Moody’s.
	Applicable Margin for LIBOR Loans	1.265%	1.375%	1.575%	1.75%	1.95%	2.15%
	Applicable Margin for Base Rate Loans	0.265%	0.375%	0.575%	0.75%	0.95%	1.15%

 

“Commitment”
shall mean, with respect to each Lender, the commitment of such Lender to make Loans and acquire interests in Letters of
Credit as set forth in this Agreement in the aggregate principal amount not to exceed the amount set forth opposite such
Lender’s name on Schedule 2.01(a) or in any Assignment and Assumption or Accession Agreement pursuant to which such
Lender first becomes a Lender hereunder, as the same
may be terminated or reduced from time to time pursuant to Section 2.10 or Section 10.04(h), increased from time to time pursuant
to Section 2.20 or extended pursuant to Section 2.21. As of the Amendment No. 4 Effective Date, the aggregate amount of Commitments
is $1,000,000,000.

 

    4

     

    

 

(c)          Article VI of the Existing Credit Agreement is hereby amended by amending and restating Section 6.01(b) thereof in its entirety
as follows:

 

(b)       Notwithstanding
paragraph (a) of this Section 6.01 and in addition to the Liens permitted thereunder, each Borrower and any Restricted Subsidiary
may create or incur Liens which would otherwise be subject to the foregoing restrictions to secure Indebtedness for borrowed money
in an aggregate outstanding amount which does not at the time exceed (x) during the Covenant Relief Period, $400,000,000 (less
any amounts incurred by any Subsidiary under Section 6.06) or (y) at any time other than during the Covenant Relief Period, 10%
of the Consolidated Net Tangible Assets of Howmet and its consolidated Subsidiaries at such time.

 

(d)          Article VI of the Existing Credit Agreement is hereby amended by amending and restating Section 6.03 thereof in its entirety
as follows:

 

Section
6.03. Consolidated Net Leverage Ratio. Howmet shall not permit the ratio of Consolidated Net Debt to Consolidated EBITDA
as of the end of each fiscal quarter for the period of the four fiscal quarters of Howmet most recently ended, to be greater than
3.50 to 1.00; provided, however, that notwithstanding the foregoing, during the Covenant Relief Period, Howmet shall not permit
the ratio of Consolidated Net Debt to Consolidated EBITDA as of the end of each fiscal quarter for the period of the four fiscal
quarters of Howmet set forth below, to exceed the applicable level set forth below opposite such period under the heading “Consolidated
Net Debt to Consolidated EBITDA”:

 

	Fiscal Quarter Ending	Consolidated Net Debt to Consolidated EBITDA
	June 30, 2020	5.00 to 1.00
	September 30, 2020	5.00 to 1.00
	December 31, 2020	5.00 to 1.00
	March 31, 2021	5.25 to 1.00
	June 30, 2021	5.00 to 1.00
	September 30, 2021	4.50 to 1.00
	December 31, 2021	4.00 to 1.00

 

    5

     

    

 

(e)               
 Article VI of the Existing Credit Agreement is hereby amended by inserting, after Section 6.04 thereof, the following new
Section 6.05:

 

Section 6.05.
Restricted Payments. During the Covenant Relief Period, declare, order, pay, make, or permit any Subsidiary to declare,
order, pay or make, any Restricted Payment except for so long as there are no Revolving Credit Outstandings immediately prior to
or after giving effect to such Restricted Payment, in an aggregate amount not to exceed the sum of (x) $100,000,000 and (y) after
June 30, 2021, if the ratio of Consolidated Net Debt to Consolidated EBITDA after giving effect thereto on a pro forma basis is
less than or equal to 3.75 to 1.00, $150,000,000.

 

(f)                
Article VI of the Existing Credit Agreement is hereby amended by inserting, after Section 6.05 thereof, the following new
Section 6.06:

 

Section 6.06.
Subsidiary Indebtedness. During the Covenant Relief Period, permit any Subsidiary to directly or indirectly create, incur,
assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except in an aggregate
outstanding amount which does not at the time exceed $400,000,000 (less any amounts secured by any Borrower or Restricted Subsidiary
under Section 6.01(b)).

 

(g)               
Article VI of the Existing Credit Agreement is hereby amended by inserting, after Section 6.06 thereof, the following new
Section 6.07:

 

Section 6.07.
Accounts Receivable and Securitization. During the Covenant Relief Period, enter, or permit any Subsidiary to enter, into
any accounts receivable facility or similar financing facility or transaction (including any securitization or non-recourse accounts
receivable financing but excluding, for the avoidance of doubt, any supply chain financing) providing for the factoring, sale or
pledge of receivables or similar assets; provided, however, that the foregoing shall not apply to facilities or transactions
for which the aggregate outstanding amount of (x) any Indebtedness attributable thereto and (y) to the extent not included as a
liability on the consolidated balance sheet of Howmet and its Subsidiaries in accordance with GAAP, the amount of the financing
component for such facility or transaction that would appear on a balance sheet of such Person prepared on such date in accordance
with GAAP if such financing component were accounted for as Indebtedness incurred by such person, does not at the time exceed $500,000,000.
For purposes of determining compliance with this Section 6.07, the amount of any Indebtedness or obligation denominated in any
currency other than Dollars shall be calculated based on customary currency exchange rates in effect on the date on which such
Indebtedness or obligation was incurred.

 

(h)               
Article X of the Existing Credit Agreement is hereby amended by amending and restating Section 10.13 thereof in its entirety
as follows:

 

Section 10.13.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original but
all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 10.03. The
words “execution,” “execute,” “signature” and words of like import in this Agreement shall
be deemed to include electronic signatures, which shall be of
the same legal effect, validity or enforceability as a manually executed signature, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures
and Records Act or any other similar state laws based on the Uniform Electronic Transactions Act.

 

    6

     

    

 

Section
3.         
Reduction and Deemed Assignment of Commitments

 

(a)               
Subject to the terms and conditions set forth herein, upon the Amendment No. 4 Effective Date, each lender party hereto
hereby agrees to commit to provide its respective Commitment as set forth in Schedule 2.01(a) of Exhibit A hereto (which
shall be deemed to supersede and replace Schedule 2.01(a) of the Existing Credit Agreement on the Amendment No. 4 Effective Date)
(each lender listed on Schedule 2.01(a) of Exhibit A hereto, a “Lender”). Schedule 2.01(a) of Exhibit
A hereto shall be deemed to supersede and replace Schedule 2.01(a) of the Existing Credit Agreement upon the Amendment
No. 4 Effective Date; provided, that, in the event that, following the date hereof but prior to the occurrence of the Amendment
No. 4 Effective Date, any Commitments are assigned or changed pursuant to the Credit Agreement (other than as set forth above),
then upon the Amendment No. 4 Effective Date, the Administrative Agent shall make such changes to Schedule 2.01(a) of Exhibit
A hereto solely to the extent necessary to give effect to any such assignment or change and to the other provisions of this
Section 3(a).

 

(b)               
Each Issuer committed to providing L/C Commitments under the Existing Credit Agreement immediately prior to the effectiveness
of this Amendment shall continue to act in such capacity immediately following the effectiveness hereof. Schedule 2.01(b) of Exhibit
A hereto shall be deemed to supersede and replace Schedule 2.01(b) of the Existing Credit Agreement upon the Amendment
No. 4 Effective Date; provided, that, in the event that, following the date hereof but prior to the occurrence of the Amendment
No. 4 Effective Date, any L/C Commitments are changed pursuant to the Credit Agreement (other than as set forth above), then upon
the Amendment No. 4 Effective Date, the Administrative Agent shall make such changes to Schedule 2.01(b) of Exhibit A hereto
solely to the extent necessary to give effect to any such change and to the other provisions of this Section 3(b).

 

Section
4.         
Conditions Precedent to Amendment No. 4 Effective Date.

 

The amendments set forth
under Sections 2 and 3 herein shall be effective upon the date on which the following conditions precedent are satisfied (such
date, the “Amendment No. 4 Effective Date”):

 

(a)               
Amendment. The Administrative Agent shall have received counterparts of this Amendment, duly executed by Howmet,
the Lenders, each Issuer and the Administrative Agent.

 

(b)               
Fees and Expenses. The Administrative Agent shall have received all fees and other amounts due and payable on or
prior to the Amendment No. 4 Effective Date (including, without limitation, (x) consent fees payable to the Lenders pursuant to
Section 4(g) below and (y) fees and other amounts due and payable under Section 10.05 (Expenses; Indemnity) of the
Existing Credit Agreement).

 

(c)               
Corporate Documents. The Administrative Agent shall have received (i) a copy, including all amendments thereto,
of the charter of Howmet, certified as of a recent date by the Secretary of State or other appropriate official of its jurisdiction
of incorporation and a certificate as to the good standing of Howmet as of a recent date, from such Secretary of State or other
official; (ii) a certificate of the Secretary or Assistant Secretary of Howmet dated the Amendment No. 4 Effective Date and certifying
(A) that attached thereto is a true and complete copy of the by-laws of Howmet as in effect on the Amendment No. 4 Effective Date
showing all amendments thereto since the date of the resolutions described in clause (B) below, (B) that attached thereto is a
true and complete copy of resolutions duly adopted by the Board of Directors of Howmet authorizing the execution, delivery and
performance of this Amendment and the borrowings by Howmet hereunder, and that such resolutions have not been modified, rescinded
or amended and are in full force and effect, (C) that the charter of Howmet has not been amended since the date of the last amendment
thereto shown on the certificate of good standing furnished pursuant to clause (i) above and (D) as to the incumbency and specimen
signature of each officer executing this Amendment or any other document delivered in connection herewith on behalf of Howmet;
(iii) a certificate of another officer of Howmet as to the incumbency and specimen signature of the Secretary or Assistant Secretary
executing the certificate pursuant to clause (ii) above; and (iv) such other documents as the Lenders or Weil, Gotshal & Manges
LLP, counsel for the Administrative Agent may reasonably request; provided that the charter referenced in clause (i) above and
the bylaws referenced in clause (ii) shall not be required to be delivered to the extent the Secretary or Assistant Secretary
of Howmet certifies that such documents are unchanged since last delivered to the Administrative Agent.

 

    7

     

    

 

(d)               Representations
and Warranties. The representations and warranties set forth in Section 5 of this Amendment shall be true and correct
in all material respects (or in all respects if such representation or warranty is qualified by Material Adverse Effect or other
materiality qualifier) on and as of the Amendment No. 4 Effective Date with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date.

 

(e)               Conditions
Precedent Certificates. The Administrative Agent shall have received certificates dated the Amendment No. 4 Effective Date
and signed by a Financial Officer of Howmet confirming the satisfaction of the conditions precedent set forth in paragraph (d)
of this Section 4 and that as of the Amendment No. 4 Effective Date, no Event of Default or Default has occurred and is
continuing.

 

(f)                Responsible
Officer Certificates. The Administrative Agent shall have received certificates of a Responsible Officer of Howmet, each dated
the Amendment No. 4 Effective Date and stating that (i) except as previously disclosed, Howmet and each of its Subsidiaries have
complied in all respects with all Federal, state, local and foreign statutes, ordinances, orders, judgments, rulings and regulations
relating to environmental pollution or to environmental regulation or control except to the extent any such failure so to comply
would not, alone or together with any other such failure, be reasonably likely to result in a Material Adverse Effect; (ii) neither
Howmet nor any of its Subsidiaries has received notice of any failure so to comply which alone or together with any other such
failure would be reasonably likely to result in a Material Adverse Effect; and (iii) the plants of Howmet and its Subsidiaries
do not manage any hazardous wastes, toxic pollutants or substances similarly denominated in violation of any applicable law or
regulations promulgated pursuant thereto including, for operations within the United States, the Resource Conservation and Recovery
Act, the Comprehensive Environmental Response Compensation and Liability Act, the Hazardous Materials Transportation Act, the
Toxic Substance Control Act, the Clean Air Act, the Clean Water Act or any other applicable law, where such violation would be
reasonably likely to result, individually or together with any such other violations, in a Material Adverse Effect.

 

(g)               Consent
Fee. The Administrative Agent shall have received a consent fee, for the account of each applicable Lender (including Citibank,
N.A.) consenting to this Amendment (each, a “Consenting Lender”), in an amount equal to 0.15% of such Consenting
Lender’s Commitment as set forth on Exhibit A to this Amendment (“Exhibit A”), payable on the Amendment
No. 4 Effective Date.

 

    8

     

    

 

Section
5.         
Representations and Warranties. To induce the Administrative Agent and the Lenders party hereto to enter into
this Amendment, Howmet hereby represents and warrants to the Administrative Agent and the Lenders, that:

 

(a)               
 Authorization. Howmet has the power and authority, corporate or otherwise, to execute, deliver and carry out the
provisions of this Amendment, or to become a party to this Amendment in accordance with the terms hereof and to perform its obligations
hereunder and under the Credit Agreement as modified hereby, and all such action has been duly and validly authorized by all necessary
proceedings, corporate or otherwise, on its part.

 

(b)               
Enforceability. This Amendment has been duly executed and delivered by Howmet and this Amendment and the Credit Agreement
as modified hereby constitute the legal, valid and binding obligations of Howmet, enforceable in accordance with their respective
terms, except as limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’
rights or by general principles of equity limiting the availability of equitable remedies.

 

(c)               
Governmental Approvals. No authorization, consent, approval, license, exemption or other action by, and no registration,
qualification, designation, declaration or filing with, any Governmental Authority (other than filings under the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder) is necessary in connection with Howmet’s
execution and delivery of this Amendment, the consummation by Howmet of the transactions contemplated hereby or Howmet’s
performance of or compliance with the terms and conditions hereof or of the Credit Agreement as modified hereby.

 

(d)               
No Conflict. None of the execution and delivery by Howmet of this Amendment, the consummation by Howmet of the transactions
contemplated hereby or the performance by Howmet of or compliance by Howmet with the terms and conditions hereof or of the Credit
Agreement as modified hereby will (a) violate any law, constitution, statute, treaty, regulation, rule, ordinance, order, injunction,
writ, decree or award of any Governmental Authority to which it is subject, (b) conflict with or result in a breach or default
under its charter or Memorandum and Articles of Association or by-laws (or equivalent organizational or governing documents), as
applicable, (c) conflict with or result in a breach or default which is material in the context of this Amendment under any agreement
or instrument to which Howmet is a party or by which it or any of its properties, whether now owned or hereafter acquired, may
be subject or bound or (d) result in the creation or imposition of any Lien prohibited by Section 6.01 of the Credit Agreement
upon any property or assets, whether now owned or hereafter acquired, of Howmet.

 

(e)               
No Default; Representations and Warranties. On and as of the Amendment No. 4 Effective Date, (i) no Default or Event
of Default has occurred and is continuing and (ii) the representations and warranties of Howmet set forth in the Loan Documents
are true and correct in all material respects (or in all respects if such representation or warranty is qualified by Material Adverse
Effect or other materiality qualifier) with the same effect as though made on and as of the date hereof, except to the extent that
any such representation or warranty specifically refers to an earlier date, in which case such representation or warranty is true
and correct in all material respects (or in all respects if such representation or warranty is qualified by Material Adverse Effect
or other materiality qualifier) as of such earlier date.

 

Section
6.         
Reference to and Effect on the Existing Credit Agreement.

 

(a)               
From the Amendment No. 4 Effective Date (i) this Amendment and the Existing Credit Agreement shall be construed as a single
instrument and (ii) each reference in the Existing Credit Agreement to “the Credit Agreement”, “this Agreement”,
 “hereunder”, “hereof” or words of like import, and each reference in each of the other Loan Documents to
 “the Credit Agreement”, “thereunder”, “thereof” or words of like import, shall mean and be
a reference to the Credit Agreement as amended hereby.

 

(b)               
Except as expressly set forth in this Amendment, all of the terms and provisions of the Existing Credit Agreement, each
other Loan Document, and all other instruments and agreements executed in connection therewith are and
shall remain in full force and effect and are hereby reaffirmed, ratified and confirmed, and the Borrowers shall continue to be
bound by all of such terms and provisions.

 

    9

     

    

 

(c)               
Except with respect to the subject matter hereof, the execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision
of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith.

 

(d)               
This Amendment is a Loan Document under (and as defined in) the Credit Agreement.

 

Section
7.         
Miscellaneous.

 

(a)               
Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO ANY CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD CALL FOR THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.
SECTION 10.11 AND 10.15 OF THE CREDIT AGREEMENT ARE HEREBY INCORPORATED BY REFERENCE INTO THIS AMENDMENT AND SHALL APPLY HERETO.

 

(b)               
Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and
are not to affect the construction of, or to be taken into consideration in interpreting, this Amendment.

 

(c)               
Counterparts. This Amendment may be executed in two or more counterparts, each of which shall constitute an original
but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 10.03
of the Credit Agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile, PDF or any other
electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed
counterpart of this Amendment. The words “execution,” “execute,” “signature” and words of like
import in this Agreement shall be deemed to include electronic signatures, which shall be of the same legal effect, validity or
enforceability as a manually executed signature, to the extent and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act or any other
similar state laws based on the Uniform Electronic Transactions Act.

 

[Signature
Pages Follow]

 

    10

     

    

  

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first
above written.

 

 

	 	HOWMET AEROSPACE INC.
	 
	 	By:	 /s/ Peter Hong
	 	 	Name:	Peter Hong
	 	 	Title:	Vice President and Treasurer

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	CITIBANK, N.A.,
	 	individually as a Lender, as an Issuer and as Administrative Agent
	 
	 	By:	/s/ Michael Vondriska
	 	 	Name:	Michael Vondriska
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	JPMorgan Chase Bank,
    N.A., as a Lender and as an Issuer
	 
	 	By:	/s/ James Shender
	 	 	Name:	James Shender
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	ABN Amro capital
    usa llc, as a Lender
	 
	 	By:	 /s/ Jamie Matos
	 	 	Name:	Jamie Matos
	 	 	Title:	Director
	 
	 
	 	ABN Amro capital
    usa llc, as a Lender
	 
	 	By:	 /s/ Amit Wynalda
	 	 	Name:	Amit Wynalda
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Bank of montreal,
    as a Lender
	 
	 	By:	 /s/ Joshua Hovermale
	 	 	Name:	Joshua Hovermale
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	BNP paribas,
    as a Lender
	 
	 	By:	 /s/ Nicolas Anberree
	 	 	Name:	Nicolas Anberree
	 	 	Title:	Director
	 
	 
	 	BNP paribas,
    as a Lender
	 
	 	By:	 /s/ Claudia Zarate
	 	 	Name:	 Claudia Zarate
	 	 	Title:	Managing Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	CREdit suisse ag,
    cayman islands branch, as a Lender
	 
	 	By:	 /s/ Judith Smith
	 	 	Name:	Judith Smith
	 	 	Title:	Authorized Signatory
	 
	 
	 	By:	/s/ Michael Dieffenbacher
	 	 	Name:	Michael Dieffenbacher
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	fifth third bank,
    national association, as a Lender
	 
	 	By:	 /s/ Michael S. Barnett
	 	 	Name:	 Michael S. Barnett
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	GOLDMAN SACHS BANK USA, as a Lender
	 
	 	By:	/s/ Jamie Minieri
	 	 	Name:	 Jamie Minieri
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Intesa Sanpaolo S.p.A.
    - New York Branch, as a Lender
	 
	 	By:	/s/ Alessandro Toigo
	 	 	Name:	Alessandro Toigo
	 	 	Title:	 Head of Corporate Desk
	 
	 
	 	By:	/s/ William Denton
	 	 	Name:	William Denton
	 	 	Title:	Global Relationship Manager

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Mizuho Bank, Ltd.,
    as a Lender
	 
	 	By:	 /s/ Donna DeMagistris
	 	 	Name:	Donna DeMagistris
	 	 	Title:	 Executive Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Morgan Stanley Bank,
    N.A., as a Lender
	 
	 	By:	 /s/ Jacob Dowden
	 	 	Name:	Jacob Dowden
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	MUFG Bank, Ltd.,
    as a Lender
	 
	 	By:	 /s/ Liwei Liu
	 	 	Name:	 Liwei Liu
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	PNC Bank, National
    Association, as a Lender
	 
	 	By:	 /s/ Joseph McElhinny
	 	 	Name:	Joseph McElhinny
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Sumitomo Mitsui Banking
    Corporation, as a Lender
	 
	 	By:	/s/ Jun Ashley
	 	 	Name:	Jun Ashley
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	TD Bank, N.A.,
    as a Lender
	 
	 	By:	/s/ Maciej Niedzwiecki
	 	 	Name:	 Maciej Niedzwiecki
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Truist Bank,
    as a Lender
	 
	 	By:	/s/ Matthew J. Davis
	 	 	Name:	Matthew J. Davis
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

 

 

	 	U.S. Bank National
Association, as a Lender
	 	 
	 	By:	/s/ Patrick McGraw
	 	 	Name:	Patrick McGraw
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Citizens Bank,
N.A., as a Lender
	 	 
	 	By:	/s/ Eric J. Grasso
	 	 	Name:	Eric J. Grasso
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	ING Bank N.V.,
Dublin Branch, as a Lender
	 	 
	 	By:	/s/ Sean Hassett
	 	 	Name:	Sean Hassett
	 	 	Title:	Director

 

	 	By:	/s/ Cormac Langford
	 	 	Name:	Cormac Langford
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	The Bank of
Nova Scotia, as a Lender
	 	 
	 	By:	/s/ Kevin McCarthy
	 	 	Name:	Kevin McCarthy
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	The Huntington
National Bank, as a Lender
	 	 
	 	By:	/s/ Marcel Fournier
	 	 	Name:	Marcel Fournier
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Banco Bradesco
S.A., New York Branch, as a Lender
	 	 
	 	By:	/s/ Fabiana G. Paes de Barros
	 	 	Name:	Fabiana G. Paes de Barros
	 	 	Title:	Manager

 

	 	By:	/s/ Sonia Bettancourt
	 	 	Name:	Sonia Bettancourt
	 	 	Title:	Coordinator

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	M&T Bank,
as a Lender
	 	 
	 	By:	/s/ Shafiul Alam
	 	 	Name:	Shafiul Alam
	 	 	Title:	Vice President

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Nomura Corporate
Funding Americas, LLC, as a Lender
	 	 
	 	By:	/s/ Andrew Keith
	 	 	Name:	Andrew Keith
	 	 	Title:	Executive Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Riyad Bank,
Houston Agency, as a Lender
	 	 
	 	By:	/s/ Michael Meiss
	 	 	Name:	Michael Meiss
	 	 	Title:	General Manager

 

	 	By:	/s/ Roxanne Crawford
	 	 	Name:	Roxanne Crawford
	 	 	Title:	Vice President, Administrative Officer

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Standard Chartered
Bank, as a Lender
	 	 
	 	By:	/s/ James Beck
	 	 	Name:	James Beck
	 	 	Title:	Associate Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	The Bank of
New York Mellon, as a Lender
	 	 
	 	By:	/s/ William M. Feathers
	 	 	Name:	William M. Feathers
	 	 	Title:	Director

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

	 	Westpac Banking
Corporation, as a Lender
	 	 
	 	By:	/s/ Stuart Brown
	 	 	Name:	Stuart Brown
	 	 	Title:	Tier Two Attorney

 

[Signature
Page to Amendment No. 4 to Credit Agreement]

 

    

     

    

 

EXHIBIT A

 

[Amendments to Schedules to Credit Agreement]

 

    

     

    

 

SCHEDULE 2.01(a)

TO CREDIT AGREEMENT

 

LENDERS AND COMMITMENTS

 

	Lender	Commitment
	Citibank N.A.	$56,666,666.68
	JPMorgan Chase Bank, N.A.	$56,666,666.68
	ABN Amro Capital USA LLC	$43,333,333.33
	Bank of Montreal	$43,333,333.33
	BNP Paribas	$43,333,333.33
	Credit Suisse AG, Cayman Islands Branch	$43,333,333.33
	Fifth Third Bank, National Association	$43,333,333.33
	Goldman Sachs Bank USA	$43,333,333.33
	Intesa Sanpaolo S.p.A.- New York Branch	$43,333,333.33
	Mizuho Bank, Ltd.	$43,333,333.33
	Morgan Stanley Bank, N.A.	$43,333,333.33
	MUFG Bank, Ltd.	$43,333,333.33
	PNC Bank, National Association	$43,333,333.33
	Sumitomo Mitsui Banking Corporation	$43,333,333.33
	TD Bank, N.A.	$43,333,333.33
	Truist Bank	$43,333,333.33
	U.S. Bank National Association	$43,333,333.33
	Citizens Bank, N.A.	$30,000,000.00
	ING Bank N.V., Dublin Branch	$30,000,000.00
	The Bank of Nova Scotia	$30,000,000.00
	The Huntington National Bank	$30,000,000.00
	Banco Bradesco S.A., New York Branch	$16,666,666.67
	M&T Bank	$16,666,666.67
	Nomura Corporate Funding Americas, LLC	$16,666,666.67
	Riyad Bank, Houston Agency	$16,666,666.67
	Standard Chartered Bank	$16,666,666.67
	The Bank of New York Mellon	$16,666,666.67
	Westpac Banking Corporation	$16,666,666.67
	Total	$1,000,000,000

 

    

     

    

 

SCHEDULE 2.01(b)

TO CREDIT AGREEMENT

 

ISSUERS AND L/C COMMITMENTS

 

	Issuing Bank	Commitment
	Citibank, N.A.	$200,000,000
	JPMorgan Chase Bank, N.A.	$200,000,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00311-of-00352.parquet"}]]