Document:

Exhibit 4.9

      

      

      

      

    

    

    ________________________________

    

    

    CHECK-CAP LTD.

    

    

    COMPENSATION POLICY FOR EXECUTIVE OFFICERS AND DIRECTORS

    

    

    ________________________________

    

    

    
      
        	

              	1.	
                Purpose

              

      

    

    

    

    This Compensation Policy (the “Policy”) constitutes the Compensation Policy (as such term is defined in the Companies Law) of Check-Cap Ltd. (the “Company”) with respect to the determination of Terms of Office and Engagement of Office Holders (as such term is defined in the Companies Law), if and to the extent such determination is required by the Companies
      Law be made pursuant to the Compensation Policy.

    

    

    
      
        	

              	2.	
                Definitions; Construction

              

      

    

    

    

    
      
        	2.1.	
                “Affiliate” of any Person, shall mean any other Person that, directly or indirectly through one or more intermediaries, is controlled by such Person, and the term “control” (including the terms
                  “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by
                  contract or otherwise. 

              

      

    

    

    

    
      
        	2.2.	
                “Applicable Law” shall mean any applicable law, rule, regulation, statute, extension order, judgment, order or decree of any federal, state or local governmental, regulatory or adjudicative
                  authority or agency, of any jurisdiction, and the rules and regulations of any stock exchange or trading or quotation system on which the securities of the Company are then traded, listed or quoted. 

              

      

    

    

    

    
      
        	2.3.	
                “Board” means the Board of Directors of the Company. 

              

      

    

    

    

    
      
        	2.4.	
                “CEO” means the Chief Executive Officer of the Company

              

      

    

    

    

    
      
        	2.5.	
                “Committee” means the Compensation Committee of the Board, within the meaning of the Companies Law. 

              

      

    

    

    

    
      
        	2.6.	
                “Companies Law” means the Israeli Companies Law, 5759-1999 together with the regulations promulgated thereunder, all as amended from time to time. 

              

      

    

    

    

    
      
        	2.7.	
                “Director” means any member of the Board of Directors of the Company.

              

      

    

    

    

    
      
        	2.8.	
                “Executive” means any Office Holder who does not serve solely as a director.

              

      

    

    

    

    
      
        	2.9.	
                “External Director” means as set forth in the Companies Law.

              

      

    

    

    

    
      
        	2.10.	
                “Office Holders” means as set forth in the Companies Law, regardless of whether such Office Holder is employed by the Company or an Affiliate thereof.

              

      

    

    

    

    
      
        	2.11.	
                “Person” means (whether or not a capitalized term) any individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, estate,
                  unincorporated organization or other entity. 

              

      

    

    

    

    
      
        	2.12.	
                “Terms of Office and Engagement” means as defined in the Companies Law. 

              

      

    

    

    

    
      
        

    

    
    

    

    
      
        	2.13.	
                Terms not otherwise defined herein shall have the meaning ascribed to them in the Companies Law, unless the context dictates otherwise. To the extent any provision herein conflicts with the conditions of any Applicable Law, the
                  provisions of the Applicable Law shall prevail over this Policy and the Board is empowered hereunder to interpret and enforce such prevailing provisions.  Whenever the context may require, any pronoun shall include the corresponding
                  masculine, feminine and neuter forms.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.  References to any law or regulation, rule or ordinance, including any section or
                  other part thereof, shall refer to that as amended from time to time and shall include any successor law.  The use of captions and titles in this Policy is for the convenience of reference only and shall not affect the meaning of any
                  provision of this Plan.

              

      

    

    

    

    
      
        	2.14.	
                Nothing in this Policy shall confer upon any person, including, any Office Holder, any rights, entitlements, benefits or remedies whatsoever, including any right or entitlement to any compensation, remuneration or benefits of any kind
                  or nature or to interfere with or limit in any way the right and authority of the Company or any its Affiliates to determine any compensation, remuneration or benefits or to terminate the service or employment of any Office Holder.  The
                  Terms of Office and Engagement of an Office Holder shall only be as set in an agreement between such Office Holder and the Company or its Affiliates or in a written undertaking of the Company or its Affiliates or in a resolution of the
                  relevant organ of the Company or such Affiliate setting forth the Terms of Office and Engagement and their applicability to the relevant Office Holder, and, in each case, as prescribed by Applicable Law.  No representation or warranty is
                  made by the Company in adopting this Policy, and no custom or practice shall be inferred from this Policy or the implementation thereof, which is specific and applied on a case-by-case basis.

              

      

    

    

    

    
      
        	2.15.	
                To the extent that an Office Holder’s engagement or service is effected pursuant to an agreement between the Company or any Affiliate thereof, on the one hand, and an Affiliate of the Office Holder, on the other hand, then this Policy
                  shall apply, mutatis mutandis, to the same extent as if the service or engagement would have been made pursuant to an agreement with the Office Holder personally.  To the extent that an Office
                  Holder’s engagement or service (including, a Director in his capacity as such or in other capacities) is not through employment relations with the Company or any Affiliate thereof then this Policy shall apply, mutatis mutandis.

              

      

    

    

    

    
      
        	2.16.	
                This Policy shall not apply, and shall have no effect with respect to or derogate from, any Terms of Office and Engagement of any Office Holder which are in effect prior to the date of adoption of this Policy.

              

      

    

    

    

    
      
        	2.17.	
                To the extent that after the date on which this Policy is approved in accordance with the Companies Law relief is granted as to the mandatory or minimum requirements prescribed by Applicable Law to be included in a Compensation Policy
                  as of the date hereof, or any limitation contained in this Policy is more stringent than that required by Applicable Law, than such relief or less stringent limitation shall be deemed incorporated by reference into this Policy
                  notwithstanding anything else to the contrary, unless otherwise determined by the Board.

              

      

    

    

    

    
      
        	

              	3.	
                Administration

              

      

    

    

    

    
      
        	3.1.	
                To the extent permitted under the Companies Law, this Policy shall be administered by the Board, unless and to the extent an action necessary for the administration of this Policy is required under the Companies Law to be taken by the
                  Committee (and in any such event, all references herein to the Board shall be construed as references to the Committee).

              

      

    

    

    

    
      
        	3.2.	
                Subject to the terms and conditions of this Policy and any mandatory provisions of Applicable Law, and in addition to the Board’s powers provided elsewhere in this Policy and by the Companies Law, the Board shall have full authority in
                  its discretion, from time to time and at any time, to determine any of the following: 

              

      

    

    

    

    
      
        	

              	(a)      

              	
                to interpret the Policy;

              

      

    

    

    

    
      2

      
        

    

    

    

    
      
        	

              	(b)     

              	
                prescribe, amend and rescind rules and regulations relating to and for carrying out the Policy, as it may deem appropriate; and 

              

      

    

    

    

    
      
        	

              	(c)     

              	
                any other matter which is necessary or desirable for, or incidental to, the administration of the Policy and any determination made pursuant thereto. 

              

      

    

    

    

    
      
        	4.	
                General Considerations

              

      

    

    

    

    
      
        	4.1.	
                This Policy is made, and the Terms of Office and Engagement determined pursuant hereto shall be determined, on the basis of various considerations, including those listed below.

              

      

    

    

    

    
      
        	

              	  4.1.1.	
                The Compensation Policy was designed, among other things, to ensure the Company’s ability to recruit and retain the highly talented management personnel that have appropriate qualifications is one of the key elements to the Company. 
                  The Company believes that in order to attract and retain competent and skilled Office Holders that would support the efforts to create shareholder value, the levels of Terms of Office and Engagement should generally be within a range of
                  between average and above average levels in comparable companies.  In certain circumstances, in order to attract unique talents that are considered by the Company as such, the Terms of Office and Engagement may exceed the above levels.

              

      

    

    

    

    
      
        	

              	  4.1.2.	
                Promoting the Company’s objectives, its business plan and its long-term strategy.  The Company believes that attracting and retaining Office Holders that have appropriate qualifications is one of the key elements to the Company's
                  success. In order to attract and retain Office Holders that possess skills, experience, professional capabilities and motivation that would support the Company’s efforts to increase shareholder value, the Terms of Office and Engagement
                  under which such Office Holders are retained should be competitive, should reflect the anticipated contribution of such Office Holders to the Company and its business, should reflect the scope of authority and responsibilities of the
                  Office Holder and should create adequate incentives for such Office Holders to dedicate their full attention, skills and efforts to the success and growth of the Company. 

              

      

    

    

    

    
      
        	

              	  4.1.3.	
                Creating appropriate incentives to the Company’s Office Holders, considering, among other factors, the Company’s risk management policy.  In this respect, the Company will strive to create balanced compensation arrangements under which
                  an Office Holder will be motivated to contribute to the achievement of corporate targets by creating a link between performance and compensation.  On the other hand, attention will be given to the need to allocate an appropriate portion
                  to compensation that is not based on performance with a view to maintaining caution as to the tolerance of risk management.  In addition, the Company believes that the Terms of Office and Engagement should reflect a balance between
                  short-term and long-term achievements, between personal performance of an Office Holder and performance of the Company or specific divisions or regions of the Company, between past performance and future performance and taking into
                  account various other considerations that are appropriate in each individual case.  Moreover, the Company believes that the Terms of Office and Engagement of each Office Holder are both a reflection of the Company’s general policies and
                  the individual circumstances relating to the retention of such Office Holder, and therefore, there may be variations between the Terms of Office and Engagement of different Office Holders.

              

      

    

    

    

    
      
        	

              	  4.1.4.	
                The size of the Company and the nature of its operations.  The Company is a clinical stage medical diagnostics company engaged in the development of an ingestible imaging capsule that utilizes low-dose X-rays for the screening for
                  colorectal cancer.  In addition, the Company operates in an environment and markets that are dynamic and are continuously in flux offering multiple and different challenges.  Accordingly, in connection with the determination of the Terms
                  of Office and Engagement of each Office Holder, appropriate attention should be given to the particular circumstances and challenges of such Office Holder.

              

      

    

    

    

    
      
        	

              	  4.1.5.	
                The Terms of Office and Engagement of an Office Holder should generally be determined after consideration is given to the terms offered to comparable Office Holders in comparable companies, to the extent such information is readily
                  available, with a view to the Company’s ability to offer competitive terms and retain competent and capable Office Holders.

              

      

    

    

    

    
      3

      
        

    

    

    

    
      
        	4.2.	
                The Terms of Office and Engagement of an Office Holder may include a combination of various components, such as: salary and auxiliary payments and benefits, bonuses, equity or equity-linked awards, expense reimbursement, insurance,
                  exculpation and indemnification, and compensation and benefits mandated by Applicable Law.  In each instance, the appropriate components should be considered, and not necessarily all of the above mentioned components need be included.

              

      

    

    

    

    
      
        	

              	5.	
                Specific Considerations in the determination of Terms of Office and Engagement With a view to achieving the general
                  purpose and intent of the considerations as set forth in Section 4, the Terms of Office and Engagement of an Office Holder shall be predominantly based on the following considerations:

              

      

    

    

    

    
      
        	5.1.	
                The education, qualification, skills, expertise, professional experience, accomplishments, references, reputation and achievements of the Office Holder; 

              

      

    

    

    

    
      
        	5.2.	
                If applicable, the experience, references, reviews, achievements and sustained performance of the Office Holder overtime with the Company and its Affiliates;

              

      

    

    

    

    
      
        	5.3.	
                The seniority, tenure and duration of employment with or service to the Company or its Affiliates;

              

      

    

    

    

    
      
        	5.4.	
                The job function, organizational level, position and areas of and scope of responsibility and authority of the Office Holder;

              

      

    

    

    

    
      
        	5.5.	
                The obligations, responsibilities, roles and objectives imposed on such Office Holder under Applicable Law;

              

      

    

    

    

    
      
        	5.6.	
                The need to retain Office Holders who have relevant skills, know-how or unique expertise;

              

      

    

    

    

    
      
        	5.7.	
                Prior Terms of Office and Engagement with the Company and its Affiliates or previous employers;

              

      

    

    

    

    
      
        	5.8.	
                The then current and prospective condition of the Company’s business, affairs, budget, operations, activities, liabilities, financial results, plans and strategy;

              

      

    

    

    

    
      
        	5.9.	
                Geographical location and region of activity, and the then common employment or compensation practices in the industry and/or the relevant geographical location, region of activity or jurisdiction;

              

      

    

    

    

    
      
        	5.10.	
                The terms of compensation of other groups of employees of the Company and its Affiliates that are determined to be relevant;

              

      

    

    

    

    
      
        	5.11.	
                The employment or compensation practices of comparable companies.  The extent to which reference to comparable companies shall be required, as well as the parameters for determination of the identity of the companies which are
                  comparable, shall be examined in each instance.  Such parameters may include: the field of operation or industry, public or privately held companies, size, local or global operations, business condition, numbers of years of operations and
                  jurisdiction of incorporation or of the executive headquarters;

              

      

    

    

    

    
      
        	5.12.	
                Intra-organizational implications, including impact on other relevant employees of the Company and its Affiliates;

              

      

    

    

    

    
      
        	5.13.	
                The ratio between the cost of the Terms of Office and Engagement of the Office Holder and the total cost of salary (as such term is defined in the Companies Law) of other employees of the Company, and specifically the average and
                  median total cost of salary (as such term is defined in the Companies Law) of other employees of the Company, including for purposes of this section those engaged through manpower companies, and the effect of such differences on the
                  employment environment in the Company;

              

      

    

    

    

    
      
        	5.14.	
                If the Terms of Office and Engagement include variable components, inclusion of provisions reducing variable components, and setting a limit on the exercise value of an equity variable component, all at the Board’s discretion;

              

      

    

    

    

    
      
        	5.15.	
                If the Terms of Office and Engagement include termination benefits, the period of employment or service of the Office Holder, the Office Holder’s Terms of Office and Engagement during such period, the performance of the Company (or the
                  applicable Affiliate or division) during such period, the Office Holder’s contribution towards the Company’s achievement of its goals and maximizing its profits, and the circumstances of termination;

              

      

    

    

    

    
      4

      
        

    

    

    

    
      
        	5.16.	
                If the Terms of Office and Engagement include equity or equity-linked components, the value thereof and the anticipated incentive associated with such components;

              

      

    

    

    

    
      
        	5.17.	
                Any requirements prescribed by the Companies Law, U.S. securities laws and NASDAQ rules, and any other Applicable Law, from time to time;

              

      

    

    

    

    
      
        	5.18.	
                General goals and objectives of the Company (or if applicable, the relevant Affiliate or division) and incentivizing the Office Holder to reach and achieve these goals;

              

      

    

    

    

    
      
        	5.19.	
                The specific goals or targets defined for the Executive or for which such Executive is recruited or retained and incentivizing the Office Holder to reach and achieve these goals; and

              

      

    

    

    

    
      
        	5.20.	
                Such other considerations as are deemed relevant or applicable in the circumstances.

              

      

    

    

    

    The relevancy and applicability of the foregoing considerations shall be weighed in each particular instance, taking into account that the Company is or will be, in the relatively near future,
      operating in various jurisdictions, each of which may differ significantly in the norms of its employment practices.

    

    

    The determination shall be made on the basis of all or part of the foregoing considerations and the weight of any particular consideration shall be as determined in the particular instance and based on
      the specific circumstances.

    

    

    The Company may, but shall not be required to, obtain advice from advisors and professionals for the purpose of assessing and determining the above considerations as the Company deems necessary,
      including, for the purpose of gathering relevant data, market research, labor practices and economic/cost analysis.

    

    

    
      
        	

              	6.	
                Components of Terms of Office and Engagement of an Executive

              

      

    

    

    

    The Terms of Office and Engagement of an Executive may include a combination of all or any part of the following components.  In each instance, consideration shall be given as to which components are
      appropriate and their respective weight.  Any deviation of up to 10% from the ratios and caps set forth in this policy shall not be deemed as a deviation from this Policy.

    

    

    The ratio between the cost of the Terms of Office and Engagement of an Executive to the median and average cost of salary (as such term is defined in the Companies Law) of other employees of the
      Company (including, for such purpose, those engaged through manpower companies), shall not exceed the ratios detailed in the following table:

    

    

    	
            Rank

          	 	
            Ratio between Cost of Terms of Office and Engagement of an Executive to the Median Cost of Salary

          	 	 	
            Ratio between Cost of Terms of Office and Engagement of an Executive to the Average Cost of Salary

          	 
	
            CEO

          	 	 	
            25

          	 	 	 	
            25

          	 
	
            Executive Other than CEO

          	 	 	
            20

          	 	 	 	
            20

          	 

    

    

             6.1.             Fixed Compensation

    

    

    
      
        	

              	     6.1.1.	
                Base Salary

              

      

    

    

    

    
      
        
          	

                	       6.1.1.1.	
                  
                    The base salary of an Executive shall be determined during the course of negotiations for his employment in the Company, conducted by the person who will directly supervise him (for the CEO, the Chairman
                      of the Board, and for the other Executives, the CEO).  The base salary will be determined personally for each Executive and shall express the skills of the candidate (including, among other things, his education, expertise,
                      professional experience), his achievements, suitability with the intended position job requirements and the conditions in the relevant market for similar positions in similar companies, on the recruitment date.  The annual gross base
                      salary (i.e., excluding any benefits and entitlements) shall not exceed US$450,000 for the CEO and US$330,000 for Executives other than the CEO.  The Executives’ salary may be linked to any relevant index.

                  

                

        

      

      

      

    

    
      5

      
        

    

    

    

    
      
        	

              	       6.1.1.2.	
                In order to retain Executives, the Executives’ base salary shall be reviewed annually, taking into consideration the challenges of the given year and the following year, the complexity of the Executives’ roles, their scope and
                  importance to the Company’s performance, all based upon the general considerations specified above.

              

      

    

    

    

    
      
        	

              	     6.1.2.	
                Additional Benefits and Terms:

              

      

    

    

    

    The Terms of Office and Engagement of an Executive may include the following additional benefits and terms:

    

    

    
      
        	

              	(a)	
                Pension

              

      

    

    

    

    
      
        	

              	(b)	
                Further education fund

              

      

    

    

    

    
      
        	

              	(c)	
                Severance pay

              

      

    

    

    

    
      
        	

              	(d)	
                Managers insurance

              

      

    

    

    

    
      
        	

              	(e)	
                Medical insurance (including vision and dental) and life insurance, including with respect to immediate family members

              

      

    

    

    

    
      
        	

              	(f)	
                401(K) retirement plan

              

      

    

    

    

    
      
        	

              	(g)	
                Disability insurance

              

      

    

    

    

    
      
        	

              	(h)	
                Periodic medical examination

              

      

    

    

    

    
      
        	

              	(i)	
                Leased car or company car (as well as bearing the cost of related expenses or reimbursement thereof), or the value of the use thereof, or transportation allowance

              

      

    

    

    

    
      
        	

              	(j)	
                Telecommunication and electronic devices and communication expenses, including (without limitation) cellular telephone and other devices, personal computer/laptop, Internet, or the value of the use thereof

              

      

    

    

    

    
      
        	

              	(k)	
                Paid vacation and the number of vacation days that may be accrued, including, if applicable, the redemption thereof

              

      

    

    

    

    
      
        	

              	(l)	
                Sick days

              

      

    

    

    

    
      
        	

              	(m)	
                Holiday and special occasion gifts

              

      

    

    

    

    
      
        	

              	(n)	
                Recuperation pay

              

      

    

    

    

    
      
        	

              	(o)	
                Expense reimbursement (including domestic and international travel expenses and per diem payments)

              

      

    

    

    

    
      
        	

              	(p)	
                Payments or participation in relocation and related costs and expenses

              

      

    

    

    

    
      
        	

              	(q)	
                Clothing allowance

              

      

    

    

    

    
      
        	

              	(r)	
                Loans or advances (subject to Applicable Law)

              

      

    

    

    

    
      
        	

              	(s)	
                Professional or academic courses or studies

              

      

    

    

    

    
      
        
          	

                	(t)	
                  
                    Newspaper or online subscriptions

                  

                

        

      

      

    

    
      
        	

              	(u)	
                Professional literature

              

      

    

    

    

    
      6

      
        

    

    

    

    
      
        	

              	(v)	
                Professional membership dues or subscription fees

              

      

    

    

    

    
      
        	

              	(w)	
                Professional advice or analysis (such as pension, insurance and tax)

              

      

    

    

    

    
      
        	

              	(x)	
                Exculpation and indemnification

              

      

    

    

    

    
      
        	

              	(y)	
                General directors’ and officers’ liability insurance (“D&O Insurance”) covering persons serving at present or in the future, from time to time, as directors and officers of the Company and
                  its subsidiaries (including those who also serve as officers, directors or employees of a controlling shareholder), including extensions, renewals or replacement thereof.

              

      

    

    

    

    Subject to Applicable Law, the acquisition, extension, renewal or replacement of D&O Insurance may be approved solely by the Committee provided that (i) the maximum aggregate limit of liability pursuant to the
      D&O Insurance (including Side “A” coverage) shall be not more than US$50 million for each D&O Insurance period; (ii) the annual premium for each D&O Insurance (including Side “A” coverage) shall not exceed US$500,000; (iii) the maximum
      aggregate deductible payable by the Company shall not exceed US$2 million and US$3 million maximum for a claim with respect to a merger and acquisition event; and (iv) the D&O Insurance is on market terms and shall not have a material impact on
      the Company’s profitability, assets or liabilities.

    

    

    
      
        	

              	(z)	
                Directors’ and officers’ liability insurance with respect to specific events, such as public offerings, or with respect to periods to time following which the then existing insurance coverage ceases to apply, such as “run-off” coverage
                  in connection with a change in control

              

      

    

    

    

    
      
        	

              	(aa)	
                Non-solicitation and/or non-compete undertakings for a period of time after termination, and payment in consideration for such undertaking not exceeding the total amount of compensation (including benefits) that would have been payable
                  to the Executive had he or she continued to be employed during the non-solicitation or non-compete period

              

      

    

    

    

    
      
        	

              	(bb)	
                Other benefits generally provided to Company employees (or any applicable Affiliate or division)

              

      

    

    

    

    
      
        	

              	(cc)	
                Other benefits or entitlements mandated by Applicable Law

              

      

    

    

    

    
      
        	

              	(dd)	
                Other benefits and entitlements that are part of compensation practices in the industry, relevant geographical location, region of activity or jurisdiction

              

      

    

    

    

    Any of the above benefits may include gross up of taxes and mandatory payments required to be made by Applicable Law.

    

    

    
      
        	

              	      6.1.3.	
                Termination Conditions

              

      

    

    

    

    
      
        	

              	      6.1.3.1.	
                Advance Notice.  Advance notice of termination, not exceeding the higher of the period required by Applicable Law or three (3) months.

              

      

    

    

    

    
      
        	

              	      6.1.3.2.	
                Termination and Severance Payments

              

      

    

    

    

    The Terms of Office and Engagement of an Executive may include the following termination payment (in addition to any mandatory severance payments under Applicable Law) in an amount that shall not
      exceed:

    

    

    
      
        	

              	•      

              	
                For the CEO – up to nine (9) monthly (gross) base salaries;

              

      

    

    

    

    
      
        	

              	•      

              	
                For an Executive other than the CEO – if the termination is within the first three years of employment or service – up to three (3) monthly (gross) base salaries; and if the termination is after the first three years of employment or
                  service – up to nine (9) monthly (gross) base salaries.

              

      

    

    

    

    When determining termination and severance payments, the Compensation Committee and Board shall take into consideration the Office Holder’s term of employment, the Office Holder’s compensation during
      employment with the Company, the Company’s performance during such period, the contribution of the Office Holder to achieving the Company’s goals and the circumstances of termination.

     

    

    
      7

      
        

    

    

    

    
      
        	

              	  6.1.4.	
                Change-of-Control.  The Terms of Office and Engagement of an Executive may include a one-time payment of up to 100% of the Executive’s annual cash compensation (i.e., annual (gross) base salary and target annual bonus) in
                  connection with a Transaction, as defined in the Equity Plan (as such term is defined below), subject to such other terms and conditions as the Committee and Board may determine.

              

      

    

    

    

    
      
        
          	6.2.	
                  Variable Compensation

                

        

      

      

      

    

    
      
        	

              	6.2.1.	
                The Company believes that the Terms of Office and Engagement should reflect a balance between short-term and long-term achievements, between personal performance of an Office Holder and performance of the Company or specific divisions
                  or regions of the Company, between past performance and future performance and taking into account various other considerations that are appropriate in each individual case. Therefore, the Company believes that annual variable
                  compensation (including, without limitation, plan-based annual bonuses and the value of equity, as set forth in Sections 6.2.4.16 and 6.3 hereof, special bonuses and sign- on bonus) may constitute up to 85% and 75% of the overall
                  (combined fixed and variable) annual compensation, for the CEO and for other Executives, respectively.

              

      

    

    

    

    
      
        
          	

                	6.2.1.	
                  
                    Variable compensation (cash and equity-based) may be subject to measurable and/or non-measurable criteria, provided that, subject to Section 6.2.1, (i) with respect to the CEO and any other Office Holder
                      who is not subordinate to the CEO, only a non-material portion of the aggregate variable compensation may be based on non-measurable criteria (unless the aggregate variable compensation does not exceed three monthly salaries per year,
                      in which case all of the variable compensation may be based on non-measurable criteria), while taking into account the contribution to the Company of such Office Holder; and (ii) with respect to any Office Holder who is subordinate to
                      the CEO, up to 100% of the annual variable compensation awarded to such Office Holder may be based on non-measurable criteria, without limitation.

                  

                

        

      

      

      

    

    
      
        	

              	6.2.3.	
                Subject to Applicable Law, the following shall be authorized to determine the measurable criteria in the case of variable compensation (cash and equity-based) that is based on measurable criteria and to determine and approve if and to
                  what extent the measurable criteria have been achieved, provided that the criteria is consistent with this Policy:

              

      

    

    

    

    	
            Office Holder

          	
            Authorized Body

          
	
            Office Holder other than the CEO and Director

          	
            CEO

          
	
            CEO

          	
            Committee and Board

          
	
            Director

          	
            Shareholders

          

    

    

    Notwithstanding the foregoing, with respect to a Director, the Committee and Board may determine the measurable criteria provided that one of the following conditions apply:

    

    

    
      
        	

              	(1)	
                All of the following conditions apply: (i) the determination must be consistent with this Policy; (ii) the award must be based only on measurable criteria; (iii) the potential award is up to three monthly salaries; and (iv) the
                  measurable criteria are approved in advance by the Committee and Board.

              

      

    

    

    

    
      
        	

              	(2)	
                All of the following conditions apply: (i) the determination must be consistent with this Policy; (ii) the Office Holder is serving in an operational position in addition to serving as a Director; and (iii) at the time of the approval,
                  no Directors who are receiving from the Company criteria-based compensation (in their capacity as a Director or other Office Holder) shall participate in the approvals.

              

      

    

    

    

    
      8

      
        

    

    

    

                             6.2.4.                 Bonuses.  Bonuses may include plan-based annual bonuses and other bonuses:

    

    

                                       6.2.4.1.        Annual Bonus

    

    

    
      
        	

              	(a)	
                With respect to each year, an Executive Management Bonus Plan (the “Bonus Plan”) shall be prepared, containing any or all of the  criteria described in clause (b) below, subject to Sections 6.2.1
                  and 6.2.2.  The Bonus Plan may, but shall not be required to, be set out in individual agreements with the applicable Executives. To the extent applicable, the Bonus Plan may be revisited during the annual period, including in order to
                  account for significant changes in the Company’s business or operations or material changes in the market(s) in which the Company operates during such year.

              

      

    

    

    

    
      
        	

              	(b)	
                The criteria for the Bonus Plan will be categorized in three types, as follows:

              

      

    

    

    

    
      
        	

              	•	
                Company Performance Criteria: Overall Company performance criteria (may be determined on a Company-wide or divisional basis), which are based on the following actual financial (whether GAAP or non-GAAP) and operational results,
                  with the following weights assigned to such measures:

              

      

    

    

    

    
      
        	

              	(i)	
                Until the Company commences product sales: achievement of clinical and/or R&D milestones; regulatory approvals; legal targets and quality objectives; success in raising capital; meeting the
                  Company’s budget; business development goals; economic or strategic measures; execution of projects; and compliance with corporate governance goals.  Each such criteria may constitute up to 50% of the total Company performance criteria.

              

      

    

    

    

    
      
        	

              	(ii)	
                Once the Company commences product sales: achievement of clinical and/or R&D milestones; regulatory approvals; legal targets and quality objectives; success in raising capital; meeting the
                  Company’s budget; business development goals; economic or strategic measures; execution of projects; compliance with corporate governance goals; net revenues; sales; operating profit; earnings per share (EPS); and cash flow.  Each such
                  criteria may constitute up to 35% of the total Company performance criteria.

              

      

    

    

    

    
      
        	

              	•	
                Individual Performance Criteria: Quantitative individual performance criteria, which are based on the achievement of specific pre-defined goals determined for each individual Executive, in accordance with his or her position. 

              

      

    

    

    

    
      
        	

              	•	
                Managerial Appraisal: Qualitative individual performance criteria, which may be based on specific pre-defined competencies and behaviors for each individual Executive.  The evaluation of the performance of the CEO shall be
                  performed by the Board and the evaluation of the performance of other Executives shall be performed by the CEO, considering the contribution of the Executive to the Company and its Affiliates and other considerations such as (without
                  limitation) the need to retain an Executive with skills, know-how or unique expertise; the responsibilities imposed on an Executive; changes that occurred in the responsibilities imposed on an Executive during the year; performance
                  satisfaction, including assessing the degree of involvement of an Executive and devotion of efforts in the performance of the Executive’s duties; assessment of an Executive’s ability to work in coordination and cooperation with other
                  employees; and Executive’s contribution to an appropriate control environment and ethical environment. 

              

      

    

    

    

    The following will be considered when determining the allocation of the above criteria, which may differ from one Executive to  another: (i) emphasizing the high level of accountability to overall
      Company performance and financial results expected of each Executive; (ii) creating a personal link between each Executive’s compensation and the achievement of the corporate goals; and (iii) driving individuals to a high-performance culture.

    

    

    
      
        	

              	(c)	
                The criteria and the method of measuring the criteria underlying the bonuses may differ from period to period and from one Executive to another.

              

      

    

    

    

    
      9

      
        

    

    

    

    
      
        	

              	(d)	
                The Bonus Plan may, but shall not be required to, include a minimum percentage of achievement of the performance criteria(s) for a given year that shall be required in order to pay any annual cash bonus to any Executive under
                  the Bonus Plan for such calendar year, less than which threshold(s) will prevent any Executive from qualifying for an annual cash bonus in such calendar year. In such event, once the minimum threshold(s) are achieved, the formula for
                  calculating the annual cash bonus payout at the end of the year for an Executive may result in a partial bonus payout in the event that an Executive achieves less than 100% of his or her performance criteria.

              

      

    

    

    

    
      
        	

              	(e)	
                The maximum bonus amount per year under the Bonus Plan that an Executive will be entitled to receive for any given calendar year may not exceed 150% of the annual (gross) base salary for the CEO and up to 75% of the annual (gross) base
                  salary of an Executive other than the CEO.

              

      

    

    

    

    
      
        	

              	(f)	
                The authorized body shall be entitled to reduce or cancel an Executive’s annual bonus at his or its discretion.

              

      

    

    

    

    
      
        	

              	(g)	
                An Executive whose employment shall commence during a bonus year will be entitled to a pro-rated bonus, provided that the Executive has been employed for at least six months during the bonus year; provided, however, that under special
                  circumstances, the authorized body may determine that an Executive whose employment commenced more than six month into the bonus year shall be entitled to a pro-rated bonus. An Executive whose employment terminated during a bonus year
                  (including upon a change of control event) will be entitled to a pro-rated bonus for that year, other than if the employment was terminated for Cause (as such term shall be defined in the Executive’s individual agreement and in the
                  absence thereof, as defined in the Equity Plan), in which case an Executive shall not be entitled to an annual bonus.

              

      

    

    

    

                                       6.2.4.2.         Special Bonuses

    

    

    
      
        	

              	(a)	
                The Terms of Office and Engagement of an Executive may include other bonuses (cash bonus or equity award) payable under special and exceptional circumstances (“Special Bonuses”).  Special Bonuses
                  shall be based on the achievement by the Company (or the applicable Affiliate or division) or the Executive of specific goals or the occurrence of specific events (such as, without limitation, execution of projects not within the scope of
                  the annual work plan, exceptional and extraordinary efforts to execute a project within the scope of the annual work plan and exceptional contribution to the Company’s success and promotion of its goals).

              

      

    

    

    

    
      
        	

              	(b)	
                The Special Bonus payable to an Executive may be up to three (3) times the monthly gross base salary (in addition to any annual bonus or Sign-on Bonus (as defined below) (if any)).

              

      

    

    

    

                                        6.2.4.3.         Sign-on Bonus

    

    

    
      
        	

              	(a)	
                The Terms of Office and Engagement of a newly hired Executive may include a signing bonus (the “Sign-on Bonus”).  Sign-on Bonuses shall be determined taking into consideration market
                  considerations and the specific circumstances of the newly hired Executive.

              

      

    

    

    

    
      
        	

              	(b)	
                The Sign-on Bonus payable to a newly hired Executive may be up to 30% of such Executive’s annual base salary for the first year of employment (in addition to any annual bonus or Special Bonus (if any)).

              

      

    

    

    

    10

    

    
      
        

    

    
    

    

    
      
        
                         6.3.       Equity-Based Compensation

        

      

    

    

    

    
      
        	

              	6.3.1.	
                Equity awards will be made in the manner prescribed by the Company’s 2015 Equity Incentive Plan (including the United States Sub-Plan thereto), as amended, and under such other equity plans for employees of the Company or its
                  Affiliates that the Company may adopt from time to time (the “Equity Plans”).  These may include: options to purchase shares of the Company, share appreciation rights, restricted share units,
                  restricted share awards, performance based awards and any other type of equity compensation that is based on the Company’s securities and may be granted under applicable tax regimes.

              

      

    

    

    

    
      
        	

              	6.3.2.	
                The maximum value of all equity awards, in the aggregate, that are granted to a particular Executive on an annual basis shall not exceed 400% of the annual base salary of that Executive in the case of the CEO and 200% of the annual
                  base salary of that Executive in the case of all other Executives.  The maximum value of all equity awards shall be determined as of the date(s) of grant, other than cash-settled equity awards, which shall be determined as of the date(s)
                  of payment. To determine the maximum annual value of an equity award as of the grant date, the aggregate fair value of the equity award is measured at the grant date in accordance with the accounting treatment in the financial statements
                  and is spread over the vesting period according to generally accepted accounting principles.

              

      

    

    

    

    
      
        	

              	6.3.3.	
                Equity awards will be subject to an overall vesting period or reverse-vesting, as applicable (being measured by the last vesting date from the date of commencement of vesting) of no less than three (3) years (including periodic vesting
                  dates during such period), with a minimum period of one (1) year prior to the vesting of the first tranche of equity awards granted to Executives.  Such minimum vesting or holding period is an appropriate incentive, on a long-term basis.
                  As set forth in the Equity Plans, the Equity Plan administrator shall also have the authority to determine the specific vesting schedule, including partial or full acceleration of vesting of equity awards in certain events, including
                  termination events or change in control, as the Equity Plan administrator deems appropriate, as well as other adjustments, modifications and changes to the terms of the equity awards (which adjustments, modifications and adjustments may
                  be made either at the time of approval of the award or at any time thereafter), as permitted under the terms of the Equity Plans and subject to Applicable Law.  The maximum term of any equity award (prior to its expiration) shall be ten
                  (10) years from the date of grant.

              

      

    

    

    

    
      
        	

              	6.3.4.	
                With respect to an equity award under the Equity Plan that includes an exercise price – the exercise price shall not be lower than the average closing price of the Company’s ordinary shares on the NASDAQ Stock Market during the 30
                  trading days prior to the date of grant of the award.

              

      

    

    

    

    
      
        	

              	6.3.5.	
                In the event that equity awards granted to groups of employees of the Company and/or its Affiliates are subject to a re-pricing or other amendment or adjustment of terms that is applied to the entire group of such employees, then such
                  re-pricing or other amendment or adjustment may be applied also to Executives that constitute part of the same group, subject to obtaining all approvals required under Applicable Law.

              

      

    

    

    

    
      
        	

              	6.3.6.	
                The Board and/or the Committee may amend other terms of an Executive’s grant(s) to the extent provided in the applicable Equity Plan and subject to Applicable Law.

              

      

    

    

    

    
      
        	

              	6.3.7.	
                The Company may approve to continue the vesting and/or the exercise eligibility of an Executive’s equity awards after termination of such Office Holder’s service or engagement, in accordance with the provisions of the Equity Plans.

              

      

    

    

    

    
      
        	

              	6.4.	
                Subject to Applicable Law, a non-material amendment to the terms of office and engagement of an Office Holder who is subordinate to the CEO (as compared to those approved by the Committee) shall not require the approval of the
                  Committee, provided that such amendment was approved by the CEO and the amended engagement terms are consistent with this Policy.

              

      

    

    

    

    
      11

      
        

    

    

    

    
      
        	

              	7.	
                Components of Terms of Office and Engagement of a Director

              

      

    

    
      

      

      
        
          
            	7.1.	
                    
                      Director Compensation

                    

                  

          

        

        

      

    

    The Terms of Office and Engagement of a Director (including an External Director, if any is serving on the Board) may include a combination of all or any part of the following components.  In each instance, a
      consideration shall be made as to which components are appropriate and their respective weight.

    

    

    The Terms of Office and Engagement of an External Director (if any is serving on the Board) shall be subject to and determined in accordance with the Companies Law and regulations promulgated thereunder.

    

    

    Except as set forth in this Section 7, Directors shall not be entitled to any compensation, unless they are employed in an additional position at the Company, in which case their salary shall be determined according to
      Company customary compensation for similar positions, subject to the provisions of this Policy.

    

    

    
      
        	

              	7.1.1.	
                Fees and benefits

              

      

    

    

    

                                                7.1.1.1.        Fees

    

    

    
      
        	

              	7.1.1.1.1.    

              	
                Periodic Fees.  Fees payable with respect to a period of service on the Board and/or any committee thereof, typically an annual fee. The terms of the periodic fees may refer to
                  circumstance and the effect of partial service throughout the relevant period of the fee entitlement. The periodic fees shall not exceed an amount reflecting an annual fee of (i) US$30,000 for service on the Board; (ii) US$7,500 for
                  service on the Audit Committee of the Board; (iii) US$5,000 for service on the Committee; and (iv) US$2,500 for service on any other committee of the Board.

              

      

    

    

    

    
      
        	

              	7.1.1.1.2.    

              	
                Per Meeting Fees.  A fee payable for each meeting of the Board and/or any committee thereof, whether participation was in person, through a telephone or through a written consent;.
                  The per meeting fee (the “Per Meeting Fee”) shall not exceed US$1,000. Different Per Meeting Fees may be determined for participation in person, through a telephone call or through a written
                  consent;

              

      

    

    

    

    
      
        	

              	7.1.1.1.3.    

              	
                Chairman Fee.  A fee may be payable to the chairman of the Board (who is not an Active Chairman, which is determined in accordance with Section 7.2) and/or any committee of the Board (in
                  addition to the periodic fees and/or per meeting fee) in an amount that shall not exceed an annual fee of (i) US$10,000 for service as Chairman of the Board; (ii) US$5,000 for service as Chairman of the Audit Committee of the Board; and
                  (iii) US$2,500 for service as Chairman of any other committee of the Board.

              

      

    

    

    

    
      
        	

              	   7.1.1.2.	
                Reimbursement of expenses, including travel, stay and lodging;

              

      

    

    

    

    
      
        	

              	   7.1.1.3.	
                Insurance (as set forth in clauses (y) and (z) of Section 6.1.2), exculpation and indemnification;

              

      

    

    

    

    
      
        	

              	   7.1.1.4.	
                Other compensation, benefits or entitlements mandated by Applicable Law; and

              

      

    

    

    

    
      
        	

              	   7.1.1.5.	
                Other benefits and entitlements that are part of directors’ compensation practices in the industry, relevant geographical location, region of activity or jurisdiction.

              

      

    

    

    

    
      
        	

              	7.1.2.	
                Equity Awards

              

      

    

    

    

    The provisions of Section 6.3 shall apply to awards of equity grants to Directors, except that (i) equity awards to Directors shall not be required to have a minimum period of one year prior to the
      vesting of the first tranche.; and (ii) the maximum value of all equity awards, in the aggregate, that are granted to a particular Director on an annual basis shall not exceed 400% of the annual fee (including for service on the
      Board and any committee thereof and for service as a Chairman of the Board and any committee thereof, but excluding any Per Meeting Fees) of that Director.

     

    

    
      12

      
        

    

    

    

    
      
        
                     7.2.           Compensation of an Active Chairman of the Board

        

      

    

    

    

    An “Active Chairman” means a Chairman of the Board whom has been declared as such in view of increased involvement in the Company’s activities and increased time investment in the performance of such
      position compared to other members of the Board.

    

    

    In the event that the Chairman of the Board is an Active Chairman, then his or her compensation in such capacity may be up to two (2) times each of the cash and equity and other compensation
      and benefits to which the other Directors are entitled in their capacity as Directors pursuant to Section 7.1 above.

    

    

    The compensation of an Active Chairman shall express, among other things, the scope of involvement in the Company’s activities and the time invested by the Active Chairman in the performance of such
      position.

    

    

    
      
        	

              	8.	
                Recoupment

              

      

    

    

    

    The Terms of Office and Engagement of an Office Holder shall include provisions that require an Office Holder to repay to the Company amounts paid to such Officer Holder as part of the Terms of Office
      and Engagement, if they were paid on the basis of figures that later transpire to be incorrect and were restated in the Company’s financial statements.  The Compensation Committee shall be entitled to determine the amounts and conditions of such
      repayment, which may include terms under which (i) repayment will be made either on a pre-tax basis or an after-tax basis, unless and to the extent the Office Holder was able to recoup tax payments made with respect to the amounts to be repaid, (ii)
      no repayment obligation shall arise after the lapse of a period of time to be set forth in the Terms of Office and Engagement of an Office Holder, being no less than three years from the date on which the original payments was due to be made, (iii)
      the period of time of no more than 12 months over which the repayment payments to the Company shall be made and the ability to make the repayment in installments or (to the extent permitted under Applicable Law) as a set-off against cash compensation
      paid by the Company to the Executive during such period , (iv) no repayment obligation shall arise in the event that the reason or basis for the restatement was due to changes in the Applicable Law, including generally acceptable accounting
      principles or financial reporting standards; and (v) such other provisions as determined in each case., subject to Applicable Law.  Nothing in this Section 8 shall derogate from or limit any other or similar provisions imposed
      on an Office Holder by Applicable Law, including, securities laws.

    

    

    
      
        	

              	9.	
                Effectiveness; Term

              

      

    

    

    

    
      
        	9.1.	
                The Policy shall take effect upon its approval in accordance with the Companies Law.

              

      

    

    

    

    
      
        	9.2.	
                The term of this Policy shall not be limited in time, except that it will terminate at the earlier of (i) such time that the Policy is no longer in effect under the Companies Law, or (ii) such time that the Policy is terminated by the
                  Board, to the extent that the Board has the power under the Companies Law to terminate the Policy, or (iii) such time that the determination of Terms of Office and Engagement of Office Holders is not required to be made pursuant to a
                  Compensation Policy under the Companies Law, including, without limitation, in the event that the Company ceases to be a Public Company (as defined in the Companies Law), in which case this Policy shall have no effect with respect to
                  Terms of Office and Engagement of Office Holders with respect to the period after the Company ceases to be a Public Company.

              

      

    

    

    

    
      
        	

              	10.	
                Non-Exclusivity of this Policy

              

      

    

    

    

    
      
        	10.1.	
                Neither the adoption of this Policy nor the submission of this Policy to shareholders of the Company for approval (to the extent required under the Companies Law), shall be construed as creating any limitations on the power or
                  authority of the Board or the Committee to adopt such other or additional incentive or other compensation arrangements of whatever nature as they may deem necessary or desirable or preclude or limit the continuation of any other policy,
                  practice or arrangement for the payment of compensation or fringe benefits to employees generally, or to any class or group of employees, which the Company or any Affiliate now has lawfully put into effect, including, without limitation,
                  any retirement, pension, savings and stock purchase plan, insurance, death and disability benefits and executive short-term or long-term incentive plans.

              

      

    

    

    

    
      
        	10.2.	
                The Terms of Office and Engagement of an Office Holder may contain such other terms and conditions not inconsistent with this Policy (to the extent required by the Companies Law). 

              

      

    

    

    

    
      
        	

              	11.	
                Governing Law

              

      

    

    

    

    This Policy shall be governed by the laws of the State of Israel, excluding its conflict of law rules, except with respect to matters that are subject to tax or labor laws in any specific jurisdiction,
      which shall be governed by the respective laws of such jurisdiction.  Certain definitions, which refer to laws other than the laws of such jurisdiction, shall be construed in accordance with such other laws.

    

    

    
      
        	

              	12.	
                Severability

              

      

    

    

    

    If any provision of this Policy shall be determined to be illegal or unenforceable by any court of law in any jurisdiction, the remaining provisions hereof and thereof shall be severable and
      enforceable in accordance with their terms, and all provisions shall remain enforceable in any other jurisdiction.  In addition, if any particular provision contained in this Policy shall for any reason be held to be excessively broad as to duration,
      geographic scope, activity or subject, it shall be construed by limiting and reducing such provision as to such characteristic so that the provision is enforceable to fullest extent compatible with the Applicable Law as it shall then appear.

    

    

    Amended by the Company’s Board of Directors:  ____, 2019

     

    

    13Exhibit 4.15

    

    
      
        

        

      

      SECURITIES PURCHASE AGREEMENT

       

      This Securities Purchase Agreement (this “Agreement”) is dated as of                     , 2019, by and between Check-Cap Ltd., a company organized under the laws
        of the State of Israel (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

       

      WHEREAS, the Company and each Purchaser are executing and delivering this Agreement in accordance with and in reliance upon the exemption from securities registration afforded by
        Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) and/or Regulation S (“Regulation S”) as promulgated under the Securities Act; and

       

      WHEREAS, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company
        as more fully described in this Agreement.

       

      NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are hereby
        acknowledged, the Company and each Purchaser agree as follows:

       

      ARTICLE I.

        DEFINITIONS

       

      1.1   Definitions.  In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the
        meanings set forth in this Section 1.1:

       

      “Action” means any action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
        against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign).

       

      “Accredited Investor” shall have the meaning ascribed to such term in Section 3.2(a).

       

      “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.

       

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

       

      “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
        institutions in the State of New York are authorized or required by law or other governmental action to close; provided, however, that, for calculating Business Days with respect to any action to be taken by the Company hereunder, Friday after 1:00
        p.m. (Tel Aviv time) shall not be considered a Business Day.

       

      
        
          

      

      
      “Closing” means the closing of the purchase and sale of the Shares pursuant to Section 2.1.

       

      “Closing Date” means the date on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all
        conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Shares, in each case, have been satisfied or waived, but in no event later than the Termination Date.

       

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

       

      “Company Israeli Counsel” means Fischer Behar Chen Well Orion & Co. with offices located at 3 Daniel Frisch Street, Tel Aviv 6473104, Israel.

       

      “Company US Counsel” means McDermott Will & Emery LLP, with offices located at 340 Madison Avenue, New York, NY 10173-1922.

       

      “Confidentiality Agreement” shall have the meaning ascribed to such term in Section 3.2(j).

       

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

       

      “Israeli Companies Law” means the Israeli Companies Law, 5759-1999, as amended, and the rules and regulations promulgated thereunder.

       

      “Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

       

      “Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(a).

       

      “Ordinary Shares” means the ordinary shares of the Company, par value NIS 2.40 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
        Ordinary Shares, including, without limitation, any debt, preferred share, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
        Ordinary Shares.

       

      “Per Share Purchase Price” equals $1.75 subject to adjustment for reverse and forward share splits, share dividends, share combinations and other
        similar transactions of the Ordinary Shares that occur after the date of this Agreement.

       

      
        2

        
          

      

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

       

      “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding,
        such as a deposition), whether commenced or threatened.

       

      “Regulation S” shall have the meaning ascribed to such term in the recitals.

       

      “Required Approvals” shall have the meaning ascribed to such term in Section 3.1(d).

       

      “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or
        any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

       

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

       

      “Shares” means the Ordinary Shares issued or issuable to each Purchaser pursuant to this Agreement.

       

      “Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating
        and/or borrowing Ordinary Shares). 

       

      “Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below such Purchaser’s
        name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.

       

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

       

      “Termination Date” means the date that is five calendar days from the date of execution of this Agreement.

       

      “Trading Day” means a day on which the principal Trading Market is open for trading.

       

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

       

      
        3

        
          

      

      “Transaction Documents” means this Agreement, the Confidentiality Agreement and any other documents or agreements executed in connection with the
        transactions contemplated hereunder.

       

      “Transfer Agent” means American Stock Transfer & Trust Company LLC, the current transfer agent of the Company, with a mailing address of 6201 15th
        Avenue, Brooklyn, NY 11219 and a facsimile number of 718-765-8711, and any successor transfer agent of the Company.

       

      ARTICLE II.

        PURCHASE AND SALE

       

      2.1   Closing.  On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and
        delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $[_________] of Shares. Each Purchaser shall deliver to the Company, via wire
        transfer, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser and the Company shall deposit the Shares and instruct the Transfer Agent to deliver to each
        Purchaser its respective Ordinary Shares as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing.  Upon satisfaction of the covenants and
        conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of McDermott Will & Emery LLP, New York, New York, or such other location as the parties shall mutually agree.

       

      2.2    Deliveries.

       

      (a)          On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

       

      (i)          this Agreement duly executed by the Company; and

       

      (ii)          upon receipt of such Purchaser’s Subscription Amount, a number of Shares equal to such Purchaser’s Subscription Amount divided by the Per Share
        Purchase Price delivered in book entry form at the Transfer Agent.

       

      (b)          On or prior to
          the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:

       

      (i)          this Agreement duly executed by such Purchaser;

       

      (ii)          such Purchaser’s Subscription Amount, by wire transfer to the account specified by the Company; and

       

      (iii)          such Purchaser shall deliver to the Company a letter of undertaking towards the Israel Innovation Authority of the Ministry of Economy and
        Industry (formerly known as the Office of the Chief Scientist of the Ministry of Economy and Industry of the State of Israel), in the form required under applicable law.

       

      
        4

        
          

      

      2.3    Closing Conditions.

       

      (a)          The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

       

      (i)          the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
        all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

       

      (ii)          all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
        and

       

      (iii)          the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

       

      (b)          The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

       

      (i)          the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in
        all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

       

      (ii)          all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;

       

      (iii)          the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement; and

       

      (iv)          there shall have been no Material Adverse Effect with respect to the Company since the date hereof.

       

      ARTICLE III.

        REPRESENTATIONS AND WARRANTIES

       

      3.1    Representations and Warranties of the Company.  The Company hereby makes the following representations and warranties to each Purchaser:

       

       (a)    Organization and
            Qualification.  The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing (if applicable in such jurisdiction) under the laws of the jurisdiction of its
          incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.  Neither the Company nor any Subsidiary is in violation nor default of any of the
          provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.  Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign
          corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may
          be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business,
          prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any
          Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
          or qualification.

       

      
        5

        
          

      

       (b)    Authorization;
            Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
          hereunder and thereunder.  Assuming the representations and warranties of the Purchasers in Section 3.2(p) are true and correct, the execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the
          consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s
          shareholders in connection herewith or therewith other than in connection with the Required Approvals.  This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the
          Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable
          principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance,
          injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

       

       (c)    No Conflicts.  The
          execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Shares and the consummation by it of the transactions contemplated hereby and thereby do
          not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an
          event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment,
          anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other
          understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any
          law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any
          property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

       

      
        6

        
          

      

       (d)    Filings, Consents and
            Approvals.  The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other
          Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.2 of this Agreement, (ii) the filing with the Commission of Form D, to the
          extent required, (iii) application(s) to each applicable Trading Market for the listing of the Shares for trading thereon in the time and manner required thereby, (iv) filings with the Israeli Registrar of Companies, if required, (v) notices to
          the Israel Innovation Authority of the Ministry of Economy and Industry and the Investment Center of the Israel Ministry of Economy and Industry, if required, and (vi) such filings as are required to be made under applicable state securities
          laws  (collectively, the “Required Approvals”).

       

       (e)    Issuance of the Shares. 

          The Shares are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company.  The Company
          has reserved from its duly authorized share capital the maximum number of Ordinary Shares issuable pursuant to this Agreement.

       

      3.2    Representations and Warranties of the Purchasers.  Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of
        the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

       

       (a)    Organization; Authority.  Such Purchaser is either an individual or an entity duly incorporated
        or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate
        the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions
        contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.  Each Transaction Document to which it is a
        party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its
        terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
        relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law. Such Purchaser’s execution, delivery and
        performance of this Agreement and the other Transaction Documents and the consummation by it of the transactions contemplated hereby do not and will not (i) conflict with or violate any provision of such Purchaser’s certificate or articles of
        incorporation, bylaws or other organizational or charter documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to
        which such Purchaser is subject (including federal and state securities laws and regulations), or by which any property or asset of such Purchaser is bound or affected.

       

      
        7

        
          

      

       (b)   Investment Purpose. Such Purchaser understands that the Shares have not been registered under the
        Securities Act by reason of a claimed exemption under the provisions of the Securities Act that depends, in part, upon such Purchaser’s investment intention. In this connection, such Purchaser hereby represents that such Purchaser is purchasing the
        Shares for the Purchaser’s own account for investment and not with a view toward the resale or distribution to other; provided, however, that by making the representations herein, such Purchaser does not agree to hold any of the Shares for any
        minimum or other specific term and reserves the right to dispose of the Shares at any time in accordance with or pursuant to a registration statement or an exemption under the Securities Act.

       

        (c)   Purchaser Status.  Such Purchaser is an “accredited investor” as that term is defined in Rule
        501(a) of Regulation D (an “Accredited Investor”) and is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act. Such Purchaser is not required to be registered as a
        broker-dealer under Section 15 of the Exchange Act and such Purchaser is not a broker-dealer, nor an affiliate of a broker-dealer.  If such Purchaser is not a U.S. Person, such Purchaser (i) acknowledges that the certificate(s) representing or
        evidencing the Shares contains a customary restrictive legend restricting the offer, sale or transfer of any Shares except in accordance with the provisions of Regulation S, pursuant to registration under the Securities Act, or pursuant to an
        available exemption from registration, (ii) agrees that all offers and sales by such Purchaser of Shares shall be made pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from, or a transaction not
        subject to the registration requirements of, the Securities Act, (iii) represents that the offer to purchase the Shares was made to such Purchaser outside of the United States, and such Purchaser was, at the time of the offer and will be, at the
        time of the sale and is now, outside the United States, (iv) has not engaged in or directed any unsolicited offers to purchase Shares in the United States, (v) is neither a U.S. Person nor a Distributor (as such terms are defined in Rule 902(k) and
        902(d), respectively, of Regulation S), (vi) has purchased the Shares for its own account and not for the account or benefit of any U.S. Person, (vii) is the sole beneficial owner of the Shares specified on signature pages hereto opposite his name
        and has not pre-arranged any sale with a Purchaser in the United States, and (ix) is familiar with and understands the terms and conditions and requirements contained in Regulation S, specifically, without limitation, each Purchaser understands
        that the statutory basis for the exemption claimed for the sale of the Shares would not be present if the sale, although in technical compliance with Regulation S, is part of a plan or scheme to evade the registration provisions of the Securities
        Act.  Such Purchaser (i) is not a resident of the State of Israel, (ii) represents that the offer to purchase the Shares was made to such Purchaser outside of the State of Israel, and such Purchaser was, at the time of the offer and will be, at the
        time of the sale and is now, outside the State of Israel, and (iii) has purchased the Shares for its own account and not for the account or benefit of any resident of the State of Israel.

       

      
        8

        
          

      

      (d)   Reliance on Exemptions.
          Such Purchaser understands that the Shares are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and the prospectus requirements of the laws of
          the State of Israel and that the Company is relying upon the truth and accuracy of, and such Purchaser’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order
          to determine the availability of such exemptions and the eligibility of such Purchaser to acquire the Shares.

       

      (e)    Experience of Purchaser.  Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and
        experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits and risks of such investment.  Such Purchaser is able to bear the
        economic risk of an investment in the Shares and, at the present time, is able to afford a complete loss of such investment.

       

      (f)    General Solicitation.  Such Purchaser is not purchasing the Shares as a result of any advertisement, article, notice or other
        communication regarding Shares published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general advertisement.

       

      (g)   Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all
        exhibits and schedules thereto) and the Company’s filings with the Commission and has been afforded, (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
        terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects
        sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment
        decision with respect to the investment. 

       

      (h)   Transfer or Re-sale. Such Purchaser understands that (i) the sale or re-sale of the Shares has not been and is not being registered under
        the Securities Act or any applicable state securities laws, and the Shares may not be transferred unless (a) the Shares are sold pursuant to an effective registration statement under the Securities Act, (b) such Purchaser shall have delivered to
        the Company, at the cost of such Purchaser, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in comparable transactions to the effect that the Shares to be sold or transferred may be sold or
        transferred pursuant to an exemption from such registration, which opinion may be accepted by the Company in its reasonable discretion, (c) the Shares are sold or transferred to an “affiliate” (as defined in Rule 144) of such Purchaser who agrees
        to sell or otherwise transfer the Shares only in accordance with this Section 3.2(h) and who is an Accredited Investor, or (d) the Shares are sold pursuant to Rule 144 or Regulation S, and such Purchaser shall have delivered to the Company, at the
        cost of such Purchaser, an opinion of counsel that shall be in form, substance and scope customary for opinions of counsel in corporate transactions, which opinion may be accepted by the Company in its reasonable discretion; (ii) any sale of such
        Shares made in reliance on Rule 144 may be made only in accordance with the terms of said Rule 144 and further, if said Rule 144 is not applicable, any re-sale of such Shares under circumstances in which the selling Purchaser (or the person through
        whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; and (iii)
        neither the Company nor any other person is under any obligation to register such Shares under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder (in each case).

       

      
        9

        
          

      

      (i)    Legends. Such Purchaser consents to the placement of a legend on any certificate or other document evidencing the Shares that such
        securities have not been registered under the Securities Act or any state securities or “blue sky” laws and setting forth or referring to the restrictions on transferability and sale thereof contained in this Agreement. Such Purchaser is aware that
        the Company will make a notation in its appropriate records with respect to the restrictions on the transferability of such Shares. The legend to be placed on each certificate shall be in form substantially similar to the following:

       

      THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
        OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
        REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
        COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

       

      (j)    Certain Transactions and Confidentiality.  Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any
        Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such
        Purchaser first executed a confidentiality agreement with the Company dated [__________] (the “Confidentiality Agreement”) and ending immediately prior to the execution hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a
        multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other
        portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Agreement. 
        Other than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained
        the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).

       

      
        10

        
          

      

      (k)    Residency. Such Purchaser is a resident of the jurisdiction set forth immediately below such Purchaser’s name on the signature pages hereto.

       

      (l)    Brokers and Finders.  No Person will have, as a result of the transactions contemplated by this Agreement, any valid right, interest or claim
        against or upon the Company or such Purchaser for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into by or on behalf of such Purchaser.

       

      (m)   Independent Investment Decision.  Such Purchaser has independently evaluated the merits of its decision to purchase the Shares pursuant to the
        Transaction Documents.  Such Purchaser understands that nothing in this Agreement or any other materials presented by or on behalf of the Company to such Purchaser in connection with the purchase of the Shares constitutes legal, tax or investment
        advice.  Such Purchaser has consulted such legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase of the Shares.

       

      (n)   Ownership. Such Purchaser’s signature page sets forth all securities of the Company held or beneficially owned by such Purchaser as of the date
        hereof, including without limitation, Ordinary Shares and Ordinary Share Equivalents. Such Purchaser does not hold or beneficially own any other securities of the Company, except as indicated on the signature page hereto.

       

      (o)   Group. Such Purchaser represents that it is not a “group” within the meaning of Section 13d-5 under the Exchange Act with any holder or
        beneficial owner of the Company’s securities and in calculating and reporting such Purchaser’s beneficial ownership, such Purchaser is not required under the rules and regulations promulgated under the Exchange Act to include the beneficial
        ownership of the securities of the Company held by another holder or beneficial owner of the Company’s securities.

       

      
        11

        
          

      

      (p)   No Shareholder Agreements.  Such Purchaser represents that it is not as of the date hereof, and does not currently intend or contemplate to
        become, a party to any agreement, contract, arrangement or understanding, written or oral, between such Purchaser and any other party, including, without limitation, another holder of the Company’s securities or an entity in which another holder of
        the Company’s securities is an Interested Party (as such term is defined in the Israeli Companies Law), relating to the acquisition, ownership or voting of any securities of the Company or the exercise (or omission to exercise) any right related to
        the securities of the Company or otherwise with respect to the securities of the Company (in each case, including the Shares), including, without limitation, any voting agreements, shareholder agreements or any other similar agreement even if its
        title is different or has any other relationship or agreements with another holder of the Company’s securities as of the date hereof with respect to the securities of the Company (including the Shares).  Such Purchaser is familiar with the tender
        offer rules under the Israeli Companies Law and such Purchaser represents that (i) it is not acquiring the Shares, and will not hold the Shares, in concert with another holder of the Company’s securities (within the meaning of such terms in the
        Israeli Companies Law) (other than the other Purchasers); and (ii) for purposes of determining the application of the tender offer rules under the Israeli Companies Law in connection with the transactions contemplated hereunder, is not required to
        include the securities of the Company held by another holder of the Company’s securities (other than the other Purchasers).  Such Purchaser acknowledges and confirms that the Company is relying upon the truth and accuracy of the representation and
        warranties of such Purchaser set forth in this Section 3.2(p) in assessing the eligibility of such Purchaser to acquire the Shares under this Agreement and the application of the tender offer rules under the Israeli Companies Law in connection with
        the transactions contemplated hereunder.

       

      (q)   Sanctions Compliance. Neither such Purchaser, nor any person having a direct or indirect beneficial interest in Purchaser has been or is (i) the
        subject of sanctions administered or enforced by the United States (including without limitation the U.S. Department of the Treasury’s Office of Foreign Asset Control), the United Kingdom, the European Union or any other governmental authority
        (collectively, “Sanctions”), (ii) organized or resident in a country or territory that is the subject of country-wide or territory-wide Sanctions, or (iii) otherwise a party with which the Company is prohibited from dealing with under
        applicable laws.

       

      (r)    Anti-money Laundering; Counter-Terrorism Financing. To the extent required by applicable laws, such Purchaser has complied and will continue to
        comply with all anti-money laundering and counter-terrorism financing requirements.

       

      (s)   Funds and Payments. The funds such Purchaser is using to purchase the Shares are not derived from or related to any unlawful activities,
        including but not limited to money laundering or terrorist financing. All payments by or on behalf of Purchaser under this Agreement will be made only in Purchaser’s name, from a bank account not located in a country or territory that has been
        designated as a “non-cooperative country or territory” by the Financial Action Task Force, and from a bank that is not a “foreign shell bank” within the meaning of the U.S. Bank Secrecy Act (31 U.S.C. § 5311 et seq.), as amended, and the
        regulations promulgated thereunder by the Financial Crimes Enforcement Network, as such regulations may be amended from time to time.

       

      The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and
        warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the
        transactions contemplated hereby.

       

      
        12

        
          

      

      ARTICLE IV.

        OTHER AGREEMENTS OF THE PARTIES

       

      4.1   Securities Laws Disclosure; Publicity.  The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day immediately following the
        date hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time
        required by the Exchange Act. The Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of
        such Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case
        the Company shall provide the Purchasers with prior notice of such disclosure.

       

      4.2    Use of Proceeds.  The Company shall use the net proceeds from the sale of the Shares hereunder for working capital and general corporate
        purposes.

       

      4.3    Listing of Ordinary Shares. Concurrently with the Closing, the Company shall apply to list or quote all of the Shares on the Trading
        Market on which it is currently listed and promptly secure the listing of all of the Shares on such Trading Market. The Company further agrees, if the Company applies to have the Ordinary Shares traded on any other Trading Market, it will then
        include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible.

       

      4.4    Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor
        any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of Confidentiality Agreement
        and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.2.  Each Purchaser, severally and not jointly with the other Purchasers,
        covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.2, such Purchaser will maintain the confidentiality of the
        existence and terms of this transaction in accordance with the Confidentiality Agreement. 

       

      ARTICLE V.

        MISCELLANEOUS

       

      5.1   Termination.  This Agreement may be terminated by (i) any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect
        whatsoever on the obligations between the Company and the other Purchasers, or (ii) the Company, in each case, by written notice to the other parties, if the Closing has not been consummated on or before 5:00 p.m. (New York City time) on the
        Termination Date; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

       

      
        13

        
          

      

      5.2   Fees and Expenses.  Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of
        its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all Transfer Agent
        fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Shares to the Purchasers.

       

      5.3    Entire Agreement.  The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the
        parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
        schedules.

       

      5.4    Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
        shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
        attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the
        email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd)Trading Day following the date of mailing, if sent
        by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.  The address for such notices and communications shall be as set forth on the signature pages attached
        hereto.

       

      5.5   Amendments; Waivers.  No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in
        the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such
        waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
        shall also be required.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other
        provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and
        adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in
        accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Shares and the Company.

       

      
        14

        
          

      

      5.6   Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
        any of the provisions hereof.

       

      5.7    Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted
        assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).  Any Purchaser may assign any or all of its rights under this Agreement to any
        Person to whom such Purchaser assigns or transfers any Shares, provided that such transferee agrees in writing to be bound, with respect to the transferred Shares, by the provisions of the Transaction Documents that apply to the “Purchasers.”

       

      5.8    No Third-Party Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
        assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

       

      5.9   Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents 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 Agreement and any other Transaction Documents (whether brought against a party hereto or its 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 (including with respect to the enforcement of any of the Transaction Documents), and hereby
        irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such 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 Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
        delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in
        any way any right to serve process in any other manner permitted by law.   If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such Action or Proceeding shall be
        reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

       

      5.10  Survival.  The representations and warranties contained herein shall survive the Closing and the delivery of the Shares for a period of twelve months from the date
        hereof.

       

      5.11  Execution.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
        agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by
        facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
        facsimile or “.pdf” signature page were an original thereof.

       

      
        15

        
          

      

      5.12  Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
        illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
        their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the
        intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

       

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

       

      5.14  Replacement of Shares.  If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue
        or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to
        the Company of such loss, theft or destruction.  The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such
        replacement Shares.

       

      5.15  Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the
        Purchasers and the Company will be entitled to specific performance under the Transaction Documents.  The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in
        the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

       

      5.16  Payment Set Aside.  To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a
        Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
        from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable
        cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or
        setoff had not occurred.

       

      
        16

        
          

      

      5.17  Independent Nature of Purchasers’ Obligations and Rights.  The obligations of each Purchaser under any Transaction Document are several and not
        joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document.  Nothing contained herein or in any
        other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that
        the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.  Each Purchaser shall be entitled to independently protect and enforce its rights
        including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose.  Each
        Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents.  It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction
        Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

       

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

       

      5.19  Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the
        Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
        thereto. In addition, each and every reference to share prices and Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions
        of the Ordinary Shares that occur after the date of this Agreement.

       

      5.20  WAIVER OF JURY TRIAL.  IN
            ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY
            AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

        

      

      (Signature Pages Follow)

       

      
        17

        
          

      

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

       

      	
              CHECK-CAP LTD.

                

                

            	
              Address for Notice:

            
	
              By:__________________________________________

                   Name:

                   Title:

                

                

              With a copy to (which shall not constitute notice):

            	
              Fax:

              E-mail:

            

      

      

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

      
        18

        
          

      

      

        

        

        [PURCHASER SIGNATURE PAGES TO CHEK SECURITIES PURCHASE AGREEMENT]

      

      

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

       

      
        Name of Purchaser: ____________________

        

        

      

      Signature of Authorized Signatory of Purchaser: _________________________________

       

      

      Name of Authorized Signatory: _______________________________________________

       

      

      Title of Authorized Signatory: ________________________________________________

       

      

      Email Address of Authorized Signatory:_________________________________________

       

      

      Facsimile Number of Authorized Signatory: __________________________________________

       

      

      Address for Notice to Purchaser:

      

      

      Address for Delivery of Shares to Purchaser (if not same as address for notice):

      

      

      Subscription Amount:

      

      

      Shares:

      

      

      Company Shares currently held by Purchaser:

       

      Ordinary Shares:  

       

      Ordinary Share Equivalents:

      

      

      

      

    

  

  19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]