Document:

Exhibit
10.2

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (the “Agreement”) is made as of December 26, 2019, by and among ScoutCam
Ltd., an Israeli company (the “Company”), Intellisense Solutions, Inc., a corporation incorporated under the
laws of Nevada (the “Parent”) and the persons and entities listed on Exhibit A attached hereto (each
an “Investor” and collectively the “Investors”).

 

WHEREAS,
simultaneously with the execution and delivery of this Agreement, and as a condition and inducement to the Investors’ willingness
to enter into this Agreement, the Parent is entering into a Securities Exchange Agreement (the “SEA”) with
Medigus Ltd., an Israeli company (“Medigus”), pursuant to which the Company shall, immediately prior to the
closing of this Agreement (the “SEA Closing”), become a subsidiary of the Parent by effecting a securities
exchange, upon the terms and conditions set forth in the SEA (the “Securities Exchange”);

 

WHEREAS,
the Parent desires to issue and sell to the Investors, and the Investors desire to purchase from the Parent, upon the terms and
conditions stated in this Agreement, for an aggregate purchase price of up to US$3.0 million (the “Purchase Price”),
up to 2,669,039 units (the “Units”), each Unit consists of (i) two shares of the Parent’s common stock,
par value US$0.001 per share (the “Common Stock” and the “Purchased Shares”, respectively);
and (ii) (a) one warrant to purchase one share of Common Stock with an exercise price representing a pre-money valuation of the
Parent of US$16,000,000 immediately following the SEA Closing, for a period of twelve (12) months (“Warrant A”),
and (b) two warrants to purchase one share of Common Stock with an exercise price, representing a pre-money valuation of the Parent
of US$24,000,000 immediately following the SEA Closing, for a period of eighteen (18) months (“Warrant B”),
in the forms attached hereto as Appendixes A and B, respectively (collectively the “Warrants”, and together
with the Purchased Shares, the “Purchased Securities”), on the terms and conditions set forth in the Warrants;

 

WHEREAS,
pursuant to the terms of an Escrow Agreement, substantially in the form of Appendix C annexed hereto and made a part hereof,
and as further described herein, the Purchase Price otherwise to be paid by the Investors in connection with the Agreement shall
have deposited into an escrow account (the “Escrow Account”) immediately prior to the execution of this Agreement,
which Escrow Account shall be managed exclusively by an escrow agent as shall be mutually agreed upon by the parties hereto (the
“Escrow Agent”);

 

WHEREAS,
the Parent and the Investors desire to enter into a Registration Rights Agreement, substantially in the form of Appendix D
annexed hereto and made a part hereof (the “Registration Rights Agreement”), pursuant to which, among other
things, Parent will agree to provide certain registration rights to the Investors with respect to the Purchased Securities issued
under the Securities Act of 1933, as amended (the “Securities Act”) and the rules and regulations promulgated
thereunder, and applicable state securities laws; and

 

WHEREAS,
the Investors desire to purchase and the Company desires to issue and sell to the Investors the Securities pursuant to the terms
and conditions more fully set forth in this Agreement.

 

NOW,
THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

 

1.
PURCHASE AND SALE OF SECURITIES.

 

1.1
Sale and Issuance of Securities. Subject to the SEA Closing, and the additional satisfaction of certain closing conditions
set forth in Sections ‎5, 6 and 7 hereof at the Closing (as defined below), the Parent shall issue and sell to the Investors,
and such Investors shall purchase, severally and not jointly, from the Parent, according to the allocation set forth in Exhibit
A attached hereto, an aggregate of up to 2,669,039 Units at a purchase price of US$1.124 per each Unit (the “Per
Unit Price”), reflecting a pre-money valuation of the Parent of US$10,000,000 (ten million).

 

1.2
The capitalization table of the Parent, reflecting the issued and outstanding share capital of the Parent on a Fully Diluted Basis,
(i) immediately prior to the Closing and (ii) immediately following the Closing, assuming the investment of the Purchase Price
and the consummations of all material agreements pertinent to the Securities Exchange, is annexed hereto as Appendix F
(the “Capitalization Table”).

 

    	 	 	 

    	 

    

 

1.3
Closing. The consummation of the transactions contemplated hereby, including the purchase and sale of the Purchased Securities
(the “Closing”) shall take place remotely via the exchange of documents and signatures, on December 26,
2019, or at such other time and place as the Company and Investors representing a majority of the Purchase Price (the “Majority
Investors”) mutually agree upon (such designated time and place, the “Closing Date”). The Closing
shall be subject to the conditions of Section 5 and 7 below, which conditions shall be deemed to take place simultaneously
and no transaction described in such sections shall be deemed to have been completed or any document delivered until all such
transactions have been completed and all such required documents delivered.

 

1.4
Deferred Closing. During a period of 90 days following the Closing Date, the Parent may sell and issue, on the same terms
and conditions as those contained in this Agreement, at one or more closings (each a “Deferred Closing”), additional
Units , the “Additional Units”), in consideration per share equal to the Per Unit Price, to one or more investors
(the “Additional Investor(s)”) for an aggregate purchase price that shall not exceed US$300,000 (three hundred
thousand). As a condition to the issuance of such Additional Units, the Additional Investors shall become a party to this Agreement
by executing and delivering a counterpart signature page or a joinder to this Agreement in a form reasonably acceptable to the
Company. Exhibit A to this Agreement shall automatically be deemed to be updated to reflect the number of Additional Shares
purchased at each such Deferred Closing and the Additional Investors. Thereafter, for all purposes under Transaction Documents,
each Additional Investor shall be deemed to be an “Investor”, the “Additional Units” shall be deemed to
be “Units”, and the additional purchase price for the Additional Units shall be deemed to be part of the “Purchase
Price”. At each Deferred Closing, against payment by each Additional Investor, severally and not jointly, of its respective
purchase price with respect to each Additional Unit purchased by it, the Parent shall deliver to each such Additional Investor
a share certificate or book-entry confirmation representing such additional Shares and the Warrants, and register the additional
Shares and the Warrants in the Company’s Shareholders Register.

 

1.5
Restated Articles of Incorporation; Bylaws. The Parent shall adopt on or prior to the Closing the Amended and Restated
Articles of Incorporation and Bylaws, each substantially in the form of Appendix E1 and E2 annexed hereto and made
a part hereof (the “Restated Articles” and “Restated Bylaws”, respectively).

 

1.6
Closing Deliverables.

 

(a)
At the Closing, the Parent shall deliver to the Investors:

 

(i)
True and correct copies of written resolutions, or minutes of a meeting, of the board of directors of the Parent (the “Board”),
approving and adopting in all respects the execution, delivery and performance by the Parent of this Agreement and the transactions
contemplated hereby, including, among others, (a) authorizing the issuance and sale of the Purchased Securities against payment
of the Purchase Price therefor; (b) approving the execution, delivery and performance by the Parent of all agreements contemplated
herein to which the Parent is party and any agreements, instruments or documents ancillary thereto; and (c) adopting the Restated
Bylaws as an amendment and restatement of the existing Bylaws of the Parent as in effect prior to the Closing, in the form attached
hereto as Schedule  ‎1.6(a)(i). 

 

(ii)
True and correct copies of written resolutions, or minutes of meeting, of the Parent’s stockholders approving and adopting
in all respects the execution, delivery and performance by the Parent of this Agreement and the transactions contemplated hereby,
including, among others, (a) the adoption of the Restated Articles; and (b) the approval of the execution, delivery and performance
by the Company of all agreements contemplated herein to which the Company is party and any agreements, instruments or documents
ancillary thereto, in the form attached hereto as Schedule  ‎1.6(a)(ii);

 

(iii)
Duly executed stock certificates or book-entry confirmations representing the respective Purchased Shares issued to each Investor
at the Closing in the name of each of such Investor, in the form attached hereto as Schedule ‎1.6(a)(iii);

 

(iv)
The Warrants issued to each Investor at the Closing in the name of each of such Investor; and

 

    	 	 	 

    	 

    

 

(v)
A certificate duly executed by an executive officer of the Parent as of the Closing stating that the conditions specified in Section
‎5 have been satisfied, in the form attached hereto as Schedule ‎1.6(a)(v).

 

1.7
Purchase Price. Upon the execution of this Agreement, each Investor shall, severally and not jointly, transfer to the Escrow
Agent, as further specified in Section 1.8 of this Agreement, its respective portion of the Purchase Price by wire transfer of
immediately available funds according to the Escrow Agent’s wire instructions.

 

1.8
Escrow Fund. Simultaneously with the execution of this Agreement, the Company, the Parent and Investors shall enter into
an Escrow Agreement with the Escrow Agent, substantially in the form of Appendix C attached hereto. Pursuant to the terms
of the Escrow Agreement, the Investors shall deposit the Purchase Price into the Escrow Account, which account is to be managed
exclusively by the Escrow Agent. Distributions of the Purchase Price from the Escrow Account shall be governed by the terms and
conditions of the Escrow Agreement. If upon February 28, 2020 (the “Investment Termination Date”), the Company
and the Parent have not consummated the closing of the SEA, this Agreement shall terminate and the Purchase Price shall be returned
in full to the Investors immediately upon the Investment Termination Date and without any additional notice or action on the part
of the Investors.

 

2.
REPRESENTATIONS AND WARRANTIES OF THE PARENT.

 

The
Parent hereby represents and warrants to each Investor that, except as set forth on the Disclosure Schedule delivered on the date
hereof (the “Disclosure Schedule”), and as annexed hereto as Appendix G, which exceptions shall be deemed
to be part of the representations and warranties made hereunder, the following representations are true, correct and complete
as of the date hereof and as of the Closing (as if made on the Closing Date); except, in each case, as to such representations
and warranties that address matters as of a particular date, which are true, correct and complete only as of such date. The Disclosure
Schedule shall be arranged in sections and subsections corresponding to the numbered and lettered sections and subsections contained
in this Section ‎2, and the information set forth in any one in any section or subsection of the Disclosure Schedule shall
apply to and qualify (a) the representation and warranty set forth in this Agreement to which it corresponds, and (b) whether
or not an explicit reference or cross-reference is made, each other representation and warranty set forth in this Agreement for
which it is reasonably apparent on its face that such information is relevant to such other section.

 

In
this Agreement, “Material Adverse Effect” means a material and adverse effect on the assets, properties, conditions
(financial or otherwise), operating results or business of the Parent, as currently conducted.

 

2.1
Organization. The Parent is a corporation duly organized and validly existing under the laws of the State of Nevada, and
is currently in good standing in accordance with the Office of the Secretary of State of Nevada.

 

2.2
Capitalization.

 

(a)
The authorized stock capital of the Parent will be on or immediately following to the SEA Closing, as set forth in the Restated
Articles, and such number of Common Stock as set forth in the Capitalization Table are or shall be (immediately following the
SEA Closing) issued and outstanding.

 

(b)
Prior to the SEA Closing, the Board shall reserve 4,626,619 shares of Common Stock prior to the SEA Closing for issuance of, and
grant of options or other equity awards exercisable into, Common Stock to directors, officers, employees, consultants and service
providers of the Parent or its subsidiaries (the “ESOP Pool”).

 

(c)
The issued and outstanding shares of the Parent were duly and validly authorized and issued, fully paid and non-assessable, and
offered and issued in compliance with the provisions of the Parent’s Articles of Incorporation as in effect at the time
of each such issuance and in compliance with all applicable corporate and securities laws.

 

    	 	 	 

    	 

    

 

(d)
Immediately prior to the SEA Closing, no shares, options, warrants, rights (including conversion, preemptive rights, rights of
first refusal or similar rights) or agreements for the purchase from the Parent of any of its stock capital, or any securities
convertible into or exchangeable for stock of the Parent shall be outstanding, other than as set forth in Section ‎2.2(d)
of the Disclosure Schedule, or that could require the Parent to issue, sell, transfer or otherwise cause to be outstanding any
of the Parent’s stock capital or securities convertible or exercisable into shares thereof. 

 

(e)
Immediately prior to the SEA Closing, no option, security or other equity award convertible or exercisable into stock of the Parent
shall contain a provision for acceleration of vesting (or lapse of a repurchase right) or other changes in the vesting provisions
or other terms of such option, security or other equity award upon the occurrence of any event or combination of events, other
than as set forth in Section 2.2(e)‎ of the Disclosure Schedule. No share, option, security or other equity award convertible
or exercisable into shares of the Parent is subject to repurchase or redemption (contingent or otherwise) by the Parent, and the
Parent has not repurchased or redeemed any of the Parent’s shares of stock, options, security or other equity awards. 

 

(f)
The Parent has not declared or paid any dividends, or authorized or made any distribution upon or with respect to any class or
series of its stock capital.

 

2.3
Authorization. All corporate action on the part of the Parent, its directors and shareholders, necessary for the authorization,
execution and delivery of this Agreement and the other agreements, instruments or documents entered into in connection with this
Agreement and to which the Parent is a party (collectively, the “Transaction Documents”) and for the performance
of all obligations of the Parent under the Transaction Documents in accordance with their terms has been taken or will be taken
prior to the Closing. The Transaction Documents, when executed and delivered by the Parent, and assuming the due authorization,
execution and delivery by the other parties hereto and thereto, constitute valid and binding obligations of the Parent, enforceable
against the Parent in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies.

 

2.4
Valid Issuance. The Purchased Securities being or that may be issued to the Investors hereunder, when issued, sold and
delivered in accordance with the terms of this Agreement for the consideration expressed herein, shall be duly and validly issued,
fully paid, and non-assessable, issued in compliance with all applicable state securities laws, and free and clear of liens, pledges,
charges, encumbrances or other restrictions on transfer of any kind (including, without limitation, preemptive rights), other
than restrictions on transfer under this Agreement, the Restated Articles, the Restated Bylaws and under applicable securities
laws and other than liens or encumbrances created by or imposed on each Investor as to itself. The rights, privileges and preferences
of the Purchased Securities are as stated in the Restated Articles and Restated Bylaws, as may be amended from time to time in
accordance with its terms.

 

2.5
No Conflict; Consents. The execution, delivery and performance of the Transaction Documents and the consummation of the
transactions contemplated by the Transaction Documents do not and will not (a) result in any conflict with, or a breach or violation,
with or without the passage of time and giving of notice, of any of the terms, conditions or provisions of, or give rise to rights
to others (including rights of termination, cancellation or acceleration) under: (i) Parent’s Articles of Incorporation
and Bylaws, which are currently in effect, and the Restated Articles and Restated Bylaws; (ii) any judgment, injunction, order,
writ, decree or ruling of any court or governmental authority, domestic or foreign, to which the Parent is subject; (iii) any
material contract or agreement, lease, license or commitment to which the Parent is a party or by which it is bound; or (iv) any
applicable law; (b) result in the creation of any lien, charge or encumbrance upon any asset of the Parent or the suspension,
revocation, forfeiture, or nonrenewal of any material permit or license applicable to the Parent; or (c) require the consent,
approval or authorization of, registration, qualification or filing with, or notice to any person or any federal, state, local
or foreign governmental authority or regulatory authority or agency, on the part of the Parent, which has not heretofore been
obtained or made or will be obtained or made prior to Closing.

 

    	 	 	 

    	 

    

 

2.6
SEC Reports; Financial Statements; DTC Eligibility. The Parent has filed all reports, schedules, forms, statements and
other documents required to be filed by the Parent under the Securities Act and the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) for the one-year period preceding the date hereof (collectively, the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The financial statements of the Company
included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance
with Generally Accepted Accounting Principles in the U.S. (“US GAAP”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by US GAAP, and fairly present in all material respects the financial position of the Company as of and for the dates
thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements,
to normal, immaterial, year-end audit adjustments. The Common Stock is currently not DTC eligible.

 

2.7
Continued Quotation. The Parent is, and has no reason to believe that it will not in the foreseeable future continue to
be, in compliance with all such quotation and maintenance requirements of the “Pink Sheets” published and maintained
by OTC Markets Group, Inc., and shall make commercial best efforts to maintain such compliance.

 

2.8
Effect of the Securities Exchange. Pursuant to the Securities Exchange, the Company shall become the wholly-owned subsidiary
of the Parent upon the SEA Closing.

 

2.9
Board of Directors. Immediately prior to the Closing, the Board shall consist of 3 (three) or 5 (five) members, majority)
of whom shall be designated by the Company. One or two (2) additional members of the Board shall be professional directors.

 

2.10
Disclosure. No representation or warranty of the Parent contained in this Agreement, as qualified by the Disclosure Schedule,
and no certificate furnished or to be furnished to Investors at the Closing contains any untrue statement of a material fact or,
to the Parent’s knowledge, omits to state a material fact necessary in order to make the statements contained herein or
therein not misleading in light of the circumstances under which they were made.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

 

The
Company hereby represents and warrants to each Investor that, except as set forth on the Disclosure Schedule delivered on the
date hereof (the “Disclosure Schedule”), and as annexed hereto as Appendix H, which exceptions shall
be deemed to be part of the representations and warranties made hereunder, the following representations are true, correct and
complete as of the date hereof and as of the Closing (as if made on the Closing Date); except, in each case, as to such representations
and warranties that address matters as of a particular date, which are true, correct and complete only as of such date. The Disclosure
Schedule shall be arranged in sections and subsections corresponding to the numbered and lettered sections and subsections contained
in this Section ‎2, and the information set forth in any one in any section or subsection of the Disclosure Schedule shall
apply to and qualify (a) the representation and warranty set forth in this Agreement to which it corresponds, and (b) whether
or not an explicit reference or cross-reference is made, each other representation and warranty set forth in this Agreement for
which it is reasonably apparent on its face that such information is relevant to such other section.

 

In
this Agreement, “Material Adverse Effect” means a material and adverse effect on the assets, properties, conditions
(financial or otherwise), operating results or business of the Company, as currently conducted.

 

    	 	 	 

    	 

    

 

3.1
Organization. The Company is a company duly organized and validly existing under the laws of the State of Israel, is not
a “breaching company” (within the meaning of Section 362.A of the Israeli Companies Law) and has all requisite corporate
power and authority to carry on its business as currently conducted.

 

3.2
Authorization. All corporate action on the part of the Company, its directors and shareholders, necessary for the authorization,
execution and delivery of this Agreement and the other agreements, instruments or documents entered into in connection with this
Agreement and to which the Company is a party (collectively, the “Transaction Documents”) and for the performance
of all obligations of the Company under the Transaction Documents in accordance with their terms has been taken or will be taken
prior to the Closing. The Transaction Documents, when executed and delivered by the Company, and assuming the due authorization,
execution and delivery by the other parties hereto and thereto, constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies.

 

3.3
No Conflict; Consents. The execution, delivery and performance of the Transaction Documents and the consummation of the
transactions contemplated by the Transaction Documents do not and will not (a) result in any conflict with, or a breach or violation,
with or without the passage of time and giving of notice, of any of the terms, conditions or provisions of, or give rise to rights
to others (including rights of termination, cancellation or acceleration) under: (i) the Company’s Articles of Association
(the “Company’s Articles”); (ii) any judgment, injunction, order, writ, decree or ruling of any court
or governmental authority, domestic or foreign, to which the Company is subject; (iii) any material contract or agreement, lease,
license or commitment to which the Company is a party or by which it is bound; or (iv) any applicable law; (b) result in the creation
of any lien, charge or encumbrance upon any asset of the Company or the suspension, revocation, forfeiture, or nonrenewal of any
material permit or license applicable to the Company; or (c) require the consent, approval or authorization of, registration,
qualification or filing with, or notice to any person or any federal, state, local or foreign governmental authority or regulatory
authority or agency, on the part of the Company, which has not heretofore been obtained or made or will be obtained or made prior
to Closing.

 

3.4
Directors; Officers. The directors, observers and officers of the Company are listed on Section ‎3.4 of the Disclosure
Schedule. Except as provided in Section 3.4 of the Disclosure Schedule, the Company has no agreement, obligation or commitments
with respect to the election of any individual to its Board or to the right to nominate an observer to the Board, and, to the
Company’s knowledge, there is no such agreement among the Company’s shareholders, except as stated in the Company’s
Articles. All agreements, commitments and understandings of the Company, whether written or oral, with respect to any compensation
to be provided to any of the Company’s directors, observers or officers have been fully disclosed in writing to the Investors
prior to the Closing.

 

3.5
Subsidiaries. The Company does not own or control, directly or indirectly, any interest or any other right in any other
corporation, association, or other business entity. The Company is not a participant in any joint venture, partnership, or similar
arrangement.

 

3.6
Compliance with Laws and Other Instruments. The Company is, and has been, in compliance, in all material respects, with
all applicable laws. The Company has not received any written notice of or been charged with the violation of any law and, to
Company’s knowledge, there is no threatened action or proceeding against the Company under any of such laws. The Company
is not in violation of or default under (i) any provisions of the Company’s Articles, or (ii) any order, writ, injunction,
decree or judgment of any court or any governmental department, commission or agency, domestic or foreign, to which it is subject
or by which it is bound. The Company has obtained, or has filed for and anticipates obtaining prior to the SEA Closing or shortly
thereafter, all franchises, permits, licenses, consents and any similar authorizations that are material to its business as currently
conducted under applicable law, and is in compliance, in all material respects, with such franchises, permits, licenses, consents
and similar authorizations. None of the Company’s products, intellectual property or operations is subject to any restriction
or limitation or requires a license or registration under applicable laws relating to marketing, export or import controls.

 

    	 	 	 

    	 

    

 

3.7
Financial Statements; No Undisclosed Liabilities.

 

(a)
The Company has no liabilities or obligations, contingent or otherwise, other than (i) liabilities incurred in the ordinary course
of business, which, individually and in the aggregate, do not exceed US$200,000; (ii) obligations under contracts and commitments
incurred in the ordinary course of business; and (iii) liabilities and obligations of a type or nature not required under GAAP
to be reflected in its financial statements, which, individually and in the aggregate do not exceed US$100,000.

 

(b)
The Company is not a guarantor or indemnitor of any debt or obligation of another, nor has the Company given any loan, security
or otherwise agreed to become liable for any obligation of any person. No person has given any guarantee of, or security for,
any obligation of the Company. The Company did not extend any loans or advances to any person, other than advances for expenses
to its employees in the ordinary course of business.

 

3.8
Assets and Properties. The Company has good and marketable title to all of the tangible or personal properties and assets
owned by the Company, which are material to the business of the Company as currently conducted, and such properties and assets
are free and clear of all mortgages, deeds of trust, liens, pledges, charges, security interests, conditional sale agreement,
loans and encumbrances, except for statutory liens for the payment of current taxes that are not yet delinquent and encumbrances
and liens that arise in the ordinary course of business and do not materially impair the Company’s ownership or use of such
property or assets. With respect to the tangible property and assets it leases, the Company is in compliance in all material respects
with such leases and, to its knowledge, holds a valid leasehold or license interest free of any liens, pledges, charges, security
interest, claims or encumbrances, other than those of the lessors of such property or assets. The Company does not own any real
property.

 

3.9
Intellectual Property. Terms used but not otherwise defined in this Section ‎3.9 shall have the meaning set forth in
Section ‎(e) below.

 

(a)
The Company owns or has the right to use, or believes it can acquire on commercially reasonable terms, sufficient legal rights
to all Company Intellectual Property without any known conflict with, or infringement of, the rights of others, including without
limitation the past and present employees and consultants and employers of the past and present employees and consultants of the
Company, free and clear of all liens, charges, claims and restrictions. To the Company’s knowledge, no product or service
marketed, sold or rendered (or proposed to be marketed, sold or rendered) by the Company violates any license or infringes any
intellectual property rights of any other person. Other than with respect to commercially available software products under standard
end-user object code license agreements or agreements providing for confidentiality of information entered into in the ordinary
course of business, the Company is not bound by or a party to any options, licenses or agreements of any kind with respect to
the patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, proprietary rights and
processes of any other person. Other than non-exclusive license agreements in the Company’s standard form of license agreement,
which form was provided to the Investors, there are no outstanding options, licenses, agreements, claims, encumbrances or shared
ownership interests of any kind relating to the Company Intellectual Property. The Company is not obligated or under any liability
whatsoever (contingent or otherwise) to make any payments by way of royalties, fees or otherwise to any owner or licensee of,
or other claimant to, any patent, trademark, service mark, trade name, copyright or other intangible asset, with respect to the
use thereof or in connection with the conduct of its business as currently conducted and as currently proposed to be conducted.

 

(b)
Section  ‎3.9(b) of the Disclosure Schedule is a complete list of all (i) patents, trademarks, service marks, trade
names, copyrights, domain name, registration with respect to any of the Company Intellectual Property and any applications for
and under any of the foregoing; and (ii) unregistered trademark.

 

    	 	 	 

    	 

    

 

(c)
All of the Company’s employees and consultants, past and present, who were or are engaged in the development, invention,
discovery, programming or design of any Company Intellectual Property, have entered into written agreements with the Company assigning
to the Company all rights, title and interests in Company Intellectual Property developed, invented, programmed, designed, conceived
or reduced to practice (either alone or jointly with others) in the course of their employment or engagement, as the case may
be, or that relate to the Company’s business as currently conducted and as currently proposed to be conducted, and explicitly
waiving all non-assignable rights (including moral rights) and rights to receive royalties or compensation in connection therewith
(including, without limitation, under Section 134 of the Israeli Patent Law, 1967). Any and all Company Intellectual Property
which has been, is currently being or will be developed by any employee or consultant of the Company is and shall be the sole
property of the Company. The Company has taken all required security measures to protect the secrecy, confidentiality and value
of all the Company Intellectual Property, which measures are reasonable and customary in the industry in which the Company operates
and, to the Company’s knowledge, there has been no breach of security of the Company’s systems involving any such
information. To the Company’s knowledge, it will not be necessary to use any of the developments, ideas, inventions, trade
secrets, proprietary information or other intellectual property of any of its employees or consultants made prior to their employment
or engagement by the Company.

 

(d)
No funding or grants from, or facilities of, a governmental body or institution, university, college or other academic or educational
institution or research center, was used by the Company or on its behalf, or by any of its founders prior to the incorporation
of the Company, in the development of the Company Intellectual Property. Other than as set forth in Section ‎3.9‎(d)
of the Disclosure Schedule, to the knowledge of the Company, no current or former employee, consultant or independent contractor
of the Company, who is or was involved in, or who is contributing or contributed to the creation or development of any Company
Intellectual Property is or has performed services for or otherwise is or was under restrictions resulting from his or her relations
with any government, university, college or other academic or educational institution or research center, or organization whose
primary purpose is to create or foster the creation of Open Source during the time such employee, consultant or independent contractor
is or was so involved in, or contributing to the creation or development of any Company Intellectual Property.

 

(e)
Definitions. The following terms used in this Agreement shall have the meanings set forth below:

 

“Company
Intellectual Property” means all patents, patent applications, trademarks, trademark applications, service marks, service
mark applications, trade names, copyrights, trade secrets, know-how, inventions, designs, works of authorship, computer programs
and technical data, domain names, mask works, information and proprietary rights and processes, similar or other intellectual
property rights, subject matter of any of the foregoing, tangible embodiments of any of the foregoing, licenses and rights in,
to and under any of the foregoing, in any and all such cases that are owned or used by the Company in the conduct of the Company’s
business as currently conducted.

 

“knowledge”,
including the phrase “to the Company’s knowledge” (or similar phrases), when used in this Section ‎3.9
(Intellectual Property) shall mean the actual knowledge of the Company, without conducting any patent search, freedom to
operate, infringement, or any similar search.

 

3.10
Labor Matters.

 

(a)
The Company has complied, in all material respects, with all applicable employment laws, policies, procedures and agreements relating
to employment, and terms and conditions of employment. The Company has paid in full to all of its respective employees and consultants
all wages, salaries, commissions, bonuses, benefits and other compensation due and payable to such employees or consultants on
or prior to the date of this Agreement. The Company has complied in all material respects with the applicable laws relating to
the proper withholding and remittance to the proper tax and other authorities of all sums required to be withheld from employees
or persons deemed to be employees under applicable laws. To the Company’s knowledge, all persons classified by the Company
as consultants or contractors thereof are correctly classified as such and not as employees for any purpose. The Company’s
liability for any obligations to pay any amount of severance payment, pension, accrued vacation, and other social benefits and
contributions, under applicable law or contract, or any other payment of substantially the same nature, is fully funded by deposit
of funds in severance funds, pension funds, managers insurance policies or provident funds (and if not required to be so funded)
adequate provisions have been made in the Company’s Financial Statements.

 

    	 	 	 

    	 

    

 

(b)
The Company is not a party to, bound by or subject to, and no employee of the Company benefits from, any collective bargaining
agreement, collective labor agreement, extension orders (tzavei harchava) (other than extension orders that apply to all
employees in Israel generally), or other contract or arrangement with a labor union, trade union or other organization or body,
to provide benefits or working conditions beyond the minimum benefits and working conditions required by applicable law. No labor
union has requested or has sought to represent any of the employees, representatives or agents of the Company, nor is the Company
aware of any labor organization activity involving its employees. There is no strike or other labor dispute involving the Company
pending or, to the Company’s knowledge, threatened.

 

3.11
Taxes.

 

(a)
The Company was incorporated on January 3, 2019 and has yet to file any tax returns and reports (including information returns
and reports). Any and all taxes and other charges due by the Company to any local or foreign tax authorities (including, without
limitation, those due in respect of the properties, income, franchises, licenses, sales or payrolls) have been timely paid.

 

(b)
The Company has not made any elections pursuant to the Israeli Income Tax Ordinance [New Version], 1961. The Company is not subject
to any tax ruling nor has it ever applied to receive any tax determination or ruling.

 

3.12
Governmental Grants. The Company has not applied, obtained or received any grant, loan, incentives, benefits (including
tax benefits), subsidies or other assistance from any governmental or regulatory authority or any agency, or any international
or bilateral fund, institute or organization or public entities or authorities, other than from the Israeli Innovation Authority
(previously known as the Office of the Chief Scientist of Israel’s Ministry of Economy) as was assigned by Medigus, nor
is the Company an “approved enterprise”, “benefited enterprise” or “preferred enterprise”
within the meaning of the Israeli Encouragement of Capital Investments Law, 1959.

 

3.13
Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or, to the Company’s knowledge,
investigation pending, or, to the Company’s knowledge, currently threatened in writing against the Company, any of its properties,
or any officer, director or employee of the Company, including, without limitation, arising out of their employment or board relationship
with the Company or in their capacity as such, or that questions the validity of the Transaction Documents or the right of the
Company to enter into them, or to consummate the transactions contemplated by the Transaction Documents.

 

3.14
Insurance. The Company is covered by insurance with respect to its properties and business purchased by the insurance purchased
by Israeli Parent.

 

3.15
Effect of the Securities Exchange: Pursuant to the Securities Exchange, the Company shall become the wholly-owned subsidiary
of the Parent upon the SEA Closing.

 

3.16
Disclosure. No representation or warranty of the Company contained in this Agreement, as qualified by the Disclosure Schedule,
and no certificate furnished or to be furnished to Investors at the Closing contains any untrue statement of a material fact or,
to the Company’s knowledge, omits to state a material fact necessary in order to make the statements contained herein or
therein not misleading in light of the circumstances under which they were made.

 

4.
REPRESENTATIONS AND WARRANTIES OF THE INVESTORS.

 

Each
of the Investors, severally and not jointly, hereby represents and warrants, with respect to itself only, that the following representations
are true, correct and complete as of the date hereof and as of the Closing (as if made on the Closing Date); except, in each case,
as to such representations and warranties that address matters as of a particular date, which are given only as of such date:

 

4.1
Authorization; Organization. The Investor is duly organized, validly existing and, if applicable, in good standing under
the laws of the jurisdiction in which it has been incorporated and has full power and authority to enter into the Transaction
Documents. The Transaction Documents to which the Investor is a party, when executed and delivered by the Investor, and assuming
the due authorization, execution and delivery by the other parties hereto and thereto, constitute valid and binding obligations
of the Investor, enforceable against the Investor in accordance with their respective terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or
affecting the 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) to the extent the indemnification provisions contained
in the Rights Agreement, as may be limited by applicable securities laws.

 

    	 	 	 

    	 

    

 

4.2
No Conflict; Consents. The execution, delivery and performance by the Investor of the Transaction Documents to which it
is a party and the consummation of the transactions contemplated by such Transaction Documents do not and will not (a) result
in any conflict with, or a breach or violation, with or without the passage of time and giving of notice, of any of the terms,
conditions or provisions of, or give rise to rights to others (including rights of termination, cancellation or acceleration)
under: (i) the governing documents of the Investor; (ii) any judgment, injunction, order, writ, decree or ruling of any court
or governmental authority, domestic or foreign, to which the Investor is subject; (iii) any material contract or agreement, lease,
license or commitment to which the Investor is a party or by which it is bound; (iv) any applicable law; or (b) require the consent,
approval or authorization of, registration, qualification or filing with, or notice to any person or any federal, state, local
or foreign governmental authority or regulatory authority or agency, on the part of the Investor, which has not heretofore been
obtained or made or will be obtained or made prior to Closing.

 

4.3
Purchase Entirely for Own Account. The Purchased Securities will be acquired for investment for the Investor’s own
account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and the Investor has
no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor does not presently
have any contract, undertaking, agreement or arrangement to sell, transfer or grant participation rights to any person with respect
to any of the Purchased Securities. The Investor has not been formed for the specific purpose of acquiring the Purchased Securities.

 

4.4
Disclosure of Information. The Investor has had an opportunity to discuss the Company’s business, operations, properties,
prospects, technology, plans, management, financial affairs and the terms and conditions of the offering of the Purchased Securities
with the Company’s management and has had an opportunity to review the Company’s facilities. The foregoing, however,
does not limit, modify or qualify the representations and warranties of the Company in Section ‎2 of this Agreement or the
right of the Investor to rely thereon. The Investor acknowledges that any projections provided (if any) by the Company are uncertain
in nature, and that some or all of the assumptions underlying such projections may not materialize or will vary significantly
from actual results.

 

4.5
Investment Experience; Accredited Investor; Non-U.S. Person. The Investor is an investor in securities of companies in
the development stage and acknowledges that it is able to fend for itself, can bear the economic risk of its investment, and has
such knowledge and experience in financial or business matters that it is capable of evaluating and understanding the merits and
risks of the investment in the Purchased Securities. The Investor is either (i) an accredited investor as defined in Rule 501(a)
of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) a
Non U.S. Person as defined under Regulation S promulgated under the Securities Act. To the extent that the Investor is a non U.S.
Person, such Investor (x) is not acquiring Purchased Securities for the account or benefit of any U.S. Person, (y) is not, at
the time of execution of this Agreement, and will not be, at the time of the Closing, in the United States and (z) is not a “distributor”
(as defined in Regulation S promulgated under the Securities Act).

 

4.6
Restricted Securities. The Purchased Securities have not been and will not be registered under the Securities Act or any
state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state
securities laws or unless an exemption from such registration requirements is available. Investor is aware that, except as set
forth in the Rights Agreement, the Company is under no obligation to effect any such registration or to file for or comply with
any exemption from registration. The sale and issuance of the Purchased Securities have not been registered under the Securities
Act by reason of a specific exemption from registration which depends upon, among other things, the accuracy of the Investor’s
representations as expressed herein.

 

    	 	 	 

    	 

    

 

4.7
Legends. The Purchased Securities, and (if applicable) any securities issued in respect of or exchange for the foregoing
may be notated with the following or a similar legend as well as other legends as may be required by applicable securities laws:
“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER OF SUCH SHARES MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.”

 

4.8
Exculpation among Investors. The Investor is not relying upon any other Investor in making its investment or decision to
invest in the Company. Neither of the other Investors nor the respective controlling persons, officers, directors, partners, agents,
employees or legal or other advisors of any such other Investors shall be liable to the Investor for any action heretofore taken
or omitted to be taken by any of them in connection with the purchase of the Purchased Securities.

 

5.
CONDITIONS OF INVESTORS’ OBLIGATIONS AT CLOSING.

 

The
obligations of each Investor to purchase the Purchased Securities at the Closing are subject to the fulfillment on or before the
Closing of each of the following conditions, unless otherwise waived in writing by the Majority Investors:

 

5.1
Representations and Warranties. The representations and warranties of the Company and the Parent contained in Sections
‎2 and 3 of this Agreement shall have been true in all respects on and as if made as of the Closing.

 

5.2
Performance. The Company and the Parent shall have individually performed and complied, in all respects, with all agreements,
obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the
Closing.

 

5.3
Delivery of Documents. All of the documents to be delivered by the Company and/or the Parent pursuant to Section ‎1.6,
shall have been in a form as attached to this Agreement, or, if not attached, in a form and substance satisfactory to the Investors
and shall have been delivered to the Investors. 

 

5.4
Satisfaction of Closing Conditions under SEA: Each of the conditions to closing for the Securities Exchange, as shall be
further stipulated and expressed in the SEA, shall have been satisfied or waived in accordance with the provisions of the SEA.

 

6.
CONDITIONS OF THE PARENT’S OBLIGATIONS AT CLOSING.

 

The
obligations of the Parent to the Investors under this Agreement are subject to the fulfillment on or before the Closing, of each
of the following conditions, unless otherwise waived in writing by the Parent:

 

6.1
Representations and Warranties. The representations and warranties contained in Section 4 shall have been true in all respects
on and as if made as of the Closing.

 

6.2
Performance. Each of the Investors shall have performed and complied, in all respects, with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

 

6.3
Satisfaction of Closing Conditions under SEA: Each of the conditions to closing for the Securities Exchange, as shall be
further stipulated and expressed in the SEA, shall have been satisfied or waived in accordance with the provisions of the SEA.

 

    	 	 	 

    	 

    

 

7.
CONDITIONS OF THE COMPANY’S OBLIGATIONS AT CLOSING.

 

The
obligations of the Company to the Investors under this Agreement are subject to the fulfillment on or before the Closing, of each
of the following conditions, unless otherwise waived in writing by the Company:

 

7.1
Representations and Warranties. The representations and warranties contained in Section ‎4 shall have been true in
all respects on and as if made as of the Closing.

 

7.2
Performance. Each of the Investors shall have performed and complied, in all respects, with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

 

7.3
Satisfaction of Closing Conditions under SEA: Each of the conditions to closing for the Securities Exchange, as shall be
further stipulated and expressed in the SEA, shall have been satisfied in accordance with the provisions of the SEA.

 

8.
AFFIRMATIVE COVENANTS BY THE PARENT AND THE COMPANY.

 

8.1
Use of Proceeds. The Parent will use the Purchase Price for general working capital purposes.

 

8.2
Conduct of the Business between Signing and Closing. Except as otherwise expressly provided by this Agreement or with the
prior written consent of the Majority Investors (which consent shall not be unreasonably withheld or delayed), the Parent and
the Company shall, individually, (i) conduct its business in the ordinary course of business, consistent with prior practice;
(ii) comply with legal requirements applicable to the operation of its business and pay applicable taxes as due; (iii) maintain
its books, accounts and records in the ordinary course of business; and (iv) not take any other action that would result in a
breach of any of the representations, warranties or covenants made by the Parent or the Company in this Agreement or that would
adversely affect its ability to consummate the transactions contemplated by this Agreement.

 

9.
INDEMNIFICATION.

 

9.1
Effectiveness; Survival.

 

(a)
Each Investor has the right to fully rely upon all representations, warranties and covenants of the Parent and the Company, for
which the Parent shall be held responsible (the “Indemnitor”) contained in or made pursuant to this Agreement
and in the schedules attached hereto. Unless otherwise set forth in this Agreement, the representations and warranties of the
Parent and the Company contained in or made pursuant to this Agreement shall in no way be affected by any investigation or knowledge
of the subject matter thereof made by or on behalf of any Investor.

 

(b)
The representations and warranties of the Parent contained in or made pursuant to this Agreement shall survive the execution and
delivery of this Agreement and the Closing, until (1) in case of Sections ‎2.1 (Organization), ‎2.3
(Authorization) and ‎2.5 (No Conflict; Consents), until the expiration of the applicable statute of limitation
period; and (2) other than as set forth in clause (1) above, the 24th months anniversary of the Closing Date; in each
case, with respect to any theretofore un-asserted claims as set forth in clause (d) below;

 

(c)
The representations and warranties of the Company contained in or made pursuant to this Agreement shall survive the execution
and delivery of this Agreement and the Closing, until (1) in case of Section 3.9 (Intellectual Property), until the 30th
months anniversary of the Closing Date; (2) in case of Sections ‎3.1 (Organization), ‎3.2 (Authorization)
and ‎3.3 (No Conflict; Consents) (the representations and warranties referred to in this clause (2) and in clause
b(1) above, collectively, the “Fundamental Representations”), until the expiration of the applicable statute
of limitation period; and (3) other than as set forth in clause (1) and (2) above, the 24th months anniversary of the
Closing Date; in each case, with respect to any theretofore un-asserted claims as set forth in clause (d) below; 

 

(d)
In respect to Sections 9.1(b)-(c) above, no limitation shall apply to breach of any representation or warranty which constitutes
fraud or willful misrepresentation by the Parent or the Company (“Fraud”). The applicable survival period shall
be referred to, as applicable, as the “Claims Period”.

 

(e)
Except for Fraud, neither the Company nor the Parent shall have any liability with respect to any breach of representation and
warranty, unless a claim is made hereunder prior to the expiration of the Claims Period for such representation and warranty,
in which case such representation and warranty shall survive as to that claim until the claim has been finally resolved.

 

    	 	 	 

    	 

    

 

(f)
It is the intention of the parties hereto that the Claims Periods supersede any statute of limitations applicable to the representations
and warranties, and this Section ‎9.1 constitutes a separate written legally binding agreement among the parties hereto
in accordance with the provisions of Section 19 of the Israeli Limitation Law, 1958.

 

9.2
Indemnification.

 

(a)
Indemnifiable Losses. The Indemnitor shall indemnify each Investor (including its shareholders, limited and general partners
directors and officers) (each, an “Indemnitee”) against, and hold each Indemnitee harmless from all claims,
actions, suits, settlements, damages, expenses (including, reasonable legal costs and expenses), losses, or costs sustained or
incurred by such Indemnitees (collectively, “Losses”) resulting from, or arising out of, a breach or misrepresentations
of any the Indemnitor’s representations, warranties or covenants made in this Agreement, subject to the limitations in this
Section ‎9.

 

(b)
Limitations. The Indemnitee’s right for indemnification hereunder is subject to the following conditions and limitations,
notwithstanding anything to the contrary in this Agreement, but in to any other limitation or condition contained herein; provided,
however, no limitation shall apply to Fraud:

 

(i)
Other than in respect of the Fundamental Representations, no Indemnitor shall be liable for any Loss, unless and until the aggregate
of Losses equal or exceeds US$100,000, in which case indemnification shall be made from the first dollar amount.

 

(ii)
The Indemnitor’s liability shall be limited with respect to each Investor to the respective portion of Purchase Price of
such Investor at the Closing and each Indemnitee shall be entitled to receive a pro rata share of the indemnifiable Loss, based
on the respective portion of such Investor of the Purchase Price as of the Closing.

 

(c)
Claims Notice; Third Party Claims. In the event that an Indemnitee wishes to assert a claim for indemnification hereunder
it shall give the Indemnitor a prompt written notice thereof (a “Claims Notice”), which shall describe in reasonable
detail the facts and circumstances upon which the asserted claim for indemnification is based and thereafter keep the Indemnitor
informed, in all material respects, with respect thereto. In the event that such Claims Notice results from a third party claim
against the Indemnitee, such Indemnitee shall promptly upon becoming aware of the commencement of proceedings by such third party
provide the Indemnitor with the Claims Notice and the Indemnitor shall have the right to assume the defense thereof (at Indemnitor’s
expense) with counsel mutually satisfactory to the parties; provided, however, that the Indemnitees shall have the right
to retain their own counsel, at the reasonable expense of the Indemnitor, and within the indemnification limitations herein, if
representation of all parties by the counsel retained by the Indemnitor would be inappropriate due to actual or potential differing
interests between the parties in such proceeding. Failure of the Indemnitees to give prompt notice or to keep it informed, as
provided herein, shall not relieve the Indemnitor of any of its obligations hereunder, except to the extent that the Indemnitor
is actually and materially prejudiced by such failure. The Indemnitor shall not be liable nor shall it be required to indemnify
or hold harmless the Indemnitee in connection with any settlement effected without its consent in writing, which shall not be
unreasonably withheld or delayed.

 

(d)
Sole Remedy. The indemnification provided by the Indemnitor hereunder and the enforcement of such indemnification shall
be the exclusive remedy available to the Indemnitees under this Agreement, other than for Fraud; provided that this provision
does not limit the right to seek specific performance, a restraining order or injunctive relief with respect to any provision
of this Agreement.

 

10.
MISCELLANEOUS.

 

10.1
Further Assurances. Each of the parties hereto shall perform such further acts and execute such further documents as may
reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties
as reflected thereby.

 

10.2
Entire Agreement. This Agreement (including the exhibits and schedules hereto), the Restated Articles and the Restated
Bylaws, and the other Transaction Documents constitute the full and entire understanding and agreement between the parties with
respect to the subject matter hereof, and supersede all prior agreements and understandings, both written and oral, among any
of the parties hereto, with respect to the subject matter hereof (with no concession being made as to the existence of any such
prior agreements or understandings).

 

    	 	 	 

    	 

    

 

10.3
Amendment; Waiver. Except as explicitly set forth herein, any term of this Agreement may be amended only with the written
consent of both the Parent and the Company, and the Majority Investors, provided that any amendment amending an Investor’s
respective portion of the Purchase Price to be invested at the Closing, or any amendment that has a disproportionate and adverse
effect on specific Investor(s) (as compared to other Investors), shall require also such specific Investor’s prior written
consent. The observance of any term hereof may be waived (either prospectively or retroactively and either generally or in a particular
instance) only by the prior written consent of the party against which enforcement of such waiver shall be sought (and in case
enforcement will be sought against the Investors, of the Majority Investors). Any amendment or waiver effected in accordance with
this Section ‎10.3 shall be binding upon the Investors and each transferee of the Purchased Securities, each future holder
of all such securities, the Parent, and the Company.

 

10.4
Assignment; Successors and Assigns. None of the rights, privileges or obligations set forth in, arising under, or created
by this Agreement may be assigned or transferred by an Investor, without the prior written consent of both the Parent and the
Company. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto any
rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

10.5
Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with to the laws of the State
of Israel, disregarding its conflict of laws rules. Any dispute arising under or in relation to this Agreement shall be resolved
exclusively in the competent court located in Tel Aviv-Jaffa, Israel and each of the parties hereby irrevocably submits to the
exclusive jurisdiction of such court. Each of the parties hereto (i) consents to submit itself to the exclusive jurisdiction of
the abovementioned courts in the event any dispute arises out of this Agreement or the transactions contemplated by this Agreement,
(ii) agrees that it shall not attempt to deny or defeat such jurisdiction by motion or other request for leave from the abovementioned
court, (iii) agrees that it shall not bring any action relating to this Agreement or the transactions contemplated by this Agreement
in any court other than the abovementioned court, and (iv) irrevocably consents to service of process in the manner provided by
Section ‎10.6 or as otherwise provided by applicable law.

 

10.6
Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be
deemed effectively given upon the earlier of actual receipt, or (i) when delivered, if sent by personal delivery to the party
to be notified, (ii) when sent, if sent by electronic mail or facsimile (with electronic conformation of delivery) on a business
day and during normal business hours of the recipient, and otherwise on the first business day in the place of recipient, (iii)
five (5) business days after having been sent, if sent by registered or certified mail, return receipt requested, postage prepaid,
or (iv) one (1) business day after deposit with an internationally recognized overnight courier, freight prepaid, specifying next
business day delivery, with written confirmation of receipt. All communications shall be sent to the respective parties at their
address or contact details as set forth below, or to such address or contact details as subsequently modified by written notice
given in accordance with this Section 10.6 or, in the case of the Investors, as used for purposes of sending shareholders’
notices by the Parent or the Company.

 

	If
    to the Parent:	20
    Raoul Wallenberg St, Tel Aviv, Israel

	 	Attention	Oded
    Gilboa
	 	Telephone:	(480)
    659-6404
	 	E-mail:	odedgilboa@outlook.com

 

	If
    to the Company:	7A
    Industrial Park, P.O. Box 3030, Omer, 8496500, Israel 

	 	Attention:	Yaron
    Silberman
	 	Telephone:	+972-72-260-2200
	 	E-mail:	yaron.silberman@scoutcam.com

 

	 	with
    a mandatory copy to (which shall not constitute a notice):
	 	 
	 	Meitar
        Liquornik Geva Leshem Tal, Law Office

        16
Abba Hillel St., Ramat-Gan, Israel

	 	Attention:
    	Dr.
    Shachar Hadar, Adv.
	 	Telephone:	+972-3-6103961
	 	E-mail:	shacharh@meitar.com

	If
    to the Investors:	as
    set forth on the signature page hereto/Exhibit A

 

    	 	 	 

    	 

    

 

10.7
Delays or Omissions. Except as expressly provided herein, no delay or omission to exercise any right, power or remedy accruing
to any party to this Agreement upon any breach or default of any other party under this Agreement, shall impair any such right,
power or remedy of such non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence
therein, or of any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed
a waiver of any other breach or default therefore or thereafter occurring. Any waiver, permit, consent or approval of any kind
or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of
any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set
forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party to this Agreement,
shall be cumulative and not alternative.

 

10.8
Interpretation. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. The words “include”, “includes” and “including”
shall be deemed to be followed by the phrase “without limitation”. Unless the context requires otherwise, the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement in its entirety, and not to any particular provision hereof, and all references herein to Sections shall be
construed to refer to Sections to this Agreement. Reference to “governmental authorities” (or similar terms) shall
include any: (a) nation, principality, state, commonwealth, territory, county, municipality, district or other jurisdiction of
any nature, (b) federal, state, local, municipal, foreign or other government, (c) governmental, quasi-governmental or regulatory
body of any nature, including any governmental division, subdivision, department, agency, bureau, branch, office, commission,
council, board, instrumentality, organization, unit, or body, or (d) court, public or private arbitrator or other public tribunal.
Reference to a “person” shall mean any individual, corporation, partnership, limited liability company, firm, joint
venture, association, joint-stock company, trust, estate, unincorporated organization, governmental authority or other entity,
including, any party to this Agreement. Any reference to a “day” or a number of days (without explicit reference to
“business days”) shall be interpreted as a reference to a calendar day or number of calendar days, and if any action
is to be taken or given on or by a particular calendar day, and such calendar day is not a business day, then such action may
be deferred until the first business day thereafter (where “business day” shall mean any day on which banking institutions
in Tel-Aviv-Jaffa, Israel are generally open to the public for conducting business and are not required by law to close).

 

10.9
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision
shall be excluded from this Agreement and the balance of the Agreement shall be enforceable in accordance with its terms and interpreted
so as to give effect, to the fullest extent consistent with and permitted by applicable law, to the meaning and intention of the
excluded provision.

 

10.10
Counterparts. This Agreement and any Transaction Document may be executed in one or more counterparts, all of which together
shall constitute one and the same instrument, binding and enforceable against the parties so executing the same; it being understood
that all parties need not sign the same counterpart. Counterparts may also be delivered by facsimile or email transmission (in
pdf format or the like, or signed with docusign, e-sign or any similar form of signature by electronic means) and any counterpart
so delivered shall be sufficient to bind the parties to this Agreement or any other Transaction Document, as an original.

 

-
Signature Pages Follow -

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this SECURITIES PURCHASE AGREEMENT to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	
	 	SCOUTCAM
    LTD.
	 	 
	 	By:	
	 	Name:	
	 	Title:	
	 	 	 
	 	PARENT
	 	 
	 	
	 	INTELLISENSE
    SOLUTIONS INC.
	 	 
	 	By:	
	 	Name:	
	 	Title:	         

 

[Company
and Parent Signature Page to Securities Purchase Agreement]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this SECURITIES PURCHASE AGREEMENT as of the date first written above.

 

INVESTOR:

 

	Signature:
    	 	 
	 	 	 
	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 
	Address:
    	 	 
	 	 	 
	Investment
    Amount: 	 	 

 

[Investor
Signature Page to Securities Purchase Agreement]Exhibit
10.3

 

Escrow
Agreement

 

This
Escrow Agreement (this “Agreement”) is dated as of December 26, 2019 among ScoutCam Ltd. (the “Company”),
a limited liability company organized under the laws of Israel, Intellisense Solutions Inc., a corporation incorporated under
the laws of Nevada (the “Parent”), Altshuler Shaham Trusts Ltd., Israeli company no. 513901330 (the “Trustee”),
and the persons and entities listed on Exhibit A attached hereto (each an “Investor” and collectively
the “Investors”).

 

WHEREAS,
on the date hereof, the Investors shall deposit with the Trustee an aggregate amount of US$2,862,582.33 (the “Deposited
Amount”); and

 

WHEREAS,
the Trustee shall hold the Deposited Amount in a secure escrow account for the benefit of the Investors and the Parent (the “Escrow
Account”) and in accordance with the provisions of this Agreement, of which, subject to certain terms and conditions
expressed in this Agreement, shall be released to the Parent for the purchase of 5,338,078 shares of the Parent’s common
stock, par value US$0.001 per share (the “Common Stock”), and 8,007,117 warrants to purchase shares of the
Parent’s common stock (the “Warrants”, and together with the Common Stock the “Purchased Securities”),
as defined in a certain securities purchase agreement (the “SPA”) signed between the Investors, the Company
and the Parent;

 

WHEREAS,
concurrent with the execution of this Agreement, the Parent and the current parent company of the Company (“Medigus”)
shall enter into a certain securities exchange agreement (the “SEA”), pursuant to which the Company shall,
immediately prior to the closing of the SPA, become a subsidiary of the Parent by effecting a securities exchange, upon the terms
and conditions set forth in the SEA (the consummation of the SEA shall be referred to hereinafter as the “Securities
Exchange”);

 

WHEREAS,
if upon February 28, 2020, (the “Investment Termination Date”), Medigus and the Parent have not consummated
the closing of the SEA, this Agreement shall terminate and the respective portion of the Deposited Amount shall be returned in
full to each of the Investors immediately upon the Investment Termination Date and without any additional notice or action on
the part of the Investors;

 

WHEREAS,
in order to act as escrow agent with respect to the Deposited Amount and the Purchased Securities, and to apply the Deposited
Amount pursuant to instructions to be provided by the parties hereof, the Company, the Parent and the Investors wish to appoint
the Trustee as the trustee to hold the Deposited Amount in the Escrow Account, and to further take all actions, as instructed
by the parties hereto;

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:

 

	1.	Escrow
    Deposit

 

Within
two (2) business days following the date of this Agreement, each of the Investors shall transfer its portion of the Deposited
Amount to the Trustee.

 

	2.	Application
    of the Deposited Amount

 

2.1.
The Trustee shall hold the Deposited Amount in accordance with the provisions of this Agreement in a U.S dollar weekly deposit
account, and upon notice by the Parent that the Securities Exchange has occurred, the Trustee shall release the full amount of
the Deposited Amount to the Parent.

 

    	 	 	 

    	 

    

 

2.2.
In the event that the Securities Exchange is not consummated by Investment Termination Date, the Trustee shall promptly notify
each of the Investors, and shall remit each Investor its portion of the Deposited Amount in accordance with the instructions of
each of the Investors.

 

	3.	The
    Investor Obligations

 

Notwithstanding
anything to the contrary in this Agreement, the Trustee shall not be required to apply or transfer any portion of the Deposited
Amount, unless, prior thereto, it shall have received from the each of the Investors and each payee the following information:

 

	 	a)	Full
    bank account details: name of bank, branch number, account number, name of account, SWIFT, IBAN/ABA;
	 	 	 
	 	b)	Date
    of birth/Date of incorporation;
	 	 	 
	 	c)	ID
    number/Corporate ID number;
	 	 	 
	 	d)	Identifying
    documents, consisting of:

 

	 	●	For
    individuals: a copy of identification card or passport; 
	 	 	 
	 	●	For
    entities: copy of the certificate of incorporation (including identification documents of the ultimate beneficial owners);
    

 

	 	e)	Any
    applicable tax forms obtained from the Israeli Tax Authority;
	 	 	 
	 	f)	Bank
    account ownership approval (which could be either an official letter from the recipient’s bank or a scanned copy of
    a canceled check); 
	 	 	 
	 	g)	Signed
    W8/W9 forms, as applicable; and
	 	 	 
	 	h)	CRS
    forms.

 

	4.	Tax

 

The
Trustee will withhold any and all taxes which are required to be withheld in order to comply with any Israeli applicable tax laws,
unless the Investors provides the Trustee, prior to any payment, with a valid approval (issued by the Israeli Tax Authorities)
of an exemption from such withholding tax (or a reduced rate of withholding) to the satisfaction the Trustee, with respect to
the Deposited Amount. To the extent such amounts were so deducted or withheld, such amounts shall be remitted in accordance with
the applicable Israeli law to the Israeli Tax Authority.

 

	5.	Term
    and Termination

 

This
Agreement shall terminate upon the earliest of the: (a) the Investment Termination Date, (b) application or transfer of the Deposited
Amount and the remaining balance in the Escrow Account; (c) immediately after the Investors representing a majority of the Deposited
Amount (the “Majority Investors”), the Parent and the Parent and Company give the Trustee a joint written notice
regarding termination of this Agreement and regarding the nomination of an alternative escrow agent; and (d) sixty (60) days after
the Trustee gives written notice to the Parent, the Company and the Investors regarding termination of this Agreement, in which
case the Parent and Company shall have sixty (60) days during which to instruct the Trustee in writing regarding the identity
of a replacement escrow agent to which the Deposited Amount, as the case may be, remaining in the Escrow Account is to be transferred,
and if no such instructions are delivered to the Trustee within such period, the Trustee shall be permitted to transfer the Deposited
Amount remaining in the Escrow Account to a replacement escrow agent or any other person or entity of its sole choice (the Parent,
the Company and the Investors hereby provide the Trustee with irrevocable instructions to such effect) which will agree, in writing,
to be bound by the terms of this Agreement. 

 

    	 	2	 

    	 

    

 

	6.	Fees

 

	 	●	In
    consideration for the provision of the Trustee services hereunder, the Company shall pay the Trustee a fee of $2,500 (plus
    VAT). 
	 	 	 
	 	●	Sell/Release
    commission (per each): 0.2% of the sale value (broker fee is not included). 
	 	 	 
	 	●	Processing
    fee including wire transfer within the Israeli banking system:

 

In
NIS: 20 NIS.

In USD: 20 USD.

 

The
Company shall bear any and all expenses, of any kind or nature whatsoever, incurred by the Trustee directly or indirectly, in
connection with or as a result of this Agreement or relating to the Trustee’s holding of the Deposited Amount or any part
thereof.

 

	7.	Liability
    of Trustee

 

In
order to induce the Trustee to act as trustee hereunder, the parties hereto agree that: 

 

7.1.
the Trustee and its officers, directors, employees, and agents hereunder shall not in any way be bound or affected by any amendment
or modification of this Agreement, unless the same shall have been agreed to in writing by the Trustee (not to be unreasonably
withheld or delayed);

 

7.2.
the Trustee and its officers, directors, employees, and agents hereunder shall not be under any duty to give the Deposited Amount
any greater degree of care than it gives its own similar property, but shall be bound by such degree of care it gives to its own
property;

 

7.3.
the Trustee and its officers, directors, employees, and agents hereunder may act in reliance upon and shall incur no liability
for or in respect of any action taken or omitted to be taken or anything suffered by it in reliance upon, any notice, direction,
consent, certificate, affidavit, statement or other paper or document believed by the Trustee, in good faith, to be genuine and
to have been presented or signed by the proper party or parties or a representative thereof. Any notice to and from the Trustee
shall be made in writing to all parties hereof;

 

    	 	3	 

    	 

    

 

7.4.
the Trustee and its officers, directors, employees, and agents hereunder shall not at any time be under any duty or responsibility
to make a determination of any facts contained in any certificate delivered pursuant hereto or to make any independent verification
of the statements or signatures in such certificate or amounts delivered thereby. The Trustee shall not be responsible for any
failure by the parties to comply with any of their respective covenants contained in this Agreement or any other agreement;

 

7.5.
the Trustee and its officers, directors, employees, and agents hereunder shall be under no duty or obligation to take any legal
action in connection with this Agreement or to enforce, through the institution of legal proceedings or otherwise, any of its
rights as Trustee hereunder or any rights of any other party hereto pursuant to this Agreement or any other agreement, nor shall
it be required to defend any action or legal proceeding which, in its opinion, would or might involve the Trustee in any cost,
expense, loss or liability;

 

7.6.
the Trustee and its officers, directors, employees, and agents hereunder may engage or be interested in any financial or other
transaction with the parties hereunder as freely as if it were not the Trustee hereunder;

 

7.7.
the Trustee and its officers, directors, employees, and agents hereunder shall be entitled to rely upon advice of counsel (the
reasonable cost of which shall be borne by the parties in equal parts) of its choosing in reference to any matter connected herewith,
and shall have full and complete authorization and protection for any action taken or suffered by it hereunder in good faith and
in accordance with the opinion of such counsel and shall not be liable for any mistake of fact or error of judgment, or for any
acts or omissions of any kind unless caused by its fraud or gross negligence;

 

7.8.
notwithstanding anything to the contrary contained herein, if the Trustee shall be uncertain as to its duties or rights hereunder,
shall receive any notice, advice, direction, or other document from any other party with respect to this Agreement which, in its
opinion, is in conflict with any of the provisions of this Agreement, or should be advised that a dispute has arisen with respect
to the payment, ownership, or right of possession of or to the Deposited Amount in the Escrow Account or any part thereof (or
as to the delivery, non-delivery, or content of any notice, advice, direction or other document), the Trustee shall be entitled
(but not obligated), without liability to any party hereof, to refrain from taking any action other than to use its reasonable
efforts to keep safely the Deposited Amount in the Escrow Account until the Trustee shall be directed otherwise in writing by
all other parties hereto or by an order, decree or judgment of a court of competent jurisdiction which has been finally affirmed
on appeal or which by lapse of time or otherwise is no longer subject to appeal, but the Trustee shall be under no duty to institute
or to defend any proceeding, although it may institute or defend such proceedings;

 

7.9.
The Investors, the Parent and the Company hereby authorize the Trustee, if the Trustee is threatened with litigation or is sued,
to interplead all interested parties in any court of competent jurisdiction; and

 

7.10.
This Agreement sets forth exclusively the duties of the Trustee with respect to any and all matters pertinent hereto and no implied
duties or obligations shall be read into this Agreement against the Trustee.

 

    	 	4	 

    	 

    

 

	8.	Indemnification
    of Trustee

 

The
Parent and the Company shall fully indemnify, defend and hold the Trustee and its officers, directors, employees, and agents hereunder
entirely harmless from and against any damages losses, liabilities and expenses, attorney’s fees, and disbursements that
may be imposed on the Escrow Agent) incurred by the Trustee or any claim, demand or suit filed against the Trustee in connection
with or as a result of this Agreement or relating to the Trustee’s holding of the Deposited Amount, unless such damages,
claim or suit are caused by the fraud, gross negligence or breach of this Agreement by the Trustee. The indemnification according
to this Section ‎11 shall include reasonable expenses and damages incurred by the Trustee as a result of the Trustee filing
suit or a motion in court with respect to this Agreement or the transaction contemplated hereunder.

 

	9.	Miscellaneous.

 

9.1.
Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement.

 

9.2.
Further Assurances. Each of the parties hereto shall perform such further acts and execute such further documents as may
reasonably be necessary to carry out and give full effect to the provisions of this Agreement and the intentions of the parties
hereto as reflected thereby.

 

9.3.
Governing Law; Arbitration; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance
with the laws of the State of Israel, without regard to the conflict of laws provisions thereof. The sole jurisdiction with respect
to this Agreement shall be with the competent courts of Tel-Aviv-Jaffa.

 

9.4.
Successors and Assigns; Assignment. Except as otherwise expressly limited herein, the provisions hereof shall inure to
the benefit of, and be binding upon, the successors, assigns, heirs, executors, and administrators of the parties hereto. Subject
to the provisions of Section ‎4 hereof, none of the rights, privileges, or obligations set forth in, arising under, or created
by this Agreement may be assigned or transferred without the prior consent in writing of each of the (i) Investors representing
in the aggregate a majority of the Deposited Amount, (ii) Trustee, (iii) Company and (iv) Parent.

 

9.5.
Entire Agreement; Amendment and Waiver. This Agreement and the schedules hereto constitute the full and entire understandings
and agreements between the parties hereto with regard to the subject matters hereof, and replaces any prior agreement pertaining
to the subject matter hereof. Any term of this Agreement may be amended and the observance of any term hereof may be waived (either
prospectively or retroactively and either generally or in a particular instance); provided, however, that each of the (i) Majority
Investors, (ii) Trustee, (iii) Company and (iv) Parent, have furnished satisfactory prior written consent to such amendment or
waiver.

 

    	 	5	 

    	 

    

 

9.6.
Notices, etc. All notices and other communications required or permitted hereunder to be given to a party to this Agreement
shall be in writing and shall be telecopied or mailed by registered mail, postage prepaid, or otherwise delivered by hand or by
messenger, addressed to such party’s address as set forth next to such party’s signature or at such other address
as the party shall have furnished to each other party in writing in accordance with this provision. Any notice sent in accordance
with this Section ‎9.6 shall be effective (i) if mailed, seven (7) days after mailing, (ii) if sent by messenger, upon delivery,
and (iii) if sent via facsimile or electronic mail, upon transmission and electronic confirmation of transmission or (if transmitted
on a non-business day) on the first business day following transmission and electronic confirmation of transmission.

 

9.7.
Delays or Omissions. No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any
breach or default under this Agreement, shall be deemed a waiver of any other breach or default theretofore or thereafter occurring.
Any waiver, permit, consent, or approval of any kind or character on the part of any party hereto of any breach or default under
this Agreement, or any waiver on the part of any party hereto of any provisions or conditions of this Agreement, must be in writing
and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or
by law or otherwise afforded to any of the parties hereto, shall be cumulative and not alternative.

 

9.8.
Severability. If any provision of this Agreement is held by a court of competent jurisdiction to be unenforceable under
applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall be interpreted
as if such provision was so excluded and shall be enforceable in accordance with its terms, provided however, that in such event
this Agreement shall be interpreted so as to give effect, to the greatest extent consistent with and permitted by applicable law,
to the meaning and intention of the excluded provision as determined by such court of competent jurisdiction.

 

9.9.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and
enforceable against the parties hereto actually executing such counterpart, and all of which together shall constitute one and
the same instrument.

 

    	 	6	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have signed this Agreement as of the date first hereinabove set forth.

 

[SIGNATURES
FOLLOW]

 

 

	INTELLISENSE
    SOLUTIONS INC.	 	ALTSHULER
    SHAHAM TRUSTS LTD.
	 	 	 	 	 
	By:	                           	 	By:	
	Name:		 	Name:	
	Title:	           	 	Title:	           

 

	SCOUTCAM LTD.	 	INVESTOR
	 	 	 	 	 
	By:
    	                           	 	By:	          
	Name:
    		 	Name:	 
	Title:	          	 	Title:	 

 

    	 	7

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