Document:

Exhibit 4.8

 

UNDERWRITER ORDINARY SHARE PURCHASE
WARRANT

 

ReWalk
Robotics Ltd.

 

	Warrant Shares: _______	Initial Exercise Date: ___, 2018
	 	 
	 	Issue Date: ___, 2018

 

THIS ORDINARY SHARE PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on
five years following the effective date of the offering (the “Termination Date”) but not thereafter, to subscribe
for and purchase from ReWalk Robotics Ltd., an Israeli company (the “Company”), up to ______ Ordinary Shares,
NIS 0.01 par value (the “Ordinary Share(s)”) (as subject to adjustment hereunder, the “Warrant Shares”).
The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This
Warrant is issued pursuant to that certain Engagement Agreement, by and between the Company and H.C. Wainwright & Co., LLC,
dated as of October 12, 2018 and that certain Underwriting Agreement, by and between the Company and H.C. Wainwright & Co.,
LLC, dated as of [__], 2018.

 

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

 

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

 

“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.

 

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

 

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

 

“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.

 

    1 

     

    

 

“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.

 

“Registration
Statement” means the Company’s registration statement on Form S-1 (File No. 333-227852).

 

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

 

“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, the New York Stock Exchange
(or any successors to any of the foregoing).

 

“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, New York 11219, and any successor transfer agent of the Company.

 

Section 2. Exercise.

 

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

 

    2 

     

    

 

Without limiting
the rights of a Holder to receive Warrant Shares on a “cashless exercise” and without limiting the liquidated damages
provision in Section 2(d)(i) and the buy-in provision in Section 2(d)(iv), in no event will the Company be required to net cash
settle a Warrant exercise.

 

b) Exercise
Price. The exercise price per Ordinary Share under this Warrant shall be $[___], subject to adjustment hereunder (the
“Exercise Price”).1

 

c) Cashless
Exercise. If at any time after the Initial Exercise Price, there is no effective registration statement registering, or no
current prospectus is available for, the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) =
 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice
of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option
of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z)
the Bid Price of the Ordinary Share on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s
execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours”
on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular
trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of
Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant
to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

 

 

1 125% of the public offering
price of the common units being offered in this same offering.

 

    3 

     

    

 

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

 

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

 

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

 

    4 

     

    

 

d) Mechanics
of Exercise.

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company
of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the
number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such
date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed
for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been
exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other
than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. If the Company fails for any reason to
deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall
pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise
(based on the VWAP of the Ordinary Share on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to
$20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant
Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a
transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on
the Company’s primary Trading Market with respect to the Ordinary Share as in effect on the date of delivery of the Notice
of Exercise.

 

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

 

    5 

     

    

 

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

 

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

 

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

 

    6 

     

    

 

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

 

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

 

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

 

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Section 3. Certain
Adjustments.

 

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

 

b) Reserved.

 

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

 

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

 

    8 

     

    

 

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

 

    9 

     

    

 

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

 

g) Notice
to Holder.

 

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

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares rights or warrants to subscribe for or purchase
any capital shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection
with any reclassification of the Ordinary Shares, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Ordinary Shares are converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Ordinary Shares of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Ordinary Shares
of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein
or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the
extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company
or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice
to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

 

    10 

     

    

 

Section 4. Transfer
of Warrant.

 

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

 

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

 

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

 

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

 

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

 

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

 

    11 

     

    

 

Subject to the foregoing
restriction and subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof,
this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in
part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment
of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient
to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination
or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion
of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary,
the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant
in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which
the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

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

 

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

 

    12 

     

    

 

Section 5. Miscellaneous.

 

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

 

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

 

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

 

d) Authorized
Shares.

 

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

 

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

 

    13 

     

    

 

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

 

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

 

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

 

g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that the
right to exercise this Warrant terminates on the Termination Date. If the Company willfully and knowingly fails to comply with
any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts
as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including
those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing
any of its rights, powers or remedies hereunder.

 

    14 

     

    

 

h) Notices.
Any notices, consents, waivers or other document or communications required or permitted to be given or delivered under the terms
of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered personally; (ii) when
sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file
by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically
or otherwise) by the sending party and the sending party does not receive an automatically generated message from the recipient’s
e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier service, one (1)
Trading Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed
to the party to receive the same. The addresses, facsimile numbers and e-mail addresses for such communications shall be:

 

If to the Company:

 

ReWalk Robotics Ltd.

3 Hatnufa Street, Floor
6

Yokneam Ilit, Israel,
2069203

Facsimile:
(508) 251-2970

E-mail: investorrelations@rewalk.com
and ori.gon@rewalk.com

Attention:
Ori Gon, Chief Financial Officer

 

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

 

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

 

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

 

    15 

     

    

 

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

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

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

 

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

 

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

 

(Signature Page Follows)

 

    16 

     

    

 

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

 

	 	ReWalk Robotics Ltd.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    17 

     

    

 

NOTICE OF EXERCISE

 

To:
ReWalk Robotics Ltd.

 

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

 

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

 

☐ in lawful
money of the United States; or

 

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

 

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

 

	 	 	 

 

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

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

	Signature of Authorized Signatory of Investing Entity:	 

	Name of Authorized Signatory:	 

	Title of Authorized Signatory:	 

	Date:	 

 

 

     

     

    

 

EXHIBIT B

 

ASSIGNMENT
FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)
	 	 
	Phone Number:	 
	 	 
	Email Address: 	 
	 	 
	Dated: _______________ __, ______	 

 

	Holder’s Signature:	 	 

 

	Holder’s Address:Exhibit 101

		
			EXHIBIT 10.1 
		

		
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			AMENDMENT no  6
		

		
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			TO THE 
		

		
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			EXPLORATION 
		

		
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			AND 
		

		
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			PRODUCTION SHARING CONTRACT
		

		
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			PERMIT "ETAME MARIN No. G4-160" 
		

		

		

		 

 

		
		

		
			AMENDMENT No.  6
		

		
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			FOR THE EXPLORATION AND PRODUCTION SHARING AGREEMENT
		

		
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			 "ETAME MARIN No. G4-160" 
		

		
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			BETWEEN
		

		
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			THE STATE OF GABON, represented by
		

		
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			Mr Pascal HOUANGNI AMBOUROUE,  Minister of Petroleum and Hydrocarbons, 
		

		
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			AND
		

		
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			Mr Jean-Marie OGANDAGA, Minister of Economy and Development.
		

		
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			Visa conformity PR
		

		
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			Hereafter referred to as the "State".
		

		
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			as the first party,
		

		
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			AND
		

		
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			Visa DGH
		

		
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			VAALCO Gabon S.A.,  société anonyme with its registered office at Port-Gentil, Zone Industrielle OPRAG – Nouveau Port, Port-Gentil/Gabon, B.P. 1335, registered to the Registre du Commerce et du Crédit Mobilier de Port-Gentil under the number 2014 B 1487, represented by Mr. Sidney Black, Managing Director, duly authorized for this purpose; 
		

		
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			Addax Petroleum Oil & Gas Gabon,  société anonyme registered to the Registre du Commerce et du Crédit Mobilier under the number 2003B442 with its registered office at Port-Gentil, BP 452, represented by Mr. / Mrs. Su Quin,  Managing Director,  duly authorized for this purpose;
		

		
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			Sasol Gabon S.A., société anonyme with its registered office located in Libreville, at 705 Boulevard du Bord de Mer, Immeuble Dumez 6ème Etage, BP 2326 Libreville, in Gabon, registered to the Registre du Commerce et du Crédit Mobilier de Libreville under the number 2015 B 16969, represented by Mr. Bassem Tadros,  Managing Director,  duly authorized for this purpose;  
		

		
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			PetroEnergy Resources Corporation,  a corporation registered in the Republic of the Philippines, with address at 7th Floor, JMT Building, ADB Avenue, Ortigas Center, Pasig City, Metro Manila, Philippines, represented by Mrs. Milagros V. Reyes, President, duly authorized for this purpose.
		

		
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			as the second party (collectively the “Contractor”)
		

		
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			The State of Gabon and the Contractor hereinafter shall be referred to individually as a "Party" and collectively as the "Parties",
		

		

		

		 

		

			2

		

 

		
		

		
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			Whereas:
		

		
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			The State is the owner of the natural resources in the soil and sub-soil of its territory and the marine zones falling under its sovereignty or being part of its exclusive economic area. The discovery of national Hydrocarbon resources and their exploitation significantly contributes to the implementation of the country's economic and social development policy and to the promotion of the well-being of its inhabitants. In this respect, the exploration and exploitation of the national wealth is considered as an activity of public interest;

		
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			The State and the company VAALCO Gabon (Etame), Inc. entered into an Exploration and Production Sharing Contract entitled "Etame Marin no. G4-160" on July 7, 1995 covering liquid and gaseous hydrocarbons, hereafter referred to as the "Contract";

		
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			By Decree no. 0001513/PR/MMEP/DGEEH of December 12, 1995, a permit to search for liquid and gaseous hydrocarbons entitled "Etame Marin no. G4-160" was granted and the Exploration and Production Sharing Contract was approved;

		
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			By Order no. 00043/MMEPRH of July 17, 2001, an Exclusive Exploitation Authorization covering liquid and gaseous hydrocarbons entitled "Etame Marin no. G5-88" was established and granted;

		
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			By Order no. 000839/PR/MMEPRH of November 22, 2004, the Exclusive Exploration Authorization "Etame Marin G4-160" covering gaseous and liquid hydrocarbons was renewed; 

		
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			By Order no. 0000293/PR/MMEPRH of March 25, 2005, an Exclusive Exploitation Authorization covering liquid and gaseous hydrocarbons entitled "AVOUMA no. G5-95" was established and granted;

		
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			By Order no. 0000623/PR/MMEPRH of June 20, 2006, an Exclusive Exploitation Authorization covering liquid and gaseous hydrocarbons entitled "EBOURI no. G5-98" was established and granted;

		
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			By Order no. 1624/MMPH/SG/DGH/DAEJF of December 20, 2011, the Exclusive Exploitation Authorization "Etame Marin no. G5-88" was renewed;

		
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			By amendment no. 1 of July 7, 2001, articles 3.3, 4, 21.7, 28 and 39 of the Exploration and Production Sharing Contract "Etame Marin no. G4-160" were amended and two (2) additional exploration periods were established;

		
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			By amendment no. 2 of April 13, 2006, articles 3.3, 4, 21.7, 28 and 39 of the Exploration and Production Sharing Contract "Etame Marin no. G4-160" were supplemented and replaced the provisions of amendment no. 1. and the fifth and sixth additional exploration periods were established;

		
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			3

		

 

		
		

			
	
			
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			By amendment no. 3 of November 26, 2009, article 14 was amended and articles 4 and 21 were supplemented. It modified the duration of the sixth exploration period and defined new work commitments;

		
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			By amendment  no. 4 of January 05, 2012, article 14 was amended and article 26.1b, supplemented. The rate of the Proportional Mining Royalty was modified;

		
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			By amendment  no. 5 of April 25, 2016, articles 3.3, 4.2, 14, 21.8, 26.1, 28 and 39 were amended and supplemented. The amount of the Local Communities Development Fund was amended and the rate of the Official Transfer Price allowance of the quantity of Hydrocarbons required to contribute to the needs of the domestic market was increased to 15%;

		
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			By deed dated September 3, 2014, in accordance with the provisions of the OHADA Revised Uniform Act relating to Commercial Companies and Economic Interest Groups of January 30, 2014, a  Gabonese law company entitled VAALCO Gabon S.A. was incorporated;

		
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			By deed dated December 29, 2016, VAALCO Gabon (Etame), Inc. completed a transfer of its assets to VAALCO Gabon S.A., in accordance with article 42 of the Exploration and Production Sharing Contract "Etame Marin no. G4-160" and the letter no. 00923/MPH/CM/CJ from the Minister of Petroleum and Hydrocarbons of November 25, 2016;

		
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			By letter no. VAL/ET/DRG/00280 dated February 20, 2018, the company VAALCO Gabon S.A. requested that negotiations be held on the extension of the Exclusive Exploration Authorizations: "Etame Marin G5-88", "Ebouri G5-98" and "Avouma G5-95";

		
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			By letter no. 0119/PR/CAB/DCAPR, dated July 11, 2018, the authorities instructed the continuation of discussions on the draft amendment to the "Etame Marin G4-160" Exploration and Production Sharing Contract between the Gabonese State and the company VAALCO Gabon S.A. acting for and on behalf of the Contractor;

		
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			Through the minutes, dated August 1, 2018, of the meeting held from July 30 to August 1, 2018 in Houston, Texas, United States of America, the State of Gabon and VAALCO Gabon S.A. negotiated the terms of the amendment to the Exploration and Production Sharing Contract "Etame Marin G4-160".

		
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			THE PARTIES HAVE AGREED TO THE FOLLOWING:
		

		
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			ARTICLE 1
		

		
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			PURPOSE
		

		
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			The purpose of this amendment is to extend the exploitation periods for the Exclusive Exploitation Authorizations: "Etame Marin G5-88", "Ebouri G5-98" and 
		

		

		

		 

		

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			"Avouma G5-95", to extend the areas of the Exclusive Exploitation Authorizations "Etame Marin G5-88" and "Avouma G5-95" and to specify the conditions under which the Contractor continues its exploitation activities in relation to the Exploration and Production Sharing Contract "Etame Marin n°G4-160".
		

		
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			ARTICLE 2
		

		
			TRANSFER OF ASSETS
		

		
			From the effective date of the transfer of assets between VAALCO Gabon (Etame), Inc. and VAALCO Gabon S.A. dated December 29, 2016, VAALCO Gabon S.A. replaces VAALCO Gabon (Etame), Inc. as a party to the Contract and all references to VAALCO Gabon (Etame), Inc. in the Contract are replaced with references to VAALCO Gabon S.A.
		

		
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			ARTICLE 3
		

		
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			STATE PARTICIPATION 
		

		
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			Article 19.1 of the Exploration and Production Sharing Contract "Etame Marin n°G4-160" shall be amended and shall read as follows:   
		

		
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			«  19.1 [new]: As soon as the production of the Hydrocarbons Deposit begins, the State automatically participates ipso jure, up to seven-point five (7.5%) percent, in the rights and obligations arising from this Contract, unless it explicitly waives this participation within a period of ninety days from the aforementioned production start date.
		

		
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			The State participates, up to its aforementioned percentage, in the Petroleum Costs related to the development and exploitation of the Exploitation Area, except for any exploration expenses.
		

		
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			If the State wishes to take an additional percentage interest, it will inform the Contractor in writing, specifying the percentage interest it wishes to own. The terms of purchase of the additional percentage interest will be mutually agreed upon.
		

		
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			Notwithstanding the provisions of the preceding paragraph, with effect from June 20, 2026, the State shall take up an additional percentage interest in the Contract of two point-five per cent (2.5%), carried by the Contractor. To accommodate the State taking this additional percentage interest, each of the companies forming the Contractor will transfer to the State a pro rata share of each such company’s respective participating interest.”
		

		
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			ARTICLE 4
		

		
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			PERIOD OF VALIDITY OF THE EXCLUSIVE EXPLOITATION AUTHORIZATION 
		

		
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			Article 18.1 of the Exploration and Production Sharing Contract "Etame Marin n°G4-160" shall be amended,  supplemented and shall read as follows:
		

		
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			"From the date of entry into force of this amendment  the exploitation period for the Exclusive Exploitation Authorizations  "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" is extended for a period of ten (10) years.
		

		
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			The calculation of the extended period of the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" starts from the date of entry into force of this amendment.  
		

		
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			If at the end of this period of ten (10) years, the commercial exploitation of one or more of the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" Exploitation Areas is still possible, such Exclusive Exploitation Authorization may be renewed at the request of the Contractor,  provided that the obligations and commitments provided under the Contract have been fulfilled, by order of the Minister in charge of Hydrocarbons, for a maximum duration of five (5) years. 
		

		
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			Any such Exclusive Exploitation Authorization may be renewed a second time for a maximum duration of five (5) years under the conditions referred to above.”     
		

		
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			ARTICLE 5
		

		
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			THE CONTRACTOR'S OBLIGATIONS FOR THE DURATION OF THE DEVELOPMENT AND EXPLOITATION PERIODS 
		

		
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			A new article 21.13 shall be inserted in the Exploration and Production Sharing Contract "ETAME MARIN n°G4-160", as follows:
		

		
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			"Article 21.13 [new]: Within a period of two (2) years from the date of entry into force of this amendment to the Contract, the Contractor undertakes to carry out the following works:
		

		
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			Drilling of two (2) development wells and two (2) appraisal wells.

		
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			The Contractor shall drill two (2) development wells and two (2) appraisal wells and the appraisal wells shall be drilled to assess the extent of the structure of the exploited fields, the additional reserves, the possible rate of production, and the properties of the oil or gas to facilitate any possible future development
		

		
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			To carry out this work commitment in line with generally accepted technical conditions in the international petroleum industry, the Contractor shall commit an 
		

		

		

		 

		

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			estimated sum of fifty-nine million, nine hundred and sixty thousand (59,960,000) US dollars. 
		

		
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			Pre-FEED study for the crude sweetening project (CSP).

		
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			To carry out this work commitment in line with generally accepted technical conditions in the international petroleum industry, the Contractor shall commit an estimated sum of one million (1,000,000) US dollars.
		

		
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			Technical study of the prospectivity and the remaining potential of the Exploitation Area of the Avouma Exclusive Exploitation Authorization.

		
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			To carry out this work commitment in line with generally accepted technical conditions in the international petroleum industry, the Contractor shall commit an estimated sum of three hundred thousand (300,000) US dollars. 
		

		
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			The financial commitments related to these works are only an estimation and shall not limit the carrying out or the financing of all the works. 
		

		
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			Within ninety (90) days following the entry into force of this amendment, the Contractor shall submit to the State an updated works program and budget, including the minimum work commitments stipulated in this amendment.
		

		
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			If, on the expiration of the period of two (2) years referred to above, except in the event of Force Majeure as defined in article 47 of the Contract, the Contractor does not fulfil its aforementioned work commitments, it shall be required to pay to the State, within thirty (30) days of the expiration date of such period, an indemnity equal to the cost of works not carried out,  as approved in the abovementioned budget.    
		

		
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			The Parties may agree to further extend the date due to circumstances beyond the Contractor's control or to account for changes that may be mutually agreed to the aforementioned  work commitments. 
		

		
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			Drilling of any of the above referenced wellbores will be stopped if, having drilled the well in accordance with the approved practices in the international petroleum industry, the stoppage is justified by one of the reasons set forth in article 4.3 of the Contract.
		

		
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			In the event that drilling is stopped for any of the reasons set forth in article 4.3 of the Contract, the obligation of the Contractor to drill the wells as part of the work commitments referenced under item (I) above will be deemed to have been fulfilled.
		

		
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			The provisions of article 4.4 and article 4.5 of the Contract shall apply equally to the aforementioned work commitments set forth in this article 21.13 as if set out fully herein."   
		

		
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			ARTICLE 6
		

		
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			CORPORATE SOCIAL RESPONSIBILITY 
		

		
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			A new article 21.14 shall be inserted in the Exploration and Production Sharing Contract "ETAME MARIN n°G4-160" in relation to the corporate social responsibility, as follows:
		

		
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			"Article 21.14 [new]: From the entry into force of this amendment to the Contract,  VAALCO Gabon S.A. shall commit to invest each Calendar Year a  sum of one hundred million (100,000,000) FCFA francs as part of its corporate social responsibility strategy above and beyond what is currently required of the Contractor under the Contract, in order to support its corporate responsibility program for such time as the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" remain in effect.  
		

		
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			During the first quarter of each Calendar Year, VAALCO Gabon S.A. shall submit to the Hydrocarbons Administration an activity report on projects carried out during the previous year with respect to its social responsibility.
		

		
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			The amount of this investment does not constitute a Petroleum Cost." 
		

		
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			ARTICLE 7
		

		
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			PETROLEUM COSTS RECOVERY
		

		
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			Article 24.2 of the Exploration and Production Sharing Contract "ETAME MARIN n°G4-160" shall be amended to read as follows:
		

		
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			"24.2:  Contractor is entitled to recover Petroleum Costs from the time production begins and as production continues.  
		

		
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			This right gives the Contractor the option to take possession of a portion of Net Production. The quantities taken are limited to the balance of the Cost Account, and  for any given Calendar Year, shall not exceed eighty per cent (80%) of the Net Production obtained during said Calendar Year.  This right shall continue for a period of ten (10) years from the entry into force of this amendment to the Contract.
		

		
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			On the expiry of the period of ten (10) years referred to above, the recovery of Petroleum Costs shall be capped at a rate of seventy per cent (70%) of the Net Production achieved during the relevant Calendar Year.
		

		
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			The Hydrocarbons lifted by the Contractor under the provisions of this article are valued at the Fixed Price as defined in article 27, for the purposes of the Petroleum Costs account mentioned in article 26.9" 
		

		

		

		 

		

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			ARTICLE 8
		

		
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			TRAINING OF GABONESE OTHER THAN GABONESE EMPLOYED BY THE CONTRACTOR
		

		
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			A new article 39.3 shall be inserted in the Exploration and Production Sharing Agreement "ETAME MARIN n°G4-160" as follows:
		

		
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			"Article 39.3 [new]: The Contractor undertakes to implement an annual "immersion"  program for agents of the Administration in charge of Hydrocarbons.  
		

		
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			In this regard, the Operator shall host each year, through an  annual "immersion" program, two (2) agents of the Hydrocarbons Administration at its premises, sites and facilities in Gabon or in a different location mutually agreed between the Administration and the Contractor in accordance with applicable laws and regulations.  The terms of the "immersion" shall be mutually agreed between the Administration and the Operator." 
		

		
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			ARTICLE 9
		

		
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			BONUSES
		

		
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			A new article 28.4 shall be inserted in the Exploration and Production Sharing Contract "ETAME MARIN n°G4-160" as follows:
		

		
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			"Article 28.4 [new]: The Contractor shall pay to the State a signature bonus of sixty-five million (65,000,000) US dollars, comprising the following amounts:
		

		
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			Thirty-five million (35,000,000) US dollars by wire transfer to be transferred by the Contractor to the Public Treasury. This transfer shall be made within five (5) Business Days following the date of receipt by the Contractor of the decree of the President of the Republic approving this amendment to the Contract; 

			
	
			
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			Twenty-five million (25,000,000) US dollars towards the reduction of the State's VAT debt owed to the Contractor. This reduction shall be made within five (5) Business Days following the date of receipt by the Contractor of the decree of the President of the Republic approving this amendment;   

			
	
			
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			Five million (5,000,000) US dollars transferred by the Contractor to the Public Treasury following the end of the drilling activities for the two development wells as set out in article 21.13 of the Contract. This transfer shall be made five (5) Business Days after the date on which the drilling equipment is demobilized from the Delimited Area.  

		
			The sums paid as signature bonus shall not constitute a Petroleum Cost." 
		

		
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			ARTICLE 10:
		

		
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			EXCLUSIVE EXPLOITATION AUTHORIZATION AREAS
		

		
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			Annex 1 of the Exploration and Production Sharing Contract " Etame Marin G4-160" shall be amended and shall be hereinafter entitled "AREAS OF THE EXCLUSIVE EXPLOITATION AUTHORIZATIONS".
		

		
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			The areas and coordinates of the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" are attached as an appendix to this amendment.
		

		
			 
		

		
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			ARTICLE 11 
		

		
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			SITE RESTORATION ACCOUNT
		

		
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			The State and the Contractor recognize and agree that the extension of each of the Exclusive Exploitation Authorizations  "Etame Marin n°G5-88", "Ebouri n°G5-98" and "Avouma n°G5-95" as provided for under article 4 of this amendment will require modifying the provisions of article 14 of the Contract as amended by amendments nos. 4 and 5, regarding the revised procedures for the timing of funding for the Site Restoration Operations. 
		

		
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			The Parties shall, promptly following the entry into force of this amendment, work together in good faith and with due diligence to implement this modification.
		

		
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			ARTICLE 12
		

		
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			PROPORTIONAL MINING ROYALTY RATE
		

		
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			The proportional mining royalty rate as set forth in article 26.1(b) of the Contract as amended by amendment no. 4 and restated in amendment no. 5 will continue for the duration of the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", " Ebouri n°G5-98" and "Avouma n°G5-95" as extended by this amendment.
		

		
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			ARTICLE 13
		

		
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			ADDITIONAL PROVISIONS 
		

		
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			The State and the Contractor hereby acknowledge that certain adjustments have been made to the Contract by agreement through this amendment in accordance with the provisions of article 43 of the Contract.
		

		
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			All provisions of the Contract,  not amended by this amendment shall remain unchanged and will continue to be in effect.
		

		

		

		 

		

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			ARTICLE 14
		

		
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			ENTRY INTO FORCE
		

		
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			The signature date of this amendment shall constitute its date of entry into force. 
		

		
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			It is approved by Decree of the President of the Republic.
		

		
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			This amendment is entered into in ten (10) originals.  
		

		
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			Libreville, on the 
		

		
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						For the State of Gabon

					
					
						 

				
	
					
						The Minister of Petroleum 

					
						and Hydrocarbons

					
						 

					
						 

					
						 

					
						Pascal HOUANGNI AMBOUROUE

					
					
						The Minister of Economy and Development 

					
						 

					
						 

					
						 

					
						 

					
						Jean-Marie OGANDAGA

				
	
					
						 

					
					
						 

				
	
					
						On behalf of the Contractor

					
					
						 

				
	
					
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						VAALCO GABON S.A.

					
						 

					
						 

					
						Managing Director

					
						 

					
						 

					
						 

					
						Sidney BLACK 

					
					
						 

					
						 

					
						ADDAX PETROLEUM OIL & GAS GABON

					
						 

					
						Managing Director

					
						 

					
						 

					
						 

					
						Su QUIN

				
	
					
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						SASOL GABON S.A

					
						 

					
						 

					
						Managing Director

					
						 

					
						 

					
						 

					
						Bassem TADROS

					
						 

					
					
						 

					
						 

					
						PETROENERGY RESOURCES CORPORATION

					
						 

					
						President 

					
						 

					
						 

					
						 

					
						Milagros V. REYES 

				

		
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			APPENDIX  1
		

		
			AREAS OF THE EXCLUSIVE EXPLOITATION AUTHORIZATIONS
		

		
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			From entry into force of the amendment no. 6 to this Contract, the coordinates of the limits of the Exploitation Areas of the Exclusive Exploitation Authorizations "Etame Marin n°G5-88", "Avouma n°G5-95" and "Ebouri n°G5-98" are defined by the UTM  projection system, based on the ellipsoid Clarke 1880, axis 32, originating from the M’PORALOKO astronomical point where:
		

		
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			X = 500,000 metres on central meridian, 9° EAST
		

		
			Y = 10,000,000 metres on the equator
		

		
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			COORDINATES FOR ETAME EEA
		

		
			
		

		
			A B C D E F G H I J 94.44 km2 N X Y A B C D E F G H I J X Y 661880 666406 666406 672000 672000 673500 673500 665000 665000 661800 9590451 9590451 9588000 9588000 9582736 9582736 9579502 9579502 9582119 9582110 
		

		

		

		 

		

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			COORDINATES FOR AVOUMA EEA
		

		
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			A B C D E F G H I J K L M N 77.81 km2 N A B C D E F G H I J K L M N X Y 670000 674540 674540 676466 676466 683160 683160 679095 679095 675697 675697 673382 673382 670000 9579502 9579502 9577440 9577440 9574332 9574332 9571150 9571150 9567585 9567585 9569626 9569626 9573858 9573858
		

		

		

		 

		

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			COORDINATES FOR EBOURI EEA
		

		
			
		

		
			A B C D E F 14.86 km2 NO A B C D E F X Y 659500 661800 661800 658500 658500 659500 9592800 9592800 9587600 9587600 9590500 9590500
		

		 

		

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