Document:

Exhibit 10.3

 

Lock-Up Agreement

 

December 14, 2020

 

Ladies and Gentlemen:

 

The undersigned shareholder
of either the Parent or the Company (as the case may be) (the “Shareholder”) understands that: (i) Anchiano
Therapeutics Ltd., an Israeli limited company (“Parent”),has entered into an Agreement and Plan of Merger,
dated as of December 14, 2020 (the “Merger Agreement”), with Chemomab Ltd., an Israeli limited company
(the “Company”) and CMB Acquisition Ltd., an Israeli limited company and wholly-owned subsidiary of Parent
(“Merger Sub”), pursuant to which Merger Sub will be merged with and into the Company (the “Merger”)
and the separate corporate existence of Merger Sub will cease and the Company will continue as the surviving corporation; and (ii) in
connection with the Merger, shareholders of the Company will receive Parent ADSs, each representing five (5) ordinary shares,
with no par value, of Parent (“Parent Ordinary Shares”). Capitalized terms used but not otherwise defined
herein shall have the respective meanings ascribed to such terms in the Merger Agreement.

 

As a material inducement
to the willingness of each of the Company and Parent to enter into the Merger Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Shareholder hereby agrees that the Shareholder will not, subject
to the exceptions set forth in this letter agreement, without the prior written consent of Parent and the Company and during the
period commencing at the Effective Time and ending on the date that is 180 days after the Closing Date (the “Restricted
Period”), directly or indirectly (a) lend, grant, offer, pledge, encumber, sell, contract to sell, sell any
option or contract to purchase from Shareholder, purchase any option or contract to sell, grant any option, right or warrant to
purchase from Shareholder, or otherwise transfer or dispose of any Parent Ordinary Shares, or any securities convertible into
or exercisable or exchangeable for Parent Ordinary Shares, whether now owned or hereinafter acquired, including without limitation,
Parent Ordinary Shares or such other securities which may be deemed to be beneficially owned by the Shareholder in accordance
with the rules and regulations of the Securities and Exchange Commission and securities of Parent that may be issued upon
exercise of a share option or warrant (collectively, the “Shareholder’s Shares”), (b) enter
into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the Shareholder’s
Shares, regardless of whether any such transaction described in clause (a) or (b) above is to be settled by delivery
of Parent Ordinary Shares or such other securities, in cash or otherwise, in each case other than (i) transfers of the Shareholder’s
Shares as bona fide charitable contributions, gifts or donations, (ii) transfers or dispositions of the Shareholder’s
Shares to an immediate family member of the Shareholder or to any trust for the direct or indirect benefit of the Shareholder
or the immediate family of the Shareholder, (iii) transfers or dispositions of the Shareholder’s Shares by will, other
testamentary document or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family
of the Shareholder, (iv) if the Shareholder is a partnership, limited liability company, corporation or other entity, transfers
of the Shareholder’s Shares to the shareholders, partners (general or limited), members, managers, other equity holders
or affiliates (within the meaning set forth in Rule 405 under the Securities Act of 1933, as amended), of the Shareholder,
as applicable, or to the estates of any such shareholders, partners, members, managers, other equity holders or affiliates, or
to another corporation, partnership, limited liability company or other entity that controls, is controlled by or is under common
control with the Shareholder or with any of the Shareholder's partners, members, managers or other equity holders or affiliates
(v) transfers that occur by operation of law pursuant to a qualified domestic relations order or in connection with a divorce
settlement, (vi) transfers or dispositions not involving a change in beneficial ownership, and (vii) if the Shareholder
is a trust, transfers or dispositions to any beneficiary of the Shareholder or the estate of any such beneficiary; provided
that, in each case, such transferee (each, a “Permitted Transferee”) agrees in writing to be
bound by the terms and conditions of this letter agreement, and either the Shareholder or the transferee provides Parent with
a copy of such letter agreement promptly upon consummation of any such transfer; and provided, further,
that in each case, no filing by any party (donor, donee, transferor or transferee) under the Exchange Act or other public announcement
shall report an overall reduction in shares held by the Shareholder together with such transferee on an aggregate basis (which
fact shall be referenced in footnotes to such filing or announcement) in connection with such transfer or distribution (other
than filings made in respect of involuntary transfers or dispositions or a filing on a Form 5, Schedule 13G or 13D (or 13D/A
or 13G/A) made after the expiration of the Restricted Period, so long as such required filing includes a reasonably detailed explanation
of such transfer or distribution). For purposes of this letter agreement, “immediate family” shall mean any relationship
by blood, marriage or adoption, not more remote than first cousin.

 

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Anything else herein
notwithstanding, in the event that during the Restricted Period, the Board of Directors of the Parent (following the Closing) waives
any prohibition on the transfer of the securities held by any record or beneficial holder(s) of the ordinary shares of the
Parent who executed a lock-up agreement, which in the aggregate exceeds more than 1% of the Parent’s total outstanding ordinary
shares (determined as of the date of such waiver), the Board of Directors of the Parent (following the Closing) shall be deemed
to have also waived, immediately and irrevocably, for, on the same terms, the prohibitions set forth in this letter agreement that
would otherwise have applied to such Shareholder with respect to the same percentage of such Shareholder’s securities as
the relative percentage of aggregate securities held by such party(ies) receiving the waiver which are subject to such waiver.
The Parent shall promptly notify the Shareholder of any applicable waiver and release of securities.

 

Notwithstanding
the restrictions imposed by this letter agreement, the Shareholder may (a) (A) exercise an option or warrant
(including a net or cashless exercise of such option or warrant) to purchase Parent Ordinary Shares, and (B) transfer
Parent Ordinary Shares to cover tax withholding obligations of the Shareholder in connection with any such option exercise,
provided that, in the case of (A), the underlying Parent Ordinary Shares shall continue to be subject to the restrictions on
transfer set forth in this letter agreement, (b) establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act
for the transfer of Parent Ordinary Shares, provided that such plan does not provide for any transfers of Parent Ordinary
Shares during the Restricted Period, and (c) transfer or dispose of Parent Ordinary Shares acquired on the open market
following the Closing Date, provided that, with respect to (a)(B) above, any filing under the Exchange Act, if required,
shall include a footnote disclosure explaining that such exercise and sale was to cover tax withholding obligations of such
Shareholder, and with respect to (b) above, no filing under the Exchange Act or other public announcement shall be
required or shall be made voluntarily in connection with the establishment of such a plan, provided that, for
the avoidance of doubt, and except as aforesaid, the underlying Parent Ordinary Shares shall continue to be subject to the
restrictions on transfer set forth in this letter agreement. |

 

Notwithstanding the
foregoing, the undersigned may transfer or otherwise dispose of the undersigned’s Parent Ordinary Shares (and the foregoing
restrictions shall not apply to such transfers or dispositions) with the prior written consent of the Board of Directors of the
Parent (following the Closing) on behalf of the Parent.

 

Notwithstanding the
restrictions imposed by this letter agreement, the Shareholder, if a party to that certain Registration Rights Agreement to be
entered into upon the closing of the Merger by and among the Parent, certain shareholders of the Parent and certain other persons
(the “Registration Rights Agreement”), may submit a registration demand to Parent, and the Parent may
file a registration statement, pursuant to Section 2.1 of the Registration Rights Agreement, beginning after the expiration
of 90 days from the effectiveness of the Merger, provided that, except as permitted hereunder, the Shareholder shall not sell Parent
Ordinary Shares under that registration statement prior to the expiration of the 180 day period following the Closing Date.

 

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An attempted transfer
in violation of this letter agreement will be of no effect and null and void, regardless of whether the purported transferee has
any actual or constructive knowledge of the transfer restrictions set forth in this letter agreement, and will not be recorded
on the share transfer books of Parent. In order to ensure compliance with the restrictions referred to herein, the Shareholder
agrees and consents that Parent may issue appropriate “stop transfer” certificates or instructions with any duly appointed
transfer agent for the registration or transfer of the Parent Ordinary Shares or other securities described herein. Parent and
any duly appointed transfer agent are hereby authorized to decline to make any transfer of such securities if such transfer would
constitute a violation or breach of this letter agreement. Parent may cause the legend set forth below, or a legend substantially
equivalent thereto, to be placed upon any certificate(s) or other documents or instruments (including book-entry positions,
and statements in respect thereof) evidencing ownership of the Shareholder’s Shares:

 

THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO AND MAY ONLY BE TRANSFERRED IN COMPLIANCE WITH A LOCK-UP AGREEMENT, A COPY OF WHICH IS ON FILE
AT THE PRINCIPAL OFFICE OF THE COMPANY.

 

The Shareholder hereby
represents and warrants that the Shareholder has full power and authority to enter into this letter agreement.

 

Upon the release of
any of the Shareholder’s Shares from this letter agreement, Parent will cooperate with the Shareholder to facilitate the
timely preparation and delivery of certificates (or book-entry positions) representing the Shareholder’s Shares without the
restrictive legend above or the withdrawal of any stop transfer instructions.

 

The Shareholder understands
that each of Parent and the Company is relying upon this letter agreement in proceeding toward consummation of the Merger. The
Shareholder further understands that this letter agreement is irrevocable and is binding upon the Shareholder’s heirs, legal
representatives, successors and assigns.

 

This letter agreement
and any claim, controversy or dispute arising under or related to this letter agreement shall be governed by and construed in accordance
with the laws of the State of Israel, without regard to the conflict of laws principles thereof.

 

The Shareholder understands
that if the Merger Agreement is terminated in accordance with its terms, the Shareholder will be released from all obligations
under this letter agreement.

 

This letter agreement
may be executed by facsimile or electronic (i.e., PDF) transmission, which is deemed an original.

 

[Signature Page Follows]

 

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	 	Very truly yours,
	 	 
	Print Name of

Shareholder:  	 
	 	Signature (for individuals): 
	 	 
	 	 
	 	Signature (for entities):
	 	 
	 	By: 	 
	 	 	Name: 	 
	 	 	Title:	 

 

 

[Signature
Page to Lock-up Agreement]

 

     

     

    

 

Acknowledged and accepted:

 

Anchiano Therapeutics Ltd.

 
	By: 	 	 
	 	Name: 	 	 
	 	Title:	 	 

 

 

[Signature
Page to Lock-up Agreement]Exhibit 10.4

 

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

 

WARRANT TO PURCHASE ORDINARY SHARES 

REPRESENTED BY AMERICAN DEPOSITARY SHARES

 

ANCHIANO
THERAPEUTICS LTD.

 

	 	Initial Exercise Date: _______, 2021
	 	Issue Date: _______, 2021
	 	Holder’s Pro Rata Share: as defined below

 

THIS WARRANT TO PURCHASE
ORDINARY SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (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 after the Closing Date (as such term is defined therein) (the “Initial
Exercise Date”) of that certain Agreement and Plan of Merger, by and among Anchiano Therapeutics Ltd. (the “Company”),
CMB Acquisition Ltd. and Chemomab Ltd. (“Chemomab”) (the “Merger Agreement”) and on or prior
to the close of business on the fifth year anniversary of the Initial Exercise Date (the “Termination Date”,
and such period between the Initial Exercise Date and the Termination Date, the “Exercise Period”), but not
thereafter, to subscribe for and purchase from the Company, up to such number of ordinary shares, no par value (“Ordinary
Shares”), represented by American Depositary Shares (“ADSs”), which is the outcome of the formula
set forth in Section 2(b) below, as subject to adjustment hereunder. The Ordinary Shares issuable upon exercise of this
Warrant are referred to herein as the “New Warrant Shares” and the ADSs representing the New Warrant Shares
are referred to herein as the “Warrant ADSs.” This Warrant is one of a series of similar warrants (“Warrants”)
issued by the Company to the shareholders of Chemomab (together with the Holder, the “Holders”). The term “Majority
Holders” means the Holders of at least a majority of the voting power of Chemomab’s outstanding share capital (calculated
on an as converted basis) as of immediately prior to Closing. “Holder’s Pro Rata Share” shall mean the pro rata
share of the Holder of the Company Share Capital (as such term is defined in the Merger Agreement) outstanding as of immediately
prior to the Closing Date.

 

Section
1. Definitions. Capitalized terms used and not otherwise defined herein shall
have the meanings set forth in the Merger Agreement.

 

Section
2. Exercise.

 

a)            Number
of Warrant Shares. Subject to the terms and conditions set forth herein, the Holder is entitled, subject to the occurrence
of a Triggering Event (as such term is defined below), to purchase from the Company such number of New Warrant Shares as shall
be calculated in accordance with the formula set forth in Section 2(b) below.

 

b)            Triggering
Events; Calculation of the Number of Warrant ADSs. During the Exercise Period, upon the receipt by the Company within one
(1) year following the Initial Exercise Date of a claim in writing from a third party that (i) is related to the
period on or prior to the Effective Time (as such term is defined in the Merger Agreement and including consummation of the
Merger), (ii) whether or not known to the Holders or disclosed under the Merger Agreement, and including in connection
with the Merger, (iii) that was not included in the calculation of Parent Net Cash or the Exchange Ratio (as set forth
in Section 1.6 of the Merger Agreement), and (iv) which relates to Parent rather than to Chemomab (a “Triggering
Event”), the Company shall issue to the Holder, upon the exercise of this Warrant by the Holder, such number of New
Warrant Shares determined as follows:

 

     

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		(A)	If the judgment, award or settlement results in the issuance of shares of the Company – the
number of New Warrant Shares representing the Holder’s Pro Rata Share (as defined above) of the number of shares issued in
the judgment, award or settlement; provided, however, that the aggregate number of New Warrant Shares that may be issued
to all Holders upon the exercise of all Warrants pursuant to this clause (A) shall not exceed the number of New Warrant Shares
represented by 500,000 ADSs as of the date of the Merger Agreement (such number to be adjusted in accordance with Section 3
below for all events after the date of the Merger Agreement); and in addition to (and not in lieu of (A) above),

 

		(B)	If the judgment, award or settlement results in a cash payment – the number of New Warrant
Shares equal to the Holder’s Pro Rata Share of the quotient obtained by dividing (a) the aggregate amount paid by the
Company pursuant to a final, non-appealable decision of a court or arbitrator, or pursuant to a settlement, with respect to such
Triggering Event by (b) the Share Price (as defined below); provided, however, that the aggregate number of
New Warrant Shares that may be issued to all Holders upon the exercise of all Warrants in connection with one or more Triggering
Events under this Sub-Section (B) shall not exceed a value representing $1,000,000 in the aggregate.

 

“Share Price”
means the closing trading price of a Parent ADS on Nasdaq on the date upon which the Company makes payment pursuant to a final,
non-appealable decision of a court or arbitrator, or pursuant to a settlement, with respect to the Triggering Event.

 

c)            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 but not later than the Termination Date by delivery to the Company (or such other
office or agency that the Company may designate by notice in writing to the registered Holder at the address of the Holder
appearing on the books of the Company) of a duly executed facsimile copy or PDF copy submitted by electronic mail (or e-mail
attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the
earlier of (i) two (2) trading days on the trading market on which the ADSs are then listed or quoted (each, a
 “Trading Day”), and (ii) the number of Trading Days comprising the Standard Settlement Period (as
defined in Section 2(f)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the
aggregate Exercise Price for the Warrant ADSs specified in the applicable Notice of Exercise by wire transfer or
cashier’s check. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type
of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the
Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the
Warrant ADSs available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this
Warrant to the Company for cancellation within three (3) Trading Days of the date on which the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of
Warrant ADSs available hereunder shall have the effect of lowering the outstanding number of Warrant ADSs purchasable
hereunder in an amount equal to the applicable number of Warrant ADSs purchased. The Holder and the Company shall maintain
records showing the number of Warrant ADSs purchased and the date of such purchases. The Company shall deliver any objection
to any Notice of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase
of a portion of the Warrant ADSs hereunder, the number of Warrant ADSs available for purchase hereunder at any given time may
be less than the amount stated on the face hereof.

 

In no event will the Company be required
to net cash settle a Warrant exercise.

 

d)            Exercise
Price. The exercise price per ADS under this Warrant shall be $0.01, subject to adjustment hereunder (the “Exercise
Price”).

 

     

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e)            Mechanics
of Exercise.

 

i. Delivery
of Warrant ADSs Upon Exercise. The Company shall deposit the New Warrant Shares subject to such exercise with the Israeli
custodian of The Bank of New York Mellon, the Depositary for the ADSs (the “Depositary”), and cause the
Depositary to credit the account of the Holder’s or its designee’s balance account with The Depository Trust
Company (or another established clearing corporation performing similar functions) through its Deposit/Withdrawal At
Custodian system (“DWAC”) if the Depositary is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant ADSs to or resale of the Warrant ADSs by the Holder
or (B) the Warrant ADSs are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to
Rule 144, and otherwise by physical delivery of a certificate, registered in the name of the Holder or its designee, for
the number of Warrant ADSs to which the Holder is entitled pursuant to such exercise to the address specified by the Holder
in the Notice of Exercise, by the date that is the earlier of (i) one (1) Trading Day 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 ADS 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 ADSs with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the Warrant ADSs, provided that payment of the aggregate Exercise
Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days
and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of
Exercise. If the Company fails for any reason to deliver to the Holder the Warrant ADSs subject to a Notice of Exercise by
the Warrant ADS Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Warrant ADSs subject to such exercise (based on the VWAP of the ADS on the date of the applicable Notice of
Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after such Warrant ADS Delivery Date until such Warrant ADSs are delivered or Holder
rescinds such exercise. The Company agrees to maintain a depositary that is a participant in the FAST program so long as this
Warrant remains outstanding and exercisable, if applicable. As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market
with respect to the ADS as in effect on the date of delivery of the Notice of Exercise.

 

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

 

iii. Rescission
Rights. If the Company fails to cause the Depositary to transmit to the Holder the Warrant ADSs pursuant to
Section 2(e)(i) by the Warrant ADS Delivery Date, then the Holder will have the right to rescind such exercise.

 

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

 

v. Charges,
Taxes and Expenses. Issuance of Warrant ADSs shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of Warrant ADSs, all of which taxes and expenses shall be paid by the
Company, and such Warrant ADSs shall be issued in the name of the Holder or in such name or names as may be directed by the
Holder. The Company shall pay all Depositary fees required for same-day processing of any Notice of Exercise and all fees to
the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day
electronic delivery of the ADSs, if any. The Company shall pay all applicable fees and expenses of the Depositary in
connection with the issuance of the Warrant ADSs hereunder.

 

     

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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.

 

f)             Closing
Financing Investors. Notwithstanding anything herein to the contrary, the investors purchasing Parent ADSs as part of the Closing
Financing shall not be diluted by any issuance of ADSs to the Holders and the Company shall take any and all actions required in
order to ensure fulfillment and implementation of the above.

 

Section
3. Certain Adjustments.

 

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

 

b)            Subsequent
Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Ordinary Share Equivalents or rights to purchase shares, warrants, securities or other property pro rata to
the record holders of any class of Ordinary Shares or ADSs (the “Purchase Rights”), then, if and only if an
adjustment pursuant to this subsection would cause the Exercise Price to be reduced, the Exercise Price shall be multiplied by
a fraction, of which the denominator shall be the price per share of the Company’s Ordinary Shares on the closing of last
Trading Day prior to the Ex-Date set in connection with such offer, and of which the numerator shall be the price per share of
the Company’s Ordinary Shares on the applicable Ex-Date set in connection with such offer.

 

c)            Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or
other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares or ADSs, by way of return of
capital or otherwise (including, without limitation, any distribution of cash, 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, if and only if an adjustment pursuant
to this subsection would cause the Exercise Price to be reduced, in each such case, the Exercise Price shall be multiplied by
a fraction, of which the denominator shall be the price per share of the Company’s Ordinary Shares on the closing of the
last Trading Day prior to the Ex-Date of such distribution, and the numerator shall be the price per share of the Company’s
Ordinary Shares on such Ex-Date.

 

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

 

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

 

     

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Section 4. Transferability
of Warrant.

 

a)            Transferability.
This Warrant is not transferable.

 

b)            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 Holder. 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.

 

c)            Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant ADSs issuable upon such exercise, for its own account and not with a view to or for distributing
or reselling such Warrant ADSs or any part thereof in violation of the Securities Act or any applicable state securities law, except
pursuant to sales registered or exempted under the Securities Act.

 

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(e)(i).

 

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

 

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

 

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

 

Except and to the extent
as waived or consented to by the Majority Holders, 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) take all such action as may be necessary or appropriate in order that the
Company may validly and legally issue fully paid and nonassessable Warrant ADSs upon the exercise of this Warrant and (ii) 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.

 

     

    - 6 -

    

 

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

 

e)            Jurisdiction.
This Warrant shall be governed by, and construed in accordance with, the laws of the State of Israel, regardless of the laws that
might otherwise govern under applicable principles of conflicts of laws. In any action or proceeding between the Company and the
Holder arising out of or relating to this Warrant, each of the Company and the Holder irrevocably and unconditionally consents
and submits to the exclusive jurisdiction and venue of the courts located in Tel Aviv, Israel.

 

f)             Restrictions.
The Holder acknowledges that the Warrant ADSs acquired upon the exercise of this Warrant, if not registered, 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.

 

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

 

i)             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.

 

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

 

k)            Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Majority
Holders. Any dispute between the Company and the holder of this Warrant shall be handled and controlled exclusively by the Majority
Holders and any resolution of the Majority Holders in any such dispute shall bind all the holders of this Warrant.

 

l)             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.

 

m)           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) 

 

     

    - 7 -

    

 

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.

 

	 	ANCHIANO THERAPEUTICS LTD.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

    - 8 -

    

 

NOTICE OF EXERCISE

 

TO:
ANCHIANO THERAPEUTICS LTD.

 

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

 

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

 

 ̈
wire transfer; or

 

 ̈
bank check.

 

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

 

(4) The undersigned
is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933, as amended,
and is an investor of a type specified in the First Supplement to the Israeli Securities Law, 5728-1968.

 

 ̈
Yes.

 

 ̈
No.

 

Specify type of investor
under the First Supplement to the Israeli Securities Law, 5728-1968:

 

_______________________________

 

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

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: 

________________________________________________________________________

 

Signature of Authorized Signatory of
Investing Entity: 

_________________________________________________

Name of Authorized Signatory: 

_________________________________________________

Title of Authorized Signatory:

_________________________________________________ 

Date: 

_________________________________________________

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