Document:

Exhibit 4.1

 

 

 

ECO WAVE POWER GLOBAL AB (PUBL)

 

AND

 

THE BANK OF NEW YORK MELLON

 

As Depositary

 

AND

 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

Deposit Agreement

 

__________, 2021

 

TABLE OF CONTENTS

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE 1.

                                                                                
	DEFINITIONS
	1
	SECTION
    1.1.	American
    Depositary Shares.	1
	SECTION
    1.2.	Commission.	2
	SECTION
    1.3.	Company.	2
	SECTION
    1.4.	Custodian.	2
	SECTION
    1.5.	Deliver;
    Surrender.	2
	SECTION
    1.6.	Deposit
    Agreement.	3
	SECTION
    1.7.	Depositary;
    Depositary’s Office.	3
	SECTION
    1.8.	Deposited
    Securities.	3
	SECTION
    1.9.	Disseminate.	3
	SECTION
    1.10.	Dollars.	3
	SECTION
    1.11.	DTC.	4
	SECTION
    1.12.	Foreign
    Registrar.	4
	SECTION
    1.13.	Holder.	4
	SECTION
    1.14.	Owner.	4
	SECTION
    1.15.	Receipts.	4
	SECTION
    1.16.	Registrar.	4
	SECTION
    1.17.	Replacement.	4
	SECTION
    1.18.	Restricted
    Securities.	5
	SECTION
    1.19.	Securities
    Act of 1933.	5
	SECTION
    1.20.	Shares.	5
	SECTION
    1.21.	SWIFT.	5
	SECTION
    1.22.	Termination
    Option Event.	5
	 	 	 
	ARTICLE 2. 	FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND
SURRENDER OF AMERICAN DEPOSITARY SHARES	6
	SECTION
    2.1.	Form
    of Receipts; Registration and Transferability of American Depositary Shares.	6
	SECTION
    2.2.	Deposit
    of Shares.	7
	SECTION
    2.3.	Delivery
    of American Depositary Shares.	8
	SECTION
    2.4.	Registration
    of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American
    Depositary Shares.	8
	SECTION
    2.5.	Surrender
    of American Depositary Shares and Withdrawal of Deposited Securities.	9
	SECTION
    2.6.	Limitations
    on Delivery, Registration of Transfer and Surrender of American Depositary Shares.	10
	SECTION
    2.7.	Lost
    Receipts, etc.	11

 

    i

     

    

 

	SECTION
    2.8.	Cancellation
    and Destruction of Surrendered Receipts.	11
	SECTION
    2.9.	DTC Direct
    Registration System and Profile Modification System.	12
	 	 	 
	ARTICLE 3. 	CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES	12
	SECTION
    3.1.	Filing
    Proofs, Certificates and Other Information.	12
	SECTION
    3.2.	Liability
    of Owner for Taxes.	13
	SECTION
    3.3.	Warranties
    on Deposit of Shares.	13
	SECTION
    3.4.	Disclosure
    of Interests.	13
	 	 	 
	ARTICLE 4. 	THE DEPOSITED SECURITIES	14
	SECTION
    4.1.	Cash
    Distributions.	14
	SECTION
    4.2.	Distributions
    Other Than Cash, Shares or Rights.	15
	SECTION
    4.3.	Distributions
    in Shares.	16
	SECTION
    4.4.	Rights.	16
	SECTION
    4.5.	Conversion
    of Foreign Currency.	18
	SECTION
    4.6.	Fixing
    of Record Date.	19
	SECTION
    4.7.	Voting
    of Deposited Shares.	20
	SECTION
    4.8.	Tender
    and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.	21
	SECTION
    4.9.	Reports.	22
	SECTION
    4.10.	Lists
    of Owners.	23
	SECTION
    4.11.	Withholding.	23
	 	 	 
	ARTICLE 5. 	THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY	23
	SECTION
    5.1.	Maintenance
    of Office and Register by the Depositary.	23
	SECTION
    5.2.	Prevention
    or Delay of Performance by the Company or the Depositary.	24
	SECTION
    5.3.	Obligations
    of the Depositary and the Company.	25
	SECTION
    5.4.	Resignation
    and Removal of the Depositary.	27
	SECTION
    5.5.	The Custodians.	27
	SECTION
    5.6.	Notices
    and Reports.	28
	SECTION
    5.7.	Distribution
    of Additional Shares, Rights, etc.	29
	SECTION
    5.8.	Indemnification.	29
	SECTION
    5.9.	Charges
    of Depositary.	30
	SECTION
    5.10.	Retention
    of Depositary Documents.	31
	SECTION
    5.11.	Exclusivity.	31
	SECTION
    5.12.	Information
    for Regulatory Compliance.	31
	 	 	 
	ARTICLE 6. 	AMENDMENT AND TERMINATION	31
	SECTION
    6.1.	Amendment.	31
	SECTION
    6.2.	Termination.	32
	 	 	 
	ARTICLE 7. 	MISCELLANEOUS	33
	SECTION
    7.1.	Counterparts;
    Signatures; Delivery.	33
	SECTION
    7.2.	No Third
    Party Beneficiaries.	33
	SECTION
    7.3.	Severability.	33
	SECTION
    7.4.	Owners
    and Holders as Parties; Binding Effect.	33
	SECTION
    7.5.	Notices.	34
	SECTION
    7.6.	Appointment
    of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.	35
	SECTION
    7.7.	Waiver
    of Immunities.	36
	SECTION
    7.8.	Governing
    Law.	36

 

    ii

     

    

 

DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT dated as of
__________, 2021 among ECO WAVE POWER GLOBAL AB (PUBL), a company incorporated under the laws of Sweden (herein called the Company), THE
BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners and Holders (each as hereinafter
defined) from time to time of American Depositary Shares issued hereunder.

 

W I T N E S S E T H:

 

WHEREAS, the Company desires
to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company from time to time
with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of American Depositary
Shares representing the Shares so deposited and for the execution and delivery of American Depositary Receipts evidencing the American
Depositary Shares; and

 

WHEREAS, the American Depositary
Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as set forth in this Deposit Agreement;

 

NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE 1. DEFINITIONS

 

The following definitions shall
for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

 

SECTION 1.1. American
Depositary Shares.

 

The term “American
Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the Deposited
Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities. The form of
Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of 1933 for sales of
both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit Agreement that refer specifically
to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and uncertificated American Depositary Shares.

 

Each American Depositary Share
shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, except that, if there is a distribution
upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect to which additional
American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each American Depositary Share
shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit per American Depositary Share after
giving effect to that distribution, change or sale.

 

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SECTION 1.2. Commission.

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION 1.3. Company.

 

The term “Company”
shall mean Eco Wave Power Global AB (publ), a company incorporated under the laws of Sweden, and its successors.

 

SECTION 1.4. Custodian.

 

The term “Custodian”
shall mean Skandinaviska Enskilda Banken AB located in Sweden, as custodian for the Depositary for the purposes of this Deposit Agreement,
and any other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit
Agreement, and shall also mean all of them collectively.

 

SECTION 1.5. Deliver;
Surrender.

 

(a) The
term “deliver”, or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry
transfer of those Shares or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect
transfers of such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those
Shares or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to,
the person entitled to that delivery.

 

(b) The
term “deliver”, or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration
of those American Depositary Shares in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares to an
account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares not evidenced
by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing to that person of
a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution and delivery at the
Depositary’s Office to the person entitled to that delivery of one or more Receipts evidencing those American Depositary Shares
registered in the name requested by that person.

 

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(c) The
term “surrender”, when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers
of American Depositary Shares to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to
surrender American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts
evidencing American Depositary Shares.

 

SECTION 1.6. Deposit
Agreement.

 

The term “Deposit Agreement”
shall mean this Deposit Agreement, as it may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.7. Depositary;
Depositary’s Office.

 

The term “Depositary”
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.
The term “Office”, when used with respect to the Depositary, shall mean the office at which its depositary receipts
business is administered, which, at the date of this Deposit Agreement, is located at 240 Greenwich Street, New York, New York 10286.

 

SECTION 1.8. Deposited
Securities.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement,
including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and any and
all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities and at that time
held under this Deposit Agreement.

 

SECTION 1.9. Disseminate.

 

The term “Disseminate,”
when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information to Owners
in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making the information
available to Owners, which may include (A) sending the information by electronic mail or electronic messaging or (B) sending in paper
form or by electronic mail or messaging a statement that the information is available and may be accessed by the Owner on an Internet
website and that it will be sent in paper form upon request by the Owner, when that information is so available and is sent in paper form
as promptly as practicable upon request.

 

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SECTION 1.10. Dollars.

 

The term “Dollars”
shall mean United States dollars.

 

SECTION 1.11. DTC.

 

The term “DTC”
shall mean The Depository Trust Company or its successor.

 

SECTION 1.12. Foreign
Registrar.

 

The term “Foreign Registrar”
shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company for the transfer and
registration of Shares, including, without limitation, any securities depository for the Shares.

 

SECTION 1.13. Holder.

 

The term “Holder”
shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for its own
account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.

 

SECTION 1.14. Owner.

 

The term “Owner”
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that purpose.

 

SECTION 1.15. Receipts.

 

The term “Receipts”
shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares, as
the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.

 

SECTION 1.16. Registrar.

 

The term “Registrar”
shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers of
American Depositary Shares as provided in this Deposit Agreement.

 

SECTION 1.17. Replacement.

 

The term “Replacement”
shall have the meaning assigned to it in Section 4.8.

 

     4

     

    

 

SECTION 1.18. Restricted
Securities.

 

The term “Restricted
Securities” shall mean Shares that (i) are “restricted securities,” as defined in Rule 144 under the Securities
Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned by an
officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise would require registration
under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv) are subject to other
restrictions on sale or deposit under the laws of Sweden, a shareholder agreement or the articles of association or similar document of
the Company.

 

SECTION 1.19. Securities
Act of 1933.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

SECTION 1.20. Shares.

 

The term “Shares”
shall mean common shares of the Company that are validly issued and outstanding, fully paid and nonassessable and that were not issued
in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided, however,
that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification or, upon the
occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company, the term “Shares”
shall thereafter also mean the successor securities resulting from such change in nominal value, split-up or consolidation or such other
reclassification or such exchange or conversion.

 

SECTION 1.21. SWIFT.

 

The term “SWIFT”
shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its successor.

 

SECTION 1.22. Termination
Option Event.

 

     5

     

    

 

The term “Termination
Option Event” shall mean any of the following events or conditions:

 

(i) the
Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of bankruptcy or insolvency proceedings
against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or
insolvency, consents to the filing of any petition of that kind or to the appointment of a receiver, liquidator, assignee, trustee, custodian
or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors,
or if information becomes publicly available indicating that unsecured claims against the Company are not expected to be paid;

 

(ii) the
American Depositary Shares are delisted from a stock exchange in the United States on which the American Depositary Shares were listed
and, 30 days after that delisting, the American Depositary Shares have not been listed on another stock exchange in the United States,
nor is there a symbol available for over-the-counter trading of the American Depositary Shares in the United States;

 

(iii) the
Depositary has received notice of facts that indicate, or otherwise has reason to believe, that the American Depositary Shares have become,
or with the passage of time will become, ineligible for registration on Form F-6 under the Securities Act of 1933; or

 

(iv) an
event or condition that is defined as a Termination Option Event in Section 4.1, 4.2 or 4.8.

 

ARTICLE 2. FORM
OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

SECTION 2.1. Form
of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive Receipts shall be
substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications and omissions,
as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory
for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature of a duly authorized officer of the
Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual
signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar. The Depositary shall maintain books on
which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that Receipt and (y) all American
Depositary Shares delivered as provided in this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall
be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject
to the other provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the
date of issuance of that Receipt.

 

The Receipts and statements
confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or recitals or modifications
not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to comply with any applicable
law or regulations thereunder or with the rules and regulations of any securities exchange upon which American Depositary Shares may be
listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular
Receipts and American Depositary Shares are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

 

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American Depositary Shares evidenced
by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated
registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable
as uncertificated registered securities under the laws of the State of New York. The Depositary and the Company, notwithstanding any notice
to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person
entitled to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other
purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement
to any Holder of American Depositary Shares (but only to the Owner of those American Depositary Shares).

 

SECTION 2.2. Deposit
of Shares.

 

Subject to the terms and conditions
of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit Agreement by delivery thereof
to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the
Custodian.

 

As conditions of accepting Shares
for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the provisions
of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons
stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence satisfactory to the Depositary that
those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or
a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval for the transfer
or deposit has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument
satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional
Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon
or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

At the request and risk and
expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive certificates for Shares
to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates
to the Custodian for deposit under this Deposit Agreement.

 

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The Depositary shall instruct
each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited under this Deposit
Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can
be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if applicable, for transfer and
recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee.

 

Deposited Securities shall be
held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or places as the Depositary
shall determine.

 

SECTION 2.3. Delivery
of American Depositary Shares.

 

The Depositary shall instruct
each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other documents or evidence
required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose
written order American Depositary Shares are deliverable in respect thereof. Upon receiving a notice of a deposit from a Custodian, or
upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions
of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary
Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the
delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in
connection with that deposit and the transfer of the deposited Shares. However, the Depositary shall deliver only whole numbers
of American Depositary Shares.

 

SECTION 2.4. Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American
Depositary Shares.

 

The Depositary, subject to the
terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon (i)
in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner
or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated
American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through
DRS and Profile as provided in Section 2.9), and, in either case, duly stamped as may be required by the laws of the State of New York
and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary
Shares to or upon the order of the person entitled thereto.

 

     8

     

    

 

The Depositary, subject to the
terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up
or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

 

The Depositary, upon surrender
of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the
Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for
the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated American Depositary
Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated American Depositary
Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.

 

The Depositary may appoint one
or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations and split-ups
of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require
evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American Depositary
Shares and will be entitled to protection and indemnity to the same extent as the Depositary.

 

SECTION 2.5. Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon surrender of American Depositary
Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary for the
surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection
with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the
Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made),
to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares,
but not any money or other property as to which a record date for distribution to Owners has passed (since money or other property
of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), and except that the
Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would
require delivery of a fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable
delay.

 

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As a condition of accepting
a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require (i) that each
surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering
Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited Securities being withdrawn
to be delivered to or upon the written order of a person or persons designated in that order.

 

Thereupon, the Depositary shall
direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement and local
market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order
delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American Depositary Shares,
and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile
transmission.

 

If Deposited Securities are
delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the Custodian’s
office, except that, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited
Securities, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising,
and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented
by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s Office or to another address specified
in the order received from the surrendering Owner.

 

SECTION 2.6. Limitations
on Delivery, Registration of Transfer and Surrender of American Depositary Shares.

 

As a condition precedent to
the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal
of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter
of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a
sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided
in this Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature
and may also require compliance with any regulations the Depositary may establish consistent with the provisions of this Deposit Agreement,
including, without limitation, this Section 2.6.

 

     10

     

    

 

The Depositary may refuse to
accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American Depositary Shares in particular
instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary
or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities
in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary
in this Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders
of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with voting at a shareholders’
meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws
or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities or (iv) any other
reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1993
or any successor to that provision.

 

The Depositary shall not knowingly
accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 2.7. Lost Receipts,
etc.

 

If a Receipt is mutilated, destroyed,
lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in uncertificated form
or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt,
upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution for that destroyed, lost or stolen Receipt.
However, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt,
in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement
before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and
(b) satisfy any other reasonable requirements imposed by the Depositary.

 

SECTION 2.8. Cancellation
and Destruction of Surrendered Receipts.

 

The Depositary shall cancel
all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.

 

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SECTION 2.9. DTC Direct
Registration System and Profile Modification System.

 

(a) Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC’s Direct Registration System (“DRS”) and Profile
Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS
is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of
security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant,
claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer of those American
Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without
receipt by the Depositary of prior authorization from the Owner to register that transfer.

 

(b) In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt,
the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the Depositary’s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with
this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.

 

ARTICLE 3. CERTAIN
OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

SECTION 3.1. Filing
Proofs, Certificates and Other Information.

 

Any person presenting Shares
for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship
or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar,
if applicable, to execute such certificates and to make such representations and warranties, as the Depositary may reasonably deem necessary
or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the distribution of any
dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other information
is filed or those certificates are executed or those representations and warranties are made.

 

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SECTION 3.2. Liability
of Owner for Taxes.

 

If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or
any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies,
that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to the Depositary. The Depositary
may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those
American Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof,
or, after consultation with the Company to the extent practicable, may sell for the account of the Owner any part or all of the Deposited
Securities represented by those American Depositary Shares and apply those dividends or other distributions or the net proceeds of any
sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner of those American
Depositary Shares shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under this Section
that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of
Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities under this Section, the Depositary
may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary
Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in
that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

SECTION 3.3. Warranties
on Deposit of Shares.

 

Every person depositing Shares
under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor, if applicable,
are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of
outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every depositing person shall
also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties
deemed made under this Section shall survive the deposit of Shares and delivery of American Depositary Shares.

 

SECTION 3.4. Disclosure
of Interests.

 

When required in order to comply
with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from time to time
request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American
Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those
American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required
for that compliance.   Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant
to this Section.  Each Holder consents to the disclosure by the Depositary and the Owner or any other Holder through which it
holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to this Section relating
to that Holder that is known to that Owner or other Holder.  The Depositary agrees to use reasonable efforts to comply
with written instructions requesting that the Depositary forward any request authorized under this Section to the Owners and to forward
to the Company any responses it receives in response to that request. The Depositary may charge the Company a fee and its expenses for
complying with requests under this Section 3.4.

 

     13

     

    

 

ARTICLE 4. THE
DEPOSITED SECURITIES

 

SECTION 4.1. Cash
Distributions.

 

Whenever the Depositary receives
any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions of Section 4.5,
convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the
Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the number of American Depositary Shares
representing those Deposited Securities held by them respectively; provided, however, that if the Custodian or the Depositary
shall be required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other
governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall
be reduced accordingly. However, the Depositary will not pay any Owner a fraction of one cent, but will round each Owner’s
entitlement to the nearest whole cent.

 

The Company or its agent will
remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such agency.

 

If a cash distribution would
represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary
may:

 

 (i) require payment of or
deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution; or

 

 (ii) sell all Deposited
Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution, call for surrender
of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.

 

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If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event.

 

SECTION 4.2. Distributions
Other Than Cash, Shares or Rights.

 

Subject to the provisions of
Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1, 4.3 or 4.4
on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the
securities or property received by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and
expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing
such Deposited Securities held by them respectively, in any manner that the Depositary deems equitable and practicable for accomplishing
that distribution (which may be a distribution of depositary shares representing the securities received); provided, however,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for
any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes
or other governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed
to Owners or Holders) the Depositary deems such distribution not to be lawful and feasible, the Depositary may, after consultation with
the Company to the extent practicable, adopt such other method as it may deem equitable and practicable for the purpose of effecting such
distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof,
and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the
Owners entitled thereto, all in the manner and subject to the conditions set forth in Section 4.1. The Depositary may withhold any distribution
of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not require
registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property
it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.

 

If a distribution to be made
under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may:

 

 (i) require payment of or
deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution; or

 

 (ii) sell all Deposited
Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call for surrender of all
those American Depositary Shares and require that surrender as a condition of making that distribution.

 

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If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event.

 

SECTION 4.3. Distributions
in Shares.

 

Whenever the Depositary receives
any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to the
Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them
respectively, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution,
subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary
Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the
Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount of the Shares received (or American
Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering
fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or
American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions
described in Section 4.1. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary
Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited
Securities represented thereby.

 

If the Company declares a distribution
in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination of
those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company,
make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition
of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933 that has not been effected.

 

SECTION 4.4. Rights.

 

(a) If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.
The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or
certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or
American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to
or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to
Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the
Depositary shall permit the rights to lapse unexercised.

 

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(b) If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and
upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise
of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities
shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased Shares under this Deposit Agreement
and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other
securities to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale
of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion
of United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners
without registration under the Securities Act of 1933.

 

(c) If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the
American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of
such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights
as requested by that Owner.

 

(d) If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.

 

(e) Payment
or deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary and any
applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this
Section 4.4.

 

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(f) The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular, or to sell rights.

 

SECTION 4.5. Conversion
of Foreign Currency.

 

Whenever the Depositary or the
Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property
or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted
on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary or one of its agents or
affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency
into Dollars, and those Dollars shall be distributed to the Owners entitled thereto.  A cash distribution may be made upon an averaged
or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any
American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided
in Section 5.9.

 

If a conversion of foreign currency
or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency thereof,
the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary, after consultation
with the Company to the extent practicable, determines that in its judgment any foreign currency received by the Depositary or the Custodian
is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government
or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners entitled
to receive the same.

 

If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion
make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute
the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest
thereon for the account of, the Owners entitled thereto.

 

     18

     

    

 

The Depositary may convert currency
itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay Dollars to the Depositary. Where
the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and not
as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads,
that it will retain for its own account.  The revenue is based on, among other things, the difference between the exchange rate assigned
to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or
selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained by
it or its affiliate in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at
the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3.  The methodology used to determine exchange rates used in currency conversions made by the Depositary
is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain the most favorable rate that
could be obtained at the time or to ensure that the method by which that rate will be determined will be the most favorable to Owners,
and the Depositary makes no representation that the rate is the most favorable rate and will not be liable for any direct or indirect
losses associated with the rate.  In certain instances, the Depositary may receive dividends or other distributions from the Company
in Dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a rate that was obtained
or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible for, any foreign
currency transactions and neither it nor the Company makes any representation that the rate obtained or determined by the Company is the
most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with the rate.

 

SECTION 4.6. Fixing
of Record Date.

 

Whenever a cash dividend, cash
distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are issued with
respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section
4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the Depositary receives
notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice
under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change
in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary
or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record
date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit
of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights
at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set,
or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed by the Depositary shall
be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights
or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting
instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge,
as the case may be.

 

     19

     

    

 

SECTION 4.7. Voting
of Deposited Shares.

 

(a) Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting received by
the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject
to any applicable provision of Swedish law and of the articles of association or similar documents of the Company, to instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares,
(iii) a statement as to the manner in which those instructions may be given and (iv) the last date on which the Depositary will accept
instructions (the “Instruction Cutoff Date”).

 

(b) Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the
Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or
cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set
forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other
than in accordance with instructions given by Owners and received by the Depositary.

 

(c) There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in
time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d) In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the
Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection
with the meeting not less than 30 days prior to the meeting date.

 

     20

     

    

 

SECTION 4.8. Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.

 

(a) The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering
American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b) If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary,
at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary), shall (i) if required, surrender
Deposited Securities that have been redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a
notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares
and (C) notifying them that the called American Depositary Shares have been converted into a right only to receive the money received
by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American
Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii)
distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares
in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1).
If the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the
outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive
the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence
among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, except that
the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of
all or substantially all of the Deposited Securities shall be a Termination Option Event.

 

(c) If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities
or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it is not lawful or not practical
for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited Securities may not be distributed
to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and
on such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.

 

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(d) In
the case of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and
the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented by each
American Depositary Share decreases as a result of a Replacement, the Depositary, after consultation with the Company to the extent practicable,
may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary
Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in
that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e) If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition shall be
a Termination Option Event.

 

SECTION 4.9. Reports.

 

The Depositary shall make available
for inspection by Owners at its Office any reports and communications, including any proxy solicitation material, received from the Company
which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally available to
the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications, including any proxy soliciting
material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into
English pursuant to any regulations of the Commission.

 

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SECTION 4.10. Lists
of Owners.

 

Upon written request by the
Company, the Depositary shall, at the expense of the Company (unless otherwise agreed in writing between the Company and the Depositary),
furnish to it a list, as of a recent date, of the names, addresses and American Depositary Share holdings of all Owners.

 

SECTION 4.11. Withholding.

 

If the Depositary determines,
after consultation with the Company to the extent practicable, that any distribution received or to be made by the Depositary (including
Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold,
the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe
therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the
number of American Depositary Shares held by them respectively.

 

Services for Owners and Holders
that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated
with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement.

 

Each Owner and Holder agrees
to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold
each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.

 

ARTICLE 5. THE
DEPOSITARY, THE CUSTODIANS AND THE COMPANY

 

SECTION 5.1. Maintenance
of Office and Register by the Depositary.

 

Until termination of this Deposit
Agreement in accordance with its terms, the Depositary shall maintain facilities for the delivery, registration of transfers and surrender
of American Depositary Shares in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall keep a
register of all Owners and all outstanding American Depositary Shares, which shall be open for inspection by the Owners at the Depositary’s
Office during regular business hours, but only for the purpose of communicating with Owners regarding the business of the Company or a
matter related to this Deposit Agreement or the American Depositary Shares.

 

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The Depositary may close the
register for delivery, registration of transfer or surrender for the purpose of withdrawal from time to time as provided in Section 2.6
when deemed expedient by it in connection with the performance of its duties under this Deposit Agreement (whereupon it shall notify the
Company as promptly as practicable of any closure that is outside the ordinary course of business).

 

If any American Depositary Shares
are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars for
registration of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges.

 

The Company shall have the right,
at all reasonable times, upon written request, to inspect transfer and registration records of the Depositary, the Registrar and any co-transfer
agents or co-registrars and to require such parties to supply, at the Company’s expense (unless otherwise agreed in writing between
the Company and the Depositary) copies of such portions of their records as the Company may reasonably request.

 

SECTION 5.2. Prevention
or Delay of Performance by the Company or the Depositary.

 

Neither the Depositary nor the
Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

 

(i) if by reason of (A) any
provision of any present or future law or regulation or other act of the government of the United States, any State of the United States
or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary
only) any provision, present or future, of the articles of association or similar document of the Company, or any provision of any securities
issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused
by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent or counteract by reasonable
care or effort (including, but not limited to, earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor
disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility services, Internet or other communications
lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware
or software or other systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or
delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform,
any act or thing that, by the terms of this Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;

 

     24

     

    

 

(ii) for any exercise of, or
failure to exercise, any discretion provided for in this Deposit Agreement (including any determination by the Depositary to take, or
not take, any action that this Deposit Agreement provides the Depositary may take);

 

(iii) for the inability of any
Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities
but is not, under the terms of this Deposit Agreement, made available to Owners or Holders; or

 

(iv) for any special, consequential,
indirect, or punitive damages for any breach of the terms of this Deposit Agreement.

 

Where, by the terms of a distribution
to which Section 4.1, 4.2 or 4.3 applies, or an offering to which Section 4.4 applies, or for any other reason, that distribution
or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners
and make the net proceeds available to Owners, then the Depositary shall not make that distribution or offering available to Owners, and
shall allow any rights, if applicable, to lapse.

 

SECTION 5.3. Obligations
of the Depositary and the Company.

 

The Company its directors, officers,
employees, agents and affiliates assume no obligation nor shall it nor any of them be subject to any liability under this Deposit Agreement
to any Owner or Holder or any other person (other than the Depositary), except that the Company agrees to perform its obligations specifically
set forth in this Deposit Agreement without negligence or bad faith.

 

The Depositary its directors,
officers, employees, agents and affiliates assume no obligation nor shall it nor any of them be subject to any liability under this Deposit
Agreement to any Owner or Holder (including, without limitation, liability with respect to the validity or worth of the Deposited Securities),
except that the Depositary agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad
faith, and the Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders.

 

Neither the Depositary nor the
Company nor any of their respective directors, officers, employees, agents and affiliates shall be under any obligation to appear in,
prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the American Depositary
Shares on behalf of any Owner or Holder or any other person.

 

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Each of the Depositary and the
Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be
genuine and to have been signed or presented by the proper party or parties.

 

Neither the Depositary nor the
Company nor any of their respective directors, officers, employees, agents and affiliates shall be liable for any action or non-action
by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Owner
or any other person believed by it in good faith to be competent to give such advice or information.

 

The Depositary shall not be
liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary
or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted
as Depositary.

 

The Depositary and the Company
shall not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.

 

In the absence of bad faith
on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities,
or for the manner in which any such vote is cast or the effect of any such vote.

 

The Depositary shall have no
duty to make any determination or provide any information as to the tax status of the Company, nor shall the Company or the Depositary
have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary
Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries) being treated as a “Passive
Foreign Investment Company” (“PFIC”) (in each case as defined in the U.S. Internal Revenue Code of 1986, as amended,
and the regulations issued thereunder) or otherwise. The Depositary and the Company shall not be liable for the inability or failure of
an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect
of tax or any other tax benefit.

 

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SECTION 5.4. Resignation
and Removal of the Depositary.

 

The Depositary may at any time
resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective upon the appointment
of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of resignation if a successor
depositary is not appointed is provided for in Section 6.2.

 

The Depositary may at any time
be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the later of (i) the 90th day
after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment
as provided in this Section.

 

If the Depositary resigns or
is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an
office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument
in writing accepting its appointment under this Deposit Agreement. If the Depositary receives notice from the Company that a successor
depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company,
shall deliver to its successor a register listing all the Owners and their respective holdings of outstanding American Depositary Shares
and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in
the preceding sentence (i) the successor shall become the Depositary and shall have all the rights and shall assume all the duties of
the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged
and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8 with respect to the time before
that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical after assuming the duties of Depositary.

 

Any corporation or other entity
into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing
of any document or any further act.

 

SECTION 5.5. The Custodians.

 

The Custodian shall be subject
at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary in its discretion
may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under
this Deposit Agreement. If the Depositary receives notice that a Custodian is resigning and, upon the effectiveness of that resignation
there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that
notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian under this Deposit Agreement. The
Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities held by it to another Custodian.

 

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SECTION 5.6. Notices
and Reports.

 

If the Company takes or decides
to take any corporate action of a kind that is addressed in Sections 4.1 to 4.4, or 4.6 to 4.8, or that effects or will effect a change
of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary
and the Custodian of that action or decision as soon as it is lawful and practical to give that notice.  The notice shall be in English
and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities
exchange or is required to make available generally to holders of Shares by publication or otherwise.

 

The Company will arrange for
the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission, and the
prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are
made generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary will Disseminate,
at the Company’s expense, unless otherwise agreed in writing between the Company and the Depositary, those notices, reports and
communications to all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent
to the manner in which those communications are made available to holders of Shares and compliant with the requirements of any securities
exchange on which the American Depositary Shares are listed. The Company will timely provide the Depositary with the quantity of such
notices, reports, and communications, as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.

 

The Company represents, as of
the date of this Deposit Agreement, that the statements in Article 11 of the form of Receipt appearing as Exhibit A to this Deposit Agreement
with respect to the Company’s obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended,
or its qualification for exemption from registration under that Act pursuant to Rule 12g3-2(b) under that Act, as the case may be, are
true and correct. The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those
statements or if there is any change in the Company’s status regarding those reporting obligations or that qualification.

 

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SECTION 5.7. Distribution
of Additional Shares, Rights, etc.

 

If the Company or any affiliate
of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe for Shares,
(3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution starts
and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary either (i) evidence satisfactory
to the Depositary that the Distribution is registered under the Securities Act of 1933 or (ii) a written opinion from U.S. counsel for
the Company that is reasonably satisfactory to the Depositary, stating that the Distribution does not require, or, if made in the United
States, would not require, registration under the Securities Act of 1933.

 

The Company agrees with the
Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will at any time
deposit any Shares that, at the time of deposit, are Restricted Securities.

 

SECTION 5.8. Indemnification.

 

The Company agrees to indemnify
the Depositary, its directors, employees, agents and affiliates and each Custodian against, and hold each of them harmless from, any liability
or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable
fees and expenses of counsel) that may arise out of or in connection with (a) any registration with the Commission of American Depositary
Shares or Deposited Securities or the offer or sale thereof or (b) acts performed or omitted, pursuant to the provisions of or in connection
with this Deposit Agreement and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time,
(i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability
or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents
and affiliates.

 

The Depositary agrees to indemnify
the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense that may arise out of
acts performed or omitted by the Depositary or any Custodian or their respective directors, employees, agents and affiliates due to their
negligence or bad faith.

 

The obligations set forth in
this Section 5.8 shall survive the termination of this Deposit Agreement and the succession or substitution of any party hereto.

 

Any person seeking indemnification
hereunder (an "Indemnified Person") shall notify the person from whom it is seeking indemnification (the "Indemnifying
Person") of the commencement of any indemnifiable action or claim promptly after such Indemnified Person becomes aware of such commencement
and shall consult in good faith with the Indemnifying Person as to the conduct of the defense of such action or claim, which defense shall
be reasonable under the circumstances. No Indemnified Person shall compromise or settle any such action or claim without the consent in
writing of the Indemnifying Person (which shall not be unreasonably withheld).

 

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SECTION 5.9. Charges
of Depositary.

 

The following charges shall
be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant
to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to
time be in effect for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and
applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of
deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided
in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section
4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares
pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05
or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including,
but not limited to Sections 4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of
rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an
amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as
a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if
they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item
6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable
as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's or Custodian’s
agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of Shares or other Deposited Securities
(which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall
be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or
more cash dividends or other cash distributions).

 

The Depositary may collect any
of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners that
are obligated to pay those fees.

 

In performing its duties under
this Deposit Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by
or affiliated with the Depositary and that may earn or share fees, spreads or commissions.

 

The Depositary may own and deal
in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

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SECTION 5.10. Retention
of Depositary Documents.

 

The Depositary is authorized
to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted by
the laws or regulations governing the Depositary.

 

SECTION 5.11. Exclusivity.

 

Without prejudice to the Company’s
rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary shares, depositary receipts
or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary under this Deposit Agreement.

 

SECTION 5.12. Information
for Regulatory Compliance.

 

Each of the Company and the
Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise available to it that is reasonably
requested by the other to permit the other to comply with applicable law or requirements of governmental or regulatory authorities.

 

ARTICLE 6. AMENDMENT
AND TERMINATION

 

SECTION 6.1. Amendment.

 

The form of the Receipts and
any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary
without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or
increase any fees or charges (other than taxes and other governmental charges, registration fees, cable (including SWIFT) or facsimile
transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners,
shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of that
amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment
so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree
to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of
Receipt, including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender
of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that change
of ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of
the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

 

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SECTION 6.2. Termination.

 

(a) The
Company may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of this
Deposit Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 or (ii) a Termination Option
Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination
Date.

 

(b) After
the Termination Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to
the Depositary under Sections 5.8 and 5.9.

 

(c) At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability
for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general
creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged
from all obligations under this Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of
such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental
charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below.

 

(d) After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that
have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary
for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance
with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date,
the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary
may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been
sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere
with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American
Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not
give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section.

 

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ARTICLE 7. MISCELLANEOUS

 

SECTION 7.1. Counterparts;
Signatures; Delivery.

 

This Deposit Agreement may be
executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute one and
the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection
by any Owner or Holder during regular business hours.

 

The exchange of copies of this
Deposit Agreement and manually-signed signature pages by facsimile, or email attaching a pdf or similar bit-mapped image, shall constitute
effective execution and delivery of this Deposit Agreement as to the parties to it; copies and signature pages so exchanged may be used
in lieu of the original Deposit Agreement and signature pages for all purposes and shall have the same validity, legal effect and admissibility
in evidence as an original manual signature; the parties to this Deposit Agreement hereby agree not to argue to the contrary.

 

SECTION 7.2. No Third
Party Beneficiaries.

 

This Deposit Agreement is for
the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors and shall not be deemed
to give any legal or equitable right, remedy or claim whatsoever to any other person.

 

SECTION 7.3. Severability.

 

In case any one or more of the
provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way
be affected, prejudiced or disturbed thereby.

 

SECTION 7.4. Owners
and Holders as Parties; Binding Effect.

 

The Owners and Holders from
time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this Deposit Agreement
and of the Receipts by acceptance of American Depositary Shares or any interest therein.

 

     33

     

    

 

SECTION 7.5. Notices.

 

Any and all notices to be given
to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic first class
or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed
writing, addressed to Eco Wave Power Global AB (publ), Menachem Begin Road 52, Tel Aviv 6713701 Israel, Attention: Inna Braverman, CEO,
or any other place to which the Company may have transferred its principal office with notice to the Depositary.

 

Any and all notices to be given
to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered or sent by first
class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped
image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich Street, New York, New York 10286, Attention:
Depositary Receipt Administration, or any other place to which the Depositary may have transferred its Office with notice to the Company.

 

Delivery of a notice to the
Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office letter box or
received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission or email shall be
deemed effected when the recipient acknowledges receipt of that notice.

 

A notice to be given to an Owner
shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be effective when personally
delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at the address of that Owner
as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner has filed with the Depositary
a written request that notices intended for that Owner be mailed to some other address, at the address designated in that request. Dissemination
in electronic form will be effective when sent in the manner consented to by the Owner to the electronic address most recently provided
by the Owner for that purpose.

 

     34

     

    

 

SECTION 7.6. Appointment
of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.

 

The Company hereby (i) designates
and appoints the person named in Exhibit A to this Deposit Agreement as the Company's authorized agent in the United States upon which
process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary
Shares, the Receipts or this Deposit Agreement (a “Proceeding”), (ii) consents and submits to the jurisdiction of any state
or federal court in the State of New York in which any Proceeding may be instituted and (iii) agrees that service of process upon said
authorized agent shall be deemed in every respect effective service of process upon the Company in any Proceeding. The Company agrees
to deliver to the Depositary, upon the execution and delivery of this Deposit Agreement, a written acceptance by the agent named in Exhibit
A to this Deposit Agreement of its appointment as process agent. The Company further agrees to take any and all action, including the
filing of any and all such documents and instruments, as may be necessary to continue that designation and appointment in full force and
effect, or to appoint and maintain the appointment of another process agent located in the United States as required above, and to deliver
to the Depositary a written acceptance by that agent of that appointment, for so long as any American Depositary Shares or Receipts remain
outstanding or this Deposit Agreement remains in force. In the event the Company fails to maintain the designation and appointment of
a process agent in the United States in full force and effect, the Company hereby waives personal service of process upon it and consents
that a service of process in connection with a Proceeding may be made by certified or registered mail, return receipt requested, directed
to the Company at its address last specified for notices under this Deposit Agreement, and service so made shall be deemed completed five
(5) days after the same shall have been so mailed.

 

EACH PARTY TO THIS DEPOSIT AGREEMENT
(INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THIS DEPOSIT AGREEMENT
OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY QUESTION REGARDING
EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) AND ANY CLAIM BASED ON U.S. FEDERAL SECURITIES
LAWS.

 

No disclaimer of liability under
the United States federal securities laws or the rules and regulations thereunder is intended by any provision of this Deposit Agreement,
inasmuch as no person is able to effectively waive the duty of any other person to comply with its obligations under those laws, rules
and regulations.

 

     35

     

    

 

SECTION 7.7. Waiver
of Immunities.

 

To the extent that the Company
or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any right of immunity,
on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof,
from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from
attachment in aid of execution or judgment, or from execution of judgment, or other legal process or proceeding for the giving of any
relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to
its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the
American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably
and unconditionally waives, and agrees not to plead or claim, any immunity of that kind and consents to relief and enforcement as provided
above.

 

SECTION 7.8. Governing
Law.

 

This Deposit Agreement and the
Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof shall be governed
by the laws of the State of New York.

 

     36

     

    

 

IN WITNESS WHEREOF, ECO WAVE
POWER GLOBAL AB (PUBL) and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set forth
above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest therein.

 

	 	ECO WAVE POWER GLOBAL AB (PUBL)
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Depositary
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

     37

     

    

 

EXHIBIT A

 

AMERICAN DEPOSITARY SHARES

(Each American Depositary Share represents

eight deposited Shares)

 

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR COMMON SHARES OF

ECO WAVE POWER GLOBAL AB (PUBL)

(INCORPORATED UNDER THE LAWS OF SWEDEN)

 

The Bank of New York Mellon,
as depositary (hereinafter called the “Depositary”), hereby certifies that_________________________________________, or registered
assigns IS THE OWNER OF _____________________________

 

AMERICAN DEPOSITARY SHARES

 

representing deposited common shares (herein called
“Shares”) of Eco Wave Power Global AB (publ) incorporated under the laws of Sweden (herein called the “Company”).
At the date hereof, each American Depositary Share represents eight Shares deposited or subject to deposit under the Deposit Agreement
(as such term is hereinafter defined) with a custodian for the Depositary (herein called the “Custodian”) that, as
of the date of the Deposit Agreement, was Skandinaviska Enskilda Banken AB located in the Sweden. The Depositary's Office and its principal
executive office are located at 240 Greenwich Street, New York, N.Y. 10286.

 

THE DEPOSITARY'S OFFICE ADDRESS IS

240 GREENWICH STREET, NEW YORK, N.Y. 10286

 

    A-1

     

    

 

		1.	THE DEPOSIT AGREEMENT.

 

This American Depositary Receipt
is one of an issue (herein called “Receipts”), all issued and to be issued upon the terms and conditions set forth
in the Deposit Agreement dated as of __________, 2021 (herein called the “Deposit Agreement”) among the Company, the
Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of whom by accepting American
Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets
forth the rights of Owners and Holders and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any
and all other securities, property and cash from time to time received in respect of those Shares and held thereunder (those Shares, securities,
property, and cash are herein called “Deposited Securities”). Copies of the Deposit Agreement are on file at the Depositary's
Office in New York City and at the office of the Custodian.

 

The statements made on the
face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject to the
detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and
not defined herein shall have the meanings set forth in the Deposit Agreement.

 

		2.	SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.

 

Upon surrender of American
Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of the Depositary
for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental
charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms and conditions
of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then
be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited Securities at the time represented by
those American Depositary Shares, but not any money or other property as to which a record date for distribution to Owners has
passed (since money or other property of that kind will be delivered or paid on the scheduled payment date to the Owner as of that record
date), and except that the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of
withdrawal to the extent it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with
respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for giving that direction by
cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary
Shares for the purpose of withdrawal, that delivery will be made at the Custodian’s office, except that, at the request,
risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any
cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any,
for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary’s
Office or to another address specified in the order received from the surrendering Owner.

 

    A-2

     

    

 

		3.	REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE
OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.

 

The Depositary, subject to
the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer books upon
(i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the
Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii) in the case of uncertificated
American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through
DRS and Profile as provided in Section 2.9 of that Agreement), and, in either case, duly stamped as may be required by the laws of the
State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American
Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject to
the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting a split-up
or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary
Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts surrendered.

 

The Depositary, upon surrender
of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares, shall cancel the
Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including, for
the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated
American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary
Shares.

 

As a condition precedent to
the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt or withdrawal
of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter
of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced by a Receipt of a
sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto
(including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided
in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and
may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

 

    A-3

     

    

 

The Depositary may refuse
to accept deposits of Shares for delivery of American Depositary Shares or to register transfers of American Depositary Shares in particular
instances, or may suspend deposits of Shares or registration of transfer generally, whenever it or the Company considers it necessary
or advisable to do so. The Depositary may refuse surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities
in particular instances, or may suspend surrenders for the purpose of withdrawal generally, but, notwithstanding anything to the contrary
in the Deposit Agreement, only for (i) temporary delays caused by closing of the Depositary’s register or the register of holders
of Shares maintained by the Company or the Foreign Registrar, or the deposit of Shares, in connection with voting at a shareholders’
meeting or the payment of dividends, (ii) the payment of fees, taxes and similar charges, (iii) compliance with any U.S. or foreign laws
or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities or (iv) any other
reason that, at the time, is permitted under paragraph I(A)(1) of the General Instructions to Form F-6 under the Securities Act of 1933
or any successor to that provision.

 

The Depositary shall not knowingly
accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities; in each case, the Depositary
shall notify the Company as promptly as practicable of any such suspension or delay that is outside the ordinary course of business.

 

		4.	LIABILITY OF OWNER FOR TAXES.

 

If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American Depositary Shares or
any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the
Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary Shares to
the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited
Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends or other distributions
or the proceeds thereof, or, after consultation with the Company to the extent practicable, may sell for the account of the Owner any
part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends or other distributions
or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind,
the Owner shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made under Section 3.2 of
the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section
4.1 of the Deposit Agreement. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of
Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American Depositary Shares
to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American Depositary Shares to the
extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that
sale to the Owners entitled to them.

 

    A-4

     

    

 

		5.	WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing Shares
under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor, if applicable,
are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of
outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every depositing person shall
also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties
deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery of American Depositary Shares.

 

		6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person presenting Shares
for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof of citizenship
or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar,
if applicable, to execute such certificates and to make such representations and warranties, as the Depositary or the Company may deem
necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution
of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until that proof or other
information is filed or those certificates are executed or those representations and warranties are made.

 

Each Holder and Owner agrees
to comply with requests from the Company pursuant to applicable law and regulations, the rules and requirements of the Nasdaq First North
Growth Market, and of any other stock exchange on which the Shares or American Depositary Shares are, or may be, registered, traded or
listed and any book-entry settlement system or the articles of association or similar document of the Company, which are made to provide
information, inter alia, as to the capacity in which such Holder or Owner owns American Depositary Shares (and Shares, as the case may
be) and regarding the identity of any other person(s) interested in such American Depositary Shares and the nature of such interest and
various other matters, whether or not they are Holders or Owners at the time of such request. The Depositary agrees to use its reasonable
efforts to forward, upon the request of the Company and at the Company’s expense (unless otherwise agreed in writing between the
Company and the Depositary), any such request from the Company to the Owners and to forward to the Company any such responses to such
requests received by the Depositary, to the extent that disclosure is permitted under applicable law.

 

    A-5

     

    

 

As conditions of accepting
Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance with the
provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person
or persons stated in that order, the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory
to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary,
a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has
been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory
to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares
or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect
of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

		7.	CHARGES OF DEPOSITARY.

 

The following charges shall
be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom American
Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company
or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American Depositary Shares pursuant
to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration
fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company
or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its
nominee on the making of deposits or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses
as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency
pursuant to Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for
the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or
portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through
4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or
of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on behalf of Owners),
such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would
have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes of this item 7 treating all
such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any
fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services,
which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's
or Custodian’s agents or the agents of the Depositary's or Custodian’s agents, in connection with the servicing of Shares
or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance
with Section 4.6 of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for those
charges or by deducting those charges from one or more cash dividends or other cash distributions).

 

    A-6

     

    

 

The Depositary may collect
any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed, to Owners
that are obligated to pay those fees.

 

The Depositary may own and
deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

From time to time, the Depositary
may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment and maintenance
of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share revenue from the fees
collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may use brokers, dealers, foreign
currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads
or commissions.

 

		8.	DISCLOSURE OF INTERESTS.

 

When required in order to
comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company may from time
to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American
Depositary Shares, (b) the identity of any Holders or other persons or entities then or previously interested in those
American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required
for that compliance.   Each Owner and Holder agrees to provide all information known to it in response to a request made pursuant
to Section 3.4 of the Deposit Agreement.  Each Holder consents to the disclosure by the Depositary and the Owner or other Holder
through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request made pursuant to
that Section relating to that Holder that is known to that Owner or other Holder. 

 

    A-7

     

    

 

		9.	TITLE TO AMERICAN DEPOSITARY SHARES.

 

It is a condition of the American
Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding the same, consents and
agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments
of transfer, shall be transferable as certificated registered securities under the laws of the State of New York, and that American Depositary
Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York.
The Depositary and the Company, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice
provided for in the Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation
or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner.

 

		10.	VALIDITY OF RECEIPT.

 

This Receipt shall not be
entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall have been (i)
executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature
of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary
or the Registrar or a co-registrar.

 

		11.	REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject to
the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the Securities
and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system or at public
reference facilities maintained by the Commission in Washington, D.C.

 

The Depositary will make available
for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting material, received
from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities and (b) made generally
available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications, including
any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such
materials are required to be translated into English pursuant to any regulations of the Commission.

 

    A-8

     

    

 

The Depositary will maintain
a register of American Depositary Shares and transfers of American Depositary Shares, which shall be open for inspection by the Owners
at the Depositary’s Office during regular business hours, but only for the purpose of communicating with Owners regarding the business
of the Company or a matter related to this Deposit Agreement or the American Depositary Shares.

 

		12.	DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary receives
any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof any amounts
received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the
United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into Dollars and distribute the
amount thus received (net of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the
Deposit Agreement) to the Owners entitled thereto; provided, however, that if the Custodian or the Depositary is required
to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges,
the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly.

 

If a cash distribution would
represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary
may:

 

 (i) require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that cash distribution; or

 

 (ii) sell all Deposited
Securities other than the subject cash distribution and add any net cash proceeds of that sale to the cash distribution, call for surrender
of all those American Depositary Shares and require that surrender as a condition of making that cash distribution.

 

    A-9

     

    

 

If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event.

 

Subject to the provisions
of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution described
in Section 4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu
of Deposited Securities), the Depositary will cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any
manner that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary
shares representing the securities received); provided, however, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement
that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities received must
be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution
not to be lawful and feasible, the Depositary may, after consultation with the Company to the extent practicable, adopt such other method
as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or
private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net
of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement) to the
Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary
may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances
from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public
or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay
its fees and expenses in respect of that distribution.

 

If a distribution to be made
under Section 4.2 of the Deposit Agreement would represent a return of all or substantially all the value of the Deposited Securities
underlying American Depositary Shares, the Depositary may:

 

 (i) require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution; or

 

 (ii) sell all Deposited
Securities other than the subject distribution and add any net cash proceeds of that sale to the distribution, call for surrender of all
those American Depositary Shares and require that surrender as a condition of making that distribution.

 

If the Depositary acts under
this paragraph, that action shall also be a Termination Option Event.

 

Whenever the Depositary receives
any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners entitled thereto,
an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject
to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance of American Depositary Shares,
including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment
of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary
may sell, by public or private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient
to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary
may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares)
and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If
and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold,
each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented
thereby.

 

    A-10

     

    

 

If the Company declares a
distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities or a combination
of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company,
make that right of election available for exercise by Owners in any manner the Depositary considers to be lawful and practical. As a condition
of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that
doing so does not require registration of any securities under the Securities Act of 1933 that has not been effected.

 

If the Depositary determines,
after consultation with the Company to the extent practicable, that any distribution received or to be made by the Depositary (including
Shares and rights to subscribe therefor) is subject to any tax or other governmental charge that the Depositary is obligated to withhold,
the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe
therefor) in the amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall
distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the
number of American Depositary Shares held by them respectively.

 

Each Owner and Holder agrees
to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and affiliates for, and hold
each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest
arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it. Services for Owners and Holders
that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated
with using services of that kind, are not provided under, and are outside the scope of, the Deposit Agreement.

 

    A-11

     

    

 

		13.	RIGHTS.

 

(a) If
rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.
The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the Company, grant to all or
certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or
American Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to
or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to
Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the
Depositary shall permit the rights to lapse unexercised.

 

(b) If
the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and
upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon the exercise
of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities
shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased Shares under the Deposit Agreement
and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other
securities to be delivered to or to the order of that Owner. The Depositary will not act under (a)(i) above unless the offer and sale
of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion
of United States counsel that is satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners
without registration under the Securities Act of 1933.

 

(c) If
the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the
American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and (ii) receipt of
such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights
as requested by that Owner.

 

(d) If
the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number
of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that
were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.

 

    A-12

     

    

 

(e) Payment
or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses
of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment
of cash proceeds under Section 4.4 of that Agreement.

 

(f) The
Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular , or to sell rights.

 

		14.	CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary or
the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property
or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted
on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the Depositary or one of its agents or
affiliates or the Custodian shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency
into Dollars, and those Dollars shall be distributed to the Owners entitled thereto.  A cash distribution may be made upon an averaged
or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any
American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided
in Section 5.9 of the Deposit Agreement.

 

If a conversion of foreign
currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any government or agency
thereof, the Depositary may, but will not be required to, file an application for that approval or license.

 

If the Depositary determines,
after consultation with the Company to the extent practicable, that in its judgment any foreign currency received by the Depositary or
the Custodian is not convertible on a reasonable basis into Dollars transferable to the United States, or if any approval or license of
any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within
a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to,
or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts
of, the Owners entitled to receive the same.

 

    A-13

     

    

 

If any conversion of foreign
currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary may in its discretion
make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute
the balance of the foreign currency received by the Depositary to, or hold that balance uninvested and without liability for interest
thereon for the account of, the Owners entitled thereto.

 

The Depositary may convert
currency itself or through any of its affiliates, or the Custodian or the Company may convert currency and pay Dollars to the Depositary.
Where the Depositary converts currency itself or through any of its affiliates, the Depositary acts as principal for its own account and
not as agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction
spreads, that it will retain for its own account.  The revenue is based on, among other things, the difference between the exchange
rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when
buying or selling foreign currency for its own account.  The Depositary makes no representation that the exchange rate used or obtained
by it or its affiliate in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at
the time or that the method by which that rate will be determined will be the most favorable to Owners, subject to the Depositary’s
obligations under Section 5.3 of that Agreement.  The methodology used to determine exchange rates used in currency conversions made
by the Depositary is available upon request. Where the Custodian converts currency, the Custodian has no obligation to obtain the most
favorable rate that could be obtained at the time or to ensure that the method by which that rate will be determined will be the most
favorable to Owners, and the Depositary makes no representation that the rate is the most favorable rate and will not be liable for any
direct or indirect losses associated with the rate.  In certain instances, the Depositary may receive dividends or other distributions
from the Company in Dollars that represent the proceeds of a conversion of foreign currency or translation from foreign currency at a
rate that was obtained or determined by or on behalf of the Company and, in such cases, the Depositary will not engage in, or be responsible
for, any foreign currency transactions and neither it nor the Company makes any representation that the rate obtained or determined by
the Company is the most favorable rate and neither it nor the Company will be liable for any direct or indirect losses associated with
the rate.

 

		15.	RECORD DATES.

 

Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are issued
with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section
4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever
the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary
to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary will assess a fee or charge against the Owners,
or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever
the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near
as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i)
who shall be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give
instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any
other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the
Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary
with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of
American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that
record date was fixed, or be responsible for that fee or charge, as the case may be.

 

    A-14

     

    

 

		16.	VOTING OF DEPOSITED SHARES.

 

(a) Upon
receipt of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by
the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (i) the information contained in the notice of meeting received by
the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject
to any applicable provision of Swedish law and of the articles of association or similar documents of the Company, to instruct the Depositary
as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares,
(iii) a statement as to the manner in which those instructions may be given and (iv) the last date on which the Depositary will accept
instructions (the “Instruction Cutoff Date”).

 

(b) Upon
the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the
Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the
Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to vote or
cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set
forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the deposited Shares other
than in accordance with instructions given by Owners and received by the Depositary.

 

    A-15

     

    

 

(c) There
can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above in
time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.

 

(d) In
order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if the
Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares in connection
with the meeting not less than 30 days prior to the meeting date.

 

Notwithstanding anything in
Section 4.7 of the Deposit Agreement to the contrary, the Depositary and the Company may modify, amend or adopt additional procedures
relating to voting of Deposited Securities from time to time as they determine may be necessary or appropriate.

 

		17.	TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.

 

(a) The
Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a “Voluntary Offer”), except when instructed in writing to do so by an Owner surrendering
American Depositary Shares and subject to any conditions or procedures the Depositary may require.

 

(b) If
the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a “Redemption”), the Depositary,
at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to the issuer of those securities
or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender
of a corresponding number of American Depositary Shares and (C) notifying them that the called American Depositary Shares have been converted
into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities
to which Owners of those converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in
accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received upon that Redemption to the Owners
entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for
the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If the Redemption affects
less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary
Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption.
The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their
respective holdings of American Depositary Shares immediately prior to the Redemption, except that the allocations may be adjusted
so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the
Deposited Securities shall be a Termination Option Event.

 

    A-16

     

    

 

(c) If
the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification
of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a holder
of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement
or in lieu of, Deposited Securities (a “Replacement”), the Depositary shall, if required, surrender the old Deposited
Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities
or other property delivered to it in that Replacement. However, the Depositary may elect to sell those new Deposited Securities
if in the opinion of the Depositary, after consultation with the Company to the extent practicable, it is not lawful or not practical
for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed
to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and
on such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a Termination Option Event.

 

(d) In
the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may
call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and
the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented by each
American Depositary Share decreases as a result of a Replacement, the Depositary may, after consultation with the Company to the extent
practicable, call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American
Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary
Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.

 

(e) If
there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and that condition shall be
a Termination Option Event.

 

    A-17

     

    

 

		18.	LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary nor
the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or Holder:

 

(i) if by reason of (A) any
provision of any present or future law or regulation or other act of the government of the United States, any State of the United States
or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary
only) any provision, present or future, of the articles of association or similar document of the Company, or by reason of any provision
of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether
natural or caused by a person or persons, that is beyond the ability of the Depositary or the Company, as the case may be, to prevent
or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war,
terrorism, civil unrest, labor disputes, criminal acts or outbreaks of infectious disease; interruptions or malfunctions of utility services,
Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures
or malfunctions of computer hardware or software or other systems or equipment), the Depositary or the Company is, directly or indirectly,
prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and
therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided
shall be done or performed;

 

(ii) for any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary to take, or
not take, any action that the Deposit Agreement provides the Depositary may take);

 

(iii) for the inability of
any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited
Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or

 

(iv) for any special, indirect,
consequential or punitive damages for any breach of the terms of the Deposit Agreement.

 

Where, by the terms of a distribution
to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of that Agreement applies, or for
any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution
or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not make that distribution or
offering available to Owners, and shall allow any rights, if applicable, to lapse.

 

    A-18

     

    

 

Neither the Company nor the
Depositary nor any of their respective directors, employees, agents or affiliates assume any obligation or shall be subject to any liability
under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations specifically set forth in the Deposit
Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The
Depositary shall not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall be under any obligation to appear in, prosecute
or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of the American Depositary Shares,
on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company nor any of their respective directors, employees,
agents or affiliates shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent
to give such advice or information. Each of the Depositary and the Company may rely, and shall be protected in relying upon, any written
notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or
parties. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous
act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided
that in connection with the issue out of which such potential liability arises, the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository,
clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited
Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any failure to carry out
any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote.
The Depositary shall have no duty to make any determination or provide any information as to the tax status of the Company, nor shall
the Depositary or the Company have any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning
or holding American Depositary Shares, including without limitation, tax consequences resulting from the Company (or any of its subsidiaries)
being treated as a “Passive Foreign Investment Company” (“PFIC”) (in each case as defined in the U.S. Internal
Revenue Code of 1986, as amended, and the regulations issued thereunder) or otherwise. The Depositary and the Company shall not be liable
for the inability or failure of an Owner or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund
of amounts withheld in respect of tax or any other tax benefit.

 

    A-19

     

    

 

		19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may at any
time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company, to become effective
upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary
may at any time be removed by the Company by 90 days’ prior written notice of that removal, to become effective upon the later of
(i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance
of its appointment as provided in the Deposit Agreement. The Depositary in its discretion may at any time appoint a substitute or additional
custodian or custodians.

 

		20.	AMENDMENT.

 

The form of the Receipts and
any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary
without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or
increase any fees or charges (other than taxes and other governmental charges, registration fees, cable (including SWIFT) or facsimile
transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners,
shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days after notice of that
amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment
so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest therein, to consent and agree
to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt,
including a change in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts
to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that change of ratio.
In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited
Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

 

		21.	TERMINATION OF DEPOSIT AGREEMENT.

 

(a) The
Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the
Deposit Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement or (ii) a
Termination Option Event has occurred or will occur. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate
a notice of termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the “Termination
Date”), which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination
Date.

 

    A-20

     

    

 

(b) After
the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the
Depositary under Sections 5.8 and 5.9 of that Agreement.

 

(c) At
any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability
for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those Owners will be general
creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged
from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash (after deducting, in each
case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges)
and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below.

 

(d) After
the Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that
have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or
sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary
for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance
with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date,
the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary
may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been
sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere
with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American
Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not
give any further notices or perform any further acts under the Deposit Agreement except as provided in Section 6.2 of that Agreement.

 

    A-21

     

    

 

		22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a) Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC’s Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) apply to the American Depositary Shares upon acceptance thereof to DRS
by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and
holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows
a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to register a transfer
of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC
participant without receipt by the Depositary of prior authorization from the Owner to register that transfer.

 

(b) In
connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming
to be acting on behalf of an Owner in requesting registration of transfer and delivery as described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt,
the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The parties
agree that the Depositary’s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system
and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.

 

		23.	APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF
IMMUNITIES.

 

The Company has (i) appointed
Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711, as the Company's authorized agent in the United States
upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American
Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the
State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized
agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.

 

EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE
DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING, WITHOUT LIMITATION, ANY
QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY) AND ANY CLAIM BASED ON U.S.
FEDERAL SECURITIES LAWS.

 

No disclaimer of liability
under the United States federal securities laws or the rules and regulations thereunder is intended by any provision of the Deposit Agreement,
inasmuch as no person is able to effectively waive the duty of any other person to comply with its obligations under those laws, rules
and regulations.

 

To the extent that the Company
or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any right of immunity,
on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof,
from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment upon or prior to judgment, from
attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of
any judgment, in any jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts
or the Deposit Agreement, the Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees
not to plead or claim, any such immunity and consents to such relief and enforcement.

 

 

A-22Exhibit 4.3

 

UNDERWRITER WARRANT TO PURCHASE COMMON SHARES
REPRESENTED BY AMERICAN DEPOSITARY SHARES

 

Eco
Wave Power Global AB (publ)

 

	American Depositary Shares:  _______1	Initial Exercise Date:  [●], 20222
	 	Issue Date:  [●], 20213

 

THIS
UNDERWRITER WARRANT TO PURCHASE COMMON SHARES REPRESENTED BY AMERICAN DEPOSITARY SHARES (this “Warrant”)
certifies that, for value received, ___________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
[___](the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York
City time) on [___]4 (the
“Termination Date”) but not thereafter, to subscribe for and purchase
from Eco Wave Power Global AB (publ), a Swedish public limited liability company (the “Company”),
up to [●] Common Shares, par value SEK 0.02
per share, of the Company (the “Warrant Shares”) represented by [___]
American Depositary Shares (each, an “ADS” and, collectively, the “ADSs”
and the ADSs issuable upon exercise of this Warrant, the “Warrant ADSs”),
as subject to adjustment hereunder. The purchase price of one Warrant ADS shall be equal to the Exercise Price, as defined in Section
2(b) (for the avoidance of doubt, the Exercise Price can in no event be below the par value of the Warrant Share).
This Warrant is being issued pursuant to the certain Underwriting Agreement, dated as of [●],
2021, by and between the Company and A.G.P./Alliance Global Partners and the other underwriters named on Schedule 1 thereto. 

 

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

 

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

 

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

 

 

	1	Equal to 5.0% of the aggregate number of ADSs sold in the
offering.
	2	The date that is the one-year anniversary of the effective
date of the Registration Statement.
	3	Closing Date or Option Closing Date
	4	The date that is the three-year anniversary of the effective
date of the Registration Statement.

 

     

     

    

 

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

 

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

 

“Common
Share(s)” means the common shares of the Company, par value SEK 0.02 per share, and any
other class of securities into which such securities may hereafter be reclassified or changed.

 

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

 

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

 

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

 

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

 

“Registration
Statement” means the Company’s registration statement on Form F-1 (File No. 333-256515),
including the prospectus which forms a part thereof.

 

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

 

“Subsidiary”
means the subsidiaries of the Company set forth on Exhibit 21.1 to the Registration Statement and shall, where applicable, also include
any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

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

 

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

 

    2

     

    

 

“Underwriting
Agreement” means that certain Underwriting Agreement, dated as of [●],
2021, by and among the Company and A.G.P./Alliance Global Partners and the other underwriters named on Schedule 1 thereto.

 

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

 

“Warrants”
means this Warrant and other Common Share purchase warrants issued by the Company pursuant to the Underwriting Agreement and the Registration
Statement.

 

Section 2. Exercise.

 

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

 

    3

     

    

 

(b) Exercise
Price. The exercise price per ADS under this Warrant shall be $[_____5,
subject to adjustment hereunder (the “Exercise Price”) (for the
avoidance of doubt, the Exercise Price can in no event be below the par value of the Warrant Share).

 

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

 

		(A) = 	as applicable: (i) the VWAP on the Trading Day immediately
preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section
2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal
securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding
the date of the applicable Notice of Exercise or (z) the Bid Price of the ADSs on the principal Trading Market as reported by Bloomberg
as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular
trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close
of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

 

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

 

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

 

 

	5	125.0% of the public offering price of each Offered ADSs
(as defined in the Underwriting Agreement).

 

    4

     

    

 

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

 

(d) Mechanics
of Exercise. 

 

(i) Delivery
of Warrant ADSs Upon Exercise. The Company shall cause its registrar to deposit the Warrant
Shares subject to such exercise with the Swedish custodian of the Depositary, and cause the Depositary to credit the account of the Holder’s
or its designee’s balance account with The Depository Trust Company (or another established clearing corporation performing similar
functions) through its Deposit/Withdrawal At Custodian system (“DWAC”)
if the Depositary is then a participant in such system and either (A) there is an effective registration statement permitting the issuance
of the Warrant ADSs to or resale of the Warrant ADSs by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise
by physical delivery of a certificate, registered in the name of the Holder or its designee, for the number of Warrant ADSs to which the
Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period, in each case after
the delivery to the Company of the Notice of Exercise (such date, the “Warrant ADS Delivery Date”),
provided, that the Company shall not be obligated to deliver the Warrant ADSs hereunder unless the Company has received the aggregate
Exercise Price (other than in the case of a cashless exercise) on or before the Warrant ADS Delivery Date. The Warrant Shares represented
by the Warrant ADSs shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed
to have become the holder of record of such Warrant Shares represented by the Warrant ADSs for all purposes, as of the date the Warrant
has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price
(other than in the case of a cashless exercise) is received by the Warrant Share Delivery Date. The Company agrees to maintain
a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable, if applicable.
As used herein, “Standard Settlement Period”
means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect
to the ADS as in effect on the date of delivery of the Notice of Exercise.

 

(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.

 

    5

     

    

 

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

 

(iv) [Reserved].

 

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

 

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

 

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

 

    6

     

    

 

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

 

    7

     

    

 

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 Common Shares or ADSs or any other equity or equity equivalent
securities payable in Common Shares or ADSs (which, for avoidance of doubt, shall not include any ADSs issued by the Company upon exercise
of this Warrant), as applicable, (ii) subdivides outstanding Common Shares or ADSs into a larger number of shares or ADSs, as applicable,
(iii) combines (including by way of reverse share split) outstanding Common Shares or ADSs into a smaller number of shares or ADSs, as
applicable, or (iv) issues by reclassification of Common 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 Common 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 Common Shares or ADSs, as applicable, outstanding immediately after such event, and the number of shares issuable upon exercise
of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment
made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled
to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision,
combination or re-classification.

 

(b) [Reserved]

 

(c) [Reserved]

 

    8

     

    

 

(d) Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or
indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the
Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct
or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Shares (including any Common Shares underlying ADSs) are permitted to sell, tender or exchange their shares for other
securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares (including any Common
Shares underlying ADSs), (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than
50% of the outstanding Common Shares (including any Common Shares underlying ADSs) (not including any ADSs and Common Shares held by the
other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or
share purchase agreement or other business combination) (each a “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant ADSs that would have
been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor or acquiring
corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of a number of Common Shares (including any Common Shares underlying
ADSs) equal to the amount of Warrant ADSs for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one Common Share or ADS, as applicable, in such Fundamental Transaction, and the Company shall apportion the Exercise
Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate
Consideration. If holders of Common Shares or ADSs are given any choice as to the securities, cash or property to be received in a Fundamental
Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in writing all
of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements
in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental
Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity
evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding
number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares or ADSs acquirable and
receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Common Shares or ADSs pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to
the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so
that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall
refer instead to the Successor Entity), and the Successor Entity may exercise every right and power of the Company and shall assume all
of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

    9

     

    

 

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

 

(f) Notice
to Holder. 

 

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

 

(ii) Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution
in whatever form) on the Common Shares or ADSs, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption
of the Common Shares or ADSs, (C) the Company shall authorize the granting to all holders of the Common Shares or ADSs rights or warrants
to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company
shall be required in connection with any reclassification of the Common Shares or ADSs, any consolidation or merger to which the Company
is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the
Common 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 Common Shares or ADSs of record to be entitled to such dividend, distributions, redemption, rights or warrants
are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected
to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not
affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant
constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously
file such notice with the Commission pursuant to a Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during
the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be
expressly set forth herein.

 

    10

     

    

 

Section 4. Transfer
of Warrant.

 

(a) Transferability.

 

(i) Pursuant
to FINRA Rule 5110(e)(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:

 

		(a)	by operation of law or by reason of reorganization of the Company;

 

		(b)	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 5(a) for the remainder
of the time period;

 

		(c)	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;

 

    11

     

    

 

		(d)	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

 

		(e)	the exercise or conversion of any security, if all securities received
remain subject to the lock-up restriction in this Section 5(a) for the remainder of the time period.

 

Subject
to the foregoing restrictions and subject to compliance with any applicable securities laws, including FINRA Rule 5110, this
Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney-in-fact and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so
assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be
required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder
shall surrender this Warrant to the Company within two (2)
Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The
Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant ADSs without having
a new Warrant issued. 

 

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

 

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

 

    12

     

    

 

(d) 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; No Settlement in Cash. 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. Without limiting the rights of a Holder to receive Warrant Shares on a “cashless
exercise,” and to receive the cash payments contemplated pursuant to Sections 2(d)(i) and 2(d)(iv), in no event will the Company
be required to net cash settle an exercise of this Warrant. 

 

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

 

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

 

(d) Authorized
Shares. 

 

The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Shares a
sufficient number of shares to provide for the issuance of the Warrant ADSs and underlying Common Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers
who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The
Company will take all such reasonable action as may be necessary to assure that such Warrant ADSs and Warrant Shares may be issued as
provided herein without violation of any applicable law or regulation, or of any requirements of the applicable Trading Market upon which
the Common 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). 

 

    13

     

    

 

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 ADSs above the amount payable therefor upon such exercise immediately prior
to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant ADSs upon the exercise of this Warrant and (iii) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
to enable the Company to perform its obligations under this Warrant.

 

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

 

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

 

    14

     

    

 

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

 

(g) Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on
the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies hereunder
or under applicable law or in equity. Without limiting any other provision of this Warrant or the Underwriting Agreement,
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.

 

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

 

    15

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

    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.

 

	 	Eco Wave Power Global AB (publ)
	 	 	          
	 	By:	 
	 	Name: 	 
	 	Title:	 

 

     

     

    

 

NOTICE OF EXERCISE

 

To: Eco
Wave Power Global AB (publ)

The bank
of new york mellon

 

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

 

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

 

☐ in lawful
money of the United States; or

 

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

 

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

 

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

 

_______________________________

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ________________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: ________________________________________________________________________________________

 

     

     

    

 

ASSIGNMENT FORM

 

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

 

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

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