Document:

Exhibit 4.2

 

ORDINARY SHARE PURCHASE WARRANT

ENTERA BIO LTD.

 

	Warrant Shares:   [   ]	Initial Exercise Date:  [    ], 2018
	Warrant Number:  [   ]	Issue Date:  [           ], 2018

 

CUSIP:
[ ]

ISIN:
[ ]

 

THIS ORDINARY SHARE PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, Cede & Co. 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 [ ], 2018 (the “Initial Exercise Date”) and on or prior to 5:00 p.m., New York City time, on the fifth
(5) year anniversary of the Initial Exercise Date, subject to early acceleration as set forth in Section 3(h) below (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Entera Bio Ltd., a company limited by shares incorporated
under the laws of Israel (the “Company”), up to [_______] Ordinary Shares (as subject to adjustment hereunder,
the “Warrant Shares”). The purchase price of one Ordinary Share under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry
form and the Depository Trust Company or its nominee (“DTC”) shall initially be the sole registered holder of
this Warrant, subject to the Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the
Warrant Agency Agreement, in which case this sentence shall not apply.

 

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

 

“2018
Plan” has the meaning set forth in the Registration Statement.

 

“Accredited
Investor” has the meaning set forth in Rule 501 of Regulation D promulgated under the Securities Act.

 

“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.

 

“Adjustment
Right” means any right granted with respect to any securities issued in connection with, or with respect to, any issuance
or sale (or deemed issuance or sale in accordance with Section 3(b)) of Ordinary Shares (other than rights of the type described
in Section 3(f) and (g) hereof) that could result in a decrease in the net consideration received by the Company in connection
with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other
similar rights).

 

“Bloomberg”
means Bloomberg L.P.

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or
Israel or any day on which banking institutions in the State of New York or Israel are authorized or required by law or other governmental
action to close.

 

“Calculation
Period” means the 10 consecutive Trading Day period beginning on, and including, the Trading Day immediately following
the Cashless Exercise Date for a Warrant.

 

“Cashless
Exercise Date” means the date on which a Holder complies with the applicable requirements for cashless exercise, if permitted,
as set forth in Sections 2(a) and 2(c); provided that, if such date is not a Trading Day or the Holder satisfies such requirements
after 5:00 p.m. on a Trading Day, then the Cashless Exercise Date shall be (i) the immediately succeeding Trading Day, or (ii)
if such date is the Termination Date, the immediately preceding Trading Day.

 

    

     

    

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

 

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

 

“Exempt
Issuance” means the issuance of (a) Ordinary Shares or options to employees, officers, consultants or directors of the
Company pursuant to any stock or option plan duly adopted by a majority of the non-employee members of the Board of Directors of
the Company or a majority of the members of a committee of non-employee directors established for such purpose for services rendered
to the Company, provided, however, issuances to consultants shall not exceed 250,000 Ordinary Shares during any calendar quarter
(it being understood that this limitation, if applied to an issuance of options to consultants during any calendar quarter, shall
not apply to subsequent exercises of such options), (b) securities to be sold pursuant to and issuable upon the exercise or
exchange of any securities issued pursuant to this Warrant and/or rights, options or other securities exercisable or exchangeable
for or convertible into Ordinary Shares issued and outstanding as of [____], 2018, provided that such securities have not
been amended since [____], 2018 to increase the number of such securities or to decrease the exercise price, exchange price or
conversion price of any such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a
majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person (or to
the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an asset in a business synergistic
with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but
shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an
entity whose primary business is investing in securities and (d) securities in the IPO Transactions or the 2018 Plan, including
any deemed issuance or automatic conversion of securities issued therein (including, for the avoidance of doubt, the issuance of
shares upon conversion of convertible loans under the convertible financing agreements immediately prior to the closing of the
Company’s initial public offering).

 

“IPO
Transactions” has the meaning set forth in the Registration Statement.

 

“Last
Reported Sale Price” of the Ordinary Shares on any date means the closing sale price per share (or if no closing sale
price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and
the average ask prices) on that date as reported in composite transactions for the principal U.S. national or regional securities
exchange on which the Ordinary Shares are traded. If the Ordinary Shares are not listed for trading on a U.S. national or regional
securities exchange on the relevant date, the “Last Reported Sale Price” shall be the last quoted bid price
for the Ordinary Shares in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. (or a similar
organization or agency succeeding to its functions of reporting prices). If the Ordinary Shares (or such other security) are not
so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices
for the Ordinary Shares (or such other security) on the relevant date from a nationally recognized independent investment banking
firm selected by the Company for this purpose.

 

“Listed
Stock Transaction” means a Fundamental Transaction for which at least 90% of the consideration received or to be received
by holders of Ordinary Shares, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’
or appraisal rights, in connection with such Fundamental Transaction consists of ordinary shares, common shares or American Depositary
shares that are listed or quoted on any of the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global
Select Market, the New York Stock Exchange, OTCQB or OTCQX (or any of their respective successors) or will be so listed or quoted
when issued or exchanged in connection with such Fundamental Transaction.

 

“Market
Disruption Event” means (a) a failure by the primary U.S. national or regional securities exchange or market on which
the Ordinary Shares are listed or admitted for trading to open for trading during its regular trading session or (b) the occurrence
or existence prior to 1:00 p.m., New York City time, on any Scheduled Trading Day for the Ordinary Shares for more than one half-hour
period in the aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements

 

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in price
exceeding limits permitted by the relevant stock exchange or otherwise) in the Ordinary Shares or in any options contracts or futures
contracts relating to the Ordinary Shares.

 

“NIS”
means the legal currency of Israel.

 

“Ordinary
Share Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to
acquire at any time Ordinary Shares, including, without limitation, any debt, preferred 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, Ordinary Shares.

 

“Ordinary
Shares” means the ordinary shares of the Company, nominal value NIS [__] per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

“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, as amended (File No. 333- 221472).

 

“Scheduled
Trading Day” means a day that is scheduled to be a Trading Day on a Trading Market or, if the Ordinary Shares are not
then listed on a Trading Market, on the principal other U.S. national or regional securities exchange on which the Ordinary Shares
are then listed or admitted for trading. If the Ordinary Shares are not so listed or admitted for trading, “Scheduled
Trading Day” means a Business Day.

 

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

 

“Specified
Fundamental Transaction” means (I) one or more related transactions described in clause (i) of the first sentence
of Section 3(e) where, immediately after giving effect thereto (x) the holders of all of the Company’s classes of
common equity immediately prior to such transaction(s) own, directly or indirectly, more than 50% of all classes of common
equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction(s)
in substantially the same proportions as such ownership immediately prior to such transaction(s), or (y) the Company
will be the surviving entity or (II) a Listed Stock Transaction.

 

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

 

“Trading
Day” means a day on which (i) there is no Market Disruption Event and (ii) the Ordinary Shares are traded on
a Trading Market or, if the Ordinary Shares are not then listed on a Trading Market, on the principal other U.S. national or regional
securities exchange on which the Ordinary Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national
or regional securities exchange, on the principal other market on which the Ordinary Shares are then traded; provided that
if the Ordinary Shares are not so listed or traded, “Trading Day” means a Business Day.

 

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

 

“Transfer
Agent” means American Stock Transfer & Trust Company, LLC, the current transfer agent for the Ordinary Shares and
the Warrants, with a mailing address of [ ], a phone number of [ ], and an e-mail address of [ ], and any successor transfer agent
for the Ordinary Shares and the Warrants.

 

“Underwriting
Agreement” means the underwriting agreement, dated as of [_________], 2018 among the Company and Maxim Group LLC as representative
of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

 

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“U.S.
dollars” or “$” means United States dollars.

 

“VWAP”
means, for any date, with respect to the Ordinary Shares or any other security, the price determined by the first of the following
clauses that applies: (a) if the Ordinary Shares or such other security are then listed or quoted on a Trading Market, the daily
volume-weighted average price per share of the Ordinary Shares or of such other security for such date (or the nearest preceding
date) on the primary Trading Market on which the Ordinary Shares or such other security 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 the Ordinary Shares
or such other security are not then listed or quoted for trading on a Trading Market and if prices for the Ordinary Shares or such
other security are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares or such
other security so reported, or (c) in all other cases, the fair market value of an Ordinary Share or such other security as determined,
using a volume-weighted average method, by an independent appraiser selected in good faith by the holders of a majority in interest
of the Warrants then outstanding and reasonably acceptable to the Company, the reasonable fees and expenses of which shall be paid
by the Company.

 

“Warrant
Agency Agreement” means that certain warrant agency agreement, dated as of the Initial Exercise Date, between the Company
and the Warrant Agent.

 

“Warrant
Agent” means the Transfer Agent and any successor warrant agent of the Company.

 

“Warrants”
means this Warrant and other Ordinary Share purchase warrants issued by the Company pursuant to 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 or
the Warrant Agent (or such other office, agency or bank that the Company may designate by notice in writing to the registered
Holder at the address of the Holder appearing on the books of the Company), as applicable, of (i) a duly executed facsimile
copy (or electronic copy, i.e. “PDF” or “TIF”, submitted by e-mail) of the Notice of Exercise in the form
annexed hereto as Exhibit A (“Notice of Exercise”), to be delivered to the Warrant Agent (in the case
of cashless exercise pursuant to Section 2(c)) or the Company (in all other cases), and (ii) within one (1) Trading Day following
the date said Notice of Exercise is received by the Warrant Agent the aggregate Exercise Price for the number of Warrant Shares
specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank, unless
the cashless exercise procedure specified in Section 2(c) below is permitted and is specified in the applicable Notice of Exercise;
provided that any partial exercise of a Warrant hereunder must be in relation to a whole number of Warrant Shares. On the
Termination Date, this Warrant, to the extent not previously exercised or expired pursuant to Section 3(h), shall terminate and
expire worthless. 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 until the Holder has purchased all of the Warrant Shares available hereunder
and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Warrant Agent for cancellation
within three (3) Trading Days of the date on which the final Notice of Exercise is received by the Warrant Agent. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares so purchased. The Holder and the Warrant Agent shall maintain records showing the number of Warrant Shares purchased and
the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt
of such notice. Any reference in this Warrant to the issuance of a certificate or the certificates representing the Warrant Shares
shall also be deemed to be a reference to the book-entry issuance of such Warrant Shares. If there is no effective registration
statement

  

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under the Securities
Act permitting the issuance of Warrant Shares upon exercise of this Warrant, a Holder may only exercise the purchase rights represented
by this Warrant by “cashless” exercise pursuant to Section 2(c). The Holder and any assignee, by acceptance
of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion
of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than
the amount stated on the face hereof.

 

Notwithstanding the foregoing
in this Section 2(a), a beneficial owner whose interest in this Warrant is a beneficial interest in certificate(s) representing
this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall
effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing corporation, as applicable) the
appropriate instruction form for exercise, complying with the procedures to effect exercise that are then required by DTC (or such
other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in certificated form
pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

 

b)                  
Exercise Price. The exercise price per Ordinary Share under this Warrant shall be $[ ], subject to adjustment
hereunder (the “Exercise Price”); provided that in no event shall the Exercise Price be adjusted below
the nominal value (or U.S. dollar equivalent) of the Ordinary Shares.

 

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

 

(A) = the arithmetic average of
the VWAPs of the Ordinary Shares over each of the 10 consecutive Trading Days during the related Calculation Period;

 

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

 

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

 

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

 

d)                  
Mechanics upon Exercise.

 

		i.	Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the Holder’s, or its designee’s, balance
account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if
the Company is then a participant in such system and there is an effective registration statement under the Securities Act permitting
the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder, and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to
which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the
date that is two (2) Trading Days after (A) for exercises other than cashless exercises pursuant to Section 2(c), the receipt
by the Warrant Agent of the Notice of Exercise and by the Company of the timely payment of the aggregate Exercise Price of the

 

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Warrant Shares
thereby purchased or (B) for cashless exercises pursuant to Section 2(c), the final day of the related Calculation Period (such
date in the case of (A) or (B) above, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed
to have been issued, and the Holder, or any other person so designated by the Holder to be named in the share register, shall be
deemed to have become a holder of record of such shares for all purposes, as of the date of delivery of the Notice of Exercise
in accordance with this Section 2 (in respect of any exercise other than a cashless exercise) or as of the final day of the related
Calculation Period (in the case of a cashless exercise), as applicable; provided that payment to the Company of the aggregate
Exercise Price (other than in the case of a cashless exercise) and all taxes required to be paid by the Holder, if any, pursuant
to Section 2(d)(vi) have timely been made prior to the issuance of such shares; provided, further that if
the date of such payment and submission or such final date of the Calculation Period, as the case may be, is a date upon which
the Ordinary Share transfer books of the Company are closed, such person shall be deemed to have become the record holder of such
shares on, and such certificate shall be dated, the next succeeding day on which the Ordinary Share transfer books of the Company
are open. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the
Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Ordinary Shares on the date of the applicable Notice
of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin
to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds
such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant
remains outstanding and exercisable.

 

		ii.	Delivery of New Warrants Upon Exercise. If this Warrant is not held in global form through
DTC (or any successor depositary) and if this Warrant shall have been exercised in part, the Company shall, at the request of the
Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new
Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant
shall in all other respects be identical with this Warrant.

 

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

 

		iv.	Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition
to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant
Shares in accordance with the provisions of Section 2(d)(i) above on or before the applicable Warrant Share Delivery Date (other
than any such failure that is solely due to any action or inaction by the Holder with respect to such exercise), and if after such
date the Holder is required by its broker to purchase (in an open market transaction or otherwise), or the Holder’s brokerage
firm otherwise purchases, Ordinary Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder
the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Ordinary
Shares so purchased exceeds (y) the

 

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amount obtained
by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and
(B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which
such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Ordinary
Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example,
if the Holder purchases Ordinary Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
exercise of Ordinary Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence
of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver Ordinary Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

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

 

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

 

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

 

e)                  
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and 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,
“Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
below); provided, that this restriction shall not apply with respect to exercises of this Warrant to the extent that such

 

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Holder together
with its Affiliates and Attribution Parties beneficially owned in excess of the Beneficial Ownership Limitation prior to the Initial
Exercise Date. For purposes of the foregoing sentence, the number of Ordinary Shares beneficially owned by the Holder and its
Affiliates and Attribution Parties shall include the number of Ordinary Shares issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of Ordinary Shares which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution
Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any other Ordinary Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the
preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d)
of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company
is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder
is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned
by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution
Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and
the Company shall have no obligation to verify or confirm the accuracy of such determination and shall have no liability for exercises
of this Warrant that are not in compliance with the Beneficial Ownership Limitation. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Ordinary Shares, a Holder
may rely on the number of outstanding Ordinary Shares as reflected in (A) the Company’s most recent periodic or annual report
filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written
notice by the Company or the Transfer Agent setting forth the number of Ordinary Shares outstanding. Upon the written request
of a Holder, the Company shall within two Business Days confirm in writing to the Holder the number of Ordinary Shares then outstanding.
In any case, the number of outstanding Ordinary Shares shall be determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of
which such number of outstanding Ordinary Shares was reported. The “Beneficial Ownership Limitation” shall
be 4.99% of the number of Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares issuable
upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of
shares of the Ordinary Shares outstanding immediately after giving effect to the issuance of Ordinary Shares upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial
Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The limitations contained
in this paragraph shall apply to a successor holder of this Warrant.

 

Section 3.                     
Certain Adjustments.

 

a)                  
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions payable in Ordinary Shares on its Ordinary Shares or any Ordinary Share Equivalents
or preferred stock (which, for avoidance of doubt, shall not include any Ordinary Shares issued by the Company upon exercise of
this Warrant or upon exercise of any other warrants to purchase Ordinary Shares outstanding as of the Initial Exercise Date or
any securities issued pursuant to the IPO Transactions), (ii) subdivides outstanding Ordinary Shares into a larger number of shares
or (iii) combines (including by way of reverse stock split) outstanding Ordinary Shares into a smaller number of shares, then
the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Ordinary Shares (excluding any
treasury shares of the Company) outstanding immediately before such event and of which the denominator shall be the

 

    8 

     

    

number of Ordinary
Shares outstanding immediately after such event, and the number of Warrant 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
or combination.

 

b)                  
Adjustment Upon Issuance of Ordinary Shares. If within two (2) years after [____], 2018 (the “Issuance
Date”), the Company issues or sells, or in accordance with this Section 3(b) is deemed to have issued or sold, any Ordinary
Shares and/or Ordinary Share Equivalents (including the issuance or sale of Ordinary Shares owned or held by or for the account
of the Company, but excluding any Exempt Issuance issued or sold or deemed to have been issued or sold) for a consideration per
share (the “New Issuance Price”) less than a price equal to $[___]1 (as adjusted in proportion with
any adjustments made from time to time to the Exercise Price pursuant to this Section 3, the “Applicable Price”)
(the foregoing a “Dilutive Issuance”), then immediately upon such Dilutive Issuance, the Exercise Price then
in effect shall be reduced to an amount determined by dividing [(A) x (X) + (B) x (Y)] by [(A) + (B)] where:

 

(A) = the number of Ordinary Shares
outstanding immediately prior to such Dilutive Issuance (giving effect to the aggregate number of Ordinary Shares issuable pursuant
to this Warrant and any other substantially identical warrants originally issued on the Issuance Date, assuming the exercise thereof
were by means of a cash exercise rather than a cashless exercise);

 

(B) = the number of Ordinary Shares
issued or sold or deemed issued or sold in such Dilutive Issuance;

 

(X) = the Exercise Price in effect
immediately prior to such issuance or sale or deemed issuance or sale; and

 

(Y) = the New Issuance Price.

 

For all purposes
of the foregoing (including, without limitation, determining the adjusted Exercise Price and the New Issuance Price under this
Section 3(b)), the following shall be applicable:

 

		i.	Issuance of Options. If the Company in any manner grants or sells any rights, warrants or
options to subscribe for or purchase Ordinary Shares or Ordinary Share Equivalents (“Options”) and the weighted
average price per share for which one Ordinary Share is, as of the time of such grant or sale, at any time issuable upon the exercise
of the Options so granted or sold or upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise
of such Options or otherwise pursuant to the terms thereof is less than the Applicable Price, then the Ordinary Shares underlying
such Options shall be deemed to have been issued and sold for purposes of the adjustment under this Section 3(b) at the time
of the granting or sale of such Options for such price per share. For purposes of this Section 3(b)(i), the “weighted average
price per share for which one Ordinary Share is issuable upon the exercise of any such Options or upon conversion, exercise or
exchange of any Ordinary Share Equivalents issuable upon exercise of any such Options or otherwise pursuant to the terms thereof”
shall be equal to the arithmetic average of the sums of the amounts of consideration (if any) received or receivable by the Company
with respect to each Ordinary Share issuable upon the granting or sale of the relevant Options, upon exercise of such Options and
upon conversion, exercise or exchange of any Ordinary Share Equivalents issuable upon exercise of such Options or otherwise pursuant
to the terms thereof. Except as contemplated below, no further adjustment of the Exercise Price shall be made upon the actual issuance
of such Ordinary Shares or of such Ordinary Share Equivalents upon

  

 

 

1 To be the IPO price per
unit.

 

    9 

     

    

the exercise
of such Options or otherwise pursuant to the terms of or upon the actual issuance of such Ordinary Shares upon conversion, exercise
or exchange of such Ordinary Share Equivalents.

 

		ii.	Issuance of Ordinary Share Equivalents. If the Company in any manner issues or sells any
Ordinary Share Equivalents and the weighted average price per share for which one Ordinary Share is, as of the time of such issuance
or sale, at any time issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof is less
than the Applicable Price, then the Ordinary Shares underlying such Ordinary Share Equivalents shall be deemed to have been issued
and sold for purposes of the adjustment under this Section 3(b) at the time of the issuance or sale of such Ordinary Share
Equivalents for such price per share. For the purposes of this Section 3(b)(ii), the “weighted average price per share for
which one Ordinary Share is issuable upon the conversion, exercise or exchange thereof or otherwise pursuant to the terms thereof”
shall be equal to (1) the arithmetic average of the sums of the amounts of consideration (if any) received or receivable by the
Company with respect to each Ordinary Share underlying the relevant Ordinary Share Equivalents upon the issuance or sale of such
Ordinary Share Equivalents and upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise pursuant to
the terms thereof minus (2) the arithmetic average of the sums (determined on a per share basis with respect to the
Ordinary Shares underlying each such Ordinary Share Equivalent) of (I) all amounts paid or payable to the holder(s) of each such
Ordinary Share Equivalent (or any other Person) upon the issuance or sale of each such Ordinary Share Equivalent plus (II)
the value of any other consideration received or receivable by, or benefit conferred on, the holder(s) of each such Ordinary Share
Equivalent (or any other Person). Except as contemplated below, no further adjustment of the Exercise Price shall be made upon
the actual issuance of such Ordinary Shares upon conversion, exercise or exchange of such Ordinary Share Equivalents or otherwise
pursuant to the terms thereof, and if any such issuance or sale of such Ordinary Share Equivalents is made upon exercise of any
Options for which adjustment of the Warrant has been or is to be made pursuant to other provisions of this Section 3(b), except
as contemplated below, no further adjustment of the Exercise Price shall be made by reason of such issuance or sale.

 

		iii.	Change in Option Price or Rate of Conversion. If the purchase or exercise price provided
for in any Options, the additional consideration, if any, payable upon the issue, conversion, exercise or exchange of any Ordinary
Share Equivalents, or the rate at which any Ordinary Share Equivalents are convertible into or exercisable or exchangeable for
Ordinary Shares increases or decreases at any time (other than proportional changes in conversion or exercise prices, as applicable,
in connection with an event referred to in Section 3(a)), the Exercise Price in effect at the time of such increase or decrease
shall be adjusted as provided in this Section 3(b) as if such Options or Ordinary Share Equivalents were a new issuance and sale
as of the time of such increase or decrease. For purposes of this Section 3(b)(iii), if the terms of any Option or Ordinary Share
Equivalent that was outstanding as of the Issuance Date are increased or decreased in the manner described in the immediately preceding
sentence, then such Option or Ordinary Share Equivalents and the Ordinary Shares deemed issuable upon exercise, conversion or exchange
thereof shall be deemed to have been issued as of the date of such increase or decrease. No adjustment pursuant to this Section
3(b) shall be made if such adjustment would result in an increase of the Exercise Price then in effect.

 

    10 

     

    

		iv.	Calculation of Consideration Received. If any Option and/or Ordinary Share Equivalent and/or
Adjustment Right (each, a “Component Security”) is issued in connection with the issuance or sale or deemed
issuance or sale of any other securities of the Company (“Units”), together comprising one integrated transaction,
the Exercise Price in effect at the time of such issuance or sale or deemed issuance or sale shall be adjusted in accordance with
the formula in the first paragraph of this Section 3(b) based on clauses (b)(i) and (b)(ii) above, as applicable, based on the
Company’s allocation of the purchase price among the different Component Securities included in the Units issued or sold
or deemed to be issued or sold in such transaction. If any Ordinary Shares, Options or Ordinary Share Equivalents are issued or
sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount of
consideration received by the Company therefor. If any Ordinary Shares, Options or Ordinary Share Equivalents are issued or sold
for a consideration other than cash, the amount of such consideration received by the Company will be the fair value of such consideration,
except where such consideration consists of publicly traded securities, in which case the amount of consideration received by the
Company for such securities will be the arithmetic average of the VWAPs of such security for each of the five (5) Trading Days
immediately preceding the date of receipt. If any Ordinary Shares, Options or Ordinary Share Equivalents are issued to the owners
of the non-surviving entity in connection with any merger in which the Company is the surviving entity, the amount of consideration
therefor will be deemed to be the fair value of such portion of the net assets and business of the non-surviving entity as is attributable
to such Ordinary Shares, Options or Ordinary Share Equivalents (as the case may be). The fair value of any consideration other
than cash or publicly traded securities will be determined jointly by the Company and the Holder. If such parties are unable to
reach agreement within ten (10) days after the occurrence of an event requiring valuation (the “Valuation Event”),
the fair value of such consideration will be determined within five (5) Trading Days after the tenth (10th) day following such
Valuation Event by an independent, reputable appraiser jointly selected by the Company and the Holder. The determination of such
appraiser shall be final and binding upon all parties absent manifest error and the reasonable fees and expenses of such appraiser
shall be borne by the Company.

 

		v.	Record Date. If the Company takes a record of the holders of Ordinary Shares for the purpose
of entitling them (A) to receive a dividend or other distribution payable in Ordinary Shares, Options or in Ordinary Share Equivalents
or (B) to subscribe for or purchase Ordinary Shares, Options or Ordinary Share Equivalents, then such record date will be deemed
to be the date of the issuance or sale of the Ordinary Shares deemed to have been issued or sold upon the declaration of such dividend
or the making of such other distribution or the date of the granting of such right of subscription or purchase (as the case may
be).

 

c)                  
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time during
which this Warrant is outstanding the Company grants, issues or sells any Ordinary Share Equivalents or rights to purchase stock,
warrants, securities or other property pro rata to the record holders of any class of Ordinary Shares (the “Purchase Rights”),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which
the Holder could have acquired if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately
before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken,
the date as of which the record holders of Ordinary Shares are to be determined for the grant, issue or sale of such Purchase Rights
(provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would

 

    11 

     

    

result in the
Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right
to such extent (or beneficial ownership of such Ordinary Shares as a result of such Purchase Right to such extent) and such Purchase
Right to such extent shall be held in abeyance for the Holder until the earlier of (i) such time, if ever, as the delivery
to such Holder of such Purchase Right to such extent would not result in the Holder exceeding the Beneficial Ownership Limitation
and (ii) such time as the Holder has exercised this Warrant).

 

d)                  
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options
by way of a dividend, spin-off, corporate rearrangement, scheme of arrangement or other similar transaction, other than (x) a reclassification
as to which Section 3(e) applies or (y) any issuance, deemed issuance or automatic conversion of securities in the IPO Transactions
or the 2018 Plan) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case,
the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein
if the Holder had held the number of Ordinary Shares acquirable upon complete exercise of this Warrant (without regard to any limitations
on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record
is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of Ordinary Shares are
to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s
right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the
Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any Ordinary
Shares as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the
benefit of the Holder until the earlier of (i) such time, if ever, as the delivery to such Holder of such portion would not
result in the Holder exceeding the Beneficial Ownership Limitation and (ii) such time as the Holder has exercised this Warrant.

 

e)                   Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of related transactions (other than, for the
avoidance of doubt, pursuant to a licensing arrangement so long as, after giving effect to such arrangement, the Ordinary Shares are listed or quoted on a Trading Market), (iii) any, direct or indirect, purchase offer, tender offer or
exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Ordinary Shares are
permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the
holders of 50% or more of the outstanding Ordinary Shares, (iv) the Company, directly or indirectly, in one or more related
transactions effects any reclassification, reorganization or recapitalization of the Ordinary Shares or any compulsory share
exchange pursuant to which the Ordinary Shares are effectively converted into or exchanged for other securities, cash or
property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share
purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50%
of the outstanding Ordinary Shares (not including any Ordinary Shares held by the other Person or other Persons making or
party to, or associated or affiliated with the other Persons making or party to, such 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 Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any
limitation in Section 2(e) on the exercise of this Warrant), the number of shares of capital stock of the successor or
acquiring corporation or Ordinary Shares of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the
number of Ordinary Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the
amount of Alternate

 

    12 

     

    

Consideration
issuable in respect of one Ordinary Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price
among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the
Alternate Consideration. If holders of Ordinary Shares are given any choice as to the securities, cash or property to be
received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding anything to the contrary,
in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the
Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the
Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction) (other
than (x) a Fundamental Transaction that is not within the Company’s control, including not approved by the
Company’s Board of Directors, or (y) a Specified Fundamental Transaction, in each case, as to which this right shall
not apply), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value
of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction; provided, however, that, if the Fundamental Transaction is not within the Company’s control,
including not approved by the Company’s Board of Directors, the Holder shall be entitled to receive from the Company or
any Successor Entity, upon exercise at any time concurrently with, or within 30 days after, the date of consummation of such
Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value (as
defined below) of the unexercised portion of this Warrant, that is being offered and paid to the holders of Ordinary Shares
in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination
thereof, or whether the holders of Ordinary Shares are given the choice to receive from among alternative forms of
consideration in connection with the Fundamental Transaction. “Black Scholes Value” means the value of
this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg
determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a
risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public
announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the 100
day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction, (C) an underlying price per share equal to the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such
Fundamental Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date. The payment of any Black Scholes Value payable in cash pursuant
to the second immediately preceding sentence will be made by wire transfer of immediately available funds within five
Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The
Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the
“Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in
accordance with the provisions of this Section 3(e) pursuant to written agreements 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 Ordinary
Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this
Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such
shares of capital stock (but taking into account the relative value of the Ordinary Shares 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). 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 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.

 

    13 

     

    

f)                   
Calculations. The Company shall make all calculations under this Section 3 to the nearest cent or the nearest 1/100th
of a share, as the case may be. For purposes of this Section 3, except as otherwise expressly set forth herein, the number of Ordinary
Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Ordinary Shares (excluding treasury
shares, if any) issued and outstanding.

 

g)                  
Notice to Holder.

 

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

 

		ii.	Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any
other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special nonrecurring cash dividend
on or a redemption of the Ordinary Shares, (C) the Company shall authorize the granting to all holders of the Ordinary Shares rights
or warrants to subscribe for or purchase any 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 Ordinary Shares, any consolidation or merger to
which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory
share exchange whereby the Ordinary Shares are converted into other securities, cash or property, or (E) the Company shall authorize
the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company
shall cause to be delivered by facsimile or e-mail 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 record of the Ordinary Shares 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 record of the Ordinary Shares shall be entitled to exchange their Ordinary Shares for securities, cash
or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided
that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate
action required to be specified in such notice. To the extent that any notice required by this Warrant constitutes, or contains,
material, non-public information regarding the Company, 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.

 

h)                  
Early Termination upon Satisfaction of Sale Price Condition. The Company may accelerate the Termination Date of
this Warrant upon written notice to the Holder at any time if the Last Reported Sale Price exceeds $[___]2 (as adjusted
in proportion with any adjustments made from time to time to the Exercise Price pursuant to Section 3) for a ten (10) consecutive
Trading Day period. In the 30

 

 

2
To be 300% of the IPO price per unit.

 

 

    14 

     

    

calendar days
following the date the acceleration notice is given in accordance with this Section 3(h) (the “Early Termination Exercise
Period”), Holders may exercise this Warrant or a portion of the Warrant in accordance with Section 2(a) and, if applicable,
Section 2(c). Any Warrants not exercised by 5:00 p.m., New York City Time, on the last day of the Early Termination Exercise Period
shall terminate and expire worthless.

 

Section 4.                     
Transfer of Warrant.

 

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

 

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

 

c)                  
Warrant Register. The Warrant Agent shall register this Warrant, upon records to be maintained by the Warrant Agent
for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company
and the Warrant Agent 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.

 

Section 5.                     
Miscellaneous.

 

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

 

b)                  
Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or 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 Business Day, then, such action may be taken or such right may be exercised
on the next succeeding Business Day.

 

    15 

     

    

d)                  
Authorized Shares.

 

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

 

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

 

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

 

e)                  
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 Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If 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

 

    16 

     

    

other party for
their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution
of such action or proceeding. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED
HEREBY.

 

For the avoidance
of doubt, matters involving the rights of shareholders, issuance of Ordinary Shares and the validity of Ordinary Shares shall be
governed by the laws of Israel.

 

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

 

g)                  
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part
of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without
limiting any other provision of this Warrant, 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 notices, consents, waivers or other document or communications required or permitted to be given or
delivered under the terms of this Warrant must be in writing and will be deemed to have been delivered: (i) upon receipt, if delivered
personally; (ii) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated
and kept on file by the sending party); (iii) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether
electronically or otherwise) by the sending party and the sending party does not receive an automatically generated message from
the recipient’s e-mail server that such e-mail could not be delivered to such recipient) and (iv) if sent by overnight courier
service, one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly
addressed to the party to receive the same. If notice is given by facsimile or email, a copy of such notice shall be dispatched
no later than the next business day by first class mail, postage prepaid. The addresses, facsimile numbers and e-mail addresses
for such communications shall be:

 

If to the Company, to its agent
for service:

 

Cogency Global Inc.

10 E 40th Street, 40th Floor

New York, New York 10016

Reference: Entera Bio Ltd.

 

With a copy to:

 

Email:
Notice@enterabio.com

 

And with a copy (for informational
purposes only) to:

 

Michael P. Kaplan, Esq.

Sophia Hudson, Esq.

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

(212) 450-4000

  

    17 

     

    

and

 

Yair Geva, Adv.

Ron Ben Menachem, Adv.

Tomer Farkash, Adv.

Herzog Fox & Neeman

4 Weizmann Street

Tel Aviv 6423904, Israel

+972 (3) 692-2020

 

If to the Warrant Agent, to its
address, facsimile number or e-mail address set forth in Exhibit A.

 

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

 

Or, in each of the above instances,
to such other address, facsimile number or e-mail address and/or to the attention of such other Person as the recipient party has
specified by written notice given to each other party at least five (5) days prior to the effectiveness of such change. Written
confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender’s facsimile machine containing the time, date and recipient facsimile number or (C)
provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from
an overnight courier service in accordance with clause (i), (ii) or (iv) above, respectively. A copy of the e-mail transmission
containing the time, date and recipient e- mail address shall be rebuttable evidence of receipt by e-mail in accordance with clause
(iii) above. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder,
if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if given to
DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to the Holder’s
right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this
sentence shall not apply.

 

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

 

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

 

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

 

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

 

    18 

     

    

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.

 

o)                  
Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this
Warrant is issued subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express
provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

 

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

 

(Signature Page Follows)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    19 

     

    

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.

 

	 	Entera Bio Ltd.
	 	 	 
	 	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

 

    20 

     

    

EXHIBIT A

 

NOTICE OF EXERCISE

 

	 	[To:	
        American Stock Transfer
        & Trust Company, LLC

        

        [Address]

        

        RE: Entera
        Bio Ltd.]3

        

	 	 	 
	 	[To:	Entera Bio Ltd.]4

 

(1) The undersigned hereby
elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
and tenders herewith payment of the aggregate 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; if by wire transfer, to the following account of Entera Bio Ltd.:

 

Bank Name:

Beneficiary:

Account No.:

SWIFT:

 

or

 

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

 

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

 

_______________________________________

 

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

 

_______________________________________

 

_______________________________________

 

_______________________________________

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 	_______________________________________
	 	 	 
	Signature of Authorized Signatory of Investing Entity:	 	_______________________________________
	 	 	 
	Name of Authorized Signatory:	 	_______________________________________
	 	 	 

 

 

 

 

3 To be included for exercises other than cashless
exercise as provided in Section 2(c).

4 To be included for cashless exercise as provided
in Section 2(c).

 

 

    21 

     

    

 

 

 

	Title of Authorized Signatory:	 	_______________________________________
	 	 	 
	Date:	 	_______________________________________

 

 

 

 

    22 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

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

 

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

 

	Name:	 
	 	(Please Print)
	 	 
	Address:	 
	 	(Please Print)

 

	Phone Number:	 
	 	 
	Email Address:	 

 

Dated: _______________ __, ______

Holder’s Signature:__________________

Holder’s Address: ___________________

 

 

 

 

 

 

 

 

    23Exhibit 4.3

 

Form of
Underwriter’s Warrant

 

THE
REGISTERED HOLDER OF THIS PURCHASE WARRANT, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE
WARRANT EXCEPT AS HEREIN PROVIDED AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN,
PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE LATER OF THE EFFECTIVE DATE
(AS DEFINED BELOW) OR THE COMMENCEMENT OF SALES OF THE OFFERING TO WHICH THIS PURCHASE WARRANT RELATES TO ANYONE OTHER THAN (I)
MAXIM GROUP LLC OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER
OF MAXIM GROUP LLC OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS
PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [________________] [DATE THAT IS 180 DAYS FROM THE EFFECTIVE DATE OF THE OFFERING].
VOID AFTER 5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

ORDINARY
SHARE PURCHASE WARRANT

 

For the Purchase
of [_____][1] Ordinary Shares 

of 

ENTERA BIO
LTD.

 

1.       Purchase
Warrant. THIS ORDINARY SHARE PURCHASE WARRANT (this “Purchase Warrant”)
CERTIFIES THAT, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Maxim
Group LLC (the “Holder”), as registered owner of this Purchase Warrant, is entitled, upon the terms and subject
to the limitations on exercise and the conditions hereinafter set forth, at any time or from time to time from [________________]
[DATE THAT IS ONE HUNDRED EIGHTY (180) DAYS FROM THE EFFECTIVE DATE OF THE OFFERING] (the “Commencement Date”),
and until at or before 5:00 p.m., Eastern time, on [____________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING]
(the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up
to [____] ordinary shares (the “Shares”), nominal value NIS [__] per share (the “Ordinary Shares”),
of Entera Bio Ltd., an Israeli company (the “Company”), subject to adjustment as provided in Section 6 hereof.
If the Expiration Date is a day on which the Federal Reserve Bank of New York is authorized or required by law or executive order
to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the
terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate
this Purchase Warrant. This

 

 ________________________

1 To be 5.0% of the total number of shares being sold in the offering (excluding for the avoidance of doubt any warrants issued
in the Offering).

 

     

     

    

 

Purchase Warrant is initially exercisable at $[  ] per Share [110% of the price of the units
sold in the Offering]; provided, however, that upon the occurrence of any of the events specified in Section
6 hereof, the rights granted by this Purchase Warrant, including the exercise price per Share and the number of Shares to be received
upon such exercise, shall be adjusted as therein specified. This Purchase Warrant is being issued in connection with a public
offering of Ordinary Shares and warrants to purchase Ordinary Shares pursuant to the Company’s registration statement on
Form F-1, as amended (File No.: 333-221472) (the “Offering”). As used herein, the term “Exercise Price”
shall mean the initial exercise price or the adjusted exercise price, depending on the context. As used herein, “Effective
Date” means the date on which the Shares being sold in the Offering first become legally eligible for distribution to
the public as determined in accordance with Financial Industry Regulatory Authority (“FINRA”) Conduct Rule
5110(a)(12).

 

2.       Exercise.

 

2.1       Exercise
Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and
delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased
in cash by wire transfer of immediately available funds to an account designated by the Company or by certified check or official
bank check, subject to Section 2.2 below. If the subscription rights represented hereby shall not be exercised at or before 5:00
p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect, and
all rights and obligations represented hereby shall cease and expire.

 

2.2       Cashless
Exercise.  Unless a registration statement covering the exercise of this Purchase Warrant and the sale of the Shares
by the Holder is in effect and available, in lieu of exercising this Purchase Warrant by payment of cash or check payable to the
order of the Company pursuant to Section 2.1 above, the Holder may exercise this Purchase Warrant to receive the number of Shares
equal to the net value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant
to the Company, together with the exercise form attached hereto, in which event the Company will issue to Holder Shares in accordance
with the following formula:

 

	X	=	Y(A-B)	 
	A	 
	Where,	 	 	 
	 	X	=	The number of Shares to be issued to Holder;
	 	Y	=	The number of Shares for which the Purchase Warrant is being exercised;
	 	A	=	The arithmetic average of the VWAPs over each of the 10 consecutive Trading
    Day period beginning on, and including, the Trading Day immediately following the date of the Holder’s notice of exercise
    pursuant to this Section 2.2; and
	 	B	=	The Exercise Price.
	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

For
purposes of this Section 2.2:

 

“Trading
Day” means a day on which (i) there is no (a) failure by the primary U.S. national or regional securities exchange
or market on which the Ordinary Shares are listed or admitted for trading to open for trading during its regular trading session
or (b) occurrence or existence prior to 1:00 p.m., New York City time, on any day that is scheduled to be a Trading Day for more
than one half-hour period in

 

    -2- 

     

    

 

the
aggregate during regular trading hours of any suspension or limitation imposed on trading (by reason of movements in price exceeding
limits permitted by the relevant stock exchange or otherwise) in the Ordinary Shares or in any options contracts or futures contracts
relating to the Ordinary Shares and (ii) the Ordinary Shares are traded on a Trading Market or, if the Ordinary Shares are
not then listed on a Trading Market, on the principal other U.S. national or regional securities exchange on which the Ordinary
Shares are then listed or, if the Ordinary Shares are not then listed on a U.S. national or regional securities exchange, on the
principal other market on which the Ordinary Shares are then traded; provided that if the Ordinary Shares are not so listed
or traded, “Trading Day” means a business day.

 

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

 

“VWAP”
means, for any date, with respect to the Ordinary Shares, the price determined by the first of the following clauses that applies:
(a) if the Ordinary Shares are then listed or quoted on a Trading Market, the daily volume-weighted average price per share of
the Ordinary Shares for such date (or the nearest preceding date) on the primary such exchange on which the Ordinary Shares are
then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New
York City time)), (b) if the Ordinary Shares are not then listed or quoted for trading on a Trading Market and if prices for the
Ordinary Shares are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization
or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Ordinary Shares so reported,
or (c) in all other cases, the fair market value of an Ordinary Share, as determined in good faith by the Company’s Board
of Directors.

 

3.       Transfer.
The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell,
transfer, assign, pledge or hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the later
of the Effective Date or the commencement of sales of the offering to which this Purchase Warrant relates (the later of such dates,
the “Transferability Date”) to anyone other than: (i) Maxim Group LLC (“Maxim”) or an underwriter
or a selected dealer participating in the Offering, or (ii) a bona fide officer or partner of Maxim or of any such underwriter
or selected dealer, in each case in accordance with FINRA Conduct Rule 5110(g)(1), or (b) cause this Purchase Warrant or
the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would
result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA
Rule 5110(g)(2). On and after the Transferability Date, transfers to others may be made subject to compliance with or exemptions
from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment
form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any,
payable in connection therewith. The Company shall within five (5) business days transfer this Purchase Warrant on the books of
the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s)
expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number
as shall be contemplated by any such assignment. Notwithstanding the foregoing, the registered Holder of this Purchase Warrant
agrees by his, her or its acceptance hereof, that such Holder will not sell, transfer, assign, pledge or hypothecate this Purchase
Warrant.

 

    -3- 

     

    

 

4.       Registration
Rights.

 

4.1       Demand
Registration.

 

4.1.1       Grant
of Right. Unless a registration statement covering the exercise of this Warrant and the sale of the Shares by the Holder is
in effect and available, the Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least
51% of the Purchase Warrants and/or the underlying Shares (“Majority Holders”), agrees to register, on up to
two separate occasions, all or any portion of the Shares underlying the Purchase Warrants (collectively, the “Registrable
Securities”) (each such registration, a “Demand Registration”). On each such occasion, the Company
will file a registration statement with the U.S. Securities and Exchange Commission (the “Commission”) covering
the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its reasonable best efforts to have
the registration statement declared effective promptly thereafter, subject to compliance with review by the Commission; provided,
however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration
statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 4.2 hereof and either:
(i) the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration
statement relates to an underwritten primary offering of securities of the Company, until the offering covered by such registration
statement has been withdrawn or until thirty (30) days after such offering is consummated. The demand for registration may be
made at any time after the Commencement Date and for a period of no more than five (5) years from the Effective Date or the commencement
of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(iv). The Company covenants and agrees to give written notice
of its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Purchase Warrants and/or the Registrable
Securities within ten (10) days after the date of the receipt of any such Demand Notice.

 

4.1.2
       Terms. With respect to one Demand Registration, the Company shall bear all fees
and expenses attendant to such Demand Registration, but the Holders whose Registrable Securities are being registered shall pay
any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection
with the sale of the Registrable Securities. With respect to one additional Demand Registration, the Holders whose Registrable
Securities are being registered shall bear all fees and expenses attendant to such Demand Registration. The Company agrees to
use its reasonable best efforts to cause any filings required herein to become effective promptly and to qualify or register the
Registrable Securities in such States as are reasonably requested by the Holder(s); provided, however, that in no
event shall the Company be required to register the Registrable Securities in a State in which such registration would cause:
(i) the Company to be obligated to register or license to do business in such State or submit to general service of process in
such State, or (ii) the principal shareholders of the Company to be obligated to escrow their shares of capital stock of the Company.
The Company shall use its reasonable best efforts to cause any registration statement filed pursuant to the demand right granted
under Section 4.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders
of the Registrable Securities covered by such registration statement are first given the opportunity to sell all of such securities.
The Holders shall only use the prospectuses provided by the Company to sell the Shares covered by such registration statement,
and will immediately cease to use any prospectus furnished by the Company if the Company advises the Holder that such prospectus
may no longer be used due to a material misstatement or omission.

 

4.2       “Piggy-Back”
Registration.

 

4.2.1       Grant
of Right. In addition to the demand right of registration described in Section 4.1 hereof, unless a registration statement
covering the exercise of this Warrant and the sale of the

 

    -4- 

     

    

 

Shares
by the Holder is in effect and available, the Holder shall have the right, for a period of no more than seven (7) years from the
Effective Date or the commencement of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the Registrable
Securities as part of any other registration of securities filed by the Company (other than in connection with a transaction contemplated
by Rule 145(a) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or pursuant
to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the account
of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of
Ordinary Shares which may be included in the Registration Statement because, in such underwriter(s)’ judgment, marketing
or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to
include in such Registration Statement only such limited portion of the Registrable Securities with respect to which the Holder
requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made
pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought
to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities
unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities
in such Registration Statement or are not entitled to pro rata inclusion with the Registrable Securities.

 

4.2.2
       Terms. The Company shall bear all fees and expenses attendant to registering
the Registrable Securities pursuant to Section 4.2.1 hereof, but the Holders whose Registrable Securities are being registered
shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them
in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed
date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement
filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The holders of the Registrable
Securities shall exercise the “piggy-back” rights provided for herein by giving written notice within ten (10) days
of the receipt of the Company’s notice of its intention to file a registration statement. Except as otherwise provided in
this Purchase Warrant, there shall be no limit on the number of times the Holder may request registration under this Section 4.2.2;
provided, however, that such registration rights shall terminate on the seventh anniversary of the Effective Date
or the commencement of sales of the Offering in accordance with FINRA Rule 5110(f)(2)(G)(v).

 

4.3       General
Terms.

 

4.3.1       Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20(a) of
the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense
or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing
or defending against any claim whatsoever) to which any of them may become subject under the Securities Act, the Exchange Act
or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions
pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 7(a) of the Underwriting Agreement
between Maxim Group LLC, as the representative of the several Underwriters named therein in Schedule I attached thereto, and the
Company, dated as of [  ], 2018 (the “Underwriting Agreement”). The Holder(s) of the Registrable Securities
to be sold pursuant to such registration statement, and their

 

    -5- 

     

    

 

successors
and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including
all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any
claim whatsoever) to which they may become subject under the Securities Act, the Exchange Act or otherwise, arising from information
furnished by or on behalf of such Holder(s), or their successors or assigns, in writing, for specific inclusion in such registration
statement to the same extent and with the same effect as the provisions contained in Section 7(b) of the Underwriting Agreement
pursuant to which the Underwriters have agreed to indemnify the Company.

 

4.3.2
       Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall
be construed as requiring the Holder(s) to exercise their Purchase Warrants prior to or after the initial filing of any registration
statement or the effectiveness thereof.

 

4.3.3
       Documents Delivered to Holders. The Company shall furnish to each Holder participating
in any of the offerings pursuant to Sections 4.1 and 4.2 hereof and to each underwriter of any such offering, if any, a signed
counterpart, addressed to such Holder or underwriter, of: (i) if such registration includes an underwritten public offering, an
opinion of counsel to the Company, dated the date of the closing under any underwriting agreement related thereto, and (ii) if
such registration includes an underwritten public offering, a “cold comfort” letter dated the effective date of such
registration statement and a letter dated the date of the closing under the underwriting agreement, signed by the independent
registered public accounting firm which has issued a report on the Company’s financial statements included in such registration
statement, in each case covering substantially the same matters with respect to such registration statement (and the prospectus
included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to underwriters
in underwritten public offerings of securities. The Company shall also deliver promptly to each Holder participating in the offering
requesting the correspondence and memoranda described below and to the managing underwriter, if any, copies of all correspondence
between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the Commission
or its staff with respect to the registration statement and permit each Holder and underwriter to do such investigation, upon
reasonable advance notice, with respect to information contained in or omitted from the registration statement as it deems reasonably
necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access to books, records
and properties and opportunities to discuss the business of the Company with its officers and independent auditors, all to such
reasonable extent and at such reasonable times as any such Holder shall reasonably request in connection with the underwritten
offering.

 

4.3.4
       Underwriting Agreement. The Company shall enter into an underwriting agreement
with the managing underwriter(s), if any, selected by Holder(s) of at least 51% of the Registrable Securities being registered
pursuant to Section 4.1 and Section 4.2, which managing underwriter(s) shall be reasonably satisfactory to the Company. Such agreement
shall be in form and substance reasonably satisfactory to the Company, the Holders whose Registrable Securities are being registered
and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other
terms as are customarily contained in agreements of that type used by the managing underwriter. The Holders shall be parties to
any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require
that any or all the representations, warranties and covenants of the Company to or for the benefit of such underwriters shall
also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties
to or agreements with the Company or the underwriters except as they may relate to such Holders, their Shares and their intended
methods of distribution.

 

    -6- 

     

    

 

4.3.5
       Documents to be Delivered by Holder(s). Each of the Holder(s) participating in
any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting
information customarily sought of selling security holders.

 

4.3.6
       Damages. Should the registration or the effectiveness thereof required by Sections
4.1 and 4.2 hereof be delayed by the Company or the Company otherwise fail to comply with such provisions, the Holder(s) shall,
in addition to any other legal or other relief available to the Holder(s), be entitled to obtain specific performance or other
equitable (including injunctive) relief against the threatened breach of such provisions or the continuation of any such breach,
without the necessity of proving actual damages and without the necessity of posting bond or other security.

 

5.       New
Purchase Warrants to be Issued.

 

5.1       Partial
Exercise. Subject to the restrictions in Section 3 hereof and the other terms and conditions of this Purchase Warrant, this
Purchase Warrant may be exercised in whole or in part, at any time or from time to time, on any business day from the Commencement
Date until the Expiration Date. In the event of the exercise hereof in part only, upon surrender of this Purchase Warrant for
cancellation, together with the duly exercised exercise form and funds sufficient to pay the Exercise Price pursuant to Section
2.1 hereto, if applicable, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like
tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable
hereunder as to which this Purchase Warrant has not been exercised.

 

5.2
       Lost Purchase Warrant. Upon receipt by the Company of evidence satisfactory to
it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the
posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor. Any such new Purchase Warrant executed
and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation
on the part of the Company.

 

6.       Adjustments.

 

6.1       Adjustments
to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall
be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1       Share
Dividends; Split Ups. If, after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding
Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective
day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding Shares,
and the Exercise Price shall be proportionately decreased.

 

6.1.2
       Aggregation of Shares. If, after the date hereof, and subject to the provisions
of Section 6.3 below, the number of outstanding Shares is decreased by a consolidation, combination, reverse stock split or reclassification
of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased
in proportion to such decrease in outstanding Shares, and the Exercise Price shall be proportionately increased.

 

    -7- 

     

    

 

6.1.3
       Replacement of Securities upon Reorganization, etc. In case of any reclassification
or reorganization of the outstanding Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects
the nominal value of such Shares, or in the case of any merger or consolidation of the Company with or into another corporation
(other than a merger or consolidation in which the Company is the continuing corporation and that does not result in any reclassification
or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the
property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the
Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase
Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder (as adjusted pursuant to
this Section 6.1.3) immediately prior to such event, the kind and amount of shares of stock or other securities or property (including
cash) receivable upon such reclassification, reorganization, share reconstruction or amalgamation, or consolidation, or upon a
dissolution following any such sale or transfer, by a Holder of the number of Shares obtainable upon exercise of this Purchase
Warrant immediately prior to such event. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications,
reorganizations, share reconstructions or amalgamations, or consolidations, sales or other transfers.

 

6.1.4
       Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be
changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same
Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement.
The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be
deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2
       Substitute Purchase Warrant. In case of any merger or consolidation of the Company
with or into another corporation (other than a merger or consolidation which does not result in any reclassification or change
of the outstanding Shares), the corporation formed by such merger or consolidation shall execute and deliver to the Holder a supplemental
Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right
thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind
and amount of shares of stock and other securities and property receivable upon such merger or consolidation, by a holder of the
number of Shares for which such Purchase Warrant might have been exercised immediately prior to such merger or consolidation,
sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments
provided for in this Section 6. The above provision of this Section shall similarly apply to successive mergers or consolidations.

 

6.3
       Calculations. The Company shall make all calculations under this Section 6 to
the nearest cent or the nearest 1/100th of a share, as the case may be.

 

6.4       No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional Shares shall be issued upon the exercise
of this Purchase Warrant. As to any fraction of a Share which the Holder would otherwise be entitled to purchase upon such exercise,
the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such
fraction multiplied by the VWAP as of the date of exercise pursuant to Section 2.1 or 2.2, as applicable, or round up to the next
whole Share.

 

7.        Reservation
and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose
of issuance upon exercise of the Purchase Warrants, such number of Shares or other securities, properties or rights as shall be
issuable upon the exercise thereof.

    -8- 

     

    

 

The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment
of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise
shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long
as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable
upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all national securities exchanges
(or, if applicable, on the OTC Markets or any successor trading market) on which the Shares issued to the public in the Offering
may then be listed and/or quoted.

 

8.       Certain
Notice Requirements.

 

8.1       Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or
to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a
shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any
of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice
of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the
determination of the shareholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record
date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver
to each Holder a copy of each notice given to the shareholders of the Company at the same time and in the same manner that such
notice is given to the shareholders.

 

8.2
       Events Requiring Notice. The Company shall be required to give the notice described
in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Ordinary
Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend
or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or
distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Ordinary Shares any additional
shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company,
or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company (other
than in connection with a consolidation or share reconstruction or amalgamation) or a sale of all or substantially all of its
property, assets and business shall be proposed. Failure to give such notice shall not invalidate any such action.

 

8.3
       Notice of Change in Exercise Price. The Company shall, promptly after an event
requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price
Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall
be certified as being true and accurate by the Company’s Chief Executive Officer or Chief Financial Officer.

 

8.4
       Transmittal of Notices. All notices, requests, consents and other communications
under this Purchase Warrant shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express
mail or private courier service: (i) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown
on the books of the Company, or (ii) if to the Company, to following address or to such other address as the Company may designate
by notice to the Holders:

 

    -9- 

     

    

 

If
to the Holder:

 

Maxim Group LLC 

405 Lexington Avenue 

New York, NY 10174 

Attn: Jim Alfaro 

Fax No.: (212) 895-3783

 

If to the Company,
to its agent for service:

 

Cogency Global Inc. 

10 E 40th Street, 40th
Floor 

New York, New York 10016 

Reference: Entera Bio
Ltd.

 

with copy to:

 

Email: Notice@enterabio.com 

 

and with copy (for informational purposes only) to: 

 

Michael
P. Kaplan, Esq. 

Sophia
Hudson, Esq. 

Davis
Polk & Wardwell LLP 

450
Lexington Avenue 

New
York, New York 10017 

(212)
450-4000

 

and

 

Yair
Geva, Adv. 

Ron
Ben Menachem, Adv. 

Tomer
Farkash, Adv. 

Herzog
Fox & Neeman 

4
Weizmann Street 

Tel
Aviv 6423904, Israel 

+972 (3) 692-2020

 

9.       Miscellaneous.

 

9.1       Amendments.
The Company and Maxim may from time to time supplement or amend this Purchase Warrant without the approval of any of the Holders
in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent
with any other provisions herein, or to make any other provisions in regard to matters or questions arising hereunder that the
Company and Maxim may deem necessary or desirable and that the Company and Maxim deem shall not adversely affect the interest
of the Holders. All other modifications or amendments shall require the written consent of and be signed by the party against
whom enforcement of the modification or amendment is sought.

 

9.2
       Headings. The headings contained herein are for the sole purpose of convenience
of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this
Purchase Warrant.

 

    -10- 

     

    

 

9.3.
       Entire Agreement. This Purchase Warrant (together with the other agreements and
documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties
hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral
and written, with respect to the subject matter hereof.

 

9.4
       Binding Effect. This Purchase Warrant shall inure solely to the benefit of, and
shall be binding upon, the Holder and the Company and their respective successors, permitted assigns and legal representatives,
and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or
by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5
       Governing Law; Submission to Jurisdiction; Trial by Jury. This Purchase Warrant
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to
conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of,
or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme Court, County of New York,
or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to
recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such action or proceeding
and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable
law, on behalf of its stockholders and affiliates) and the Holder hereby irrevocably waive, to the fullest extent permitted by
applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby.

 

9.6
       Waiver, etc. The failure of the Company or the Holder to at any time enforce
any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in
any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or any Holder to thereafter
enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of
the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties
against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment
shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7
       Execution in Counterparts. This Purchase Warrant may be executed in one or more
counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but
all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts
has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered
by facsimile transmission or other electronic transmission (i.e. “PDF” or “TIF”, submitted by e-mail).

 

9.8
       Exchange Agreement. As a condition of the Holder’s receipt and acceptance
of this Purchase Warrant, Holder agrees that, at any time prior to the complete exercise of this Purchase Warrant by Holder, if
the Company and Maxim enter into an agreement (“Exchange Agreement”) pursuant to which they agree that all
outstanding Purchase Warrants will be exchanged for securities or cash or a combination of both, then Holder shall agree to such
exchange and become a party to the Exchange Agreement.

 

    -11- 

     

    

 

[Signature
Page Follows]

 

 

    -12- 

     

    

IN WITNESS
WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the ____ day of _______,
2018.

 

 

	 	ENTERA BIO LTD.	 
	 	 	 
	 	 	 
	 	By: 		 
	 	 	Name:
Title:	 

 

 

    -13- 

     

    

[Form
to be used to exercise Purchase Warrant]

 

Date:
__________, 20___

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant for ______ Ordinary Shares (the “Shares”)
of Entera Bio Ltd., an Israeli company (the “Company”), and hereby makes payment of $____ (at the rate of $____
per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised
in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for
which this Purchase Warrant has not been exercised.

 

or

 

The
undersigned hereby elects irrevocably to exercise the Purchase Warrant in respect of an aggregate of _______ Shares for receipt
of a number of Shares to be determined in accordance with the cashless exercise formula set forth in Section 2.2 of the Purchase
Warrant.

 

Please
issue the Shares deliverable upon the exercise of this Purchase Warrant in accordance with the instructions given below and, if
applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

Signature
 __________________________________________

 

INSTRUCTIONS
FOR REGISTRATION OF SECURITIES

 

Name:
  ___________________________________________________

(Print
in Block Letters)

 

	Address:	 	 
	 	 	 
	 	 	 

 

 

NOTICE:
The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or
enlargement or any change whatsoever, and must be guaranteed by a bank, other than a savings bank, or by a trust company or by
a firm having membership on a registered national securities exchange.

 

 

    -14-

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