Document:

EX-4.2

 Exhibit 4.2 
  

 
 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030 
 UMB
FINANCIAL CORPORATION, 
 as Issuer, 

and 
 WELLS FARGO BANK
NATIONAL ASSOCIATION, 
 as Trustee, 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of September 17, 2020 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
		
	 Section 1.1 Relation to Base Indenture
	  	 	1	 
	 Section 1.2 Definition of Terms
	  	 	2	 
		
	 ARTICLE 2 GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	6	 
		
	 Section 2.1 Designation and Principal Amount
	  	 	6	 
	 Section 2.2 Maturity
	  	 	7	 
	 Section 2.3 Form, Payment and Appointment
	  	 	7	 
	 Section 2.4 Global Notes
	  	 	7	 
	 Section 2.5 Interest
	  	 	7	 
		
	 ARTICLE 3 REDEMPTION AND REPURCHASE OF THE NOTES
	  	 	8	 
		
	 Section 3.1 No Sinking Fund
	  	 	8	 
	 Section 3.2 Optional Redemption and Regulatory Event Redemption
	  	 	9	 
	 Section 3.3 Effect of Redemption
	  	 	10	 
	 Section 3.4 Redemption Procedures
	  	 	10	 
	 Section 3.5 No Other Redemption
	  	 	10	 
		
	 ARTICLE 4 FORM OF NOTE
	  	 	11	 
		
	 Section 4.1 Form of Note
	  	 	11	 
		
	 ARTICLE 5
	  	 	11	 
		
	 DEFAULTS AND REMEDIES
	  	 	11	 
		
	 Section 5.1 Events of Default
	  	 	11	 
	 Section 5.2 Acceleration of Maturity
	  	 	12	 
	 Section 5.3 Default
	  	 	13	 
		
	 ARTICLE 6 SUBORDINATION
	  	 	13	 
		
	 Section 6.1 Securities Subordinate to Senior Indebtedness
	  	 	13	 
	 Section 6.2 Payment Over of Proceeds Upon Dissolution, Etc.
	  	 	13	 
	 Section 6.3 Prior Payment to Senior Indebtedness Upon Acceleration of Notes
	  	 	14	 
	 Section 6.4 No Payment When Senior Indebtedness in Default
	  	 	14	 
	 Section 6.5 Payment Permitted If No Default
	  	 	15	 
	 Section 6.6 Subrogation to Rights of Holders of Senior Indebtedness
	  	 	15	 
	 Section 6.7 Provisions Solely to Define Relative Rights
	  	 	15	 
	 Section 6.8 Trustee to Effectuate Subordination
	  	 	16	 
	 Section 6.9 No Waiver of Subordination Provisions; Modifications of Terms of Senior
Indebtedness
	  	 	16	 
	 Section 6.10 Notice to Trustee
	  	 	16	 
	 Section 6.11 Reliance on Judicial Order or Certificate of Liquidating Agent
	  	 	17	 

  
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	 Section 6.12 Trustee Not Fiduciary for Holders of Senior Indebtedness
	  	 	17	 
	 Section 6.13 Rights of Trustee as Holder of Senior Indebtedness; Preservation of
Trustee’s Rights
	  	 	18	 
	 Section 6.14 Article Applicable to Paying Agents
	  	 	18	 
	 Section 6.15 Redemption
	  	 	18	 
		
	 ARTICLE 7 MISCELLANEOUS
	  	 	18	 
		
	 Section 7.1 Ratification of Indenture
	  	 	18	 
	 Section 7.2 Trustee and Agent Not Responsible for Recitals
	  	 	18	 
	 Section 7.3 New York Law To Govern
	  	 	19	 
	 Section 7.4 Separability
	  	 	19	 
	 Section 7.5 Counterparts
	  	 	19	 
	 Section 7.6 Facsimile and PDF Delivery of Signature Pages
	  	 	19	 

  
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 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of September 17, 2020 (this
“Supplemental Indenture”), between UMB Financial Corporation, a corporation duly organized and existing under the laws of the State of Missouri (the “Company”), and Wells Fargo Bank, National Association, a national
banking association, as trustee (the “Trustee”), amending and supplementing the Indenture, dated as of September 17, 2020, between the Company and the Trustee, governing the issuance of subordinated debt securities (the
“Base Indenture”). The Base Indenture, as amended and supplemented by this Supplemental Indenture, shall be referred to herein as the “Indenture.” 

RECITALS 
 WHEREAS, the Company
has executed and delivered the Base Indenture to the Trustee to provide for the issuance of the Company’s debt securities or other evidence of Indebtedness, to be issued from time to time in one or more series as determined by the Company under
the Base Indenture; 
 WHEREAS, Section 9.1 of the Base Indenture provides for the Company and the Trustee to enter into an indenture
supplemental to the Base Indenture to establish the forms or terms of Securities of any series as permitted by Section 2.1 and Section 3.1 of the Base Indenture; 

WHEREAS, pursuant to Section 3.1 of the Base Indenture, the Company wishes to provide for the issuance of a new series of Securities to
be known as the Company’s 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030 (the “Notes”), with the form, terms, provisions and conditions
thereof to be set forth as provided in this Supplemental Indenture; and 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated
and delivered by the Trustee, and the payment by the purchasers thereof of the agreed upon consideration therefor, the valid, binding and enforceable Obligations of the Company, have been done and performed, and the execution and delivery of this
Supplemental Indenture have been duly authorized in all respects. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Relation to Base Indenture. 

This Supplemental Indenture constitutes an integral part of the Base Indenture, and supplements and amends the Base Indenture solely with
respect to the Notes. 

 Section 1.2 Definition of Terms. 

For all purposes of this Supplemental Indenture: 

(a) a term not defined herein that is defined in the Base Indenture has the same meaning when used in this Supplemental Indenture; 

(b) the definition of any term in this Supplemental Indenture that is also defined in the Base Indenture shall supersede the definition of
such term in the Base Indenture; 
 (c) a term defined anywhere in this Supplemental Indenture has the same meaning throughout; 

(d) the singular includes the plural and vice versa and use of any gender includes each other gender; 

(e) headings are for convenience of reference only and do not affect interpretation; and 

(f) the following terms have the meanings given to them in this Section 1.2: 

“1940 Act Event” means an event requiring the Company to register as an investment company pursuant to the Investment Company
Act of 1940. 
 “Bankruptcy Proceeding” means (i) any insolvency, bankruptcy, receivership, liquidation,
reorganization or other similar case or proceeding pursuant to any Bankruptcy Law, or any proceeding in connection therewith, relative to the Company or to its assets, (ii) any liquidation, dissolution or other winding up of the Company,
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any other marshalling of assets or liabilities of the Company. 

“Coupon Rate” means, as of any date, the interest rate applicable on such date pursuant to Section 2.5(a) of this
Supplemental Indenture. 
 “Currency Agreement” means any foreign currency exchange contract. 

“Custodian” means, with respect to any Global Note, the Security Registrar, as custodian for DTC with respect to such Global
Note. 
 “Default” means, with respect to the Notes, any one of the following events (whatever the reason for such Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) an Event of Default with respect to the Notes specified in Section 5.1 of the Indenture, 

(b) the events referred to in Section 5.3 of the Indenture with respect to the Notes, or 

(c) default in the performance, or breach, of any covenant or warranty of the Company in the Indenture or the Notes (other than a covenant or
warranty a default the performance of which or the breach of which is specifically dealt with elsewhere in Section 

  
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5.3 of the Indenture); and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default”
under the Indenture. 
 “DTC” has the meaning set forth in Section 2.3(d) of this Supplemental Indenture. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System. 

“Five-year U.S. Treasury Rate” means, as of the Reset Determination Date, (i) an interest rate (expressed as a decimal)
determined to be the per annum rate equal to the arithmetic mean of the five most recent daily yields to maturity for U.S. Treasury securities with a maturity of five years from the Reset Date and trading in the public securities markets or
(ii) if there is no such published U.S. Treasury security with a maturity of five years from the Reset Date and trading in the public securities markets, then the rate will be determined by interpolation between the arithmetic mean of the five
most recent daily yields to maturity for each of the two series of U.S. Treasury securities trading in the public securities market, (a) one maturing as close as possible to, but earlier than, the Maturity Date, and (b) the other maturing
as close as possible to, but later than, the Maturity Date, in each case as published in the most recent H.15. If the Five-year U.S. Treasury Rate cannot be determined pursuant to the methods described in clause (i) or (ii) above, then the
Five-year U.S. Treasury Rate will be 0.263%. 
 “Global Notes” has the meaning set forth in Section 2.4 of this
Supplemental Indenture. 
 “Government Obligations” means securities that are (i) direct obligations of the United
States of America or the other government or governments that issued the foreign currency in which the principal of or any premium or interest on such Security is payable, in each case where the payment or payments thereunder are supported by the
full faith and credit of such government or governments or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such other government or governments, in each case
where the timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government or governments, and which, in the case of (i) or (ii), are not
callable or redeemable at the option of the issuer or issuers thereof, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or
principal of or other amount with respect to any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount with respect to the
Government Obligation evidenced by such depository receipt. 
 “H.15” means the daily statistical release designated as
such, or any successor publication, published by the Federal Reserve Board, and “most recent H.15” means the H.15 published closest in time but prior to the close of business on the Reset Determination Date. 

  
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 “Indebtedness” means, with respect to any Person, such Person’s
obligations for all amounts due on obligations (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company) of the Company in connection with any of the following, whether
outstanding at the date of execution of this Indenture or hereafter incurred or created: (i) the principal of (and premium, if any) and interest due on the Company’s indebtedness for borrowed money and indebtedness evidenced by securities,
debentures, bonds or other similar instruments issued by the Company; (ii) all of the Company’s capital lease obligations; (iii) any of the Company’s obligations as lessee under leases required to be capitalized on the balance
sheet of the lessee under generally accepted accounting principles; (iv) all of the Company’s obligations for the reimbursement on any letter of credit, banker’s acceptance, security purchase facility or similar credit transaction;
(v) all obligations associated with derivative products including but not limited to securities contracts, foreign currency exchange contracts, swap agreements (including interest rate and foreign exchange rate swap agreements), cap agreements,
floor agreements, collar agreements, interest rate agreements, foreign exchange rate agreements, options, commodity futures contracts, commodity option contracts, and similar financial instruments; (vi) all obligations of the types referred to
above of other persons for the payment of which the Company is responsible or liable as obligor, guarantor or otherwise; and (vii) all obligations of the types referred to above of other persons secured by any lien on any property or asset of
the Company (whether or not such obligation is assumed by the Company); 
 For purposes of this Indenture, Indebtedness shall not include
(A) any indebtedness or liability for compensation to employees, any indebtedness, liability or obligations to trade creditors created or assumed in the ordinary course of business; (B) any obligation of the Company to any Subsidiary of
the Company or to any Person with respect to which the Company is a Subsidiary; (C) any liability for federal, state, local or other taxes owed or owing by the Company; (D) any indebtedness of such Person to the extent (I) such
indebtedness does not appear on the financial statements of such Person, (II) such indebtedness is recourse only to certain assets of such Person, and (III) the assets to which such indebtedness is recourse only appear on the financial
statements of such Person net of such indebtedness; or (E) any indebtedness or other obligations issued by any Person (or by a trust or other entity established by such Person or any of its affiliates) to the extent (I) primarily serviced
by the cash flows of a discrete pool of receivables, leases or other financial or operating assets which have been sold or transferred by the Company or any Subsidiary in securitization or secured financing transactions and (II) such sale or
transfer of receivables, leases or other financial or operating assets is treated as a true sale for legal purposes (irrespective of whether such sale or transfer is accounted for as a sale under generally accepted accounting principles or for tax
purposes). The amount of any Indebtedness described in clause (iii) for which recourse is limited to certain property of such Person shall be the lower of (x) the amount of the obligation and (y) the fair market value of the property
of such Person securing such obligation, and the amount of any obligation described in clause (vi) shall be the lower of (x) the stated or determinable amount of the primary obligation in respect of which such contingent obligation is
made, and (y) the maximum amount for which such Person may be liable pursuant to the terms of the agreement embodying such contingent obligation unless such primary obligation and the maximum amount for which such Person may be liable are not
stated or determinable, in which case the amount of such contingent obligation shall be such Person’s maximum, reasonably anticipated liability in respect thereof as determined by such Person in good faith. 

  
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 “Interest Payment Date” has the meaning set forth in Section 2.5(a) of
this Supplemental Indenture. 
 “Interest Rate Agreement” means any interest swap agreement (including any interest rate
and foreign exchange rate swap agreement), cap agreement, floor agreement, collar agreement, interest rate agreement, foreign exchange rate agreements, and similar financial instruments. 

“Issue Date” means the date of this Supplemental Indenture. 

“Maturity Date” means September 17, 2030. 

“Notes” has the meaning set forth in the recitals hereto. 

“Obligations” means any principal, interest (including interest that, but for the filing of a petition in bankruptcy with
respect to an obligor, would have accrued on any obligation, whether or not a claim is allowed against such obligor for such interest in the related proceeding), penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness. 
 “Regular Record Date” means, with respect to a March 17th
Interest Payment Date, the immediately preceding March 1st, and with respect to a September 17th Interest Payment Date, the immediately preceding September 1st. 
 “Reset Date” means September 17, 2025. 

“Reset Determination Date” means the day falling two Business Days prior to the Reset Date. 

“Senior Indebtedness” of the Company means all Indebtedness of the Company other than (i) any indebtedness that
expressly provides (a) that such indebtedness will not be senior in right of payment to the Notes, or (b) that such indebtedness will be subordinated to any other indebtedness of the Company, unless such indebtedness expressly provides
that such indebtedness shall be senior in right of payment to the Notes and (ii) any indebtedness of the Company in respect of the Notes. Any series of Securities may be subordinated to another series of Securities, all as and to the extent
provided in the relevant documentation for each issue of Securities. 
 “Tax Event” means the receipt by the Company of an
opinion of independent tax counsel to the effect that as a result of: 
 (a) an amendment to or change (including any announced prospective
amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or taxing authorities; 

(b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or
announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “administrative or judicial action”); or 

  
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 (c) an amendment to or change in any official position with respect to, or any
interpretation of, an administrative or judicial action or a law or regulation of the United States that differs from the previously generally accepted position or interpretation; 

in each case, which change or amendment or challenge becomes effective or which pronouncement, or decision or challenge is announced on or after the Issue
Date, with respect to which there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date after such opinion, will not be, deductible by the Company, in whole or in part, for United
States federal income tax purposes. 
 “Tier 2 Capital Event” means the Company’s good faith determination that, as a
result of: 
 (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of
doubt, any agency or instrumentality of the United States, including the Federal Reserve Board and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the Issue
Date; 
 (b) any proposed change in those laws, rules or regulations that is announced or becomes effective after the Issue Date; or 

(c) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or
applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the Issue Date; 
 in each case, there is more
than an insubstantial risk that the Company will not be entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Federal Reserve Board (or, as and
if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 

The terms “Company,” “Trustee,” “Indenture” and “Base Indenture” shall
have the respective meanings set forth in the paragraph preceding the recitals to this Supplemental Indenture. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1 Designation and Principal Amount. 

There is hereby authorized a series of Securities designated the “3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030,” initially offered in the aggregate principal amount of $200,000,000, which amount shall be as set forth in a Company Order for the authentication and
delivery of Notes pursuant to Section 3.3 of the Base Indenture. 

  
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 Section 2.2 Maturity. 

Unless earlier redeemed pursuant to Section 3.2 of this Supplemental Indenture, the date upon which the Notes shall become due and
payable at final maturity, together with any accrued and unpaid interest, is the Maturity Date. 
 Section 2.3 Form, Payment and
Appointment. 
 (a) Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than
the Company or one of its Subsidiaries, holds as of 11:00 a.m. New York City time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due. 
 (b) No service charge shall be made for any registration of transfer or exchange of the Notes, but the Company may require
payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

(c) The Paying Agent, Authenticating Agent and Security Registrar for the Notes shall initially be the Trustee. 

(d) The Company initially appoints The Depository Trust Company (“DTC”) to act as Depository with respect to the Global
Notes. The Trustee shall act as Custodian with respect to the Global Notes. 
 (e) The Notes shall be issuable in minimum denominations of
$2,000 and integral multiples of $1,000 in excess thereof in book-entry form only. 
 Section 2.4 Global Notes. 

The Notes shall be represented by a permanent global certificate (collectively, the “Global Notes”) deposited with, or on
behalf of, DTC and registered in the name of Cede & Co. Unless and until certificated notes are issued under the limited circumstances described in the Indenture or this Section 2.4, no Holder shall be entitled to receive a definitive
certificate representing the Notes. So long as DTC or any successor depositary or its nominee is the registered owner of the Global Note, DTC or any successor depositary, or such nominee, as the case may be, will be considered to be the sole owner
or holder of the notes for all purposes of the Indenture. Beneficial interests in the Global Note will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct and indirect participants in
DTC. Investors may elect to hold interests in the Global Note through DTC either directly if they are participants in DTC or indirectly through organizations that are participants in DTC. In connection with any proposed transfer outside the book
entry only system, there shall be provided to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal
Revenue Code Section 6045. The Trustee may rely on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

Section 2.5 Interest. 

(a) Interest on the Notes will accrue (i) during the period from and including the Issue Date, to, but excluding, the Reset Date, or to,
but excluding, the date of earlier redemption, at a fixed rate of 3.700% per annum and (ii) during the period from and including the Reset 

  
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Date, to, but excluding, the Maturity Date, or to, but excluding, the date of earlier redemption, at a rate per annum that will be the Five-year U.S. Treasury Rate as of the Reset Determination
Date plus 3.437% per annum. Interest will be payable semiannually in cash in arrears on September 17 and March 17 of each year, commencing on March 17, 2021. Each such date on which interest is payable is an “Interest Payment
Date.” 
 (b) Interest shall be computed on the basis of a 360-day year consisting of
twelve 30-day months. If any scheduled Interest Payment Date falls on a day that is not a Business Day, the Company shall postpone the interest payment to the next succeeding Business Day, but the payment made
on such date will be treated as having been made on the date that the payment was first due, and the Holders of the Notes will not be entitled to any further interest or other payments with respect to such postponement. 

(c) The Company shall be responsible for making calculations called for under the Indenture and the Notes, including but not limited to
determination of interest, Redemption Price, premium, if any, and any other amounts payable on the Notes. The Company shall make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders.
The Company shall provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Company’s calculations without independent verification. The Trustee
shall forward the Company’s calculations to any Holder upon the written request of such Holder. The Trustee, acting in any capacity hereunder, shall have no liability or responsibility for making any calculation called for under the Indenture
or the Notes, and shall be entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification thereof. 

(d) Unless the Company has delivered a notice of redemption for all outstanding Notes, with such redemption to occur on the Reset Date, the
Company shall appoint a calculation agent with respect to the Notes prior to the Reset Determination Date, which calculation agent may be the Company or an Affiliate of the Company. The Five-year U.S. Treasury Rate will be determined by the
calculation agent on the Reset Determination Date. Any determination, decision or election that may be made by the calculation agent hereunder, including any determination with respect to a rate, will be conclusive and binding absent manifest error,
may be made in the calculation agent’s sole discretion, and, notwithstanding anything to the contrary herein, shall become effective without consent from any other party. The calculation agent’s determination of any interest rate will be
on file at the Company’s principal offices, will be made available to any Holder upon request, and will be final and binding in the absence of manifest error. 

ARTICLE 3 

REDEMPTION AND REPURCHASE OF THE NOTES 

Section 3.1 No Sinking Fund. 

The Notes are not entitled to the benefit of any sinking fund. Article 12 of the Base Indenture shall not apply to the Notes. 

  
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 Section 3.2 Optional Redemption and Regulatory Event Redemption. 

(a) On at least 10 days but no more than 60 days prior written notice delivered to the Holders (which notice may be conditioned in our
discretion on one or more conditions precedent, and the redemption date may be delayed until such time as any or all of such conditions have been satisfied or revoked by the Company if the Company determines that such conditions will not be
satisfied; provided, however, that if any condition precedent has not been satisfied, the Company shall provide written notice to the Trustee no fewer than two Business Days prior to the Redemption Date stating that such condition has not
been satisfied, the notice of redemption is rescinded or delayed and the redemption shall not occur or shall be delayed), the Company may redeem the Notes in whole or in part, commencing (i) on the Reset Date, but not prior thereto (except upon
the occurrence of the events described in Section 3.2 (b)), and on any interest payment date thereafter, or (ii) at any time during the three-month period prior to the Maturity Date, in each case, at a redemption price equal to 100% of the
principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date. If fewer than all of the Notes are to be redeemed at any time, the Notes to be redeemed shall be selected in
accordance with 11.3 of the Base Indenture. 
 (b) The Notes may not otherwise be redeemed prior to the Maturity Date, except that the
Company may also, at its option, redeem the Notes, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date, upon the
occurrence of a Tax Event, Tier 2 Capital Event or a 1940 Act Event. 
 (c) Prior to giving any notice to the Holders pursuant to
Section 3.2(b), the Company shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate certifying that (i) a Tax Event, Tier 2 Capital Event or a 1940 Act Event has occurred and (ii) the Company is entitled
to redeem the Notes in accordance with Section 3.2(b), and the Trustee may conclusively rely on such Opinion of Counsel and Officers’ Certificate. 

(d) If the Company elects to have the Trustee deliver the notice of redemption on the Company’s behalf, then the Company shall have
delivered to the Trustee no fewer than 15 days prior to the date such redemption notice is to be delivered (unless the Trustee agrees to a shorter period) an Officer’s Certificate providing such direction. Any partial redemption will be made in
accordance with the DTC’s applicable procedures among all of the Holders. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall state the portion of the principal amount thereof to be redeemed. The
Company shall calculate the redemption price as described in the terms of the Notes to be redeemed and will deliver an Officer’s Certificate to the Trustee setting forth the redemption price no later than two Business Days prior to the
Redemption Date, and the Trustee will not be responsible for such calculation nor shall the Trustee have any duty to monitor the accuracy of any calculations made by the Company, which will be conclusive and binding on the Holders, absent manifest
error. A replacement Note in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original Note. The Notes are not subject to redemption or prepayment at the option of the
Holders. 
 (e) Under the Federal Reserve Board’s risk-based capital regulations in effect on the Issue Date, any redemption of the
Notes will be subject to the prior approval of the Federal Reserve Board. In addition, prior to exercising the Company’s option to redeem any Notes, or immediately thereafter, the Company shall either replace the redeemed Notes with an
equivalent amount of a financial instrument that meets the Federal Reserve Board’s 

  
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regulatory capital criteria, or demonstrate to the satisfaction of the Federal Reserve Board that following redemption, the Company would continue to hold an amount of capital that is
commensurate with its risk. 
 (f) In addition to the Company’s right to redeem the Notes as set forth above in this Section 3.2,
the Company may at any time and from time to time purchase Notes in open market transactions, tender offers or otherwise, subject to the prior approval of the Federal Reserve Board, to the extent such approval is then required. 

Section 3.3 Effect of Redemption. 

Unless the Company defaults in the payment of the Redemption Price, on and after the Redemption Date, (a) interest shall cease to accrue
on the Notes immediately prior to the close of business on the Redemption Date, (b) the Notes shall become due and payable at the Redemption Price and (c) the Notes shall be void and all rights of the Holders in respect of the Notes shall
terminate and lapse (other than the right to receive the Redemption Price upon surrender of such Notes but without interest on such Redemption Price). Following the notice of a redemption, neither the Company nor the Security Registrar shall be
required to register the transfer of or exchange the Notes to be redeemed. The redemption provisions of Sections 11.5 and 11.6 of the Base Indenture shall not apply to the Notes. 

Section 3.4 Redemption Procedures. 

On or prior to 11:00 a.m. New York City time on any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if
the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 10.3 of the Base Indenture) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) accrued interest on, all the Notes that are to be redeemed on that date. If the Company gives an irrevocable notice of redemption with respect to the Notes pursuant to Section 3.2 of this Supplemental Indenture in connection with
an optional redemption, and the Company has deposited with the Trustee or with the Paying Agent the Redemption Price of the Notes to be redeemed, then, on the Redemption Date, the Paying Agent shall irrevocably deposit such funds with the
Depository. The Company shall also give the Depository irrevocable instructions and authority to pay the Redemption Price in immediately available funds to the Holders of beneficial interests in the Global Notes. If any Redemption Date is not a
Business Day, then the Redemption Price shall be payable on the next Business Day (and without any interest or other payment in respect of any such delay). Interest to be paid on or before the Redemption Date for any Notes called for redemption
shall be payable to the Holders on the Regular Record Date for the related Interest Payment Dates. If any Notes called for redemption are not so paid upon surrender thereof for redemption, the Redemption Price shall, until paid, bear interest from
the Redemption Date at the Coupon Rate then in effect. 
 Section 3.5 No Other Redemption. 

Except as set forth in this Article 3, the Notes shall not be redeemable by the Company prior to the Maturity Date. 

  
 -10- 

 ARTICLE 4 

FORM OF NOTE 

Section 4.1 Form of Note. 

The Notes and the Authenticating Agent’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms
attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 

ARTICLE 5 
 DEFAULTS
AND REMEDIES 
 Section 5.1 Events of Default. This Section 5.1 shall replace Section 5.1 of the Base
Indenture with respect to the Notes only. 
 Each of the following is an “Event of Default” with respect to the Notes
(whatever the reason for such Event of Default and whether it is voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (1) the entry by a court having jurisdiction in the premises of (a) a decree or order for relief in respect of
the Company in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (b) a decree or order appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or all or substantially all of its property (other than the appointment of a conservator with respect to any depository institution subsidiary of the Company), or ordering the winding up or
liquidation of its affairs, and, in the case of either clause (a) or (b), the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

(2) the commencement by the Company of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency,
reorganization or other similar law, or of a voluntary proceeding seeking to be adjudicated insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law, or to the commencement of any insolvency proceedings against it, or the filing by the Company of a petition or answer or consent seeking reorganization,
arrangement, adjustment or composition of the Company under any such applicable law, or the consent by it to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or of all or substantially all of its property (other than the appointment of a conservator with respect to any depository institution subsidiary of the Company), or the 

  
 -11- 

 
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by
the Company in furtherance of any such action. 
 The Base Indenture contains a number of other defaults but no other defaults under, or
breaches of, the Base Indenture or the Notes will result in an Event of Default, whether after notice, the passage of time or otherwise. 

Section 5.2 Acceleration of Maturity. This Section 5.2 shall replace Section 5.2 of the Base Indenture with respect to
the Notes only. 
 In the case of an Event of Default specified in clause (2) of Section 5.1, the principal amount of all Notes and
premium, if any, together with accrued and unpaid interest, if any, thereon, with respect thereto, shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. In the
case of an Event of Default specified in clause (1) of Section 5.1, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes may declare the principal amount of all the Notes and premium, if any, together with
accrued and unpaid interest, if any, thereon, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal amount (or specified amount) and
premium, if any, together with accrued and unpaid interest, if any, thereon, with respect thereto, shall become immediately due and payable. 

At any time after such an acceleration has occurred with respect to the Notes and before a judgment or decree based on such acceleration has
been obtained by the Trustee as provided below in this Article 5, the Holders of not less than a majority in principal amount of the Outstanding Notes, by written notice to the Company and the Trustee, may rescind and annul such acceleration and its
consequences if: 
 (i) the Company has paid or deposited with the Trustee a sum sufficient to pay (A) all overdue interest on all
Notes, (B) the principal of or premium (if any) on any Notes that have become due otherwise than by such acceleration and interest thereon at the rate or rates prescribed therefor in such Notes, (C) to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate prescribed therefor in the Notes, and (D) all sums paid or advanced by the Trustee hereunder, the reasonable compensation, expenses, disbursements and advances due to Trustee under
Section 6.7 of the Base Indenture, and all other amounts due under Section 6.7 of the Base Indenture; 
 (ii) all Events of Default
with respect to the Notes, other than the nonpayment of the principal of the Notes that have become due solely by such acceleration, have been cured, waived or otherwise remedied as provided in Section 5.13 of the Base Indenture; and 

(iii) the rescission would not conflict with any final judgment or decree of a court of competent jurisdiction. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

  
 -12- 

 Section 5.3 Default. This Section 5.3 shall replace Section 5.3 of the
Base Indenture with respect to the Notes only. 
 In the case of a default (not constituting an Event of Default) in the payment of interest
or principal, or premium, if any, which failure to pay continues for 30 days, the Company shall, upon the demand of the Trustee, pay to the Trustee, for the benefit of the Holders, the amount then due and payable on such Notes for principal, and
premium, if any, and interest and, to the extent that payment of such interest is legally enforceable, interest on any overdue principal, and premium, if any, and on any overdue interest. 

If a Default with respect to Notes (other than a Default constituting an Event of Default) occurs and is continuing, the Trustee may in its
discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in the Indenture or the Notes or in aid of the exercise of any power granted therein, or to enforce any other proper remedy. 

ARTICLE 6 

SUBORDINATION 

Section 6.1 Securities Subordinate to Senior Indebtedness. 

(a) The Notes shall be subject to Article 14 of the Base Indenture. In addition, this Article 6 shall be applicable to the Notes. 

(b) The Company covenants and agrees, and each Holder of the Notes, by its acceptance of any Notes, likewise covenants and agrees, that, to
the extent and in the manner hereinafter set forth in this Article 6, the payment of the principal of (and premium, if any) and interest on the Notes are hereby expressly made subordinate and subject in right of payment to the prior payment in full
of all existing and future Senior Indebtedness. 
 (c) This Article 6 shall constitute a continuing offer to all Persons who become holders
of, or continue to hold, Senior Indebtedness, and such provisions are made for the benefit of the holders of Senior Indebtedness and such holders are made obligees hereunder and any one or more of them may enforce such provisions. Holders of Senior
Indebtedness need not prove reliance on the subordination provisions of this Supplemental Indenture. 
 (d) Notwithstanding anything to the
contrary in this Section 6, if a deposit referred to in Section 4.1 of the Base Indenture is made with respect to the Notes (and provided all conditions set out in Section 4.1 of the Base Indenture shall have been satisfied with
respect to the Notes), then, following the 90th day after such deposit, no money or U.S. Government Obligations so deposited, and no proceeds thereon, shall be subject to any rights of holders of Senior Indebtedness, including any such rights
arising under this Article 6. 
 Section 6.2 Payment Over of Proceeds Upon Dissolution, Etc. 

(a) In the event of a Bankruptcy Proceeding, then and in any such event the holders of Senior Indebtedness shall be entitled to receive
payment in full of all amounts due on or to become due on or in respect of all Senior Indebtedness, before the Holders of the Notes are 

  
 -13- 

 
entitled to receive any payment or distribution of any kind or character whether in cash, property or securities, on account of the Notes, and to that end holders of Senior Indebtedness shall be
entitled to receive, for application to the payment thereof, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities, by set-off or otherwise,
which may be payable or deliverable in respect of the Notes in any such Bankruptcy Proceeding. 
 (b) If, notwithstanding the foregoing
provisions of this Section 6.2, the Trustee or the Holder of any Notes shall have received any payment or distribution of any kind or character whether in cash, property or securities before all Senior Indebtedness is paid in full or payment
thereof provided for in cash, then and in such event such payment or distribution shall be paid over or delivered promptly to any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law or other Person making
payment or distribution of assets of the Company for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all Senior Indebtedness in full in cash after giving effect to any concurrent payment to or
for the holders of Senior Indebtedness. 
 (c) The consolidation of the Company with, or the merger of the Company into, another Person, or
the liquidation or dissolution of the Company following the conveyance or transfer of all or substantially all of its properties and assets as an entirety to another Person upon the terms and conditions set forth in Article 8 of the Base Indenture
shall not be deemed an insolvency case, proceeding, receivership, liquidation, reorganization, liquidation, dissolution, winding up or other similar case pursuant to any Bankruptcy Law for the purposes of this Section 6.2 if the Person formed
by such consolidation or into which the Company is merged or the Person that acquires by conveyance or transfer such properties and assets as an entirety, as the case maybe, shall, as a part of such consolidation, merger, conveyance or transfer,
comply with the conditions set forth in Article 8 of the Base Indenture. 
 Section 6.3 Prior Payment to Senior Indebtedness Upon
Acceleration of Notes. 
 (a) If the Notes become due and payable before their Stated Maturity, then and in such event the holders of
Senior Indebtedness shall be entitled to receive payment in full of all amounts due or to become due on, or in respect of, all Senior Indebtedness, or provision shall be made for such payment in cash, before the Holders of the Notes are entitled to
receive any payment by the Company on account of the Notes. 
 (b) If, notwithstanding the foregoing, the Company shall make any payment to
the Trustee or the Holder of any Notes prohibited by the foregoing provisions of this Section 6.3, and if such fact shall, at or prior to the time of such payment, have been made known to the Trustee or, as the case may be, such Holder, then
and in such event such payment shall be paid over and delivered promptly to the Company. 
 Section 6.4 No Payment When Senior
Indebtedness in Default. 
 The Company shall not make any payment on account of the Notes unless full payment of amounts then due for
principal (and premium, if any), sinking funds, and interest on Senior Indebtedness has been made or duly provided for in money or Government Obligations in accordance with its terms. No payment on account of the Notes shall be made by the Company
if, at the time of such payment or immediately after giving effect thereto, there shall have occurred an event of default with respect to any Senior Indebtedness or in 

  
 -14- 

 
any instrument under which the same is outstanding, permitting the holders thereof (or a trustee on behalf of the holders thereof) to accelerate the maturity thereof, or an event that, with the
giving of notice or the passage of time or both, would constitute such event of default, and such event of default shall not have been cured or waived. 

Section 6.5 Payment Permitted If No Default. 

Nothing contained in Article 6 or elsewhere in this Indenture, or in any of the Notes or any series, shall prevent (a) the Company, at
any time except during any Bankruptcy Proceeding, or under the conditions described in Section 6.3 or 6.4, from making payments at any time of principal of (or premium, if any) or interest on the Notes or (b) the application by the Trustee
or any Paying Agent of any moneys deposited with it hereunder to the payment of (or premium, if any) or on account of the principal of or interest on the Notes, if, at the time of such application, the Trustee or such Paying Agent, as the case may
be, did not have the written notice described in Section 6.10 or 6.14, as applicable, of any event prohibiting the making of such deposit or if, at the time of such deposit (whether or not in trust) by the Company with the Trustee or any Paying
Agent (other than the Company), such payment would not have been prohibited by the provisions of this Section. 
 Section 6.6
Subrogation to Rights of Holders of Senior Indebtedness. 
 Subject to the payment in full of all Senior Indebtedness, the Holders of
the Notes shall be subrogated (equally and ratably with the Holders of all Indebtedness of the Company that by its express terms is subordinated in right of payment to Senior Indebtedness to substantially the same extent as the Notes are
subordinated and is entitled to like rights of subrogation) to the rights of the holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of,
premium (if any) and interest on the Notes shall be paid in full. For purposes of such subrogation, no payments or distributions to the Holders of the Senior Indebtedness of any cash, property or securities to which the Holders of the Notes or the
Trustee would be entitled except for the provisions of this Article 6, and no payments over pursuant to the provisions of this Article 6 to the holders of Senior Indebtedness by Holders of the Notes or the Trustee, shall, as among the Company, its
creditors other than holders of Senior Indebtedness and the Holders of the Notes, be deemed to be a payment or distribution by the Company to or on account of the Senior Indebtedness. 

Section 6.7 Provisions Solely to Define Relative Rights. 

The provisions of this Article 6 are and are intended solely for the purpose of defining the relative rights of the Holders of the Notes, on
the one hand, and the holders of Senior Indebtedness, on the other hand. Nothing contained in this Section 6 or elsewhere in this Indenture or in the Notes is intended to or shall (a) impair, as among the Company, its creditors other than
holders of Senior Indebtedness and the Holders of the Notes, the obligation of the Company, which is absolute and unconditional (and which, subject to the rights under this Article 6 of the holders of Senior Indebtedness, is intended to rank equally
in right of payment with all other general obligations of the Company), to pay to the Holders of the Notes the principal of, premium (if any) and interest on the Notes as and when the same shall become due and payable in accordance with their terms;
or (b) affect the relative rights against the Company of the Holders of the Notes and creditors of the Company other than the holders of Senior Indebtedness; or (c) prevent the Trustee or the Holder of any Notes from exercising all
remedies otherwise permitted by applicable law upon default under the 

  
 -15- 

 
Indenture, subject to the rights, if any, under this Article 6 of the holders of Senior Indebtedness to receive cash, property and securities otherwise payable or deliverable to the Trustee or
such Holder. 
 Section 6.8 Trustee to Effectuate Subordination. 

Each Holder of the Notes by its acceptance thereof authorizes and directs the Trustee on its behalf to take such action as it directs to
effectuate the subordination provided in this Article 6 and appoints the Trustee its attorney-in-fact for any and all such purposes, including, in the event of any
dissolution, winding up, liquidation or reorganization of the Company whether in bankruptcy, insolvency, receivership proceedings, or otherwise, the timely filing of a claim for the unpaid balance of the Indebtedness of the Company owing to such
Holder in the form required in such proceedings and the causing of such claim to be approved. 
 If the Trustee does not file a proper claim
to effectuate the subordination provided in this Article 6 or proof of debt at least 30 days before the expiration of the time to file such claim, then any holders of the Senior Indebtedness and their agents, trustees or other representatives are
authorized to do so (but shall in no event be liable for any failure to do so) for and on behalf of the Holders of the Notes. 

Section 6.9 No Waiver of Subordination Provisions; Modifications of Terms of Senior Indebtedness. 

No right of any present or future holder of any Senior Indebtedness to enforce subordination as provided in this Article 6 shall at any time
in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and covenants of the
Indenture, regardless of any knowledge thereof that any such holder may have or be otherwise charged with. 
 Section 6.10 Notice to
Trustee. 
 (a) The Company shall give prompt written notice to the Trustee of any fact known to the Company that would prohibit the
making of any payment to or by the Trustee in respect of the Notes or that would end such prohibition. Notwithstanding the provisions of this Article 6 or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment to or by the Trustee in respect of the Notes or that would end such prohibition, unless and until a Responsible Officer of the Trustee shall have received written notice thereof
from the Company, from any holder of Senior Indebtedness or from any trustee, fiduciary or agent therefor; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.1 of the Base Indenture, shall
be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice of any prohibition provided for in this Section 6.10 at least three Business Days prior to the date upon
which by the terms of this Supplemental Indenture any money may become payable for any purpose (including, without limitation, the payment of the principal of, premium (if any) or interest on the Notes), then, anything herein contained to the
contrary notwithstanding, but without limiting the rights and remedies of the holders of Senior Indebtedness or any trustee, fiduciary or agent therefor, the Trustee shall have full power and authority to receive such money and to apply the same to
the purpose for which such money 

  
 -16- 

 
was received and shall not be affected by any notice to the contrary which may be received by it within two Business Days prior to such date. Any notice required or permitted to be given to the
Trustee by a holder of Senior Indebtedness or by any agent, trustee or representative thereof shall be in writing and shall be sufficient for every purpose hereunder if in writing and either (i) sent via facsimile to the Trustee, the receipt of
which shall be confirmed via telephone, or (ii) personally delivered, or mailed, first class postage prepaid, or sent by overnight carrier, to the Trustee addressed to its Corporate Trust Office or to any other address furnished in writing to
such holder of Senior Indebtedness by the Trustee. 
 (2) Subject to the provisions of Section 6.1 of the Base Indenture, the Trustee
shall be entitled to rely on the delivery to it of a written notice by a Person representing that such Person is a holder of Senior Indebtedness (or a trustee, fiduciary or agent therefor) to establish that such notice has been given by a holder of
Senior Indebtedness or a trustee, fiduciary or agent therefor. If the Trustee determines in good faith that further evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or
distribution pursuant to this Article 6, the Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled
to participate in such payment or distribution and any other facts pertinent to the rights of such Person under this Article 6, and if such evidence is not furnished, the Trustee may defer any payment to such Person pending judicial determination as
to the right of such Person to receive such payment. 
 (3) Notwithstanding anything else contained herein, no notice, request or other
communication to or with the Trustee shall be deemed given unless received by a Responsible Officer at its Corporate Trust Office. 

Section 6.11 Reliance on Judicial Order or Certificate of Liquidating Agent. 

Upon any payment or distribution of assets of the Company referred to in this Article 6, the Trustee, subject to the provisions of
Section 6.1 of the Base Indenture, and the Holders of the Notes shall be entitled to rely upon any order or decree entered by any court of competent jurisdiction in which such Bankruptcy Proceeding is pending, or a certificate of any receiver,
trustee, assignee, liquidator or other similar official under any Bankruptcy Law, or any agent or other Person making such payment or distribution, delivered to the Trustee or to the Holders of Notes, for the purpose of ascertaining the Persons
entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other Indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article 6, provided that the foregoing shall apply only if such court has been apprised of the provisions of this Article 6. 

Section 6.12 Trustee Not Fiduciary for Holders of Senior Indebtedness. 

The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness (or any Person) and shall not be liable to any
such holders if it shall in good faith mistakenly pay over or distribute to Holders of Notes or to the Company or to any other Person cash, property or securities to which any holders of Senior Indebtedness shall be entitled by virtue of this
Article 6 or otherwise. With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article 6 and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into this Indenture against the Trustee. 

  
 -17- 

 Section 6.13 Rights of Trustee as Holder of Senior Indebtedness; Preservation of
Trustee’s Rights. 
 (1) The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article 6 with respect to any Senior Indebtedness that may at any time be held by it, to the same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder. 

(2) Nothing in this Article 6 shall apply to claims of, or payments to, the Trustee under or pursuant to Section 6.7 of the Base
Indenture. 
 Section 6.14 Article Applicable to Paying Agents. 

In case at any time any Paying Agent other than the Trustee shall be then acting hereunder, the term “Trustee” as used in this
Article 6 shall in such case (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named in this Section in addition
to or in place of the Trustee; provided, however, that Section 6.12 of this Supplemental Indenture shall not apply to the Company or any Affiliate of the Company if it or such Affiliate acts as Paying Agent. 

Section 6.15 Redemption. 

Amounts deposited in trust with the Trustee pursuant to and in accordance with Article 11 of the Base Indenture, and not prohibited to be
deposited under Section 6.2 or 6.4 of this Supplemental Indenture when deposited, shall not be subject to this Article 6. 

ARTICLE 7 

MISCELLANEOUS 

Section 7.1 Ratification of Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
 Section 7.2 Trustee and Agent
Not Responsible for Recitals. 
 The recitals herein contained are made by the Company and not by the Trustee or Agent, and the Trustee
and Agent assume no responsibility for the correctness thereof. The Trustee and Agent make no representation as to the validity or sufficiency of this Supplemental Indenture. 

  
 -18- 

 Section 7.3 New York Law To Govern. 

THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 7.4 Separability. 

In case any one or more of the provisions contained in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 7.5 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall
together constitute but one and the same instrument. 
 Section 7.6 Facsimile and PDF Delivery of Signature Pages. 

This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature; or (ii) a faxed, scanned, photocopied, or portable document format (“PDF”) of a manual signature. Each faxed, scanned, photocopied, or PDF manual
signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any
faxed, scanned, photocopied, or PDF manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. For the avoidance of doubt, original manual signatures shall be used for
execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

[Signature pages follow] 

  
 -19- 

 The parties hereto have duly executed this Supplemental Indenture as of the day and year
first written above. 
  

					
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 /s/ Gregory S. Clarke

		 	Name:	 	Gregory S. Clarke
		 	Title:	 	Vice President

  
 [Signature Page to
First Supplemental Indenture] 

 
					
	UMB FINANCIAL CORPORATION
		
	By:	 	 /s/ Ram Shankar

		 	Name:	 	Ram Shankar
		 	Title:	 	 Chief Financial Officer and
 Executive Vice
President

  
 [Signature Page to
First Supplemental Indenture] 

 Exhibit A 

[FORM OF FACE OF SECURITY] 

[Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [Definitive Securities Legend] 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 Exhibit A-1 

 CUSIP No. 902788 AA6 

ISIN No. US902788AA60 
  

			
	No.        	  	$            

 3.700% Fixed-to-Fixed Rate
Subordinated Notes due 2030 (the “Notes”) 
 UMB Financial Corporation, a Missouri corporation, promises to pay to
Cede & Co., or registered assigns, the principal sum of $200,000,000 Dollars on September 17, 2030. 
 Interest Payment Dates:
September 17 and March 17. 
 Record Dates: September 1 and March 1. 

  
 Exhibit A-2 

 Additional provisions of this Note are set forth on the other side of this Note. 

Dated: 
  

			
	UMB FINANCIAL CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit A-3 

 CERTIFICATION OF AUTHENTICATION 

This is one of the 3.700% Fixed-to-Fixed Rate Subordinated Notes due 2030
described in the within-mentioned Supplemental Indenture. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	  

		 	Authorized Signatory
		
	Date:	 	  

  
 Exhibit A-4 

 [FORM OF REVERSE SIDE OF SECURITY] 

 

	1.	 Interest 

UMB FINANCIAL CORPORATION, a Missouri corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred
to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest semiannually in cash in arrears on September 17 and
March 17 of each year, commencing on March 17, 2021. Interest on the Notes shall accrue (i) during the period from and including September 17, 2020, to, but excluding, September 17, 2025 (the “Reset Date”),
or to, but excluding, the date of earlier redemption, at a rate of 3.700% per annum and (ii) during the period from and including the Reset Date to, but excluding, the Maturity Date, or to, but excluding, the date of earlier redemption, at a
rate per annum that will be the Five-year U.S. Treasury Rate as of the Reset Determination Date plus 3.437% per annum. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	 Method of Payment 

The Company shall pay interest on the Notes (except defaulted interest, if any) to the Persons who are registered holders of Notes at the close
of business on the Regular Record Date, whether or not a Business Day, immediately preceding the applicable Interest Payment Date, even if Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender
Notes to the Paying Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes
represented by a Global Note (including principal, premium, if any, and interest) shall be made by wire transfer in immediately available funds in U.S. dollars at the office of the Paying Agent or, if the Notes are not represented by a Global Note,
at the office or agency of the Company maintained for such purpose in Kansas City, Missouri. 
  

	3.	 Indenture 

The Company issued the Notes under an Indenture (the “Base Indenture”) dated as of September 17, 2020, as amended and
supplemented by a First Supplemental Indenture (the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”) dated as of September 17, 2020, between the Company and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”).
Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. 

The Notes are unsecured obligations of the Company. The Company shall be entitled to issue Additional Notes pursuant to Section 3.1 of
the Base Indenture. The Notes issued on the Issue Date and any additional Notes shall be treated as a single series for all purposes under the Indenture. 

  
 Exhibit A-5 

	4.	 Optional Redemption and Regulatory Event Redemption 

The Company may, at its option, redeem the Notes in whole or in part, commencing (i) on the Reset Date, but not prior thereto (except upon
the occurrence of certain events specified below), and on any interest payment date thereafter, or (ii) at any time during the three month period prior to the Maturity Date, in each case, at a redemption price equal to 100% of the principal
amount of the Notes to being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the Redemption Date, in accordance with Section 3.2 of the Supplemental Indenture. 

The Notes may not otherwise be redeemed prior to their maturity date, except that the Company may also, at its option and subject to any prior
required approval of the Federal Reserve Board, redeem the Notes, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redemption
Date, upon the occurrence of a Tax Event, Tier 2 Capital Event or a 1940 Act Event, in accordance with Section 3.2 of the Supplemental Indenture. 
  

	5.	 Mandatory Redemption. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 

	6.	 Amendment, Supplement and Waiver. 

The Indenture or the Notes may be amended or supplemented only as provided in the Indenture. 

 

	7.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 in excess
thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. Every Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Company, Security Registrar or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Security Registrar or the Trustee, as the case may be, duly executed, by the Holder thereof or its attorney duly authorized in writing. 

 

	8.	 Persons Deemed Owners 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	 Discharge 

The Company may discharge its obligations under the Notes and the Indenture in accordance with Article 4 of the Base Indenture. 

 

	10.	 Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 5.1 of the Supplemental Indenture. Upon the occurrence of an Event of
Default, the rights and obligations of the Company and the Holders shall be as set forth in the Indenture. 

  
 Exhibit A-6 

	11.	 No Recourse Against Others 

No recourse for the payment of the principal of or premium, if any, or interest on any Note, or for any claim based thereon or otherwise in
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had, directly or indirectly, against
any incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer, trustee or director, as such, past, present or future,
of the Company or the Trustee or of any predecessor or successor corporation, either directly or through the Company or the Trustee or any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly understood that this Note and the Indenture and the obligations issued hereunder and thereunder are solely corporate obligations and that no such personal liability whatever
shall attach to, or is or shall be incurred by, any incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer,
trustee or director, as such, of the Company or the Trustee or of any predecessor or successor corporation, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in
this Note or the Indenture or implied herefrom or therefrom; and that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against,
every such incorporator, subscriber to the shares of beneficial interest (or capital stock or membership interests (as applicable)), shareholder, stockholder, member, employee, agent, manager, officer, trustee or director, as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Note and the Indenture, any certificate or other writing delivered in connection herewith or therewith, or implied
herefrom or therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of the Indenture and the issuance of the Notes. By accepting this Note, each Holder of this Note agrees to the provisions of
this Section 11 and waives and releases all such liability. Such waiver and release is part of the consideration for the issuance of the Notes. 
  

	12.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee, or any Authenticating Agent appointed by the Trustee, manually signs
the certificate of authentication on the other side of this Note. 
  

	13.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	14.	 CUSIP Numbers 

The Company has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 Exhibit A-7 

	15.	 Governing Law 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit A-8 

 ASSIGNMENT FORM 
  

			
	To assign this Note, fill in the form below:	 	  

			
	I or we assign and transfer this Note to	 	  

		 	(Print or type assignee’s name, address and zip code)

  
  

(Insert assignee’s sec. sec. or tax I.D. No.) 

and irrevocably appoint agent to transfer this Security on the books of the Company. The agent may substitute another to act for him/her. 

 

							
	Date:	 		 	Your Signature:	 	  

		 		 		 	Sign exactly as your name appears
on the other side of this Security.

  
 Exhibit A-9 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 
  

																			
	Date of
Exchange	 	 	Amount of decrease
in Principal amount
of this Global
Security	 	 	Amount of increase
in Principal amount
of this Global
Security	 	 	Principal amount of
this Global Note
following such
decrease or
increase	 	 	Signature of
authorized officer of
Trustee or Securities
CustodianExhibit 10.1

 

Foresight
Autonomous Holdings Ltd.

 

American
Depositary Shares, each

Representing Five Ordinary Shares

SALES
AGREEMENT

October
2, 2020

 

A.G.P./Alliance
Global Partners

590
Madison Avenue

New
York, New York 10022

 

Ladies
and Gentlemen:

 

Foresight
Autonomous Holdings Ltd., a company organized under the laws of Israel (the “Company”), confirms its
agreement (this “Agreement”) with A.G.P./Alliance Global Partners, as follows:

 

1.
Issuance and Sale of ADSs. The Company agrees that, from time to time during the term of this Agreement, on the terms and
subject to the conditions set forth herein, it may issue and sell to or through A.G.P./Alliance Global Partners, acting as agent
and/or principal (the “Sales Agent”), American Depositary Shares (“ADSs”),
each representing five (5) ordinary shares of the Company, no par value (the “Ordinary Shares”), subject
to the limitations set forth in Section 3(b) hereof (the ADSs to be offered and sold hereunder being referred to as
the “Placement Shares”). The issuance and sale of the Placement Shares to or through the Sales Agent
will be effected pursuant to the Registration Statement (as defined below) filed by the Company under the Securities Act of 1933,
as amended, and the rules and regulations thereunder (collectively, the “Securities Act”), by the U.S.
Securities and Exchange Commission (the “Commission”) and declared effective by the Commission on March
8, 2019.

 

The
Placement Shares will be evidenced by American Depositary Receipts (the “ADRs”) pursuant to a deposit
agreement (the “Deposit Agreement”), by and among the Company, The Bank of New York Mellon, as depositary
(the “Depositary”), and the holders from time to time of the Placement Shares evidencing the ADSs issued
thereunder. The Company shall, following the sale of the Placement Shares to or through the Sales Agent deposit, on behalf of
the Sales Agent, the Ordinary Shares represented by such ADSs with The Bank of New York Mellon, as custodian (the “Custodian”)
for the Depositary, which shall deliver such Placement Shares to the Sales Agent for the account of the Sales Agent for subsequent
delivery to the investors, as the case may be.

 

     

     

    

 

The
Company has filed, in accordance with the provisions of the Securities Act, with the Commission, a shelf registration statement
on Form F-3 (File No. 333-229715) not earlier than three years prior to the date hereof,
including a base prospectus, relating to certain securities, including Ordinary Shares underlying the ADSs, to be issued from
time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance
with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively,
the “Exchange Act”). The Company and the Depositary have prepared and filed with the Commission a registration
statement relating to ADSs on Form F-6 (File No. 333-217881) for registration under the Securities Act (the “ADS Registration
Statement”). The Company has prepared a prospectus supplement specifically relating to the offering of the Ordinary
Shares underlying the ADSs pursuant to this Agreement included as part of such registration statement (the “ATM Prospectus”).
As soon as practicable following the filing of the ATM Prospectus, the Company will furnish to the Sales Agent, for use by the
Sales Agent, copies of the base prospectus included as part of the Registration Statements and the ATM Prospectus relating to
the Placement Shares (as defined below). The Company may file, if necessary, one or more additional registration statements from
time to time that will contain a base prospectus and related prospectus or prospectus supplement, if applicable (which shall be
a Prospectus Supplement), with respect to the Placement Shares. Except where the context otherwise requires, such registration
statement, as amended by any post-effective amendments thereto, including all documents filed as part thereof or incorporated
by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission
pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B
or 462(b) of the Securities Act, is herein called the “Registration Statement.” The base prospectus, including
all documents incorporated therein by reference (to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), and the ATM Prospectus, including
all documents incorporated therein by reference (to the extent such information has not been superseded or modified in accordance
with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), each of which is included in the
Registration Statement, as it or they may be supplemented by any additional prospectus supplement, in the form in which such prospectus
and/or ATM Prospectus have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities
Act, together with any “issuer free writing prospectus” (“Issuer Free Writing Prospectus”),
as defined in Rule 433 of the Securities Act (“Rule 433”), relating to the Placement Shares that (i)
is required to be filed with the Commission by the Company or (ii) is exempt from filing pursuant to Rule 433(d)(5)(i), in each
case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the
Company’s records pursuant to Rule 433(g), is herein called the “Prospectus.” Any reference herein to
the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the
documents incorporated by reference therein, and any reference herein to the terms “amend,” “amendment”
or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include
the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein. For
purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto
shall be deemed to include any copy filed with the Commission pursuant to either the Electronic Data Gathering Analysis and Retrieval
System, or if applicable, the Interactive Data Electronic Applications (collectively “EDGAR”).

 

    1 

     

    

 

2.
Placements. Each time that the Company wishes to issue and sell Placement Shares through the Sales Agent, as agent, hereunder
(each, a “Placement”), it will notify the Sales Agent by email notice (or other method mutually agreed
to in writing by the parties) (a “Placement Notice”) containing the parameters in accordance with which
it desires the Placement Shares to be sold, which shall at a minimum include the number of Placement Shares to be issued, the
time period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in
any one Trading Day (as defined in Section 3) and any minimum price below which sales may not be made, a form of which
containing such minimum sales parameters necessary is attached hereto as Schedule 1. The Placement Notice shall
originate from any of the individuals from the Company set forth on Schedule 2 (with a copy to each of the
other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Sales
Agent set forth on Schedule 2, as such Schedule 2 may be amended from time to time. The
Placement Notice shall be effective upon receipt by the Sales Agent unless and until (i) in accordance with the notice requirements
set forth in Section 4, the Sales Agent declines to accept the terms contained therein for any reason, in its sole
discretion, (ii) the entire amount of the Placement Shares have been sold, (iii) in accordance with the notice requirements
set forth in Section 4, the Company suspends or terminates the Placement Notice, (iv) the Company issues a subsequent
Placement Notice with parameters superseding those on the earlier dated Placement Notice, or (v) the Agreement has been terminated
under the provisions of Section 11. The amount of any discount, commission or other compensation to be paid by the
Company to the Sales Agent in connection with the sale of the Placement Shares through the Sales Agent, as agent, shall be as
set forth in Schedule 3. It is expressly acknowledged and agreed that neither the Company nor the Sales Agent
will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers
a Placement Notice to the Sales Agent and the Sales Agent does not decline such Placement Notice pursuant to the terms set forth
above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement
and the terms of a Placement Notice, the terms of the Placement Notice will control.

 

3.
Sale of Placement Shares by the Sales Agent.

 

(a)
Subject to the terms and conditions set forth herein, upon the Company’s issuance of a Placement Notice, and unless the
sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms
of this Agreement, the Sales Agent, as agent for the Company, will use its commercially reasonable efforts consistent with its
normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Capital
Market (the “Exchange”), for the period specified in the Placement Notice, to sell such Placement Shares
up to the amount specified by the Company in, and otherwise in accordance with the terms of such Placement Notice. If acting as
agent hereunder, the Sales Agent will provide written confirmation to the Company (including by email correspondence to each of
the individuals of the Company set forth on Schedule 2, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) no later than 10:00 p.m. (Eastern Time) on the
Trading Day that a sale of Placement Shares is made hereunder setting forth the number of Placement Shares sold on such day, the
compensation payable by the Company to the Sales Agent pursuant to Section 2 with respect to such sales, and the Net
Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Sales Agent (as set forth
in Section 5(a)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice,
the Sales Agent may sell Placement Shares by any method permitted by law deemed to be an “at the market” offering
as defined in Rule 415 under the Securities Act, including without limitation sales made directly on the Exchange, on any
other existing trading market for the ADSs or to or through a market maker. Subject to the terms of a Placement Notice, the Sales
Agent may also sell Placement Shares by any other method permitted by law, including but not limited to in negotiated transactions
with the Company’s prior written consent. The Company acknowledges and agrees that (i) there can be no assurance that the
Sales Agent will be successful in selling Placement Shares, (ii) the Sales Agent will incur no liability or obligation to the
Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Sales Agent
to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations
to sell such Placement Shares as required under this Agreement and (iii) the Sales Agent shall be under no obligation to purchase
Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Sales Agent and the Company
in writing and expressly set forth in a Placement Notice. For the purposes hereof, “Trading Day” means
any day on which the ADSs are purchased and sold on the principal market on which the ADSs are listed or quoted.

 

    2 

     

    

 

(b)
Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to
the sale of such Placement Shares, the aggregate number or gross sales proceeds of Placement Shares sold pursuant to this Agreement
would exceed the lesser of: (i) the number or dollar amount of Ordinary Shares underlying the ADSs registered pursuant to
the Registration Statement pursuant to which the offering hereunder is being made, (ii) the number of authorized but unissued
and unreserved Ordinary Shares underlying the ADSs, (iii) the number or dollar amount of Ordinary Shares and ADSs permitted
to be offered and sold by the Company under Form F-3 (including General Instruction I.B.5. of Form F-3, if and for so long as
applicable), (iv) the number or dollar amount of Ordinary Shares and ADSs authorized from time to time to be issued and sold
under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive
committee, and notified to the Sales Agent in writing, or (v) the number or dollar amount of Ordinary Shares underlying ADSs
for which the Company has filed the ATM Prospectus or other prospectus supplement specifically relating to the offering of the
Placement Shares pursuant to this Agreement. Under no circumstances shall the Company cause or request the offer or sale of any
Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s
board of directors, a duly authorized committee thereof or a duly authorized executive committee. Notwithstanding anything to
the contrary contained herein, the parties hereto acknowledge and agree that compliance with the limitations set forth in this
Section 3(b) on the number or dollar amount of Placement Shares that may be issued and sold under this Agreement from time
to time shall be the sole responsibility of the Company, and that the Sales Agent shall have no obligation in connection with
such compliance.

 

(c)
During the term of this Agreement, neither the Sales Agent nor any of its affiliates or subsidiaries shall engage in (i) any
short sale of any security of the Company or (ii) any sale of any security of the Company that the Sales Agent does not own
or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of, the Sales Agent.
During the term of this Agreement and notwithstanding anything to the contrary herein, the Sales Agent agrees that in no event
will the Sales Agent or its affiliates engage in any market making, bidding, stabilization or other trading activity with regard
to the Ordinary Shares or ADSs or related derivative securities if such activity would be prohibited under Regulation M or other
anti-manipulation rules under the Exchange Act.

 

    3 

     

    

 

4.
Suspension of Sales.

 

(a)
The Company or the Sales Agent may, upon notice to the other party in writing (including by email correspondence to each of the
individuals of the other party set forth on Schedule 2, if receipt of such correspondence is actually acknowledged
by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable
facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 2),
suspend any sale of Placement Shares for a period of time (a “Suspension Period”); provided,
however, that such suspension shall not affect or impair either party’s obligations with respect to any Placement
Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4
shall be effective against the other unless it is made to one of the individuals named on Schedule 2 hereto,
as such schedule may be amended from time to time. During a Suspension Period, the Company shall not issue any Placement Notices
and the Sales Agent shall not sell any Placement Shares hereunder. The party that issued a suspension notice shall notify the
other party in writing of the Trading Day on which the Suspension Period shall expire not later than twenty-four (24) hours prior
to such Trading Day.

 

(b)
Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public
information, the Company and the Sales Agent agree that (i) no sale of Placement Shares will take place, (ii) the Company
shall not request the sale of any Placement Shares, and (iii) the Sales Agent shall not be obligated to sell or offer to
sell any Placement Shares.

 

5.
Settlement.

 

(a)
Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of
Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way
trading) following the respective Point of Sale (as defined below) (each, a “Settlement Date”). The
amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net
Proceeds”) will be equal to the aggregate sales price received by the Sales Agent at which such Placement Shares
were sold, after deduction for (i) the Sales Agent’s discount, commission or other compensation for such sales payable
by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any clearing organization
or any governmental or self-regulatory organization in respect of such sales.

 

    4 

     

    

 

(b)
Delivery of Placement Shares. On or before each Settlement Date, the Company will, or will cause its transfer agent to,
electronically transfer the Placement Shares being sold by crediting the Sales Agent’s or its designee’s account (provided
the Sales Agent shall have given the Company written notice of such designee at least one
Trading Day prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian
System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely
tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Sales Agent will deliver the
related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company
agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver duly authorized Placement
Shares on a Settlement Date, through no fault of the Sales Agent, the Company agrees that in addition to and in no way limiting
the rights and obligations set forth in Section 9(a) (Indemnification and Contribution) hereto, the Company will (i) hold
the Sales Agent, its directors, officers, members, partners, employees and agents of the Sales Agent, each broker dealer affiliate
of the Sales Agent, and each person, if any, who (A) controls the Sales Agent within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act or (B) is controlled by or is under common control with the Sales Agent
(each, a “Sales Agent Affiliate”), and the Sales Agent’s clearing organization, harmless against
any loss, claim, damage, or reasonable and documented expense (including reasonable legal fees and expenses), as incurred, arising
out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Sales
Agent any commission, discount, or other compensation to which it would otherwise have been entitled hereunder absent such default.

 

6.
Representations and Warranties of the Company. The Company represents and warrants to, and agrees with, the Sales Agent
that as of each Applicable Time (as defined in Section 24(a)), unless such representation, warranty or agreement specifies
a different time or times:

 

(a)
Compliance with Registration Requirements. As of each Applicable Time other than the date of this Agreement, the Registration
Statement and any Rule 462(b) Registration Statement will have been declared effective by the Commission under the Securities
Act and the Company is and continues to be eligible to use such Form F-3. The Company has complied to the Commission’s satisfaction
with all requests of the Commission for additional or supplemental information related to the Registration Statement and the Prospectus
and the ADS Registration Statement. No stop order suspending the effectiveness of the Registration Statement or any Rule 462(b) Registration
Statement is in effect and no proceedings for such purpose have been instituted or are pending or, to the knowledge of the Company,
are contemplated or threatened by the Commission. The Registration Statement and, assuming no act or omission on the part of the
Sales Agent that would make such statements untrue, the offer and sale of the Placement Shares as contemplated hereby meet the
requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. In the section entitled
“Plan of Distribution” in the ATM Prospectus, the Company has named A.G.P./Alliance Global Partners as an agent that
the Company has engaged in connection with the transactions contemplated by this Agreement. The Company was not, at the time of
the filing of the Registration Statement, and is not an “ineligible issuer” as defined in Rule 405 under the
Securities Act.

 

(b)
No Misstatement or Omission. The Registration Statement and any post-effective amendment thereto, at the time it became
or becomes effective, complied or will comply in all material respects with the Securities Act. The Prospectus, and any amendment
or supplement thereto, on the date of such Prospectus or amendment or supplement, complied or will comply in all material respects
with the Securities Act. The Registration Statement and any post-effective amendment thereto, at the time it became or becomes
effective, did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading. The Prospectus, as amended or supplemented, as of its
date, did not and, as of each Point of Sale and each Settlement Date, will not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The representations and warranties set forth in the two immediately preceding sentences do not
apply to statements in or omissions from the Registration Statement or any post-effective amendment thereto, or the Prospectus,
or any amendments or supplements thereto, made in reliance upon and in conformity with information relating to the Sales Agent
furnished to the Company in writing by the Sales Agent expressly for use therein. “Point of Sale” means,
for a Placement, the time at which an acquiror of Placement Shares entered into a contract, binding upon such acquiror, to acquire
such Placement Shares.

 

    5 

     

    

 

(c)
Offering Materials Furnished to the Sales Agent. Copies of the Registration Statement, the Prospectus, and all amendments
or supplements thereto and all documents incorporated by reference therein that were filed with the Commission on or prior to
the date of this Agreement, have been delivered, or are publicly available through EDGAR, to the Sales Agent. Each Prospectus
delivered to the Sales Agent for use in connection with the sale of the Placement Shares pursuant to this Agreement will be identical
to the version of such Prospectus filed with the Commission via EDGAR, except to the extent permitted by Regulation S-T.

 

(d)
Conformity with Securities Act and Exchange Act. The Registration Statement, the
Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the documents incorporated by reference
therein, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become
effective under the Securities Act, as the case may be, conformed or will conform in all material respects with the requirements
of the Securities Act and the Exchange Act, as applicable. At each Settlement Date, the Registration Statement and the Prospectus,
as of such date, will conform in all material respects with the requirements of the Securities Act.

 

(e)
Distribution of Offering Material By the Company. The Company has not distributed and will not distribute, prior to the
completion of the Sales Agent’s distribution of the Placement Shares, any offering material in connection with the offering
and sale of the Placement Shares other than the Prospectus or the Registration Statement.

 

(f)
The Sales Agreement. This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a
valid, legal, and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as rights
to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally, and subject to
general principles of equity. The Company has full corporate power and authority to enter into this Agreement and to authorize,
issue and sell the Placement Shares as contemplated by this Agreement. This Agreement conforms in all material respects to the
descriptions thereof in the Registration Statement and the Prospectus.

 

(g)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 6(g). The
Company owns, directly or indirectly, all of the share capital or other equity interests of each Subsidiary free and clear of
any Liens, and all of the issued and outstanding shares of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities. Except as set forth in Schedule 6(g), there
are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating
to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to
subscribe for or acquire, any shares of any Subsidiary, or contracts, commitments, understandings or arrangements by which any
Subsidiary is or may become bound to issue shares. If the Company has no subsidiaries, all other references to the Subsidiaries
or any of them in this Agreement shall be disregarded.

 

    6 

     

    

 

(h)
Organization and Qualification. The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized,
validly existing, and, if applicable under the laws of the jurisdiction in which they are formed, in good standing under the laws
of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties
and assets and to carry on its business as currently conducted. The Company and each of the Subsidiaries has all necessary authorizations,
approvals, orders, licenses, certificates and permits of and from all governmental regulatory officials and bodies that it needs
as of the date hereof to conduct its business purpose in all material respects as described in the Registration Statement and
the Prospectus and to own or lease its properties. Neither the Company nor any Subsidiary is in violation nor default of any of
the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.
Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be
expected to result in a Material Adverse Effect. The term “Material Adverse Effect” means an effect, change,
event or occurrence that, alone or in conjunction with any other or others: (i) has or would reasonably be expected to have a
material adverse effect on: (A) the business, general affairs, management, condition (financial or otherwise), results of operations,
shareholders’ equity, properties or prospects of the Company and the Subsidiaries, taken as a whole, or (B) the legality,
validity or enforceability of any Transaction Document, (ii) the Company’s ability to perform in any material respect on
a timely basis its obligations under any Transaction Document or (iii) would result in the Prospectus or any amendment thereto
containing a misrepresentation within the meaning of applicable securities laws; provided that a change in the
market price or trading volume of the ADSs alone shall not be deemed, in and of itself, to constitute a Material Adverse Effect.

 

(i)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the Deposit Agreement and the
consummation of the transactions contemplated hereby or thereby, the issuance and delivery of the Ordinary Shares and the ADSs
representing such Ordinary Shares, the deposit of the Ordinary Shares with the Depositary against issuance of the ADRs evidencing
the ADSs and compliance with the terms and provisions hereof and thereof do not and will not (i) conflict with or violate any
provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would
become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary,
or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with
or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or
Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property
or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result
in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental
authority to which the Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and
(iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

    7 

     

    

 

(j)
Filings, Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of,
give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority
or other Person in connection with the execution, delivery and performance by the Company of this Agreement, other than: (i) the
filing with the Commission of the Prospectus, (ii) application(s) to and approvals by The Nasdaq Capital Market and the Tel Aviv
Stock Exchange for the listing of the Placement Shares for trading thereon in the time and manner required thereby, (iii) such
filings as are required to be made under applicable state securities laws and the Israeli Securities Authority and the Tel Aviv
Stock Exchange, and (iv) filings required by the Israeli Registrar of Companies and notice of the transaction contemplated hereby
to the Israel Innovation Authority of the Ministry of Economy and Industry, should Israeli Company Counsel determine such notice
is required, (collectively, the “Required Approvals”).

 

(k)
Issuance of the Placement Shares; Registration. Upon due issuance by the Depositary of ADRs evidencing ADSs against the
deposit of Ordinary Shares in accordance with the provisions of the Deposit Agreement, such ADRs will be duly and validly issued
under the Deposit Agreement and persons in whose names such ADRs are registered will be entitled to the rights of registered holders
of ADRs evidencing the ADSs specified therein and in the Deposit Agreement. The Placement Shares are duly authorized and, when
issued and paid for in accordance with this Agreement and a Placement Notice, will be duly and validly issued, fully paid and
nonassessable, free and clear of all Liens imposed by the Company. The Deposit Agreement has been duly authorized, executed and
delivered by the Company and, assuming due authorization, execution and delivery by the Depositary, constitutes a valid and legally
binding obligation of the Company, enforceable in accordance with its terms, subject as to enforcement to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights generally and to general
equity principles. The Company has reserved from its duly authorized share capital the maximum number of Ordinary Shares issuable
pursuant to this Agreement. The Company has prepared and filed the Registration Statement in conformity with the requirements
of the Securities Act, which became effective on March 8, 2019, including the Prospectus, and such amendments and supplements
thereto as may have been required to the date of this Agreement. The Company and the Depositary have prepared and filed with the
Commission a registration statement relating to ADSs on Form F-6 (File No. 333-217881) for registration under the Securities Act
(the “ADS Registration Statement”). The Registration Statement and ADS Registration Statement are effective
under the Securities Act and no stop order preventing or suspending the effectiveness of the Registration Statement or suspending
or preventing the use of the Prospectus has been issued by the Commission and no proceedings for that purpose have been instituted
or, to the knowledge of the Company, are threatened by the Commission. At the time the Registration Statement, ADS Registration
Statement and any amendments thereto became effective, at the date of this Agreement, the Registration Statement and any amendments
thereto conformed and will conform in all material respects to the requirements of the Securities Act and did not and will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein not misleading; and the Prospectus and any amendments or supplements thereto, at time the Prospectus
or any amendment or supplement thereto was issued and as of the date of this Agreement, conformed and will conform in all material
respects to the requirements of the Securities Act and did not and will not contain an untrue statement of a material fact or
omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading. The Company is a “foreign private issuer” as defined in Rule 405 of Regulation C under
the Securities Act and Rule 3b-4 under the Exchange Act. The Company is eligible to use Form F-3 under the Securities Act and
it meets the transaction requirements with respect to the aggregate market value of securities being sold pursuant to this offering
and during the twelve calendar (12) months prior to this offering, as set forth in General Instruction I.B.5 of Form F-3. The
agreements and documents described in the Registration Statement and ADS Registration Statement conform in all material respects
to the descriptions thereof contained or incorporated by reference therein and there are no agreements or other documents required
by the Securities Act and the regulations thereunder to be described in the Registration Statement and ADS Registration Statement
or to be filed with the Commission as exhibits to the Registration Statement and ADS Registration Statement or to be incorporated
by reference in the Registration Statement and ADS Registration Statement, that have not been so described or filed or incorporated
by reference. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which
it is or may be bound or affected and (i) that is referred to or incorporated by reference in the Registration Statement and ADS
Registration Statement or (ii) is material to the Company’s business, has been duly authorized and validly executed by the
Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company’s
knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy,
insolvency, reorganization or similar laws affecting creditors’ rights generally, (y) as enforceability of any indemnification
or contribution provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance
and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court
before which any proceeding therefor may be brought. None of such agreements or instruments has been assigned by the Company,
and neither the Company nor, to the Company’s knowledge, any other party is in default thereunder and, to the Company’s
knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder
except for a default or event which would not reasonably be expected to result in a Material Adverse Effect). To the Company’s
knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation
of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic or foreign,
having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to environmental
laws and regulations.

 

    8 

     

    

 

(l)
Capitalization. The equity capitalization of the Company is as set forth on Schedule 6(l). Except as set forth
on Schedule 6(l), and except for the 5,300,000 ADSs issued in April 2020, 9,033,334 ADSs issued in May 2020 and 6,400,000
ADSs issued in June 2020, the Company has not issued any shares since its most recently filed Form 20-F. No Person has any right
of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated
by this Agreement. Except as set forth on Schedule 6(l), there are no outstanding options, warrants, scrip rights
to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible
into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any ADSs, Ordinary Shares,
or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue
additional ADSs, Ordinary Shares or Ordinary Share Equivalents. The issuance and sale of the Placement Shares will not obligate
the Company to issue ADSs or Ordinary Shares or other securities to any Person and will not result in a right of any holder of
Company securities to adjust the exercise, conversion, exchange or reset price under any of such securities. There are no outstanding
securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no
contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem
a security of the Company or such Subsidiary. The Company does not have any share appreciation rights or “phantom stock”
plans or agreements or any similar plan or agreement. All of the outstanding shares of the Company are duly authorized, validly
issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws where applicable,
and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
securities. Except for the Required Approvals, no further approval or authorization of any shareholder, the Board of Directors
or others is required for the issuance and sale of the Placement Shares or the issuance of ordinary shares upon conversion of
ADSs or the deposit of the Ordinary Shares being deposited with the Depositary against issuance of ADRs evidencing the ADSs, except
such as have been obtained or made and such as may be required under state securities laws. There are no shareholders agreements,
voting agreements or other similar agreements with respect to the Company’s share capital to which the Company is a party
or, to the knowledge of the Company, between or among any of the Company’s shareholders.

 

(m)
SEC Reports; Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents
required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d)
thereof, for the one year preceding the date hereof (or such shorter period as the Company was required by law or regulation to
file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein,
together with the Prospectus and the ATM Prospectus, being collectively referred to herein as the “SEC Reports”)
on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration
of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements of
the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement
of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The Company has never been an issuer subject
to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports or incorporated by
reference in the Registration Statement and Prospectus comply in all material respects with applicable accounting requirements
and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements
have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods
involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial
statements may not contain all footnotes required by generally accepted accounting principles, and fairly present in all material
respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results
of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial,
year-end audit adjustments.

 

    9 

     

    

 

(n)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof and
set forth in Schedule 6(n) hereto, (i) there has been no event, occurrence or development that has had or that could reasonably
be expected to result in a Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities (contingent
or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to generally accepted
accounting principles or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting,
(iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased,
redeemed or made any agreements to purchase or redeem any shares and (v) the Company has not issued any equity securities to any
officer, director or Affiliate, except pursuant to existing Company shares option plans. The Company does not have pending before
the Commission any request for confidential treatment of information. Except for the issuance of the Placement Shares contemplated
by this Agreement or as set forth on Schedule 6(i), no event, liability, fact, circumstance, occurrence or development
has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective
businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company
under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at
least 1 Trading Day prior to the date that this representation is made.

 

(o)
Litigation. Except as set forth on Schedule 6(o), there is no action, suit, inquiry, notice of violation, proceeding
or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any
of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority
(federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or
challenges the legality, validity or enforceability of any of this Agreement or the Placement Shares or (ii) could, if there were
an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Except as set forth on Schedule
6(o), neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty,
which could result in a Material Adverse Effect. There has not been, and to the knowledge of the Company, there is not pending
or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the
Company. The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement
filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

    10 

     

    

 

(p)
Labor Relations. No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees
of the Company, which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its
Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such
Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company
and its Subsidiaries believe that their relationships with their employees are good. To the knowledge of the Company, no executive
officer of the Company or any Subsidiary, is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement
or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not
subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters. The Company and
its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment
and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance
could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(q)
Compliance. Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary
under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation
of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any
of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree
or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance
or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating
to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters,
except in each case of (i), (ii) and (iii) as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(r)
Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the
appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as described
in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material
Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice
of proceedings relating to the revocation or modification of any Material Permit.

 

(s)
Title to Assets. The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned
by them and good and marketable title in all personal property owned by them that is material to the business of the Company and
the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such
property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries
and (ii) Liens for the payment of Israeli, federal, state or other taxes, for which appropriate reserves have been made therefor
in accordance with generally accepted accounting principles and, the payment of which is neither delinquent nor subject to penalties.
Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting
and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.

 

    11 

     

    

 

(t)
Intellectual Property. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual
property rights and similar rights necessary or required for use in connection with their respective businesses as described in
the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual
Property Rights”). None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise)
that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate
or be abandoned, within two (2) years from the date of this Agreement except as would not reasonably be expected to have a Material
Adverse Effect. Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements
included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights
violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse
Effect. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement
by another Person of any of the Intellectual Property Rights. The Company and its Subsidiaries have taken reasonable security
measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do
so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. None
of the Intellectual Property Rights used by the Company or any of its Subsidiaries in their respective businesses has been obtained
or is being used by the Company or such Subsidiary in violation of any contractual obligation binding on the Company or any of
its subsidiaries in violation of the rights of any person. The Company and its subsidiaries have taken all reasonable steps
in accordance with normal industry practice to protect and maintain the Intellectual Property Rights including, without limitation,
the execution of appropriate nondisclosure and invention assignment agreements. The consummation of the transactions contemplated
by this Agreement will not result in the loss or impairment of, or payment of, and additional amounts with respect to, nor require
the consent of, any other person regarding the Company’s or any of its subsidiaries’ right to own or use any of the
Intellectual Property Rights as owned or used in the conduct of such party’s business as currently conducted. To the knowledge
of the Company and its Subsidiaries, no employee of any of the Company or its subsidiaries is the subject of any pending claim
or proceeding involving a violation of any term of any employment contract, invention disclosure agreement, patent disclosure
agreement, noncompetition agreement, non-solicitation agreement, nondisclosure agreement or restrictive covenant to or with a
former employer, where the basis of such violation relates to such employee’s employment with the Company or its subsidiaries
or actions undertaken by the employee while employed with the Company or its Subsidiaries.

 

(u)
Insurance. The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such
losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries
are engaged, including, but not limited to, directors and officers insurance coverage. Neither the Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business. Such renewal may result in a
significant increase in cost.

 

    12 

     

    

 

(v)
Transactions With Affiliates and Employees. Except as set forth on Schedule 6(v), none of the officers or directors
of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary
is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing
for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise
requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which
any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, shareholder, member
or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered,
(ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including shares option agreements
under any share option plan of the Company.

 

(w)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries and their respective officers and directors
are in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of
the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective
as of the date hereof and as of the Closing Date. The Company and the Subsidiaries maintain a system of internal accounting controls
sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with generally accepted accounting principles and to maintain asset accountability, (iii) access to assets is permitted only in
accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared
with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company
and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required
to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the Commission’s rules and forms. The Company’s certifying officers
have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of
the period covered by the most recently filed Form 20-F under the Exchange Act (such date, the “Evaluation Date”).
The Company presented in its most recently filed Form 20-F under the Exchange Act the conclusions of the certifying officers about
the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation
Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act)
that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of
the Company and its Subsidiaries.

 

(x)
Certain Fees. Except as set forth in the Prospectus, no brokerage or finder’s fees or commissions are or will be
payable by the Company or any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker,
bank or other Person with respect to the transactions contemplated by this Agreement.

 

(y)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Placement
Shares, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act
of 1940, as amended. The Company shall conduct its business in a manner so that it will not become an “investment company”
subject to registration under the Investment Company Act of 1940, as amended.

 

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(z)
Registration Rights. No Person has any right to cause the Company to effect the registration under the Securities Act of
any securities of the Company or any Subsidiary.

 

(aa)
Listing and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) of the Exchange Act, and the Company
has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the
ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such
registration. Except as set forth in the last sentence of this Section 6(aa), the Company has not, in the 12 months preceding
the date hereof, received notice from any Trading Market on which the ADSs or Ordinary Shares are or have been listed or quoted
to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing
and maintenance requirements other than bid price requirement described below. The ADSs are currently eligible for electronic
transfer through The Depository Trust Company or another established clearing corporation and the Company is current in payment
of the fees to The Depository Trust Company (or such other established clearing corporation) in connection with such electronic
transfer. On April 9, 2020, the Company received a written notice from the Nasdaq Stock Market LLC indicating that the Company
was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price for its ADSs was below $1.00
per share for the last 30 consecutive business days. On June 19, 2020, Nasdaq provided confirmation to the Company that for 10
consecutive business days, from June 5, 2020 to June 18, 2020, the closing bid price of the Company’s ADSs had been at $1.00
per share or greater. Accordingly, the Company regained compliance with Listing Rule 5550(a)(2) and the matter is deemed closed.

 

(bb)
Application of Takeover Protections. The Company and the Board of Directors have taken all necessary action, if any, in
order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar
charter documents) or the laws of its state of incorporation that is or could become applicable to a purchaser of Placement Shares
as a result of such purchasers and the Company fulfilling their obligations or exercising their rights under this Agreement, including
without limitation as a result

 

    14 

     

    

 

(cc)
Solvency. Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the
receipt by the Company of the proceeds from the sale of the Placement Shares hereunder, (i) the fair saleable value of the Company’s
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities
(including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small
capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account
the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements
and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would
receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient
to pay all amounts on or in respect of its liabilities when such amounts are required to be paid. The Company does not intend
to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable
on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe that it will
file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from the
Closing Date. Schedule 6(cc) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness
of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. For the purposes of this Agreement,
“Indebtedness” means (x) any liabilities for borrowed money or amounts owed by the Company in excess
of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and
other contingent obligations in respect of indebtedness of others to third parties, whether or not the same are or should be reflected
in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments
for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments
in excess of $50,000 due under leases required to be capitalized in accordance with GAAP. Neither the Company nor any Subsidiary
is in default with respect to any Indebtedness.

 

(dd)
Tax Status. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and
local income and all foreign tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has
paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such
returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material
taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in
any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary
know of no basis for any such claim.

 

(ee)
Foreign Corrupt Practices. Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary,
any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for
unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii)
made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties
or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made
by any person acting on its behalf of which the Company is aware) which is in violation of law, or (iv) violated in any material
respect any provision of FCPA.

 

(ff)
Accountants. The Company’s independent registered public accounting firm is Brightman Almagor Zohar & Co., a
Firm in the Deloitte Global Network (the “Auditors”). To the knowledge and belief of the Company, such
accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion
with respect to the financial statements to be included in the Company’s Annual Report on Form 20-F for the fiscal year
ended December 31, 2019.

 

    15 

     

    

 

(gg)
Acknowledgment Regarding Underwriter’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding, and unless otherwise prohibited by any applicable law or regulation, it is understood and acknowledged by the
Company that: (i) the Sales Agent has been asked by the Company to agree, nor has the Sales Agent agreed, to desist from purchasing
or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by
the Company, (ii) past or future open market or other transactions by the Sales Agent, specifically including, without limitation,
Short Sales or “derivative” transactions, before or after the termination of this offering or future private placement
transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii) the Sales Agent,
and counter-parties in “derivative” transactions to which any the Sales Agent is a party, directly or indirectly,
presently may have a “short” position in the Ordinary Shares and/or ADSs, and (iv) the Sales Agent shall not be deemed
to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.
The Company further understands and acknowledges that (y) the Sales Agent may, if permissible by relevant rules, engage in hedging
activities at various times during the period that the ADSs and Shares are outstanding, and (z) such hedging activities (if any)
could reduce the value of the existing shareholders; equity interests in the Company at and after the time that the hedging activities
are being conducted. The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of
this Agreement.

 

(hh)
Regulation M Compliance. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without
the consent of the Sales Agent) has taken, directly or indirectly, any action designed to or that has constituted or that might
reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation
of the price of any security of the Company to facilitate the sale of the Placement Shares.

 

(ii)
Office of Foreign Assets Control. Neither the Company nor any Subsidiary nor, to the Company's knowledge, any director,
officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”) and the Company will
not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such
proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any
person currently subject to any U.S. sanctions administered by OFAC.

 

(jj)
U.S. Real Property Holding Corporation. The Company is not and has never been a U.S. real property holding corporation
within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the
Sales Agent’s request.

 

(kk)
Bank Holding Company Act. Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding
Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal
Reserve System (the “Federal Reserve”). Neither the Company nor any of its Subsidiaries or Affiliates
owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities
or twenty-five percent or more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the
Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management
or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

    16 

     

    

 

(ll)
Money Laundering. The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance
with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of
1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or
body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the
knowledge of the Company or any Subsidiary, threatened.

 

(mm)
XBRL. The interactive data in the eXtensible Business Reporting Language (“XBRL”) included as
an exhibit to the Registration Statement fairly presents the information called for in all material respects and has been prepared
in accordance with the Commission’s rules and guidelines applicable thereto.

 

(nn)
PFIC Status. The Company does not believe it is a Passive Foreign Investment Company (“PFIC”)
within the meaning of Section 1296 of the United States Internal Revenue Code of 1986, as amended, and does not believe it is
likely to become a PFIC.

 

(oo)
Stamp or Other Tax. No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or
other taxes are payable by or on behalf of the Placements Agents to Israel or any political subdivision or taxing authority thereof
or therein in connection with the sale and delivery by the Company of any Placement Shares.

 

(pp)
Environmental Laws. The handling, use, treatment, disposal, discharge, emission, contamination, release or other activity
involving any kind of hazardous, toxic or other wastes, pollutants, contaminants, petroleum products or other hazardous or toxic
substances, chemicals or materials (“Hazardous Substances”) by, due to, on behalf of, or caused by the
Company or any Subsidiary (or, to the Company’s knowledge, any other entity for whose acts or omissions the Company is or
may be liable) upon any property now or previously owned, operated, used or leased by the Company or any Subsidiary, or upon any
other property, which would be a violation of or give rise to any liability under any applicable law, rule, regulation, order,
judgment, decree or permit, common law provision or other legally binding standard relating to pollution or protection of human
health and the environment (“Environmental Law”), except for violations and liabilities which, individually
or in the aggregate, would not have a Material Adverse Effect. There has been no disposal, discharge, emission contamination or
other release of any kind at, onto or from any such property or into the environment surrounding any such property of any Hazardous
Substances with respect to which the Company or any Subsidiary has knowledge, except as would not, individually or in the aggregate,
have a Material Adverse Effect. There is no pending or, to the best of the Company’s knowledge, threatened administrative,
regulatory or judicial action, claim or notice of noncompliance or violation, investigation or proceedings relating to any Environmental
Law against the Company or any Subsidiary, except as would not, individually or in the aggregate, have a Material Adverse Effect.
No property of the Company or any Subsidiary is subject to any Lien under any Environmental Law. Except as disclosed in the Prospectus,
neither the Company nor any Subsidiary is subject to any order, decree, agreement or other individualized legal requirement related
to any Environmental Law, which, in any case (individually or in the aggregate), would have a Material Adverse Effect. The Company
and each Subsidiary has all permits, authorizations and approvals required under any applicable Environmental Laws and are each
in compliance with their requirements. In the ordinary course of its business, the Company periodically reviews the effect of
Environmental Laws on the business, operations and properties of the Company and the Subsidiaries, in the course of which it identifies
and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required
for clean-up, closure or remediation of properties or compliance with Environmental Laws, or any permit, license or approval,
any related constraints on operating activities and any potential liabilities to third parties). On the basis of such review,
the Company has reasonably concluded that such associated costs and liabilities would not, individually or in the aggregate, have
a Material Adverse Effect.

 

    17 

     

    

 

(qq)
Regulatory. Except as described in the Registration Statement and the Prospectus, as applicable, the Company and its Subsidiaries
(i) are and at all times have been in material compliance with all statutes, rules and regulations applicable to its business
(collectively, the “Applicable Laws”); (ii) have not received any notice from any court or arbitrator
or governmental or regulatory authority or third party alleging or asserting noncompliance with any Applicable Laws or any licenses,
exemptions, certificates, approvals, clearances, authorizations, permits, registrations and supplements or amendments thereto
required by any such Applicable Laws (“Authorizations”); (iii) possess all material Authorizations and
such Authorizations are valid and in full force and effect and are not in violation of any term of any such Authorizations; (iv)
have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation arbitration or other
action from any court or arbitrator or governmental or regulatory authority or third party alleging that any product operation
or activity is in violation of any Applicable Laws or Authorizations nor is any such claim, action, suit, proceeding, hearing,
enforcement, investigation, arbitration or other action threatened; (v) have not received any written notice that any court or
arbitrator or governmental or regulatory authority has taken, is taking or intends to take, action to limit, suspend, materially
modify or revoke any Authorizations nor is any such limitation, suspension, modification or revocation threatened; (vi) have filed,
obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions
and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms,
notices, applications, records, claims, submissions and supplements or amendments were complete and accurate on the date filed
(or were corrected or supplemented by a subsequent submission); and (vii) are not a party to any corporate integrity agreements,
monitoring agreements, consent decrees, settlement orders, or similar agreements with or imposed by any governmental or regulatory
authority.

 

(rr)
Confidentiality. To the Company’s knowledge, no director, officer, key employee or consultant of the Company is subject
to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer or prior employer
that could reasonably be expected to materially affect his ability to be and act in his respective capacity of the Company or
be expected to result in a Material Adverse Effect on the Company or its subsidiaries.

 

(ss)
Integration. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require
the registration of any such securities under the Securities Act.

 

    18 

     

    

 

(tt)
Relationship with the Sales Agent. Except as disclosed in the Registration Statement and the Prospectus, the Company (i) does
not have any material lending or other relationship with any bank or lending affiliate of the Sales Agent and (ii) does
not intend to use any of the proceeds from the sale of any Placement Shares hereunder to repay any outstanding debt owed to any
affiliate of the Sales Agent.

 

(uu)
FINRA Matters. Except as described in the Registration Statement and the Prospectus, there are no claims, payments, arrangements,
agreements or understandings relating to the payment of a finder’s, consulting or origination fee by the Company or any
Insider with respect to the sale of the Placement Shares hereunder or any other arrangements, agreements or understandings of
the Company with respect to the sale of the Placement Shares hereunder or, to the Company’s knowledge, any of its shareholders
that may affect the Sales Agent’s compensation, as determined by FINRA. Except as described in the Registration Statement
and the Prospectus or the amount of fees to FINRA members with respect to this Agreement, the Company has not made any direct
or indirect payments (in cash, securities or otherwise) to: (i) any person, as a finder’s fee, consulting fee or otherwise,
in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital
to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association
with any FINRA member, within the six (6) months prior to the date of this Agreement, other than the payment to the Underwriters
as provided hereunder in connection with the sale of the Placement Shares. None of the net proceeds of the sale of the Placement
Shares will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.
Except as disclosed in their FINRA confirmations, there is no (i) officer or director of the Company, or, to the Company’s
knowledge, (ii) beneficial owner of 5% or more of any class of the Company's securities or (iii) beneficial owner of the Company’s
unregistered equity securities which were acquired during the 180-day period immediately preceding the filing of the Registration
Statement that is an affiliate or associated person of a FINRA member participating in the sale of the Placement Shares (as determined
in accordance with the rules and regulations of FINRA). All information provided by the Company in its FINRA questionnaire to
Representative Counsel specifically for use by Representative Counsel in connection with its Public Offering System filings (and
related disclosure) with FINRA is true, correct and complete in all material respects. Neither the Company nor any of its related
entities (i) is required to register as a “broker” or “dealer” in accordance with the provisions
of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated
with a member” or “associated person of a member” (within the meaning of Article I of the NASD Manual administered
by FINRA).

 

    19 

     

    

 

7.
Covenants of the Company. The Company covenants and agrees with the Sales Agent that:

 

(a)
Registration Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating
to any Placement Shares is required to be delivered by the Sales Agent under the Securities Act (including in circumstances where
such requirement may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), (i) the Company will
notify the Sales Agent promptly of the time when any subsequent amendment to the Registration Statement, other than documents
incorporated by reference or any amendment to the Registration Statement, has been filed with the Commission and/or has become
effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment
or supplement to the Registration Statement or Prospectus or for additional information; (ii) the Company will prepare and
file with the Commission, promptly upon the Sales Agent’s reasonable request, any amendments or supplements to the Registration
Statement or Prospectus that, in the Sales Agent’s reasonable opinion, may be necessary or advisable in connection with
the distribution of the Placement Shares by the Sales Agent (provided, however, that the failure of the Sales Agent
to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Sales Agent’s
right to rely on the representations and warranties made by the Company in this Agreement, and provided, further,
that the only remedy the Sales Agent shall have with respect to the failure to make such filing shall be to cease making sales
under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement
to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Shares
or a security convertible into the Placement Shares unless a copy thereof has been submitted to the Sales Agent within a reasonable
period of time before the filing and the Sales Agent has not reasonably objected thereto (provided, however, that
the failure of the Sales Agent to make such objection shall not relieve the Company of any obligation or liability hereunder,
or affect the Sales Agent’s right to rely on the representations and warranties made by the Company in this Agreement, and
provided, further, that the only remedy the Sales Agent shall have with respect to the failure by the Company to
obtain such consent shall be to cease making sales under this Agreement); (iv) the Company will furnish to the Sales Agent
at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration
Statement or Prospectus, except for those documents available via EDGAR; and (v) the Company will cause each amendment or
supplement to the Prospectus, other than documents incorporated by reference, to be filed with the Commission as required pursuant
to the applicable paragraph of Rule 424(b) of the Securities Act (without reliance on Rule 424(b)(8) of the Securities
Act) or, in the case of any documents incorporated by reference, to be filed with the Commission as required pursuant to the Exchange
Act, within the time period prescribed.

 

(b)
Notice of Commission Stop Orders. The Company will advise the Sales Agent, promptly after it receives notice or obtains
knowledge thereof, of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement
or any notice objecting to, or other order preventing or suspending the use of, the Prospectus, of the suspension of the qualification
of the Placement Shares for offering or sale in any jurisdiction, or of the initiation of any proceeding for any such purpose
or any examination pursuant to Section 8(e) of the Securities Act, or if the Company becomes the subject of a proceeding
under Section 8A of the Securities Act in connection with the offering of the Placement Shares; and it will promptly use
its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order
should be issued. Until such time as any stop order is lifted, the Sales Agent shall cease making offers and sales under this
Agreement.

 

    20 

     

    

 

(c)
Delivery of Prospectus; Subsequent Changes. During any period in which a Prospectus relating to the Placement Shares is
required to be delivered by the Sales Agent under the Securities Act with respect to a pending sale of the Placement Shares (including
in circumstances where such requirement may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act),
the Company will comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file
on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by
the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange
Act. If during such period any event occurs as a result of which the Prospectus as then amended or supplemented would include
an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light
of the circumstances then existing, not misleading, or if during such period it is necessary to amend or supplement the Registration
Statement or Prospectus to comply with the Securities Act, the Company will promptly notify the Sales Agent to suspend the offering
of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus
(at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however,
that the Company may delay any such amendment or supplement if, in the reasonable judgment of the Company, it is in the best interests
of the Company to do so.

 

(d)
Listing of Placement Shares. During any period in which the Prospectus relating to the Placement Shares is required to
be delivered by the Sales Agent under the Securities Act with respect to a pending sale of the Placement Shares (including in
circumstances where such requirement may be satisfied pursuant to Rule 153 or Rule 172 under the Securities Act), the
Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify
the Placement Shares for sale under the securities laws of such jurisdictions as the Sales Agent reasonably designates and to
continue such qualifications in effect so long as required for the distribution of the Placement Shares; provided, however,
that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or
file a general consent to service of process in any jurisdiction. The Company will reserve out of authorized but unissued Ordinary
Shares and keep available at all times, free of pre-emptive rights, the appropriate number of Ordinary Shares and ADSs that may
be issued and sold hereunder.

 

(e)
Delivery of Registration Statement and Prospectus. The Company will furnish to the Sales Agent and its counsel (at the
expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference
therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during
any period in which a Prospectus relating to the Placement Shares is required to be delivered under the Securities Act (including
all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case
as soon as reasonably practicable and in such quantities as the Sales Agent may from time to time reasonably request and, at the
Sales Agent’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement
Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than
the Prospectus) to the Sales Agent to the extent such document is available on EDGAR.

 

(f)
Earnings Statement. The Company will make generally available to its security holders as soon as practicable, but in any
event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement of the Company
(which need not be audited) covering a 12-month period that complies with Section 11(a) and Rule 158 of the Securities
Act. The terms “earnings statement” and “make generally available to its security holders” shall have
the meanings set forth in Rule 158 under the Securities Act.

 

    21 

     

    

 

(g)
Expenses. The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated
in accordance with the provisions of Section 11 hereunder, will pay the following expenses all incident to the performance
of its obligations hereunder, including, but not limited to, expenses relating to (i) the preparation, printing and filing
of the Registration Statement and each amendment and supplement thereto, of each Prospectus and of each amendment and supplement
thereto, (ii) the preparation, issuance and delivery of the Placement Shares, including any shares or other transfer taxes
and any stamp or other duties payable upon the sale, issuance or delivery of the Placement Shares to the Sales Agent, (iii) the
fees and disbursements of the counsel, accountants and other advisors to the Company in connection with the transactions contemplated
by this Agreement; (iv) the qualification of the Placement Shares under securities laws in accordance with the provisions
of Section 7(d) of this Agreement, including filing fees (provided, however, that any fees or disbursements
of counsel for the Sales Agent in connection therewith shall be paid by the Sales Agent except as set forth in (ix) below), (v) the
printing and delivery to the Sales Agent of copies of the Prospectus and any amendments or supplements thereto, and of this Agreement,
(vi) the fees and expenses incurred in connection with the listing or qualification of the Placement Shares for trading on
the Exchange, (vii) the fees and expenses of the transfer agent or registrar for the Ordinary Shares and Custodian and Depositary
for the ADSs; (viii) filing fees and expenses, if any, of the Commission and the FINRA Corporate Financing Department (provided,
however, that any fees or disbursements of counsel for the Sales Agent in connection therewith shall be paid by the Sales
Agent except as set forth in (ix) below) and (ix) the Company shall reimburse the Sales Agent for its reasonable and documented
out-of-pocket expenses (including but not limited to the reasonable and documented fees and expenses of counsel to the Sales Agent)
in an amount not to exceed $30,000 and up to an additional $10,000 per fiscal year for ongoing maintenance (paid as up to $2,500
each fiscal quarter).

 

(h)
Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use
of Proceeds.”

 

(i)
Notice of Other Sales. The Company (I) shall provide the Sales Agent notice as promptly as reasonably possible before it
offers to sell, contracts to sell, sells, grants any option to sell or otherwise disposes of any Ordinary Shares or ADSs (other
than Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for
Ordinary Shares or ADSs, or warrants or any rights to purchase or acquire Ordinary Shares or ADSs, during the period beginning
on the fifth (5th) Trading Day immediately prior to the date on which any Placement Notice is delivered to the Sales
Agent hereunder and ending on the fifth (5th) Trading Day immediately following the final Settlement Date with respect
to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior
to the sale of all Placement Shares covered by a Placement Notice, the fifth (5th) Trading Day immediately following
the date of such suspension or termination), and (II) will not directly or indirectly in any other “at-the-market”
or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Ordinary
Shares or ADSs (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable
for Ordinary Shares or ADSs, warrants or any rights to purchase or acquire, Ordinary Shares or ADSs prior to the termination of
this Agreement; provided, however, that such notice requirements or restrictions, as the case may be, will not be
required in connection with the Company’s issuance or sale of (i) Ordinary Shares or ADSs, options to purchase Ordinary
Shares or ADSs, other equity awards or Ordinary Shares or ADSs issuable upon the exercise of options or other equity awards, pursuant
to any employee or director share option or benefits plan, share ownership plan or dividend reinvestment plan of the Company whether
now in effect or hereafter implemented, (ii) Ordinary Shares or ADSs issuable upon exchange, conversion or redemption of securities
or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available
on EDGAR or otherwise in writing (including by email correspondence) to the Sales Agent, (iii) Ordinary Shares or ADSs issuable
pursuant to an equity line transaction (provided that notice to the Sales Agent pursuant to Section 7(h)(I) shall still apply
for any such equity line transaction) and (iv) Ordinary Shares or ADSs or securities convertible into or exchangeable for Ordinary
Shares or ADSs as consideration for mergers, acquisitions, sale or purchase of assets or other business combinations or strategic
alliances occurring after the date of this Agreement which are not issued for capital raising purposes. Notwithstanding the foregoing,
the Company shall provide the Sales Agent notice at least two (2) days prior to pursuing any private or public offerings of equity
and/or other securities (including debt securities) in one or more transactions.

 

    22 

     

    

 

(j)
Change of Circumstances. The Company will, at any time during a fiscal quarter in which the Company intends to tender a
Placement Notice or sell Placement Shares, advise the Sales Agent promptly after it shall have received notice or obtained knowledge
thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other
document provided to the Sales Agent pursuant to this Agreement.

 

(k)
Due Diligence Cooperation. The Company will cooperate with any reasonable due diligence review conducted by the Sales Agent
or its agents in connection with the transactions contemplated hereby, including, without limitation, providing information and
making available documents and senior corporate officers, during regular business hours and at the Company’s principal offices,
as the Sales Agent may reasonably request.

 

(l)
Required Filings Relating to Placement of Placement Shares. The Company agrees that on such dates as the Securities Act
shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule
424(b) under the Securities Act (each and every filing under Rule 424(b), a “Filing Date”), which prospectus
supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agent, the Net Proceeds
to the Company and the compensation payable by the Company to the Agent with respect to such Placement Shares, and (ii) deliver
such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be
required by the rules or regulations of such exchange or market. To the extent practicable, the Company shall afford the Sales
Agent and its counsel with a reasonable opportunity to review and comment upon, shall consult with the Sales Agent and its counsel
on the form and substance of, and shall give due consideration to all such comments from the Sales Agent or its counsel on, any
such filing prior to the issuance, filing or public disclosure thereof.

 

(m)
Representation Dates; Certificate. On the date of this Agreement and within five (5) trading days of each time the
Company:

 

	 	(i)	files
    the Prospectus Supplement relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating
    solely to an offering of securities other than the Placement Shares), the Registration Statement or the Prospectus relating
    to the Placement Shares by means of a post-effective amendment, sticker, or supplement or Form F-3 filed pursuant to Rule
    415(a)(6) but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating
    to the Placement Shares;

 

    23 

     

    

 

	 	(ii)	files
    an Annual Report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended financial information or
    a material amendment to the previously filed Form 20-F); or

 

	 	(iii)	files
    a Form 6-K under the Exchange Act containing financial information that is incorporated by reference into the Registration
    Statement and the Prospectus (each date of filing of one or more of the documents referred to in clauses (i) through
    (iii) shall be a “Representation Date”);

 

the
Company shall furnish the Agent (but in the case of clause (iii) above only if the Agent reasonably determines that the information
contained in such Form 6-K is material) with a certificate, in the form attached hereto as Exhibit 7(M) (the “Representation
Date Certificate”); provided, however, if no Placement Notice is pending at such Representation Date, then before
the Company delivers a Placement Notice or an Agent sells any Placement Shares, the Company shall provide the Agent with a Representation
Date Certificate. The requirement to provide a Representation Date Certificate shall be waived for any Representation Date occurring
at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company
delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next
occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company
files its Annual Report on Form 20-F. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares
following a Representation Date when the Company relied on such waiver and did not provide the Agent with a Representation Date
Certificate, then before the Company delivers the Placement Notice or an Agent sells any Placement Shares, the Company shall provide
the Agent with a Representation Date Certificate, dated the date of the Placement Notice.

 

(n)
Legal Opinion. On or prior to the date the first Placement Notice is given hereunder, the Company shall cause to be furnished
to the Sales Agent (i) the written opinion and negative assurance of Sullivan & Worcester LLP, with offices located at 1633
Broadway Street, New York, New York 10019, U.S. counsel to the Company, as counsel to the Company, or other counsel reasonably
satisfactory to the Sales Agent (“SEC Counsel”), and (ii) Lipa Meir & Co., with offices located
at Beit Amot Hashkaot, 2 Weizman, Tel Aviv-Yafo, Israel, Israeli counsel to the Company (“Israeli Counsel”
and together with SEC Counsel, “Company Counsel”), in each case substantially in the forms previously
agreed between the Company and the Sales Agent. Thereafter, within five (5) Trading Days after each Representation Date with respect
to which the Company is obligated to deliver a certificate pursuant to Section 7(m) for which no waiver is applicable
pursuant to Section 7(m), and not more than once per calendar quarter, the Company shall cause to be furnished to
the Sales Agent the written opinion and negative assurance of each Company Counsel substantially in the forms previously agreed
between the Company and the Sales Agent, modified, as necessary, to relate to the Registration Statement and the Prospectus as
then amended or supplemented; provided, however, that if each Company Counsel has previously furnished to the Sales
Agent such written opinion and negative assurance of such counsel, in each case substantially in the forms previously agreed between
the Company and the Sales Agent, then each Company Counsel may, in respect of any future Representation Date, furnish the Sales
Agent with a letter signed by such counsel (each, a “Reliance Letter”) in lieu of such opinion and negative
assurance of such counsel to the effect that the Sales Agent may rely on the prior opinion and negative assurance of such counsel
delivered pursuant to this Section 7(n) to the same extent as if it were dated the date of such Reliance Letter (except
that statements in such prior opinion and negative assurance shall be deemed to relate to the Registration Statement and the Prospectus
as amended or supplemented to the date of such Reliance Letter).

 

    24 

     

    

 

(o)
Comfort Letter. On or prior to the date the first Placement Notice is given hereunder and within five (5) Trading Days
after each subsequent Representation Date with respect to which the Company is obligated to deliver a certificate pursuant
to Section 7(m) for which no waiver is applicable pursuant to Section 7(m), other than a Representation
Date under Section 7(m)(iii) , the Company shall cause its Auditor to furnish the Sales Agent letters (the
“Comfort Letters”), dated the date that the Comfort Letter is delivered, in form and substance satisfactory
to the Sales Agent, (i) confirming that they are an independent registered public accounting firm within the meaning
of the Securities Act, the Exchange Act and the rules and regulations of the PCAOB and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule 2-01 of Regulation S-X of the Commission, (ii) stating, as of
such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered
by accountants’ “comfort letters” to the Sales Agent in connection with registered public offerings
(the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter
with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as
necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

 

(p)
Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in,
or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security
of the Company to facilitate the sale or resale of the ADSs or (ii) sell, bid for, or purchase shares of Ordinary Shares
or ADSs in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than
the Sales Agent.

 

(q)
Insurance. The Company shall maintain insurance in such amounts and covering such risks as is reasonable and customary
for the business in which it is engaged.

 

(r)
Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that it is not
and, after giving effect to the offering and sale of the Placement Shares and the application of proceeds therefrom as described
in the Prospectus, will not be, an “investment company” within the meaning of such term under the Investment Company
Act.

 

    25 

     

    

 

(s)
Securities Act and Exchange Act. The Company will use its reasonable best efforts to comply with all requirements imposed
upon it by the Securities Act and the Exchange Act as from time to time in force, so far as necessary to permit the continuance
of sales of, or dealings in, the Placement Shares as contemplated by the provisions hereof and the Prospectus.

 

(t)
No Offer to Sell. Other than the Prospectus and an Issuer Free Writing Prospectus approved in advance by the Company and
the Sales Agent in its capacity as principal or agent hereunder, neither the Sales Agent nor the Company (including its agents
and representatives, other than the Sales Agent in its capacity as such) will make, use, prepare, authorize, approve or refer
to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission,
that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.

 

(u)
Sarbanes-Oxley Act. The Company will use its reasonable best efforts to comply with all effective applicable provisions
of the Sarbanes-Oxley Act.

 

(v)
Depositary. The Company shall maintain, at its sole expense, a depositary for the ADS.

 

8.
Conditions to the Sales Agent’s Obligations. The obligations of the Sales Agent hereunder with respect to a Placement
will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein,
to the due performance by the Company of its obligations hereunder, to the completion by the Sales Agent of a due diligence review
satisfactory to the Sales Agent in its reasonable judgment, and to the continuing satisfaction (or waiver by the Sales Agent in
its sole discretion) of the following additional conditions:

 

(a)
Registration Statement Effective. The Registration Statement shall be effective and shall be available for the sale of
all Placement Shares contemplated to be issued by any Placement Notice.

 

(b)
Securities Act Filings Made. The Company shall have filed with the Commission the ATM Prospectus pursuant to Rule 424(b)
under the Securities Act not later than the Commission’s close of business on the second Business Day following the date
of this Agreement. All other filings with the Commission required by Rule 424(b) or Rule 433 under the Securities Act
to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period
prescribed for such filing by Rule 424(b) (without reliance on Rule 424(b)(8) of the Securities Act) or Rule 433,
as applicable.

 

    26 

     

    

 

(c)
No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company
of any request for additional information from the Commission or any other federal or state governmental authority during the
period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements
to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the ADS Registration Statement, or the
initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension
of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose; (iv) the occurrence of any event that makes any material statement made
in the Registration Statement, the Prospectus, the ADS Registration Statement or any material document incorporated or deemed
to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration
Statement, related Prospectus, the ADS Registration Statement, or such documents so that, in the case of the Registration Statement
or the ADS Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of
the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

 

(d)
No Misstatement or Material Omission. The Sales Agent shall not have advised the Company that the Registration Statement,
the Prospectus, the ADS Registration Statement, or any amendment or supplement thereto, contains an untrue statement of fact that
in the Sales Agent’s reasonable opinion is material, or omits to state a fact that in the Sales Agent’s reasonable
opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

(e)
Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the
Commission, there shall not have been any material adverse change in the authorized share capital of the Company or any Material
Adverse Effect or any development that could reasonably be expected to result in a Material Adverse Effect, or any downgrading
in or withdrawal of the rating assigned to any of the Company’s securities (other than asset backed securities) by any rating
organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of
the Company’s securities (other than asset backed securities), the effect of which, in the case of any such action by a
rating organization described above, in the reasonable judgment of the Sales Agent (without relieving the Company of any obligation
or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of
the Placement Shares on the terms and in the manner contemplated by this Agreement and the Prospectus.

 

(f)
Representation Certificate. The Sales Agent shall have received the certificate required to be delivered pursuant to Section 7(m)
on or before the date on which delivery of such certificate is required pursuant to Section 7(m).

 

(g)
Legal Opinions. The Sales Agent shall have received the opinion and negative assurance of each Company Counsel required
to be delivered pursuant Section 7(n) on or before the date on which such delivery of such opinion and negative assurance
is required pursuant to Section 7(n).

 

    27 

     

    

 

(h)
Comfort Letter. The Sales Agent shall have received the Comfort Letter required to be delivered pursuant Section 7(o)
on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(o).

 

(i)
Officer’s Certificate. On or prior to the date the first Placement Notice is given hereunder, the Sales Agent shall
have received a certificate, signed on behalf of the Company by its Chief Executive Officer, certifying as to (i) the articles
of association (or similar charter documents) of the Company (as the same may be amended or restated from time to time), (ii) the
Bylaws of the Company (or similar charter documents) (as the same may be amended or restated from time to time), (iii) the
resolutions of the Board of Directors of the Company (or a committee thereof) authorizing the execution, delivery and performance
of this Agreement and the issuance of the Placement Shares and (iv) the incumbency of the officers duly authorized to execute
this Agreement and the other documents contemplated by this Agreement.

 

(j)
No Suspension. Trading in the Ordinary Shares or ADSs shall not have been suspended on the Exchange and the ADSs shall
not have been delisted from the Exchange.

 

(k)
Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(m),
the Company shall have furnished to the Sales Agent such appropriate further opinions, certificates, letters and documents as
the Sales Agent may have reasonably requested. All such opinions, certificates, letters and other documents shall have been in
compliance with the provisions hereof. The Company will furnish the Sales Agent with such conformed copies of such opinions, certificates,
letters and other documents as the Sales Agent shall have reasonably requested.

 

(l)
Approval for Listing. The Placement Shares shall either have been (i) approved for listing on the Exchange, subject
only to notice of issuance, or (ii) the Company shall have filed an application for listing of the Placement Shares on the
Exchange at, or prior to, the issuance of any Placement Notice.

 

(m)
No Termination Event. There shall not have occurred any event that would permit the Sales Agent to terminate this Agreement
pursuant to Section 11(a).

 

(n)
FINRA. The Sales Agent shall have received a letter from the Corporate Financing Department of FINRA confirming that such
department has determined to raise no objection with respect to the fairness or reasonableness of the terms and arrangements related
to the sale of the Placement Shares pursuant to this Agreement.

 

    28 

     

    

 

9.
Indemnification and Contribution.

 

(a)
Company Indemnification. The Company agrees to indemnify and hold harmless the Sales Agent, the directors, officers, members,
partners, employees and agents of the Sales Agent each broker dealer affiliate of the Sales Agent, and each Sales Agent Affiliate,
if any, from and against any and all losses, claims, liabilities, expenses and damages (including, but not limited to, any and
all reasonable investigative, legal and other expenses incurred in connection with, and any and all amounts paid in settlement
(in accordance with Section 9(c)) of, any action, suit or proceeding between any of the indemnified parties and any
indemnifying parties or between any indemnified party and any third party, or otherwise, or any claim asserted), as and when incurred,
to which the Sales Agent, or any such person, may become subject under the Securities Act, the Exchange Act or other federal or
state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, liabilities, expenses or damages
arise out of or are based, directly or indirectly, on (x) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement or the Prospectus or any amendment or supplement thereto or in any Issuer Free Writing
Prospectus or in any application or other document executed by or on behalf of the Company or based on written information furnished
by or on behalf of the Company filed in any jurisdiction in order to qualify the Ordinary Shares or ADSs under the securities
laws thereof or filed with the Commission, (y) the omission or alleged omission to state in any such document a material
fact required to be stated in it or necessary to make the statements in it (in the case
of any prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (z) any
breach by any of the indemnifying parties of any of their respective representations, warranties and agreements contained in this
Agreement; provided, however, that this indemnity agreement shall not apply to the extent that such loss, claim, liability,
expense or damage arises from the sale of the Placement Shares pursuant to this Agreement and is caused directly by an untrue
statement or omission made in reliance upon and in strict conformity with written information relating to the Sales Agent and
furnished to the Company by the Sales Agent, its legal counsel, expressly for inclusion in any document as described in clause (x)
of this Section 9(a). This indemnity agreement will be in addition to any liability that the Company might otherwise
have.

 

(b)
The Sales Agent Indemnification. The Sales Agent agrees to indemnify and hold harmless the Company and its directors and
each officer of the Company that signed the Registration Statement, and each person, if any, who (i) controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled
by or is under common control with the Company (each, a “Company Affiliate”) from and against any and
all losses, claims, liabilities, expenses and damages (including, but not limited to, any and all reasonable investigative, legal
and other expenses incurred in connection with, and any and all amounts paid in settlement (in accordance with Section 9(c))
of, any action, suit or proceeding between any of the indemnified parties and any indemnifying parties or between any indemnified
party and any third party, or otherwise, or any claim asserted), as and when incurred, to which any such Company Affiliate, may
become subject under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law
or otherwise, insofar as such losses, claims, liabilities, expenses or damages arise out of or are based, directly or indirectly,
on (x) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or the
Prospectus or any amendment or supplement thereto, or (y) the omission or alleged omission to state in any such document
a material fact required to be stated in it or necessary to make the statements in it (in
the case of any prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading;
provided, however, that this indemnity agreement shall apply only to the extent that such loss, claim, liability,
expense or damage is caused directly by an untrue statement or omission made in reliance upon and in strict conformity with written
information relating to the Sales Agent and furnished to the Company by the Sales Agent, or its legal counsel, expressly for inclusion
in any document as described in clause (x) of this Section 9(b).

 

    29 

     

    

 

(c)
Procedure. Any party that proposes to assert the right to be indemnified under this Section 9 will, promptly
after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an
indemnifying party or parties under this Section 9, notify each such indemnifying party of the commencement of such
action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying
party from (i) any liability that it might have to any indemnified party otherwise than under this Section 9
and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 9
unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying
party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement,
the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any
other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense,
the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and
except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense.
The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges
of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party
has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on advice
of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition
to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified
party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right
to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed
counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action,
in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying
party or parties. It is understood that the indemnifying party or parties shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate
firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements
and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying party will not,
in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party
shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 9 (whether
or not any indemnified party is a party thereto), unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising or that may arise out of such claim, action or proceeding.

 

    30 

     

    

 

(d)
Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided
for in the foregoing paragraphs of this Section 9 is applicable in accordance with its terms but for any reason is
held to be unavailable from the Company or the Sales Agent, the Company and the Sales Agent will contribute to the total losses,
claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection
with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution
received by the Company from persons other than the Sales Agent, such as persons who control the Company within the meaning of
the Securities Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be
liable for contribution) to which the Company and the Sales Agent may be subject in such proportion as shall be appropriate to
reflect the relative benefits received by the Company on the one hand and the Sales Agent on the other. The relative benefits
received by the Company on the one hand and the Sales Agent on the other hand shall be deemed to be in the same proportion as
the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total
compensation received by the Sales Agent from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation
provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion
as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault
of the Company, on the one hand, and the Sales Agent, on the other, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations
with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or the Sales Agent, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Sales Agent agree that it would not be just
and equitable if contributions pursuant to this Section 9(d) were to be determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or
payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred
to above in this Section 9(d) shall be deemed to include, for the purpose of this Section 9(d), any legal
or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action
or claim to the extent consistent with Section 9(c) hereof. Notwithstanding the foregoing provisions of this Section 9(d),
the Sales Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement
and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will
be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 9(d),
any person who controls a party to this Agreement within the meaning of the Securities Act will have the same rights to contribution
as that party (and any officers, directors, members, partners, employees or agents of the Sales Agent and each broker dealer affiliate
of the Sales Agent will have the same rights to contribution as the Sales Agent), and each officer of the Company who signed the
Registration Statement and each director of the Company will have the same rights to contribution as the Company, subject in each
case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action
against such party in respect of which a claim for contribution may be made under this Section 9(d), will notify any
such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties
from whom contribution may be sought from any other obligation it or they may have under this Section 9(d) except
to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party
from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 9(c)
hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such
consent is required pursuant to Section 9(c) hereof.

 

    31 

     

    

 

10.
Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 9
of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto
shall survive for a period of six (6) years from the date on which this Agreement is terminated pursuant to Section 11, as of
their respective dates, regardless of (i) any investigation made by or on behalf of the Sales Agent, any controlling person
of the Sales Agent, or the Company (or any of their respective officers, directors, members or controlling persons), (ii) delivery
and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

 

11.
Termination.

 

(a)
The Sales Agent shall have the right by giving notice as hereinafter specified at any time to terminate this Agreement if (i) any
Material Adverse Effect, or any development that could reasonably be expected to result in a Material Adverse Effect has occurred
that, in the reasonable judgment of the Sales Agent, may materially impair the ability of the Sales Agent to sell the Placement
Shares hereunder, (ii) the Company shall have failed, refused or been unable to perform any agreement on its part to be performed
hereunder; provided, however, in the case of any failure of the Company to deliver (or cause another person to deliver)
any certification, opinion, or letter required under Sections 7(m), 7(n), 7(o) or 7(p), the Sales
Agent’s right to terminate shall not arise unless such failure to deliver (or cause to be delivered) continues for more
than thirty (30) days from the date such delivery was required, (iii) any other condition of the Sales Agent’s obligations
hereunder is not fulfilled, or (iv) any suspension or limitation of trading in the Placement Shares or in securities generally
on the Exchange shall have occurred (including automatic halt in trading pursuant to market-decline triggers, other than those
in which solely program trading is temporarily halted), or a major disruption of securities settlements or clearing services in
the United States shall have occurred, or minimum prices for trading have been fixed on the Exchange.

 

(b)
The Company shall have the right, by giving ten (10) days’ notice as hereinafter specified in Section 12, to
terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without
liability of any party to any other party except that the provisions of Section 7(g), Section 9, Section 10,
Section 11(f), Section 16, Section 17 and Section 18 hereof shall remain in full force and
effect notwithstanding such termination.

 

(c)
The Sales Agent shall have the right, by giving ten (10) days’ notice as hereinafter specified in Section 12,
to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be
without liability of any party to any other party except that the provisions of Section 7(g), Section 9,
Section 10, Section 11(f), Section 16, Section 17 and Section 18 hereof
shall remain in full force and effect notwithstanding such termination. If the Sales Agent elects to terminate this Agreement
as provided in this Section 11(c), the Sales Agent shall provide the required notice as specified in Section 12
(Notices).

 

(d)
Unless earlier terminated pursuant to this Section 11, this Agreement shall automatically terminate upon the earlier
to occur of (i) issuance and sale of all of the Placement Shares to or through the Sales Agent on the terms and subject to the
conditions set forth herein and (ii) the expiration of the Registration Statement on the third (3rd) anniversary of
the initial effective date of the Registration Statement pursuant to Rule 415(a)(5) under the Securities Act; provided
that the provisions of Section 7(g), Section 9, Section 10, Section 11(f), Section 16,
Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

 

    32 

     

    

 

(e)
This Agreement shall remain in full force and effect unless terminated pursuant to Sections 11(a), (b), (c)
or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination
by mutual agreement shall in all cases be deemed to provide that Section 7(g), Section 9, Section 10,
Section 11(f), Section 16, Section 17 and Section 18 shall remain in full force and
effect.

 

(f)
Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however,
that such termination shall not be effective until the close of business on the date of receipt of such notice by the Sales Agent
or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares,
such termination shall not become effective until the close of business on such Settlement Date and such Placement Shares shall
settle in accordance with the provisions of this Agreement.

 

12.
Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant
to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Sales Agent, shall be delivered
to:

 

A.G.P./Alliance
Global Partners

590
Madison Avenue

New
York, New York 10022

Attention:
Tom Higgins

Email:
atm@allianceg.com

 

with
a copy (which shall not constitute notice) to:

 

Gracin
& Marlow, LLP

405
Lexington Avenue, 26th Floor

New
York, New York 10174

Facsimile:
(212) 208-4657

Attention:
Leslie Marlow, Esq. or Patrick Egan, Esq.

E-mail:
lmarlow@gracinmarlow.com or pegan@gracinmarlow.com

 

and
if to the Company, shall be delivered to:

 

Foresight
Autonomous Holdings Ltd.

3
Golda Meir

Ness
Ziona 7414001 Israel

Attention:
Eli Yoresh, Chief Financial Officer

E-mail:
eli@foresightauto.com

with
a copy (which shall not constitute notice) to:

 

	Sullivan
    & Worcester LLP
	1633 Broadway
	New York, New York 10019
	Attention:
        Oded Har-Even, Esq.

        Facsimile:
        (212) 660-3001

        E-mail:
ohareven@sullivanlaw.com

 

    33 

     

    

 

Each
party may change such address for notices by sending to the other party to this Agreement written notice of a new address for
such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally or by verifiable
facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such
day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a
nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified
or registered mail, return receipt requested, postage prepaid).

 

An
electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this Section 12
if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed
received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party (other than pursuant
to auto-reply). Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic
form (“Nonelectronic Notice”) which shall be sent to the requesting party within ten (10) days of receipt
of the written request for Nonelectronic Notice.

 

13.
Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and the Sales Agent
and their respective successors and permitted assigns and, as to Sections 5(b) and 9, the other indemnified
parties specified therein. References to any of the parties contained in this Agreement shall be deemed to include the successors
and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any other person
any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.
Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party;
provided, however, that the Sales Agent may assign its rights and obligations hereunder to an affiliate of the Sales
Agent without obtaining the Company’s consent.

 

14.
Adjustments for Share Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any share split, share dividend or similar event effected with respect to the Ordinary
Shares.

 

15.
Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) and any other writing entered into by the parties relating to this Agreement constitutes the entire
agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties
hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to
a written instrument executed by the Company and the Sales Agent. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent
jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal
and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable
term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the
terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.

 

    34 

     

    

 

16.
Applicable Law; Consent to Jurisdiction. This Agreement shall be governed by, and construed in accordance with, the internal
laws of the State of New York, without regard to the principles of conflicts of laws. Each party hereby irrevocably submits to
the non-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 with any transaction contemplated hereby, 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 brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. 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 (certified or registered mail, return receipt requested) 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 manner permitted by law.

 

17.
Jurisdiction; Service of Process. The Sales Agent and the Company agree that any
suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted
in any federal or New York State court located in the City and County of New York (a “New York Court”), and
waive any objection which they may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submit
to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Company hereby irrevocably designates
and appoints Sullivan & Worcester LLP (the “Process Agent”) as its authorized agent upon whom process may
be served in any claim brought against the Company, it being understood that the designation and appointment of the Process Agent
as such authorized agent shall become effective immediately without any further action on the part of the Company. The Company
represents to each Underwriter that it has notified the Process Agent of such designation and appointment and that the Process
Agent has accepted the same. The Company hereby irrevocably authorizes and directs the Process Agent to accept such service. The
Company further agrees that service of process upon the Process Agent and written notice of said service to the Company, mailed
by first-class mail and delivered to the Process Agent, shall be deemed in every respect effective service of process upon the
Company in any such claim. Nothing herein shall affect the right of each Underwriter, its partners, directors, officers and members,
any person who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act,
or any “affiliate” (within the meaning of Rule 405 under the Securities Act) of such Underwriter, or the successors
and assigns of all of the foregoing persons, to serve process in any other manner permitted by law. The provisions of this Section
16 shall survive any termination of this Agreement, in whole or in part.

 

18.
Waiver of Jury Trial. The Company and the Sales Agent each hereby irrevocably waives any right it may have to a trial by
jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby.

 

    35 

     

    

 

20.
        19. Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

 

(a)
the Sales Agent is acting solely as agent in connection with the sale of the Placement Shares contemplated by this Agreement and
the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective
affiliates, shareholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Sales
Agent, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective
of whether the Sales Agent has advised or is advising the Company on other matters, and the Sales Agent has no obligation to the
Company with respect to the transactions contemplated by this Agreement, except the obligations expressly set forth in this Agreement;

 

(b)
the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
contemplated by this Agreement;

 

(c)
the Sales Agent has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated
by this Agreement, and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate;

 

(d)
the Company has been advised and is aware that the Sales Agent and its affiliates are engaged in a broad range of transactions
which may involve interests that differ from those of the Company and that the Sales Agent has no obligation to disclose such
interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; and

 

(e)
the Company waives, to the fullest extent permitted by law, any claims it may have against the Sales Agent, for breach of fiduciary
duty or alleged breach of fiduciary duty and agrees that the Sales Agent shall have no liability (whether direct or indirect,
in contract, tort or otherwise) to the Company in respect of such a fiduciary claim or to any person asserting a fiduciary duty
claim on behalf of or in right of the Company, including shareholders, partners, employees or creditors of the Company.

 

21.
Use of Information. The Sales Agent may not provide any information gained in connection with this Agreement and the transactions
contemplated by this Agreement, including due diligence, to any third party other than its legal counsel advising it on this Agreement
unless expressly approved by the Company in writing.

 

22.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other
may be made by facsimile transmission.

 

23.
Effect of Headings; Knowledge of the Company. The section and Exhibit headings herein are for convenience only and shall
not affect the construction hereof. All references in this Agreement to the “knowledge of the Company” or the “Company’s
knowledge” or similar qualifiers shall mean the actual knowledge of the directors and officers of the Company, after due
inquiry.

 

    36 

     

    

 

24.
Certain Definitions. As used in this Agreement, the following term has the meaning set forth below:

 

(a)
“Applicable Time” means the date of this Agreement, each Representation Date, each date on which
a Placement Notice is given, each Point of Sale, and each Settlement Date.

 

(b)
“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday
in the United States, a legal holiday in the State of Israel or any day on which banking institutions in the State of New York
or in the State of Israel are authorized or required by law or other governmental action to close; provided, however, that, for
calculating Business Days with respect to any action to be taken by the Company hereunder, Friday after 1:00 p.m. (Tel Aviv time)
shall not be considered a Business Day.

 

(c)
“Liens” means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive
right or other restriction.

 

(d)
“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.

 

(e)
“Trading Day” means a day on which the Nasdaq Stock Market is open for trading.

 

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

 

[Remainder
of Page Intentionally Blank]

 

    37 

     

    

 

If
the foregoing correctly sets forth the understanding between the Company and the Sales Agent, please so indicate in the space
provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and the Sales
Agent.

 

	 	Very
truly yours,
	 	 	 
	 	FORESIGHT
    AUTONOMOUS HOLDINGS LTD.
	 	 	 
	 	By:
    	/s/
    Eli Yoresh
	 	Name:
    	Eli
    Yoresh
	 	Title:
    	Chief
    Financial Officer
	 	 	 
	 	ACCEPTED
    as of the date first-above written:
	 	 
	 	A.G.P./ALLIANCE
    GLOBAL PARTNERS
	 	 	 
	 	By:	/s/
    Thomas Higgins
	 	Name:
    	Thomas
    Higgins
	 	Title:
    	Managing
    Director

  

[Signature
Page]

 

Foresight
Autonomous Holdings Ltd.—Sales Agreement

 

     

     

    

 

SCHEDULE
1

 

__________________________

 

Form
of Placement Notice

__________________________

 

	 	From:	Foresight
    Autonomous Holdings Ltd.
	 	To:	A.G.P./Alliance
    Global Partners
	 	 	Attention:
    [●]
	 	Subject:	Placement
    Notice
	 	Date:	[●],
    202[●]

 

Ladies
and Gentlemen:

 

Pursuant
to the terms and subject to the conditions contained in the Sales Agreement (the “Sales Agreement”)
between Foresight Autonomous Holdings Ltd., a company organized under the laws of Israel (the “Company”),
and A.G.P./Alliance Global Partners (the “Sales Agent”), dated October 2, 2020, the Company hereby requests
that the Sales Agent sell up to [____] American Depositary Shares (“ADSs”), each representing five (5)
ordinary shares of the Company, no par value (the “Placement Shares”), at a minimum market price of
$[●] per share, during the time period beginning [month, day, time] and ending [month, day, time] [and with no more than
[●] Placement Shares sold in any one Trading Day].

 

[The
Company may include such other sale parameters as it deems appropriate.]

 

Capitalized
terms used and not defined herein shall have the respective meanings assigned to them in the Sales Agreement.

  

     

     

    

 

SCHEDULE
2

 

Notice
Parties

  

Foresight
Autonomous Holdings Ltd.

 

Eliyahu
Yoresh (eli@foresightauto.com)

 

The
Sales Agent

 

Thomas
Higgins (thiggins@allianceg.com)

 

With
copies to:

 

atm@allianceg.com

 

     

     

    

 

 SCHEDULE
3

  

Compensation

 

The
Company shall pay to the Sales Agent in cash, upon each sale of Placement Shares through the Sales Agent pursuant to this Agreement,
an amount equal to 3.00% of the aggregate gross proceeds from each sale of Placement Shares.*

 

 

 

	*	The foregoing rate of compensation shall not apply when
the Sales Agent purchases Placement Shares on a principal basis, in which case the Company may sell the Placement Shares to the
Sales Agent as principal at a price to be mutually agreed upon by the Company and the Sales Agent at the relevant Point of Sale
pursuant to the applicable Placement Notice (it being hereby acknowledged and agreed that the Sales Agent shall be under no obligation
to purchase Placement Shares on a principal basis pursuant to the Sales Agreement, except as otherwise agreed by the Sales Agent
and the Company in writing and expressly set forth in a Placement Notice).

 

     

     

    

 

Exhibit
7(m)

 

REPRESENTATION
DATE CERTIFICATE

 

The
undersigned, the duly qualified and appointed _____________________ of Foresight Autonomous Holdings Ltd., a company organized
under the laws of Israel (the “Company”), does hereby certify in such capacity and on behalf of the
Company, pursuant to Section 7(m) of the Sales Agreement, dated October 2, 2020 (the “Sales Agreement”),
between the Company and A.G.P./Alliance Global Partners, that:

 

	 	(i)	the representations
    and warranties of the Company in Section 6 of the Sales Agreement (A) to the extent such representations
    and warranties are subject to qualifications and exceptions contained therein relating to materiality or Material Adverse
    Effect, are true and correct on and as of the date hereof with the same force and effect as if expressly made on and as of
    the date hereof, except for those representations and warranties that speak solely as of a specific date and which were true
    and correct as of such date, and (B) to the extent such representations and warranties are not subject to any qualifications
    or exceptions, are true and correct in all material respects as of the date hereof as if made on and as of the date hereof
    with the same force and effect as if expressly made on and as of the date hereof except for those representations and warranties
    that speak solely as of a specific date and which were true and correct as of such date; and;

 

	 	(ii)	the Company has
    complied with all agreements and satisfied all conditions on its part to be performed or satisfied pursuant to the Sales Agreement
    at or prior to the date hereof;

 

	 	(iii)	as of the date hereof,
    (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact
    required to be stated therein or necessary in order to make the statements therein not misleading, (ii) the Prospectus
    does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
    necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading
    and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Registration Statement
    or the Prospectus in order to make the statements therein not untrue or misleading for clauses (i) and (ii) above, respectively,
    to be true and correct;

 

	 	(iv)	there has been no
    Material Adverse Effect since the date as of which information is given in the Prospectus, as amended or supplemented;

 

	 	(v)	the Company does
    not currently possess any material non-public information; and

 

	 	(vi)	the aggregate offering
    price of the Placement Shares that may be issued and sold pursuant to the Sales Agreement and the maximum number or amount
    of Placement Shares that may be sold pursuant to the Sales Agreement have been duly authorized by the Company’s board
    of directors or a duly authorized committee thereof.

 

     

     

    

 

Terms
used herein and not defined herein have the meanings ascribed to them in the Sales Agreement.

  

	Dated:
    ____________	 	By:________________________________
	 	 	Name:
    _____________________________
	 	 	Title:
______________________________

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