Document:

Exhibit 4.20

 

MASTER
SOFTWARE DEVELOPMENT AGREEMENT

 

This Master Software Development
Agreement (the “Agreement”), dated as of July 01, 2019 (the “Effective Date”), is by and
between Unicorn Investment Limited, a BVI company (“Unicorn”) with registered office located at Trinity Chambers
PO BOX 4301 Road Town, Tortola, BVI (”Developer”), and BGA FOUNDATION LTD, a Public company limited by Guarantee
(“BGA”) with registered office located at 9 TEMASEK BOULEVARD 04-02 SUNTEC TOWER TWO, SINGAPORE (”Customer”).

 

WHEREAS, Developer is engaged
in the business of providing software development and related services and work product; and

 

WHEREAS, Customer desires
to retain Developer to provide the software development and related services and work product described herein from time to time
in separately executed Statements of Work, and Developer desires to provide the same to Customer, each on the terms and conditions
set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual covenants, terms, and conditions set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Customer and Developer agree as follows:

 

		1.	Definitions. For purposes of this Agreement, the following terms have the following meanings:

 

“ Acceptance” has the meaning
set forth in Section 5.8.

 

“Acceptance
Tests” means such tests as may be conducted in accordance with Section 5.4 and the applicable Statement of Work to determine
whether any Software Deliverable meets the requirements of this Agreement and the Specifications and Documentation therefor.

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation,
citation, summons, subpoena, or investigation of any nature, civil, criminal, administrative, regulatory, or other, whether at
law, in equity, or otherwise.

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. [The term “control” (including the terms “controlled by”
and “under common control with”) means the direct or indirect power to direct or cause the direction of the management
and policies of a Person, whether through [the ownership of voting securities, by contract, or otherwise/ownership of more than10%
of the voting securities of a Person].]

 

“Agreement” has the meaning set
forth in the preamble.

 

“Aggregate
Software” means the Software, as a whole, to be developed or otherwise provided under a particular Statement of Work.
For avoidance of doubt, if a Statement of Work provides for a single Software Deliverable, such Software Deliverable shall also
constitute Aggregate Software.

 

“Allegedly Infringing
Materials” has the meaning set forth in Section 12.3(a)(ii).

 

“Approved
Open Source Components” means Open Source Components that Customer has approved to be included in or used in connection
with any Software developed or provided hereunder and which are specifically identified in Exhibit C or the Statement of
Work for such Software.]

 

     

     

    

 

“Approved
Third-Party Materials” means the Third-Party Materials that Customer has approved to be included in or for use in
connection with any Software developed or provided hereunder and which are specifically identified in Exhibit C or the
Statement of Work for such Software.

 

“Background
Technology” means all Software, data, know-how, ideas, methodologies, specifications, and other technology in which Developer
owns such Intellectual Property Rights as are necessary for Developer to grant the rights and licenses set forth in Section 10.1,
and for Customer (including its licensees, successors, and assigns) to exercise such rights and licenses, without violating any
right of any Third Party or any Law, or incurring any payment obligation to any Third Party, and that: (a) are identified as background
technology in any Statement of Work; and (b) were or are developed or otherwise acquired by Developer prior to Effective Date,
with respect to the Initial Statement of Work, or the date of Customer’s request for additional Services, with respect to
any other Statement of Work.]

 

“Business
Requirements Specification” means the initial specification setting forth Customer’s business requirements regarding
the features and functionality of the Software under the Initial Statement of Work and attached as Exhibit A hereto.]

 

“Change” has the meaning set
forth in Section 3.4.

 

“Change
Agreement” has the meaning set forth in Section 3.4(b).

 

“Change Proposal” has the meaning set
forth in Section 3.4(a).

 

“Change Request” has the meaning set forth in Section 3.4.

 

“Confidential
Information” has the meaning set forth in Section 8.1.

 

“CPI” has the meaning set forth in
Section 7.8(c)(ii)

 

“Customer” has the meaning set forth in the preamble.

 

“Customer
Materials” means all materials and information, including documents, data, know-how, ideas, methodologies, specifications,
software, content, and technology, in any form or media, directly or indirectly provided or made available to Developer by or on
behalf of Customer in connection with this Agreement, whether or not the same: (a) are owned by Customer, a Third Party, or in
the public domain; or (b) qualify for or are protected by any Intellectual Property Rights.

 

“Customer Resources” has the
meaning set forth in Section 4.1(b).

 

“Deliverables”
means all Software Deliverables and all other documents, work product, and other materials that Developer is required to [or otherwise
does] provide to Customer [or its designee] under this Agreement and otherwise in connection with any Services, including any and
all items specifically identified as Deliverables in any Statement of Work.

 

“Developer” has the meaning set
forth in the preamble.

 

“Developer
Personnel” means all employees of Developer or any Permitted Subcontractors involved in the performance of Services or
providing Work Product hereunder.

 

“Developer’s Proposal”
means the developer’s proposal submitted in response to the RFP.]

 

     

     

    

 

“Disclosing Party” has the meaning
set forth in Section 8.1.

 

“Documentation”
means all generally available documentation relating to the Software, including all user manuals, operating manuals, and other
instructions, specifications, documents, and materials, in any form or media, that describe any component, feature, requirement,
or other aspect of the Software, including any functionality, testing, operation, or use thereof.

 

“Effective Date” has the
meaning set forth in the preamble.

 

“Fees” has the meaning set forth in Section 7.1.

 

“Force Majeure” has the meaning
set forth in Section 15.11.

 

“Functional
Specification” means, with respect to any Software, the document setting forth Customer’s requirements with respect
to such Software’s features and functions, and included in the Statement of Work for such Software.

 

“Harmful
Code” means any: (a) virus, trojan horse, worm, backdoor, or other software or hardware devices the effect of which is
to permit unauthorized access to, or to disable, erase, or otherwise harm, any computer, systems, or software; or (b) time bomb,
drop-dead device, or other software or hardware device designed to disable a computer program automatically with the passage of
time or under the positive control of any Person, or otherwise deprive Customer of its lawful right to use the Software.

 

“Implementation
Plan” means the schedule included in each Statement of Work setting forth the sequence of events for the performance
of Services under such Statement of Work, including the Milestones and Milestone Dates thereunder.

 

“Initial
Statement of Work” means the Statement of Work for the initial Software development and related Services hereunder [attached
as Exhibit A hereto/as developed by Developer and agreed by the parties as set forth in Section 3.2].

 

“Initial Term” has the meaning
set forth in Section 14.1.]

 

“Intellectual
Property Rights” means any and all registered and unregistered rights granted, applied for, or otherwise now or hereafter
in existence under or related to any patent, copyright, trademark, trade secret, database protection, or other intellectual property
rights laws, and all similar or equivalent rights or forms of protection, in any part of the world.

 

“Intended
Users” means the category(ies) of users that are intended to use Software or particular features or functions thereof,
as described in the Specifications for such Software.

 

“Key
Personnel” means any Developer Personnel identified as key personnel in this Agreement or, with respect to any Statement
of Work, such Statement of Work.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, or other
requirement of any federal, state, local, or foreign government or political subdivision thereof, or any arbitrator, court, or
tribunal of competent jurisdiction.

 

“Losses” means all losses,
damages, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of
whatever kind, including reasonable attorneys’ fees and the costs of enforcing any right to indemnification hereunder
and the cost of pursuing any insurance providers.

  

     

     

    

 

“Milestone”
means an event or task described in the Implementation Plan under any Statement of Work that must be completed by the corresponding
Milestone Date set forth therein.

 

“Milestone
Date” means the date by which a particular Milestone must be completed as set forth in the Implementation Plan under
any Statement of Work.

 

“Non-Conformity”
means any failure of any (a) Software or Documentation to conform to the requirements of this Agreement (including any applicable
Statement of Work); or (b) Software to conform to the requirements of this Agreement or the Specifications or Documentation therefor.

 

“Open
Source Components” means any software component that is subject to any open source copyright license agreement, including
software available under the GNU Affero General Public License (AGPL), GNU General Public License (GPL), GNU Lesser General Public
License (LGPL), Mozilla Public License (MPL), Apache License, BSD licenses, or any other license that is approved by the Open Source
Initiative.

 

“Open Source License” has the
meaning set forth in Section 2.6.]

 

“Operating
Environment” means, collectively, the Customer platform and environment on, in, or under which Software is intended to
be installed and operate, as set forth in the Statement of Work for such Software, including such structural, functional, and other
features, conditions, and components as hardware, operating software, and system architecture and configuration.

 

“Permitted Subcontractor” has
the meaning set forth in Section 2.10.

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated
organization, trust, association, or other entity.

 

“Receiving Party” has the meaning
set forth in Section 8.1.

 

“Reimbursable
Expenses” has the meaning set forth in Section 7.2.

“Renewal Term” has the meaning set forth in Section
14.2.]

 

“Representatives”
means a party’s [and its Affiliates’] employees, officers, directors, consultants, legal advisors, and Permitted Subcontractors[,
and with respect to Customer, its independent contractors and service providers].

 

“RFP”
means Customer’s request for proposal, dated as of June 1, 2018, included in Exhibit A to this Agreement].]

 

“Services”
means any of the services Developer provides under this Agreement or any Statement of Work, as more fully described in this Agreement
or such Statement of Work.

 

“Site”
means the physical location designated by Customer in, or in accordance with, this Agreement or any Statement of Work for delivery
and/or installation of any Software.

 

“Software”
means the computer program(s), including programming tools, scripts, and routines, the Developer develops or otherwise
provides under this Agreement, as described more fully in each Statement of Work[, including all updates, upgrades, new
versions, new releases, enhancements, improvements, and other modifications made or provided pursuant to the Support
Services]. As context dictates, Software may refer to one or more Software Deliverables or Aggregate Software.

 

     

     

    

 

“Software
Deliverable” means any Software, together with the Documentation therefor, required to be delivered as a Milestone as
set forth in the Implementation Plan for such Software.

 

“Source
Code” means the human readable source code of the Software to which it relates, in the programming language in which
such Software was written, together with all related flow charts, code, and technical documentation, including a description of
the procedure for generating object code, all of a level sufficient to enable a programmer reasonably fluent in such programming
language to understand, build, operate, support, maintain, and develop modifications, upgrades, updates, adaptations, enhancements,
new versions, and other derivative works and improvements of, and to develop computer programs compatible with, the Software.

 

“Specifications”
means, for any Software, the specifications collectively set forth in the [Business Requirements Specification,] Functional Specification[,]
and Technical Specification therefor[, together with any other specifications set forth in the RFP or Developer’s Proposal,
if any, for such Software, or elsewhere in the relevant Statement of Work].

 

“Statement
of Work” means any statement of work entered into by the parties and attached as an exhibit to this Agreement. [The Initial
Statement of Work is attached as Exhibit A, and subsequent Statements of Work shall be sequentially identified and attached
as Exhibit A-1, A-2, A-3, etc.]

 

“Support
Commencement Date” means, with respect to any Software, the date on which the Warranty Period for such Software expires
or such other date as may be set forth in Exhibit E or the Statement of Work for such Software.

 

“Support
Fees” means the fees, if any, payable by Customer for Support Services as set forth in the [Fee/ Support Services] Exhibit
or any Statement of Work.

 

“Support
Services” means the Software maintenance, hosting and support services the Developer is required to provide under this
Agreement as set forth in Exhibit E.

 

“Technical
Specification” means, with respect to any Software, the document setting forth the technical specifications for such
Software and included in the Statement of Work for such Software.

 

“Term” has the meaning
set forth in [Section 14.1/Section 14.2]. “Testing Period” has the meaning set forth in Section 5.4(b).

 

“Third
Party” means any Person other than Customer or Developer. For purposes of this Agreement, the parties’ Affiliates
are Third Parties.

 

“Third-Party
Materials” means any materials and information, including documents, data, know-how, ideas, methodologies, specifications,
software, content, and technology, in any form or media, in which any Person other than Customer or Developer owns any Intellectual
Property Right, but specifically excluding Open Source Components.

 

     

     

    

 

“Warranty Period” means,
for any Software, the twelve (12)] /month] period commencing (a) in the case of Aggregate Software, Customer’s
Acceptance thereof; and (b) in the case of any updates, upgrades, new versions, new releases, enhancements, and other
modifications to previously-Accepted Aggregate Software, including those made pursuant to the Support Services,
Customer’s receipt thereof.

 

“Work
Product” means all Software, Documentation, Specifications, and other documents, work product, and materials related
thereto, that Developer provides to Customer [or its designee] hereunder, together with all ideas, concepts, processes, and methodologies
developed in connection therewith, whether or not embodied therein [other than materials expressly identified in a[n exhibit to
this Agreement or a] Statement of Work as [Background Technology [or/,]]Approved Third-Party Materials[, or Approved Open Source
Components]].

 

		2.	Software Development Services.

 

2.1 Engagement
of Developer. Customer hereby engages Developer, and Developer hereby accepts such engagement, to develop Software and provide
Services related thereto as described herein or otherwise requested by Customer from time to time and described in Statements of
Work therefor, all on the terms and conditions set forth in this Agreement and such Statements of Work.

 

2.2 Performance
of Services. Developer shall provide all Services and Work Product hereunder in a timely, professional, and workmanlike manner
and in accordance with the terms, conditions, and Specifications set forth in this Agreement and each Statement of Work.

 

2.3 Software
Development. Developer shall design, develop, create, test, deliver, install, configure, integrate, customize, and otherwise
provide and make fully operational Software as described in each Statement of Work on a timely and professional basis in accordance
with all terms, conditions, and Specifications set forth in this Agreement and such Statement of Work. Where the applicable Statement
of Work requires or permits delivery of Software in two or more phases, Developer shall also provide Customer with integrated Documentation
for the Aggregate Software upon its delivery. Developer shall ensure all Software complies with the Specifications therefor. [Except
to the extent expressly provided otherwise in the Statement of Work for any Software, ] Developer shall provide all Software to
Customer in both object code and Source Code form.

 

2.4 Documentation.
Prior to or concurrently with the delivery of any Software hereunder, or by such earlier date as may be specified in the Implementation
Plan for such Software, Developer shall provide Customer with complete and accurate Documentation for such Software. Where the
applicable Statement of Work requires or permits delivery of Software in two or more phases, Developer shall also provide Customer
with integrated Documentation for the Aggregate Software upon its delivery.

 

(a) 
Adequacy of Documentation. All Documentation shall include all such information as may be reasonably necessary for
the effective installation, testing, use, support, and maintenance of the applicable Software by the Intended User, including the
effective configuration, integration, and systems administration of the Software and performance of all other functions set forth
in the Specifications.

 

(b) 
Documentation Specifications. Developer shall provide all Documentation in both hard copy and electronic form, in
such formats and media as are set forth in Exhibit A or the relevant Statement of Work, or as Customer may otherwise [reasonably]
request [in writing].

 

     

     

    

 

(c) 
Third-Party Documentation. Other than Documentation for Approved Third-Party Materials[ and Approved Open Source
Components], no Documentation shall consist of or include Third-Party Materials. To the extent Documentation consists of or includes
Third-Party Materials, Developer shall secure, at its sole cost and expense, all rights, licenses, consents, approvals, and authorizations
specified in Section 10.3 with respect to Approved Third-Party Materials.

 

		2.5	Third-Party Materials.

 

(a) 
Developer shall not include in any Software, and operation of all Software in accordance with its Specifications and Documentation
shall not require, any Third-Party Materials, other than Approved Third-Party Materials specifically described in Exhibit C
or the Statement of Work for such Software and licensed to Customer in accordance with Section 10.3.

 

(b) 
Except as provided otherwise in Exhibit C or the applicable Statement of Work, Developer shall secure, at its sole
cost and expense, all necessary rights, licenses, consents, approvals, and authorizations necessary for Customer to use, perpetually
and throughout the universe, all Approved Third-Party Materials as incorporated in or otherwise used in conjunction with Software
as specified in the applicable Statement of Work or elsewhere in this Agreement.

 

2.6 
Open Source Components. Developer shall not include in any Software, and operation of all Software in accordance
with its Specifications and Documentation shall not require the use of, any Open Source Components[, other than Approved Open Source
Components specifically described in Exhibit C or the Statement of Work for such Software, and for which the relevant open
source license(s) (each, an “Open Source License”) are included in Exhibit C or such Statement of Work.
Developer shall provide Customer with a complete, machine-readable copy of the Source Code for Approved Open Source Components
in accordance with the terms of the Open Source License(s) therefor at no cost to the Customer].

 

2.7 
Relationship Managers. Throughout the Term of this Agreement, each party shall maintain within its organization a
relationship manager to serve as such party’s primary point of contact for day-to-day communications, consultation, and decision
making regarding this Agreement. Each party shall ensure its relationship manager has the requisite authority and skill to perform
in such capacity. The parties’ initial relationship managers are stated in Exhibit A. Each party shall use reasonable efforts
to maintain the same relationship manager in place throughout the Term. If either party’s relationship manager ceases to
be employed by such party[ or such party otherwise wishes to replace its relationship manager], such party shall promptly name
a new relationship manager by written notice to the other party.

 

2.8 
Developer Personnel. Developer is solely responsible for all Developer Personnel and for the payment of their compensation,
including, if applicable, withholding of income taxes, and the payment and withholding of social security and other payroll taxes,
unemployment insurance, workers’ compensation insurance, and disability benefits. Prior to any Developer Personnel performing
any Services hereunder, Developer shall:

 

(a) 
ensure that Developer Personnel have the legal right to work in the United States, China and Hongkong;

  

     

     

    

 

(b)  require
such Developer Personnel to execute written agreements, in form and substance [reasonably] acceptable to Customer that bind
such Developer Personnel to confidentiality provisions that are at least as protective of Customer’s information
(including all Confidential Information) as those contained in this Agreement and Intellectual Property Rights provisions
that grant Customer rights in the Work Product consistent with the provisions of Section 9.1, and, upon Customer’s
request, provide Customer with [a copy of] each such executed agreement;

 

(c) 
at its sole cost and expense, conduct background checks on such Developer Personnel, which background checks shall comprise,
at a minimum, a review of credit history, references, and criminal record, in accordance with applicable Law. Provider shall ensure
that no Person who has been convicted of a felony or any misdemeanor involving, in any way, theft, fraud, bribery, or the violation
of any securities law provides any Services or has access to any Confidential Information of Customer; and

 

(d) 
upon the [reasonable] written request of Customer, promptly replace any Developer Personnel.

 

Developer shall, and shall
ensure that all Developer Personnel, comply with all rules, regulations, and policies of Customer that are communicated to Developer
in writing, including security procedures concerning systems and data and remote access thereto, building security procedures[,
including the restriction of access by Customer to certain areas of its premises or systems], and general health and safety practices
and procedures.

 

2.9 
Developer Project Managers. Upon the execution of each Statement of Work Developer shall appoint, and throughout
the term of such Statement of Work Developer shall maintain, a Developer employee [[reasonably] acceptable to Customer] to serve
as Developer’s project manager (each, a “Developer Project Manager”) under such Statement of Work.

 

		(a)	Each Developer Project Manager shall:

 

(i)    
have the requisite authority and necessary skill, experience, and qualifications to perform in such capacity;

 

(ii)    
be responsible for overall management and supervision of Developer’s performance under such Statement of Work; and

 

(iii)    
be Customer’s primary point of contact for communications with respect to such Statement of Work, including with respect
to giving and receiving all day-to-day approvals and consents thereunder.

 

(b) 
The Developer Project Manager shall attend all regularly scheduled meetings as set forth in the Implementation Plan and
all additional meetings scheduled on at least 24 hours prior notice, and otherwise shall be available as set forth in the Statement
of Work.

 

(c) 
Developer shall maintain the same Developer Project Manager throughout the term of such Statement of Work, unless:

 

		(i)	Customer [reasonably] requests in writing the removal of the Developer Project Manager;

 

(ii)    
Customer consents in writing to any removal [reasonably] requested by Developer in writing;

 

(iii)    
the Developer Project Manager ceases to be employed by Developer, whether by resignation, involuntary termination, or otherwise.]

 

     

     

    

  

(d) 
Developer shall promptly replace the Developer Project Manager under any Statement of Work on the occurrence of any event
set forth in Section 2.9(c). [Such replacement shall be subject to Customer’s [reasonable] prior written approval.]

 

2.10 
Subcontractors. Developer shall not, without the prior written approval of Customer[, which consent [shall not be
unreasonably withheld [or delayed]/may be given or withheld in Customer’s sole discretion],] engage any Third Party to perform
Services (including to create any Work Product) hereunder. Customer’s approval of any such Third Party (each approved Third
Party, a “Permitted Subcontractor”) shall not relieve Developer of its representations, warranties, or obligations
under the Agreement. Without limiting the foregoing, Developer shall:

 

(a) 
be responsible and liable for the acts and omissions of each such Permitted Subcontractor (including such Permitted Subcontractor’s
employees who, to the extent providing Services or creating Work Product, shall be deemed Developer Personnel) to the same extent
as if such acts or omissions were by Developer or its employees;

 

(b) 
[name Customer a third-party beneficiary under Developer’s agreement with each Permitted Subcontractor with respect
to the Services and Work Product;]

 

(c) 
be responsible for all fees and expenses payable to, by, or on behalf of each Permitted Subcontractor in connection with
this Agreement, including, if applicable, withholding of income taxes, and the payment and withholding of social security and other
payroll taxes, unemployment insurance, workers’ compensation insurance, and disability benefits; and

 

(d) 
prior to the provision of Services or creation of Work Product by any Permitted Subcontractor:

 

(i)    
obtain from such Permitted Subcontractor confidentiality, work-for-hire, and intellectual property rights assignment agreements,
in form and substance acceptable to Customer, giving Customer rights consistent with those set forth in Section 9.1 and Section
8, and, upon request, provide Customer with a fully-executed copy of each such agreement; and

 

(ii)    
with respect to all Permitted Subcontractor employees providing Services or Work Product, comply with its obligations under
Section 2.8.

  

2.11 
  Time of the Essence. Developer acknowledges that time is of the essence with respect to Developer’s
obligations hereunder and agrees that prompt and timely performance of all such obligations in accordance with this Agreement
and each Statement of Work (including the Implementation Plan and all Milestone Dates included therein) is strictly required.

 

3.   
Statements of Work. Developer shall provide Services and Work Product pursuant to Statements of Work entered into
as set forth herein. No Statement of Work shall be effective unless signed by duly authorized representatives of both parties.
The term of each Statement of Work shall be as set forth therein or, if no term is specified, shall commence on the parties’
full execution thereof and terminate when the parties have fully performed their obligations thereunder. Unless a Statement of
Work expressly states otherwise, Customer shall have the right to terminate such Statement of Work as set forth in Section 14.3.

 

     

     

    

 

3.1 
Statement of Work Requirements. Each Statement of Work shall be [substantially] in the form used in Exhibit A
attached hereto, and shall include the following:

 

 

(a) 
names and contact information for the Customer Project Manager, Developer Project Manager, and, if relevant, Key Personnel
of Developer under such Statement of Work;

 

		(b)	a detailed description of the Services to be provided thereunder;

 

(c) 
a detailed description of the Software and other Work Product to be developed or otherwise provided under such Statement
of Work, including a:

 

		(i)	Functional Specification;

 

		(ii)	Technical Specification; and

 

		(iii)	description of the Documentation to be provided;

 

(d) 
an Implementation Plan, including all Milestones, the corresponding Milestone Dates, and the parties’ respective responsibilities
therefor;

 

(e) 
Fees payable under such Statement of Work, the manner in which such Fees shall be calculated, the due dates for payment
thereof, including any Milestones on which any such Fees are conditioned, and such other information as the parties deem necessary;

 

(f) 
disclosure of all Approved Third-Party Materials[ and Approved Open Source Components in each case] accompanied by such
related documents as may be required by this Agreement with respect thereto; and

 

		(g)	a detailed description of all Customer Resources required under such Statement of Work.

 

3.2 
Initial Statement of Work. The Initial Statement of Work [is attached as Exhibit A hereto/will be developed
and agreed by the parties as set forth in this Section 3.2].

 

(a) 
[Commencing on the Effective Date, Developer shall perform the consulting and related Services set forth in the Initial
Statement of Work for purposes of creating and providing to Customer Developer’s proposed Statement of Work for developing
Software that meets all criteria set forth in the Business Requirements Specification.

 

(b) 
Developer shall deliver its proposed Statement of Work to Customer on or before the due date therefor as set forth in the
Initial Statement of Work, whereupon Customer shall have the period set forth in the Initial Statement of Work to review and, in
its discretion, approve or raise objections to the Developer’s proposed Statement of Work. If Customer raises any such objections,
the parties shall negotiate in good faith to amend the proposal, provided that:

 

(i)    
to the extent the proposal does not comply with the requirements of this Agreement and the Business Requirements Specification,
it shall be amended to so comply; and

 

(ii)    
either party may terminate negotiations[ and this Agreement] if the parties fail to agree on the proposed Statement of Work
prior to the date specified in the Initial Statement of Work.

 

     

     

    

 

(c) 
Upon the parties’ agreement to the Initial Statement of Work, each party shall cause the same to be signed by its
duly authorized representative. Upon its mutual execution, the Initial Statement of Work shall be attached as Exhibit A-1 and
form a part of this Agreement and the proposed Statement of Work shall be attached as Exhibit A-2 and form a part of this
Agreement.

 

		(d)	If this Agreement is terminated by either party pursuant to Section 3.2(b)(ii):

 

(i)    
Customer’s rights to the Initial Statement of Work and all drafts thereof and proposals relating thereto shall be
as set forth in Exhibit A or the Initial Statement of Work; and

 

(ii)    
Developer shall be compensated as set forth in Exhibit A or the Initial Statement of Work.]

 

3.3 
Additional Statements of Work. [Promptly/Within 3 days] following receipt of Customer’s request for [additional]
Software development or other Services, Developer shall provide Customer with a proposal [[substantially] in the form of, and containing
all information specified in, the attached Exhibit A]. Upon the parties’ agreement with respect to the terms of such
proposal, all such terms shall be incorporated in a Statement of Work and each party shall cause the same to be signed by its duly
authorized representative. Each fully executed Statement of Work shall be attached as an Exhibit to, and by this reference incorporated
in and made a part of, this Agreement.

 

3.4 
Changes to Statements of Work. Customer may at any time request in writing (each, a “Change Request”)
changes to any Statement of Work, including changes to the Services, Work Product, Implementation Plan, or any Specifications (each,
a “Change”). Upon Customer’s submission of a Change Request, the parties shall evaluate and implement
all Changes in accordance with this Section 3.4.

 

(a) 
As soon as reasonably practicable, and in any case within 3 days following receipt of a Change Request, Developer shall
provide Customer with a written proposal for implementing the requested Change (”Change Proposal”), setting
forth:

 

(i)    
a written description of the proposed Changes to any Services, Work Product, or Deliverables;

 

(ii)    
an amended Implementation Plan reflecting: (A) the schedule for commencing and completing any additional or modified Services,
Work Product, or Deliverables; and (B) the effect of such Changes, if any, on completing any other Services or Work Product under
the Statement of Work;

 

(iii)    
any additional Third-Party Materials, Open Source Components, and Customer Resources Developer deems necessary to carry
out such Changes; and

 

(iv)    
any increase or decrease in Fees resulting from the proposed Changes, which increase or decrease shall reflect only the
increase or decrease in time and expenses Developer requires to carry out the Change.

 

(b)  Within
3 days following Customer’s receipt of a Change Proposal, Customer shall by written notice to Developer, approve,
reject, or propose modifications to such Change Proposal. If Customer proposes modifications, Developer shall modify and
re-deliver the Change Proposal reflecting such modifications, or notify Customer of any disagreement therewith, in which
event the parties shall negotiate in good faith to resolve their disagreement. Upon Customer’s approval of the Change
Proposal or the parties’ agreement on all proposed modifications thereto, as the case may be, the parties shall execute
a written agreement to the Change Proposal (”Change Agreement”), which Change Agreement shall constitute
an amendment to the Statement of Work  to which it relates; and

 

     

     

    

 

(c) 
If the parties fail to enter into a Change Agreement within 5 days following Customer’s response to a Change Proposal,
Customer shall have the right, in its discretion, to:

 

(i)    
require Developer to perform the Services under the Statement of Work without the Change;

 

		(ii)	require Developer to continue to negotiate a Change Agreement; or

 

(iii)    
notwithstanding any provision to the contrary in such Statement of Work, terminate the Statement of Work pursuant to Section
14.3(a)(iii).

 

No Change
will be effective until the parties have executed a Change Agreement with respect thereto. Except as Customer may request in its
Change Request or otherwise in writing, Developer shall continue to perform its obligations in accordance with the Statement of
Work pending negotiation and execution of a Change Agreement. Developer shall [use its [commercially reasonable/best] efforts to]
limit any delays or Fee increases from any Change to those necessary to perform the Change in accordance with the applicable Change
Agreement. Each party shall be responsible for its own costs and expenses of preparing, evaluating, negotiating, and otherwise
processing any Change Request, Change Proposal, and Change Agreement.

 

		4.	Customer Obligations.

 

4.1 
Customer Resources and Cooperation. Customer shall be responsible, on a timely basis in accordance with each Statement
of Work, including the Implementation Plan and Milestone Dates set forth therein, for:

 

(a) 
performing all obligations identified as “Customer Responsibilities” in such Statement of Work;

 

(b) 
providing the Customer Materials and such other resources as may be specified in such Statement of Work (collectively, “Customer
Resources”);

 

(c) 
providing Developer Personnel with such access to the Site[s] and Operating Environment as is necessary for Developer to
perform its obligations on a timely basis as set forth in such Statement of Work;

 

(d) 
participating with suitably qualified and authorized personnel in all meetings scheduled in, or in accordance with, such
Statement of Work, and such other meetings as may be scheduled on no less than [NUMBER IN WORDS] ([NUMBER]) days’ prior notice;
and

 

(e) 
providing all consents, approvals, exception notices, and other communications specified in such Statement of Work or as
otherwise may be required under this Agreement.

     

     

    

 

		4.2	Customer Project Managers.

 

(a) 
Upon the execution of each Statement of Work, Customer shall appoint, and throughout the term of such Statement of Work
Customer shall maintain, a Customer employee to serve as Customer’s project manager under such Statement of Work (each, a
 “Customer Project Manager”). Each Customer Project Manager shall:

 

 

(i)    
have the requisite authority, and necessary skill, experience, and qualifications, to perform in such capacity;

 

(ii)    
be responsible for overall management and supervision of Customer’s performance under such Statement of Work; and

 

(iii)    
be Developer’s primary point of contact for communications with respect to such Statement of Work, including with
respect to providing and receiving all day-to-day approvals and consents thereunder.

 

(b) 
Each Customer Project Manager shall attend all regularly scheduled meetings as set forth in the Implementation Plan and
additional meetings scheduled on at least 24 hours prior notice, and otherwise shall be available as set forth in the Statement
of Work.

 

4.3 
Effect of Customer Delays. If, as a result of any failure by Customer to perform any of its obligations set forth
in Section 4.1 on a timely basis under any Statement of Work, Developer is unable to timely meet all or any remaining Milestones
under such Statement of Work, either at all or without incurring additional costs, Developer may extend such Milestone Dates for
up to the length of Customer’s delay [or, at Customer’s option, increase the related Fees solely to recover any such
additional costs,] in accordance with the following:

 

(a) 
Developer shall promptly notify Customer in writing, proposing a revised Implementation Plan reflecting new Milestone Dates
for each affected Milestone, which Milestone Dates may be extended by no longer than the length of Customer’s delay and,
if Developer is able to meet the original Milestone Dates by incurring additional costs:

 

(i)    
for fixed-fee Services, its proposed Fee increase for meeting the original Milestone Dates; or

 

(ii)    
for time-and-materials Services, the estimated costs of overtime Customer would incur for Developer to meet the original
Milestone Dates.

 

(b) 
Upon receipt of any notice given under Section 4.3(a), subject to Section 4.3(c), Customer shall promptly notify Developer
in writing of its election. Customer’s failure to notify Developer within 3 days after such receipt shall be deemed an acceptance
of the new Milestone Dates and rejection of all Fee increases.

 

(c) 
If Customer disputes Developer’s right to extend Milestone Dates or increase Fees, or the extent of any proposed extension
or increase, Customer shall promptly notify Developer and the parties shall negotiate in good faith to resolve the dispute.

 

Notwithstanding anything contained
in this Section 4.3 or otherwise in this Agreement, Developer shall use its [commercially reasonable/best] efforts to meet the
Milestone Dates specified in the Statement of Work without any
extension or Fee increase. Customer shall not be deemed in breach of this Agreement for failure to perform its obligations on a
timely basis, and the provisions of this Section 4.3 set forth Developer’s sole and exclusive remedy, and Customer’s
sole and exclusive liability, for Customer’s failure to perform its obligations under this Section 4.

 

     

     

    

 

		5.	Delivery, Installation, and Acceptance.

 

 

5.1 
[Pre-Delivery Testing by Developer. Before delivering and installing any Software Deliverable, Developer shall:

 

(a) 
test the Software component of such Software Deliverable to confirm that it is fully operable, meets all applicable Specifications,
and will function in accordance with the Specifications and Documentation when properly installed in the Operating Environment;

 

(b) 
scan such Software Deliverable using the most up-to-date scanning software and definitions to confirm it is free of Harmful
Code;

 

(c) 
remedy any Non-Conformity or Harmful Code identified and retest and rescan the Software Deliverable; and

 

(d) 
prepare, test, and, as necessary, revise the Documentation component of the Software Deliverable to confirm it is complete
and accurate and conforms to all requirements of this Agreement.

 

Customer shall have the right to be present for
all pre-installation testing. Developer shall give Customer at least three (3) days’ prior notice of all such testing.]

 

5.2 
Delivery. Developer shall deliver each Deliverable[, and install all Software,] on or prior to the Milestone Date
therefor in accordance with the delivery criteria set forth in Exhibit D or such other criteria as may be set forth for
such Deliverable in the Statement of Work therefor. Developer shall deliver each Software Deliverable, including complete Documentation
in compliance with Section 2.4 and, except to the extent the Statement of Work specifies otherwise, the Source Code therefor. No
Software Deliverable shall be deemed to have been delivered or installed unless it complies with the preceding sentence.

 

5.3 
Site Preparation. [Customer/Developer] shall be responsible for ensuring the relevant Operating Environment is set
up and in working order to allow Developer to deliver [and install] each Software Deliverable on or prior to the Milestone Date
therefor. Developer shall provide Customer with such notice as is specified in Exhibit D, or such other notice as is specified
for such Software Deliverable in the Statement of Work therefor, prior to delivery of each such Software Deliverable, to give Customer
sufficient time to prepare for Developer’s delivery [and installation] of the Software Deliverable. If Customer is responsible
for Site preparation, Developer shall provide such assistance as Customer [reasonably] requests to complete such preparation on
a timely basis.

 

		5.4	Acceptance Testing.

 

(a)  Upon
delivery or, if Developer is responsible for installation, installation of each Software Deliverable, Acceptance Tests shall
be conducted as set forth in this Section 5.4 to ensure the Software Deliverable, including all Software and Documentation,
conforms to the requirements of this Agreement, including the applicable Specifications and, in the case of the Software, the
Documentation.

 

     

     

    

 

(b) 
All Acceptance Tests shall take place at the designated Site(s) in the Operating Environment described in the Statement
of Work for the Software Deliverable, commence on the business day following delivery or installation, as applicable, of such Software
Deliverable, and be conducted diligently for up to [thirty (30)] days[, or such other period as may be set forth in the relevant
Statement of Work] (”Testing Period”). Acceptance Tests shall be conducted by the party responsible therefor
as set forth in the applicable Statement of Work or, if the Statement of Work does not specify, [Customer/Developer], provided
that:

 

(i)    
for Acceptance Tests conducted by Customer, if requested by Customer, Developer shall make suitable Developer Personnel
available to observe or participate in such Acceptance Tests; and

 

(ii)    
for Acceptance Tests conducted by Developer, Customer shall have the right to observe or participate in all or any part
of such Acceptance Tests.

 

[Developer’s performance of, participation
in, and observation of Acceptance Testing shall be at Developer’s sole cost and expense.]

 

(c) 
Upon delivery [and installation] of the Aggregate Software under any Statement of Work, additional Acceptance Tests shall
be performed on the Aggregate Software as a whole to ensure full operability, integration, and compatibility among all elements
of the Aggregate Software (”Integration Testing”). Integration Testing shall be subject to all procedural and
other terms and conditions set forth in Section 5. [The scope of Integration Testing on any previously-Accepted Software Deliverable
shall be limited to ensuring full operability, integration, and compatibility and Customer shall not have the right to condition
its acceptance thereof on Developer’s correction of any nonconformity that could have been, but was not, identified by Customer
during initial testing of such Software Deliverable.]

 

(d) 
[Customer may suspend Acceptance Tests and the corresponding Testing Period by written notice to Developer if Customer discovers
a [material] Non-Conformity in the tested Software Deliverable or part or feature thereof. In such event, Developer shall immediately,
and in any case within 1 days, correct such Non-Conformity, whereupon the Acceptance Tests and Testing Period shall resume for
the balance of Testing Period.]

 

5.5 
Notices of Completion, Non-Conformities, and Acceptance. [Within two (2) days following/Immediately upon] the completion
of any Acceptance Tests, including any Integration Testing, the party responsible for conducting the tests shall prepare and provide
to the other party written notice of the completion of the tests. Such notice shall include a report describing in reasonable detail
the tests conducted and the results thereof, including any uncorrected Non-Conformity in the tested Software Deliverable(s).

 

(a) 
If such notice is provided by either party and identifies any Non-Conformities, the parties’ rights, remedies, and
obligations will be as set forth in Section 5.6 and Section 5.7.

 

(b) 
If such notice is provided by Customer and identifies no Non-Conformities, such notice shall constitute Customer’s
Acceptance of such Software Deliverable or Aggregate Software.

 

(c)  If
such notice is provided by Developer and identifies no Non-Conformities, Customer shall have two ([2]) days to [use such
Software Deliverable in the Operating Environment and determine, in the exercise of its [sole/reasonable] discretion, whether
it is satisfied that such Software Deliverable or Aggregate Software contains no Non-Conformities, on the completion of which
Customer shall, as appropriate:

 

     

     

    

 

 

(i)    
notify Developer in writing of Non-Conformities Customer has observed in the Software Deliverable or, in the case of Integration
Testing, Aggregate Software, and of Customer’s non-acceptance thereof, whereupon the parties’ rights, remedies, and
obligations will be as set forth in Section 5.6 and Section 5.7; or ]

 

(ii)    
provide Developer with a written notice of its Acceptance of such Software Deliverable or Aggregate Software.

 

5.6  
Failure of Acceptance Tests. If Acceptance Tests identify any Non-Conformities, Developer, at Developer’s sole
cost and expense, shall remedy all such Non-Conformities and re-deliver the Software Deliverable(s), in accordance with the applicable
requirements set forth in Exhibit D as promptly as commercially possible and, in any case, within two (2) days following,
as applicable, its:

 

(a) 
completion of such Acceptance Tests, in the case of Acceptance Tests conducted by Developer; or

 

(b) 
receipt of Customer’s notice pursuant to Section 5.5(a) identifying any Non-Conformities, in the case of Acceptance
Tests conducted by Customer.

 

5.7  
Repeated Failure of Acceptance Tests. If Acceptance Tests identify any Non-Conformity in any Software Deliverable
after a second or subsequent delivery thereof, or Developer fails to re-deliver the Software Deliverable on a timely basis, Customer
may, in its sole discretion, by written notice to Developer:

 

		(a)	continue the process set forth in this Section 5;

 

(b) 
accept the Software Deliverable as a nonconforming deliverable, in which case the Fees therefor shall be reduced equitably
to reflect the value of the Software Deliverable as received relative to the value of the Software Deliverable had it conformed;
or

 

(c) 
deem the failure to be a non-curable material breach of this Agreement and the relevant Statement of Work, and terminate
this Agreement and such Statement of Work in accordance with Section 14.3(b).

 

5.8  
Acceptance. Acceptance of each Software Deliverable (subject, where applicable, to Customer’s right to Integration
Testing) and Aggregate Software shall occur on the date that is the earliest of the following (each, an “Acceptance”):

 

(a) 
Customer’s delivery of a notice accepting such Software Deliverable pursuant to Section 5.5(b) or [Section 5.5(c)/Section
5.5(c)(ii)];

 

(b) 
Solely if Customer is responsible for performing such Acceptance Tests or Integration Testing in Section 5.4(c), upon the
expiration of the Testing Period therefor if Customer has not notified Developer of one or more Non-Conformities prior thereto;
or

 

(c)  Solely
if Developer is responsible for performing such Acceptance Tests or Integration Tests, the number of days specified in
Section 5.5(c) after Customer receives Developer’s Notice of Completion, if Customer’s fails to respond to such
Notice of Completion prior to such date.

 

    

     

    

 

		6.	Training, Maintenance, and Support.

 

6.1  
Training. With respect to all Software, Developer shall provide Customer with such training as is set forth in the
applicable Statement of Work in accordance with the training specifications, including times and locations, set forth in such Statement
of Work. [Unless expressly provided in any Statement of Work, all training set forth in such Statement of Work shall be provided
at no additional charge to Customer, it being acknowledged and agreed that the development and other Fees include full consideration
therefor.] Customer may request, and if so requested, Developer shall provide on a timely basis, [additional] training at the rates
specified in Exhibit B.]

 

6.2   Maintenance
and Support. With respect to all Software, Developer shall provide Customer with the Support Services set forth on Exhibit
E. Such Support Services shall be provided:

 

(a) 
free of charge, during the Warranty Period, it being acknowledged and agreed by the parties that the development and other
Fees include full consideration for such Services during such period; and

 

(b) 
thereafter, for so long as the Customer elects to receive Support and Maintenance Service for such Software, in consideration
of Customer’s payment of the Support Fee therefor as determined in accordance with the rates set forth in [Exhibit B/Exhibit
E].

 

		7.	Fees and Payment.

 

7.1  
Fees. Subject to all terms and conditions set forth herein, and Developer’s performance of Services to Customer’s
[reasonable] satisfaction and Customer’s Acceptance of the applicable Deliverables, Customer shall pay Developer the fees
set forth in the applicable Statement of Work (”Fees”). All such Fees shall be determined in accordance with
the fees, billing rates, and discounts set forth in Exhibit B.

 

7.2  
Reimbursable Expenses. Customer shall reimburse Developer, in accordance with Customer’s standard expense reimbursement
policy in effect from time to time for direct, documented, out-of-pocket [travel and lodging] expenses (”Reimbursable
Expenses”) incurred by Developer in performing its obligations, subject to the following:

 

(a) 
All travel arrangements shall conform to Customer’s standard travel policy applicable to its employees in effect from
time to time.

 

(b) 
Customer shall only be obligated to reimburse Developer for travel approved in advance by Customer.]

 

(c) 
Customer shall have the right to require that all travel arrangements be made through Customer’s in-house or contracted
outside travel agent.]

 

(d) 
Any individual expense item in excess of $50 shall require Customer’s prior written approval.]

 

Notwithstanding the foregoing or anything
else contained in this Agreement, in no event shall license fees, royalties, or other amounts incurred by Developer to any
Permitted Subcontractor or for any Third-Party Materials be a Reimbursable Expense[, except to the extent expressly stated
otherwise in any Statement of Work for the Services or Work Product to be provided thereunder.]]

 

    

     

    

 

7.3     Taxes.
All fees set forth herein are [exclusive/inclusive] of taxes. [Customer/Developer] shall be responsible for all sales, use, and
excise taxes, and any other similar taxes, duties, and charges of any kind imposed by any federal, state, or local governmental
entity on any amounts payable by Customer hereunder[, other than any taxes imposed on, or with respect to, Developer’s income,
revenues, gross receipts, personnel, real or personal property, or other assets].

 

7.4 
Invoices. Developer shall invoice Customer for Fees and Reimbursable Expenses in accordance with the invoicing schedule
and requirements set forth in Exhibit B. Developer shall submit each invoice in [both hard copy and] electronic format,
via such delivery means and to such address as are specified by Customer in writing from time to time. If more than one Statement
of Work is outstanding, Developer shall provide an aggregate invoice for all Fees being invoiced, together with separate invoices
for each Statement of Work. Each separate invoice shall:

 

(a) 
clearly identify the Statement of Work to which it relates, in such manner as is required by Customer;

 

		(b)	list each Fee item and Reimbursable Expense separately;

 

(c) 
include sufficient detail for each line item to enable Customer to verify the calculation thereof;

 

(d) 
[for Fees determined on a time and materials basis, report details of time taken to perform Services, and such other information
as Customer requires, on a per-individual basis;]

 

(e) 
be accompanied by all [original] supporting documentation required hereunder for Reimbursable Expenses; and

 

(f) 
include such other information as may be required by Customer as set forth in Exhibit B or the applicable Statement
of Work.

 

		7.5	Payment.

 

(a) 
Subject to the terms and conditions of this Section 7.5, Customer shall pay all properly invoiced Fees and Reimbursable
Expenses within 10 days after the later of:

 

		(i)	Customer’s receipt of the proper invoice therefor; or

 

(ii)
 the due date for such amounts as set forth in the applicable Statement of Work[, which for Fees based on Developer’s
provision of a specified Deliverable shall not be earlier than Customer’s Acceptance of such Deliverable].

 

(b)  
[Customer shall be entitled to a discount of [two percent (2%)] of Fees (but not Reimbursable Expenses) paid within ten
(10) days following the due date determined pursuant to Section 7.5(a).]

 

     (c)    Customer may withhold from payment
any amount disputed by Customer in good faith, pending resolution of the dispute[./, provided that Customer:

 

    

     

    

 

		(i)	timely pays all amounts not subject to dispute;

 

(ii)  notifies Developer of the dispute prior to the due date, specifying in such notice (A) the amount in dispute, and (B) the
reason for the dispute set out in sufficient detail to facilitate investigation by Developer and resolution by the parties;

 

		(iii)	works with Developer in good faith to resolve the dispute promptly; and

 

		(iv)	promptly pays any amount determined to be due by resolution of the dispute.]

 

Developer shall continue
performing its obligations in accordance with this Agreement notwithstanding any such dispute or actual or alleged nonpayment that
is the subject of the dispute, pending its resolution.

 

    

     

    

 

(d)  
All payments hereunder shall be in US dollars and made, at Customer’s option, by check or wire transfer or the other
ways agreed by both sides of developer and customer. Payments shall be made to the address or account specified in Exhibit B
or such other address or account as is specified by Developer in writing from time to time, provided that Developer shall give
Customer at least ten 10 days’ prior notice of any account, address or other change in payment instructions. Customer will
not be liable for any late or misdirected payment caused by Developer’s failure to provide timely notice of any such change.

 

7.6  
Form of Payment. All payments hereunder will be in US dollars or made, at Customer’s option. Payments will
be made to the address or account specified by Developer in writing from time to time, provided that Developer shall give Customer
at least 10 business days’ prior notice of any account, address, or other change in payment instructions. Customer will not
be liable for any late or misdirected payment caused by Developer’s failure to provide timely notice of any such change.

 

7.7  
Payment Disputes. Customer may withhold from payment any and all payments and amounts Customer disputes in good faith,
pending resolution of such dispute, provided that Customer:

 

		(a)	timely renders all payments and amounts that are not in dispute;

 

		(b)	notifies Developer of the dispute prior to the due date for payment, specifying in such notice:

 

		(i)	the amount in dispute; and

 

(ii) 
the reason for the dispute set out in sufficient detail to facilitate investigation by Developer and resolution by the parties;

 

		(c)	works with Developer in good faith to resolve the dispute promptly; and

 

		(d)	promptly pays any amount determined to be payable by resolution of the dispute].

 

Developer
shall not withhold any Services or fail to perform any obligation hereunder by reason of Customer’s good faith withholding
of any payment or amount in accordance with this Section 7.7 or any dispute arising therefrom.

 

    

     

    

 

		7.8	Firm Pricing/Fee Changes.

 

(a) 
[Except as provided in this Section 7.2, t/T]he Fees set forth in Exhibit B are firm and shall not be modified during
the Term.

 

(b) 
[Subject to Section 7.8(c), Developer may increase the Fees, effective on any anniversary of the Effective Date, provided,
however, that:

 

(i)    
no increase in Fees made prior to the first anniversary of the Support Commencement Date for any Software shall apply with
respect to Support Services for such Software; and

 

(ii)   
no increase in Fees shall apply with respect to any previously agreed Services or Work Product under any Statement of Work
executed before the effective date of such increase.

 

		(c)	With respect to any increase in Fees, Developer shall:

 

		(i)	give Customer at least 90 days’ prior written notice of any such change; and

 

(ii) 
only increase Fees to reflect its actual cost increases and, in any case, not increase Fees by a percentage that exceeds
[80% of] the percentage by which then most-recently published (”CPI”) exceeds the CPI as of the Effective
Date or, if later, the immediately preceding change in such billing rate, if any.

 

No increase in Fees shall be effective unless made
fully in compliance with the provisions of this Section 7.2.

 

7.9  
Most Favored Pricing. At all times during the Term, the Fees and other charges hereunder shall be the lowest fees
and rates contemporaneously charged by Developer to any of its customers for similar volumes of goods and services of the same
or comparable type and scope. If at any time Developer charges any comparable customer a lower fee, rate, or price for similar
volumes of such comparable goods or services than the corresponding Fees charged hereunder, Developer shall immediately apply such
lower rate or amount, as applicable, for all comparable Deliverables, Services, and other Work Product provided to Customer. Such
lower rates or amounts, as applicable, shall apply retroactively to the date on which Developer began charging them to such comparable
customer.]

 

7.10 
Right of Set-off. Without prejudice to any other right or remedy it may have, Customer reserves the right to set-off
at any time any amount owing to it by Developer against any amount payable by Customer to Developer under this Agreement [or otherwise].]

 

7.11 
Auditing Rights and Required Records. During the Term [and for [5] year[s] after expiration thereof], Developer shall
maintain complete and accurate books and records regarding its business operations relevant to the calculation of Fees, Reimbursable
Expenses, and any other information relevant to Developer’s representations, warranties, and covenants under this Agreement.
During the Term [and for [5] year[s] thereafter], upon Customer’s request, Developer shall make such books and records, and
appropriate personnel, available during normal business hours for inspection or audit by Customer or its authorized representative,
provided that Customer shall:

 

		(a)	provide Developer with [at least30 days] prior notice of any audit;

 

		(b)	undertake an audit no more than once per calendar year; and

 

    

     

    

 

(c) 
conduct or cause to be conducted such audit in a manner designed to minimize disruption of Developer’s normal business
operations.

 

Customer
will pay the cost of such audits unless an audit reveals an overbilling or over-reporting of [five] percent (5%) or more, in which
case Developer shall reimburse Customer for the [reasonable] cost of the audit. Developer shall immediately upon notice from Customer
pay Customer the amount of any overpayment revealed by the audit, together with any reimbursement pursuant to the preceding sentence.]

 

		8.	Confidentiality.

 

8.1 
Confidential Information. In connection with this Agreement, each party (the “Disclosing Party”)
may disclose or make available Confidential Information to the other party (the “Receiving Party”). Subject
to Section 8.1, “Confidential Information” means information in any form or medium (whether oral, written, electronic,
or other) that the Disclosing Party considers confidential or proprietary, including information consisting of or relating to the
Disclosing Party’s technology, trade secrets, know-how, business operations, plans, strategies, customers, and pricing, and
information with respect to which the Disclosing Party has contractual or other confidentiality obligations, in each case whether
or not marked, designated or otherwise identified as “confidential.” [Without limiting the foregoing, the financial
terms and existence of this Agreement are the Confidential Information of [Customer/ both Parties].]

 

8.2 
Exclusions. Confidential Information does not include information that[ the Receiving Party can demonstrate by written
or other documentary records]: (a) was rightfully known to the Receiving Party without restriction on use or disclosure prior to
such information’s being disclosed or made available to the Receiving Party in connection with this Agreement; (b) was or
becomes generally known by the public other than by the Receiving Party’s or any of its Representatives’ non-compliance
with this Agreement; (c) was or is received by the Receiving Party on a non-confidential basis from a third party that[, to the
Receiving Party’s knowledge,] was not or is not, at the time of such receipt, under any obligation to maintain its confidentiality;
or (d) [the Receiving Party can demonstrate by written or other documentary records] was or is independently developed by the Receiving
Party without reference to or use of any Confidential Information.

 

8.3 
Protection of Confidential Information. As a condition to being provided with any disclosure of or access to Confidential
Information, the Receiving Party shall for three years:

 

(a) 
not access or use Confidential Information other than as necessary to exercise its rights or perform its obligations under
and in accordance with this Agreement;

 

(b) 
except as may be permitted by and subject to its compliance with The Receiving Party shall be responsible for any breach
of or non-compliance with this Section 8 by any of its Representatives., not disclose or permit access to Confidential Information
other than to its Representatives who: (i) need to know such Confidential Information for purposes of the Receiving Party’s
exercise of its rights or performance of its obligations under and in accordance with this Agreement; (ii) have been informed of
the confidential nature of the Confidential Information and the Receiving Party’s obligations under this Section 8.3; and
(iii) are bound by [written] confidentiality and restricted use obligations at least as protective of the Confidential Information
as the terms set forth in this Section 8.3;

 

    

     

    

 

(c) 
safeguard the Confidential Information from unauthorized use, access or disclosure using at least the degree of care it
uses to protect its [most/similarly] sensitive information and in no event less than a reasonable degree of care; and

 

(d) 
ensure its Representatives’ compliance with, and be responsible and liable for any of its Representatives’ noncompliance
with, the terms of this Section 8.

 

The Receiving Party shall be responsible for
any breach of or non-compliance with this Section 8 by any of its Representatives.

 

8.4 
Compelled Disclosures. If the Receiving Party or any of its Representatives is compelled by applicable Law to disclose
any Confidential Information then, to the extent permitted by applicable Law, the Receiving Party shall: (a) promptly, and prior
to such disclosure, notify the Disclosing Party in writing of such requirement so that the Disclosing Party can seek a protective
order or other remedy, or waive its rights under Section 8.2; and (b) provide reasonable assistance to the Disclosing Party[, at
the Disclosing Party’s sole cost and expense,] in opposing such disclosure or seeking a protective order or other limitations
on disclosure. If the Disclosing Party waives compliance or, after providing the notice and assistance required under this Section
8.4, the Receiving Party remains required by Law to disclose any Confidential Information, the Receiving Party shall disclose only
that portion of the Confidential Information that[, on the advice of the Receiving Party’s [outside] legal counsel, ]the
Receiving Party is legally required to disclose [and, upon the Disclosing Party’s request, shall use commercially reasonable
efforts to obtain assurances from the applicable court or other presiding authority that such Confidential Information will be
afforded confidential treatment].

 

		9.	Intellectual Property Rights.

 

		9.1	Customer Ownership of Work Product.

 

[Except
as set forth in Section 9.3,] Customer is and will be the sole and exclusive owner of all right, title, and interest in and to
all Work Product, including all Intellectual Property Rights therein. In furtherance of the foregoing[, subject to Section 9.3]:

 

(a) 
Developer shall create all Work Product as work made for hire as defined in Section 101 of the Copyright Act of 1976; and

 

(b) 
To the extent any Work Product or Intellectual Property Right therein does not qualify as, or otherwise fails to be, work
made for hire, Developer shall, and hereby does:

 

(i)    
assign, transfer, and otherwise convey to Customer, irrevocably and in perpetuity, throughout the universe, all right, title,
and interest in and to such Work Product, including all Intellectual Property Rights therein; and

 

(ii)   
irrevocably waive any and all claims Developer may now or hereafter have in any jurisdiction to so-called “moral rights”
or rights of droit moral with respect to the Work Product.

 

9.2  Further
Actions. Developer shall, and shall cause the Developer Personnel to, take all appropriate action and execute and deliver
all documents necessary or reasonably requested by Customer to effectuate any of the provisions or purposes of Section 9.1 or
otherwise, as may be necessary or useful for Customer to prosecute, register, perfect, record, or enforce its rights in or to
any [Customer-Owned] Work Product or any Intellectual Property Right therein. Developer hereby appoints Customer as
Developer’s attorney-in-fact with full irrevocable power and authority to take any such actions and execute any such
documents if Developer refuses, or within a period deemed reasonable by Customer otherwise fails, to do so.

 

    

     

    

 

9.3 
[Background Technology [and/,]]Approved Third-Party Materials[, and Approved Open Source Components].

 

(a) 
[Developer is and will remain the sole and exclusive owner of all right, title, and interest in and to the Background Technology,
including all Intellectual Property Rights therein, subject to the license granted in Section 10.1.]

 

     (b) 
Ownership of all Approved Third-Party Materials, and all Intellectual Property Rights therein, is and will remain with
the respective owners thereof, subject to any express licenses or sublicenses granted to Customer pursuant to or in accordance
with this Agreement.

 

(c) 
[Ownership of all Approved Open Source Components, and all Intellectual Property Rights therein, is and will remain with
the respective owners thereof, subject to Customer’s rights under the applicable Open Source Licenses.]

 

9.4 
Customer Materials. Customer and its licensors are and will remain the sole and exclusive owners of all right, title,
and interest in and to the Customer Materials, including all Intellectual Property Rights therein. Developer shall have no right
or license to, and shall not, use any Customer Materials except solely during the Term of the Statement of Work(s) for which they
are provided to the extent necessary to perform the Services and provide the Work Product to Customer. All other rights in and
to the Customer Materials are expressly reserved by Customer.

 

		10.	Licenses.

 

10.1 
[Background Technology License. Developer hereby grants to Customer such rights and licenses with respect to the
Background Technology that will allow Customer to use and otherwise exploit perpetually throughout the universe for all or any
purposes whatsoever [the Work Product, to the same extent as if Customer owned] the Background Technology, without incurring any
fees or costs to Developer (other than the Fees and Reimbursable Expenses set forth herein) or any other Person in respect of the
Background Technology. In furtherance of the foregoing, such rights and licenses shall:

 

		(a)	be irrevocable, perpetual, fully paid-up, and royalty-free;

 

(b) 
include the rights to use, reproduce, perform (publicly or otherwise), display (publicly or otherwise), modify, improve,
create derivative works of, distribute, import, make, have made, sell, and offer to sell the Background Technology, including all
such modifications, improvements, and derivative works thereof[, solely as part of, or as necessary to use and exploit, the Work
Product]; and

 

(c) 
be freely assignable and sublicensable[, in each case solely in connection with the assignment or licensing of the Work
Product or any portion, modification, or derivative work thereof, and only to the extent necessary to allow the assignee or sublicensee,
as the case may be, to use and exploit the Work Product or portion, modification, improvement, or derivative work thereof].

 

    

     

    

 

Developer reserves all rights
in the Background Technology not expressly granted to Customer herein.]

 

10.2 
Customer Materials. Customer hereby grants to Developer the limited, royalty-free, non-exclusive right and license
to Customer Materials solely as necessary to incorporate such Customer Materials into, or otherwise use such Customer Materials
in connection with creating, the Work Product. The term of such license shall commence upon Customer’s delivery of the Customer
Materials to Developer, and shall terminate upon Customer’s acceptance or rejection of the Work Product to which the Customer
Materials relate. Subject to the foregoing license, Customer reserves all rights in the Customer Materials. Customer Materials
shall be deemed Customer’s Confidential Information.

 

		10.3	Approved Third-Party Materials.

 

(a) 
Developer hereby grants, or prior to the delivery date for any Deliverables under the Initial Statement of Work shall procure
for Customer the grant of, such licensed rights in the Approved Third-Party Materials set forth in Exhibit C.

 

(b) 
[On or prior to the execution of each Statement of Work/Not later than the date specified in any Statement of Work, ]Developer
shall secure for Customer, at Developer’s sole cost and expense, such rights, licenses, consents, and approvals as are specified
in Exhibit C or such Statement of Work.

 

(c) 
All royalties, license fees, or other consideration payable in respect of such licenses are included in the Fees specified
in each Statement of Work unless such Statement of Work expressly states otherwise. Any additional amounts shall be the sole responsibility
of Developer.

 

10.4 
Approved Open Source Components. Any use of the Approved Open Source Components by the Customer will be governed
by, and subject to, the terms and conditions of the applicable Open Source Licenses.]

 

		11.	Representations and Warranties.

 

		11.1	Mutual Representations and Warranties.

 

Each party represents and warrants to the other
party that:

 

(a) 
it is duly organized, validly existing, and in good standing as a corporation or other entity as represented herein under
the Laws of its jurisdiction of incorporation or organization;

 

(b) 
it has the full right, power, and authority to enter into this Agreement, to grant the rights and licenses granted hereunder,
and to perform its obligations hereunder;

 

(c) 
the execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized
by all necessary [corporate/organizational] action of the party; and

 

(d) 
when executed and delivered by both parties, this Agreement will constitute the legal, valid, and binding obligation of
such party, enforceable against such party in accordance with its terms.

 

    

     

    

 

11.2 
Additional Representations and Warranties. Developer represents and warrants to Customer that:

 

(a) 
it will perform all Services in a professional and workmanlike manner in accordance with [best/generally recognized/commercially
reasonable] industry standards and practices for similar services, using personnel with the requisite skill, experience, and qualifications,
and shall devote adequate resources to meet its obligations under this Agreement;

 

(b) 
It is in compliance with, and will perform all Services in compliance with, all applicable Law;

 

(c) 
Customer will receive good and valid title to all Work Product, free and clear of all encumbrances and liens of any kind;

 

(d) 
When delivered [and installed by Developer], no Software Deliverable will contain any Harmful Code;

 

(e) 
All Work Product, including all updates, upgrades, new versions, new releases, enhancements, improvements, and other modifications
thereof, but excluding Customer Materials, [and] Approved Third-Party Materials[, and Approved Open Source Components], is or will
be the original creation of Developer;

 

(f) 
As delivered, installed, specified, or approved by Developer and used by Customer or any Third Party authorized by Customer[,
in accordance with this Agreement and the Documentation], the Work Product (excluding Customer Materials): (i) will not infringe,
misappropriate, or otherwise violate any Intellectual Property Right or other right of any third party; and (ii) will comply with
all applicable Laws.

 

		11.3	Performance Warranty and Limited Remedy.

 

		(a)	Developer warrants that during the Warranty Period therefor:

 

(i)          
all Software will be, and as installed in the Operating Environment (or any successor thereto) and used in accordance with
the Documentation will function in all respects, in conformity with this Agreement and the Specifications and Documentation therefor;
and

 

(ii)         
any media on which any Software Deliverable is delivered will be free of damage or defect in design, material, and workmanship,
and will remain so under ordinary use as contemplated by this Agreement and the Specifications and, with respect to the Software
component thereof, the Documentation therefor.

 

(b)    
If the Developer breaches any of the warranties set forth in Section 11.3(a), Developer shall, upon written notice from
Customer and at Developer’s sole cost and expense, remedy such breach in accordance with Exhibit E, including the
time periods set forth therein. In the event Developer fails to remedy such breach on a timely basis, Customer shall be entitled
to such remedies as are specified in Exhibit E or as may otherwise be available under this Agreement, at law, or in equity
for Developer’s breach of its Support Services obligations. Nothing in this Section 11.3(b) shall limit Customer’s
right to indemnification pursuant to Section 12.1.

 

    

     

    

 

11.4 
DISCLAIMER. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS AGREEMENT, EACH PARTY HEREBY DISCLAIMS ALL WARRANTIES,
WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE, WITH RESPECT TO THIS AGREEMENT.

 

		12.	Indemnification.

 

12.1 
General Indemnification. Developer shall defend, indemnify, and hold harmless Customer and each of Customer’s
Affiliates and its and their respective officers, directors, employees, agents, contractors, successors, and assigns (each, a “Customer
Indemnitee”) from and against any and all Losses incurred by the Customer Indemnitee resulting from any Action by a third
party (other than an Affiliate of the Customer Indemnitee) [to the extent that such Losses/that] arise out of or result from, or
are alleged to arise out of or result from:

 

(a) 
Developer’s breach of any representation, warranty, covenant, or obligation of Developer (including any action or
failure to act by any Permitted Subcontractor that, if taken or not taken by Developer, would constitute such a breach by Developer)
under this Agreement; or

 

(b) 
any [action or failure to take a required action/negligence/gross negligence] or more culpable act or omission (including
recklessness or willful misconduct) in connection with the performance or activity required by or conducted in connection with
this Agreement by Developer or any Permitted Subcontractor in connection with performing Services under this Agreement.

 

12.2 
Indemnification Procedure. Customer will promptly notify Developer in writing of any Action for which it seeks to
be indemnified pursuant to Section 12.1 and cooperate with Developer at Developer’s sole cost and expense. Developer shall
immediately take control of the defense and investigation of such Action and shall employ counsel [of its choice/reasonably acceptable
to Customer] to handle and defend the same, at Developer’s sole cost and expense. Developer shall not settle any Action in
a manner that adversely affects the rights of Customer or any Customer Indemnitee without Customer’s prior written consent[,
which shall not be unreasonably withheld or delayed]. Customer’s failure to perform any obligations under this Section 12.2
will not relieve Developer of its obligations under Section 12.1 except to the extent that Developer can demonstrate that it has
been [materially] prejudiced as a result of such failure. Customer may participate in and observe the proceedings at its own cost
and expense with counsel of its own choosing.

 

		12.3	Infringement Remedy.

 

(a) 
If any Software or any component thereof, other than Customer Materials, is found to be infringing or if any use of any
Software or any component thereof is enjoined, threatened to be enjoined, or otherwise the subject of an infringement claim, Developer
shall, at Developer’s sole cost and expense:

 

(i)    
procure for Customer the right to continue to use such Software or component thereof to the full extent contemplated by
this Agreement; or

 

(ii)   
modify or replace the materials that infringe or are alleged to infringe (”Allegedly Infringing Materials”)
to make the Software and all of its components non-infringing while providing fully equivalent features and functionality.

 

    

     

    

 

(b) 
If neither of the foregoing is possible notwithstanding Developer’s [best/commercially reasonable] efforts then Developer
may direct Customer to cease any use of any materials that have been enjoined or finally adjudicated as infringing, provided that
Developer shall:

 

(i)    
refund to Customer all amounts paid by Customer in respect of such Allegedly Infringing Materials [and any other aspects
of the Aggregate Software provided under the Statement of Work for the Allegedly Infringing Materials that Customer cannot reasonably
use as intended under this Agreement]; and

 

(ii)   
in any case, at its sole cost and expense, secure the right for Customer to continue using the Allegedly Infringing Materials
for a transition period of up to [NUMBER IN WORDS] ([NUMBER]) month[s] to allow Customer to replace the affected features of the
Software without disruption.

 

(c) 
If developer directs Customer to cease using any Software pursuant to Section 12.3(b), Customer shall have the right to
terminate any or all then-outstanding Statements of Work [and this Agreement] for cause pursuant to Section 14.3(b)(i).

 

(d) 
The remedies set forth in this Section 12.3 are in addition to, and not in lieu of[, all other remedies that may be available
to Customer under this Agreement or otherwise, including] Customer’s right to be indemnified for such Actions.

 

		13.	Limitations of Liability.

 

13.1 
EXCLUSION OF INDIRECT DAMAGES. EXCEPT AS OTHERWISE PROVIDED IN SECTION 13.3, IN NO EVENT WILL EITHER PARTY BE LIABLE
UNDER THIS AGREEMENT, INCLUDING ANY STATEMENT OF WORK, FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, OR PUNITIVE
DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE
WAS FORESEEABLE AND WHETHER EITHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

13.2 
[CAP ON MONETARY LIABILITY. EXCEPT AS OTHERWISE PROVIDED IN SECTION 13.3, IN NO EVENT WILL EITHER PARTY’S LIABILITY
UNDER [THIS AGREEMENT/ANY STATEMENT OF WORK], EXCEED [[NUMBER IN WORDS] ([NUMBER]) TIMES] THE AGGREGATE FEES AND REIMBURSABLE EXPENSES
UNDER [THIS AGREEMENT/SUCH STATEMENT OF WORK] (INCLUDING AMOUNTS ALREADY PAID AND AMOUNTS THAT HAVE ACCRUED BUT NOT YET BEEN PAID)
[IN THE [NUMBER] [YEARS/MONTHS] PRECEDING THE EVENT GIVING RISE TO THE CLAIM].]

 

13.3 
[Exceptions. The exclusions and limitations in Section 13.1 and Section 13.2 shall not apply to:

 

(a) 
Losses arising out of or relating to a party’s failure to comply with its obligations under Section 8 (Confidentiality)
or Section 8 (Intellectual Property Rights);

 

		(b)	a party’s indemnification obligations under Section 12 (Indemnification);

 

		(c)	Losses arising out of or relating to a party’s gross negligence, willful misconduct, or intentional acts;

 

    

     

    

 

(d) 
Losses for death, bodily injury, or damage to real or tangible personal property arising out of or relating to a party’s
negligent or more culpable acts or omissions; [or]

 

		(e)	Losses to the extent covered by a party’s insurance[; or

 

		(f)	a party’s obligation to pay attorneys’ fees and court costs in accordance with Section
15.18].]

 

		14.	Term and Termination.

 

14.1 
Term. The [initial] term of this Agreement commences as of the Effective Date and continues in effect until five
(5) year[s] from such date unless terminated earlier pursuant to any of its express provisions (the “[Initial] Term”).

 

14.2 
Renewal. Unless this Agreement is terminated earlier pursuant to any of its express provisions, Customer may renew
this Agreement for additional successive 5 year terms by providing Developer with written notice/this Agreement automatically renews
for additional successive 5 year terms unless and until [either Party/Customer] provide[s] written notice of non-renewal] at least
30 days prior to the end of the then-current term (each a “Renewal Term” and, collectively, together with the
Initial Term, the “Term”).]

 

		14.3	Termination.

 

(a) 
Customer may terminate, at any time without cause, and without incurring any additional obligation, liability or penalty:

 

		(i)	this Agreement, by written notice to Developer;

 

(ii)  
Support Services for all or any Software, by providing at least five (5) days’ prior written notice to Developer;
or

 

                                 (iii)  except as may be set forth in therein, any Statement
of Work, by providing at least five (5) days’ prior written notice to Developer.

 

(b) 
Either party may terminate this Agreement, the Support Services, and any outstanding Statement[s] of Work, effective upon
written notice to the other party, if the other party [materially] breaches this Agreement, Support Services, or such Statement[s]
of Work, and such breach:

 

		(i)	is incapable of cure; or

 

(ii) 
being capable of cure, remains uncured five (5) days after the breaching party receives written notice thereof.

 

(c) 
Either party may terminate this Agreement, the Support Services, and all Statements of Work by written notice to the other
party if the other party:

 

    

     

    

 

		(i)	becomes insolvent or admits inability to pay its debts generally as they become due;

 

(ii) 
becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency
law which is not fully stayed within [seven] (7) business days or is not dismissed or vacated within [forty-five] (45) days after
filing;

 

		(iii)	is dissolved or liquidated or takes any corporate action for such purpose;

 

		(iv)	makes a general assignment for the benefit of creditors; or

 

(v)   
has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge
of or sell any material portion of its property or business.

 

		14.4	Effect of Expiration or Termination.

 

(a) 
Termination of this Agreement shall not effectuate a termination of Support Services or any Statement of Work then in effect
and not otherwise expressly terminated, and the terms and conditions set forth herein shall continue in effect with respect to
any such Support Services and Statements of Work until their expiration or termination as set forth herein.

 

		(b)	Upon any expiration or termination of any Support Services or Statement of Work:

 

(i)    
Developer shall (A) with respect to termination of a Statement of Work, promptly deliver to Customer all Work Product generated
by Developer under such Statement of Work (whether complete or incomplete); (B) provide reasonable cooperation and assistance to
Customer [upon Customer’s written request and at Customer’s expense ] in transitioning the Services to an alternate
service provider; and (C) on a pro rata basis, repay all amounts, if any, paid in advance for any Services or Work Product that
have not been provided.

 

(ii)    
All licenses granted to Developer in the Customer Materials with respect to such Services or Statement of Work shall immediately
and automatically also terminate, and Developer shall promptly return to Customer all Customer Materials not required by Developer
for continuing Support Services or Statements of Work hereunder, if any.

 

(iii)    
Developer shall (A) return to Customer all documents and tangible materials (and any copies) containing, reflecting, incorporating,
or based on Customer’s Confidential Information; (B) permanently erase Customer’s Confidential Information from its
computer systems; and (C) certify in writing to Customer that it has complied with the requirements of this Section 14.4(b)(iii),
in each case to the extent such materials are not required by Developer for continuing Support Services or Statements of Work hereunder,
if any.

 

(c) 
If Customer terminates any Support Services or Statement of Work pursuant to Section 14.3(b), Customer shall be relieved
of any obligation to pay any Fees thereunder[, and Developer shall promptly refund to Customer all Fees previously paid in respect
thereof. In such event, Customer shall not retain any rights in or to the Deliverables thereunder (other than Customer Materials)].

 

(d) Except as set
forth in Section 14.4(c), if this Agreement terminates early Customer will remain obligated to pay Fees for all Services and
Work Product received before the effective date of such termination.

 

    

     

    

 

(e) 
[Except as set forth in Section 14.4(c)[, no/No]] expiration or termination of this Agreement will affect Customer’s
rights in any of the Deliverables.

 

14.5 
Survival. The rights and obligations of the parties set forth in this Section 14.5 and Section 1, Section 8.1, Section
8, Section 10.1, Section 10.3[, Section 10.4], Section 12, Section 13, and Section 14, and any right or obligation of the parties
in this Agreement which, by its express terms or nature and context is intended to survive termination or expiration of this Agreement,
will survive any such termination or expiration.

 

		15.	Miscellaneous.

 

15.1 
Effect of Developer Bankruptcy. All rights and licenses granted by Developer under this Agreement are and will be
deemed to be rights and licenses to “intellectual property,” and all Work Product is and will be deemed to be “embodiment[s]”
of “intellectual property,” for purposes of, and as such terms are used in and interpreted under, Section 365(n) of
the United States Bankruptcy Code (the “Code”) (11 U.S.C. § 365(n)). Customer shall have the right to exercise
all rights and elections under the Code and all other applicable bankruptcy, insolvency and similar laws with respect to this Agreement
and the subject matter hereof. [Without limiting the generality of the foregoing, Developer acknowledges and agrees that, if Developer
or its estate shall become subject to any bankruptcy or similar proceeding:

 

(a) 
subject to Customer’s rights of election, all rights and licenses granted to Customer under this Agreement will continue
subject to the terms and conditions of this Agreement, and will not be affected, even by Developer’s rejection of this Agreement;
and

 

(b) 
Customer shall be entitled to a complete duplicate of (or complete access to, as appropriate) all such intellectual property
and embodiments of intellectual property, and the same, if not already in Customer’s possession, shall be promptly delivered
to Customer, unless Developer elects to and does in fact continue to perform all of its obligations under this Agreement.]

 

15.2 
Further Assurances. On a party’s reasonable request, the other party shall, at such other party’s sole
cost and expense, execute and deliver all such documents and instruments, and take all such further actions, necessary to give
full effect to this Agreement.

 

15.3 
Relationship of the Parties. The relationship between the parties is that of independent contractors. Nothing contained
in this Agreement shall be construed as creating any agency, partnership, joint venture, or other form of joint enterprise, employment,
or fiduciary relationship between the parties, and neither party shall have authority to contract for or bind the other party in
any manner whatsoever.

 

15.4 
Public Announcements. Neither party shall issue or release any announcement, statement, press release, or other publicity
or marketing materials relating to this Agreement or, unless expressly permitted under this Agreement, otherwise use the other
party’s trademarks, services marks, trade names, logos, domain names, or other indicia of source, association, or sponsorship,
in each case, without the prior written consent of the other party.

 

15.5  Notices.
[Except as otherwise expressly set forth in this Agreement, a/A]ll notices, requests, consents, claims, demands, waivers, and
other communications under this Agreement have binding legal effect only if in writing and addressed to a party as follows
(or to such other address or such other person that such party may designate from time to time in accordance with this
Section 15.5).

 

    

     

    

 

	If to Developer:	 	 
		 	Email: tuozhang@xinyuan.cn 

Attention: LEO ZHANG
	 	 	 
	If to Customer:	 	 
		 	Email: kentc@55.com

 Attention: Kent Cai

 

Notices
sent in accordance with this Section shall be deemed effectively given: (a) when received, if delivered by hand, with signed confirmation
of receipt; (b) when received, if sent by a nationally recognized overnight courier, signature required; (c) when sent, if by facsimile
[or email], ([in each case,] with confirmation of transmission), if sent during the addressee’s normal business hours, and
on the next business day, if sent after the addressee’s normal business hours; and (d) on the [ORDINAL NUMBER] day after
the date mailed by certified or registered mail, return receipt requested, postage prepaid.

 

15.6  
Interpretation. For purposes of this Agreement, (a) the words “include,” “includes” and “including”
are deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; (c) the
words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer
to this Agreement as a whole; (d) words denoting the singular have a comparable meaning when used in the plural, and vice-versa;
and (e) words denoting any gender include all genders. Unless the context otherwise requires, references in this Agreement: (x)
to sections, exhibits, attachments and appendices mean the sections of, and exhibits, attachments and appendices attached to, this
Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented
and modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended
from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. The parties intend
this Agreement to be construed without regard to any presumption or rule requiring construction or interpretation against the party
drafting an instrument or causing any instrument to be drafted. The exhibits, attachments, and appendices referred to herein are
an integral part of this Agreement to the same extent as if they were set forth verbatim herein.

 

15.7  
Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

15.8  Entire
Agreement. This Agreement[, together with [the [OTHER DOCUMENTS]/any other documents incorporated herein by reference]],
constitutes the sole and entire agreement of the Parties with respect to the subject matter of this Agreement and supersedes
all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect
to such subject matter. [In the event of any inconsistency between the statements made in the body of this Agreement, the
related exhibits, schedules, attachments and appendices [(other than an exception expressly set forth as such therein)] and
[[OTHER DOCUMENTS]/any other documents incorporated herein by reference], the following order of precedence governs: (a)
first, this Agreement, excluding its exhibits, schedules, attachments and appendices; (b) second, the exhibits, schedules,
attachments and appendices to this Agreement as of the Effective Date; and (c) third, any other documents incorporated herein
by reference/[OTHER PRECEDENCE].]

 

 

    

     

    

 

15.9 
Assignment. Developer shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer
any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law,
or otherwise, without Customer’s prior written consent[, which consent Customer [shall not unreasonably withhold or delay/may
give or withhold in its sole discretion]]. [For purposes of the preceding sentence, and without limiting its generality, any merger,
consolidation, or reorganization involving Developer (regardless of whether Developer is a surviving or disappearing entity) will
be deemed to be a transfer of rights, obligations, or performance under this Agreement for which Customer’s prior written
consent is required.] No delegation or other transfer will relieve Developer of any of its obligations or performance under this
Agreement. Any purported assignment, delegation, or transfer in violation of this Section 15.9 is void. Customer may freely assign
or otherwise transfer all or any of its rights, or delegate or otherwise transfer all or any of its obligations or performance,
under this Agreement without Developer’s consent. This Agreement is binding upon and inures to the benefit of the parties
hereto and their respective permitted successors and assigns.

 

15.10 Export Regulation. Customer shall not itself, or permit any third parties to, export, re-export, or release, directly
or indirectly, any Software to any country or jurisdiction to which the export, re-export or release of any Software (a) is prohibited
by applicable Law or (b) without first completing all required undertakings (including obtaining any necessary export license or
other governmental approval).

 

 15.11 Force Majeure.

 

(a) 
Force Majeure Events. In no event shall either party be liable or responsible to the other party, or be deemed to
have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement
when and to the extent such failure or delay is caused by any [of the following] circumstances beyond such party’s reasonable
control ([each] a “Force Majeure Event”) [including/:] acts of God, flood, fire, earthquake or explosion, war,
terrorism, invasion, riot or other civil unrest, embargoes, or blockades in effect on or after the date of this Agreement, national
or regional emergency, strikes, labor stoppages, or slowdowns or other industrial disturbances, passage of Law or any action taken
by a governmental or public authority, including imposing an embargo, export or import restriction, quota, or other restriction
or prohibition or any complete or partial government shutdown, or national or regional shortage of adequate power or telecommunications
or transportation. Customer may terminate this Agreement if a Force Majeure Event affecting Developer continues substantially uninterrupted
for a period of [30/[NUMBER]] days or more.

 

(b) 
Affected Party Obligations. In the event of any failure or delay caused by a Force Majeure Event, the affected party
shall give prompt notice to the other party, stating the period of time the occurrence is expected to continue and use diligent
efforts to end the failure or delay and minimize the effects of such Force Majeure Event.]

 

15.12 No Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors
and permitted assigns, and nothing herein, express or implied, is intended to or shall confer on any other person or entity any
legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

 

15.13 Amendment
and Modification; Waiver. No amendment to or modification of [or rescission, termination or discharge of] this Agreement is
effective unless it is in writing [, identified as an amendment to [or rescission, termination or discharge of] this Agreement]
and signed by [an authorized representative of] each party. No waiver by any party of any of the provisions hereof is effective
unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no
failure to exercise, or delay in exercising, any rights, remedy, power, or privilege arising from this Agreement will operate
or be construed as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

 

    

     

    

 

15.14 Severability.
If any provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

15.15 
Governing Law; Submission to Jurisdiction. This Agreement is governed by and construed in accordance with the internal
laws of the State of [STATE] without giving effect to any choice or conflict of law provision or rule that would require or permit
the application of the laws of any jurisdiction other than those of the State of [STATE]. Any legal suit, action, or proceeding
arising out of [or related to] this Agreement or the licenses granted hereunder [will/may] be instituted [exclusively] in the federal
courts of the United States or the courts of the State of [STATE] in each case located in the city of [CITY] and County of [COUNTY],
and each party irrevocably submits to the [exclusive] jurisdiction of such courts in any such suit, action, or proceeding. Service
of process, summons, notice, or other document by mail to such party’s address set forth herein will be effective service
of process for any suit, action, or other proceeding brought in any such court.

 

15.16 
Waiver of Jury Trial. Each party irrevocably and unconditionally waives any right it may have to a trial by jury
in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.]

 

15.17 
Equitable Relief. Each party acknowledges that a breach or threatened breach by a party of Section 8 or Section 8
would cause the other party irreparable harm for which monetary damages would not be an adequate remedy and agrees that, in the
event of such breach or threatened breach, the other party will be entitled to equitable relief, including a restraining order,
an injunction, specific performance and any other relief that may be available from any court, without any requirement to post
a bond or other security, or to prove actual damages or that monetary damages are not an adequate remedy. Such remedies are not
exclusive and are in addition to all other remedies that may be available at law, in equity, or otherwise.

 

15.18 
 Attorneys’ Fees. In the event that any action, suit, or other legal or administrative proceeding is instituted
or commenced by either party hereto against the other party arising out of [or related to] this Agreement, the prevailing party
is entitled to recover its [reasonable/actual] attorneys’ fees and court costs from the non-prevailing party.]

 

15.19 
Counterparts. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which
together are deemed to be one and the same agreement. [A signed copy of this Agreement delivered by facsimile, email, or other
means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.]

 

    

     

    

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the Effective Date.

 

 

	BGA FOUNDATION LTD	 	Unicorn Investment Limited
	 	 	 
	 	 	 
	By:	/s/	Seal of BGA	 	By: 	/s/ 	Wu Longming (with
	FOUNDATION LTD	 	 seal of Unicorn Investment Limited)
	Name:	 	 	Name:	 Wu Longming
	Title: 	 	 	Title: 	 

 

 

EXHIBIT A

STATEMENTS OF WORK, BUSINESS
REQUIREMENTS SPECIFICATION, AND RFP EXHIBIT B

FEES EXHIBIT C

APPROVED THIRD-PARTY MATERIALS
AND APPROVED OPEN SOURCE COMPONENTS EXHIBIT D

DELIVERY, TESTING,
AND ACCEPTANCE CRITERIA EXHIBIT E

SUPPORT SERVICES

 

    

     

    

 

EXHIBIT A

STATEMENTS OF WORK,
BUSINESS REQUIREMENTS SPECIFICATION, AND RFP

 

Initial Statement of
Work

 

This Initial Statement of Work is entered into by
and between BGA Foundation LTD

(“BGA”) and Unicorn Investment
Limited (“Unicorn”) and is hereby incorporated into and made a part of Master Services Agreement (the “Agreement”),
effective as of August 15, 2019 by and between BGA and Unicorn Unless otherwise defined herein, all capitalized terms that are
used in this Initial Statement of Work will have the meanings given to such terms in the Agreement.

The effective date of this Initial Statement of Work
is July 01 2019.

 

		1.	GENERAL INFORMATION

 

	Name of Software:	Digital Currency Exchange Platform
	Object of Software Development Service:	
        (1) 
        Provide a complete and effective set of configuration management for institutes, end users and other rollers; authority control
        function available on platform.

        (2) 
        Platform maintainers can observe and inspect operation status through monitoring module.

        (3) 
        B/S structure, benefit for fault tolerance and easier system upgrade

        (4) 
        The deployment on platform is subject to principle of easy-to-use.

        (5) 
        Provide stable & reliable operation; support high concurrency.

        (6) 
        High extensions and good standardization, to meet the technical requirements of trade matching.

        (7) 
        Provide complete know-how files: demand features analysis, system design, platform operation, use training

        (8) 
        Good Second development; support tailored development need.

	Project start date:	2019-07-01
	Completion date:	2020-06-30
	
        Unicorn

        Project Manager
	Name: Leo Zhang Email: tuozhang@xinyuan.cn
	
        BGA

        Project Manager
	Name: Kent Cai Email: kentc@55.com

 

    

     

    

 

		2.	FUNCTIONAL SPECIFICATION

 

	System, Product	Function	Description
	Core Trading Module	
        Memory matching

        Motor
	transaction efficiency and concurrency, etc
	Aggregated transaction	Access to 10 exchanges for liquidity; order at the best price, etc
	Intelligent routing function	To realize order splitting and splitting order transaction module
	One button arbitrage function	Add two-way single order function to realize quantitative arbitrage;
	
        K-line module

        optimization
	Increase loading speed; increase K-line function
	Token Management Module	Token Wallet	Increase currency type, such as TRX, BCH, LTC, etc; Existing currency types, such as ERC20–USDT, etc;
	Deposit/Withdrawal	
        Support Fiat deposit

        Add the automatic audit configuration module of withdrawal;

	Accounts and Assets	Supports multiple accounts under the same user, such as spot trading, Fiat trading, OTC; supports mutual transfer of account assets, etc
	Hot wallet management	Upgrade the risk control module of wallet, automatic alarm, etc
	Cold wallet management	Upgrade to offline cold wallet; QR code scanning module;
	Customer Counter Module	Front page	Upgrade the overall UI / UX framework;
	Transaction section	Launch the transaction section of Premium Brand Token
	ATO Subscription function	Supports first come first served, prorated allocation;
	Login/registration	Add single-point log-in support; add human-computer verification function; add user on boarding guidance process, etc
	Trading Center	Add K-line; optimize loading speed; add market price list / price limiting order / stop gain & stop loss order; Add depth map; etc
	Asset management	Management function of asset recharge and extraction; optimization of asset freezing function; optimization of currency sorting function, etc.

 

    

     

    

 

	 	Order management	Screening function of transaction record; improving recharge confirmation speed, etc
	Security management	Add the encryption function of verification code signature during data transmission; add the authorization module of background signature; add the anti phishing module; add the white list function of coin raising; upgrade the monitoring module, etc
	Others	Server migration; data migration AWS;
	Operation Management Module	Operation statistics	Increase the burying point of the funnel model; optimize the statistical function of the operation data; increase error log analysis, etc.
	On listing	Optimize the audit process of listing, etc
	CMS module	Add the CMS module, etc
	Reporting/statistics accounting	Add the export function of the customized report, etc
	Voting system	Voting for listing function, etc
	Airdrop	Personalized configuration of air drop; air drop access of operation activities, etc
	KYC/AML	Add KYC multi-level audit; add customization support of KYC in different countries and regions; add the AML function, etc
	Mobility management	Optimize the interface of market makers; provide the interface of institutional inquiry; provide the interface of institutional batch transactions, etc
	Customer service	Optimize customer service management system, etc
	APP APP/H5	IOS	Overall UI / UX iteration; PC2.0 transplanting function, etc
	Android	Overall UI / UX iteration; PC2.0 transplanting function, etc
	H5	Overall UI / UX iteration; develop operation activity procedures, such as big turntable, guess the rise and fall
	
        OTC Trading System

        OTC Module
	Entry order module	Increase the payment channel; increase the interface of the acceptor; etc
	IM module	In station message notification function; add SMS, email notification, etc
	Order and trading	Optimize transaction process; automatic cancellation function; etc
	Asset management	Increase the variety of tradable currency; etc
	Appeal	Optimization of appeal process; add multi-channel appeals; etc
	Credit	Upgrade the rating function of user credit; etc

 

    

     

    

 

		3.	TECHICAL SPECIFICATION

 

	General requirements	
        (1) 
        Meet forecasting concurrency need in different sections/plates on trading peak time after official launch of the platform.

        (2) 
        Support multiple integration: Socket, HTTP, SDK
        and Webservice

        (3) 
        Brief and wieldy interface; tailored function available

        (4) 
        Modularized design, parameterized management, automatic processing, facilitate tech staff in development and maintaining

	Capacity	
        (1) 
        Installation on PC Server group; stable and reliable operation under VMware

        (2) 
        Consecutive, stable and efficient operation 7*24

        (3) 
        Perfect system service start-stop mechanism

        (4) 
        Effective and stable batched data processing

        (5) 
        stable online service during batched data processing

	language tools,  operation system for development	
        (1) 
        Frontend development: IOS/Android、Html、JS

        (2) 
        Backend development: Java+MySQL

        (3) 
        Testing environment:  AWS/AliCloud

        (4) 
        Producing environment:  AWS

	Data security	
        (1) 
        Ensure the correctness, integrity, consistency and safety of data in the processing and transmission.

        (2) 
        Encrypted storage plan for key info and data

        (3) 
        The platform ensures the data integrity through the intactness of the whole transaction. The security of data is ensured by fault
        tolerance of hardware malfunction

        as well as recovery and maintaining of logs and data.

        (4) Software fault tolerance:
        validate verification; the protection pattern from database; protecting current status automatically and conduct quick recovery.

	Internet security	
        (1) 
        Complete data encryption and transmission encryption, no plain text in key information in transmission process.

        (2) 
        Software and hardware encryption in transmission process.

        (3) 
        Resume breakpoint, retransmission, track whole transmission. No FTP and other unsafe transmission ways allowed.

 

This Initial Statement of Work
will become effective upon execution by both Parties below and Unicorn will thereafter develop the Software in accordance with
the terms set forth herein.Any change to this Initial Statement of Work after it is approved must be agreed by the Parties
in a written amendment.

 

	BGA Foundation LTD	 	Unicorn Investment Limited.
	 	 	 
	 	 	 
	/s/ Seal of BGA Foundation LTD	 	/s/ Wu Longming (with seal of Unicorn Investment Limited)
	Signature	 	Signature
	 	 	 
	 	 	Wu Longming
	Name	 	Name
	 	 	 
	 	 	 
	Title	Date	 	Title	Date

 

    

     

    

 

EXHIBIT B FEES

 

Frees for Product and Development:

USD$2,840,000.

Fees for Services:

USD$2,160,000 .

 

R&D, Service fee: 

1) USD$2,840,00
for Product and R&D fee will be paid in three times:

 

The first payment, USD$568,000 (20%
of the total payment) will be managed with in 30 work days after the launch of platform V1.1. The deadline for this payment will
be December 31, 2019.

 

The second payment, USD$ 852,000
(30% of the total payment) will be managed with in 30 work days after the launch of platform V1.2. The deadline for this payment
will be March 31, 2020.

 

The third payment, USD$ 1,420,000(50%
of the total payment) will be managed with in 30 work days after the launch of platform V2.0. The deadline for this payment will
be June 30, 2020.

 

2)  The services are combined
by two parts: operation maintaining and customized R&D. 30000USD/month for operation maintaining, 150000 USD/month for customized
R&D, totally 2160000 USD for a 12-momth contract.

 

The payment will be made every
three months: USD$540000 will be paid off by the end of September 30, 2019; USD$540000 will be paid off by the end of December
31, 2019; USD$540000 will

be paid off by the end of March 31, 2020; USD$540000
will be paid off by the end of June 30, 2020.

 

		·	The designated bank account by Developer: 

 

	Name of bank : 	 	
	Account : 	 	 
	 	 	 
	 	 	 

    

     

    

 

EXHIBIT C

APPROVED THIRD-PARTY
MATERIALS AND APPROVED OPEN SOURCE COMPONENTS]

 

Third Party Software

 

		1	AWS Web Service

		2	AliCloud Web Service

		3	Google Authenticator

		4	Google Tag Manager

		5	Google Analytics

		6	AKAMAI

		7	ZENDESK

		8	163dun

		9	Welink

		10	Jiguang

 

 

Open Source Software

 

 

    

     

    

 

EXHIBIT D

DELIVERY, TESTING, AND ACCEPTANCE
CRITERIA

 

 

		1.	DELIVERABLES

 

The deliverables applicable
to this Statement of Work are set forth below. The deliverables will be subject to BGA’s review and acceptance in accordance
with Section 5 of the Agreement.

 

	Name of Deliverable	Description	
        Milestone

        / Due Date
	Acceptance Criteria	
        Acceptance Period

        (# days)

	1.1 E-version	
        E-version

        (Requirement
        Specification/ Prototype illustration

        of
        all function pages/ High fidelity UI files) 
	
         

        July 15th 2019
	Meet the requirements of BGA and e-mail confirm by PM from BGA	5days
	1.1 E-version	
        E-version

        (Source
        code、Test Report 、
        Platform Manual、Technical files) 
	November 15th 2019	Meet the requirements of BGA and e-mail confirm by PM from BGA	10days
	1.2 E-version	
        E-version

        (Requirement
        Specification/ Prototype illustration of all function pages/

        High fidelity UI files) 
	
         

        December 15th 2019
	Meet the requirements of BGA and e-mail confirm by PM from BGA	5days
	1.2 E-version	
        E-version

        (Source
        code、Test Report 、
        Platform Manual、Technical files) 
	February 30th 2020	Meet the requirements of BGA and e-mail confirm by PM from BGA	10days
	2.0 E-version	
        E-version

        (Requirement
        Specification/ Prototype illustration of all function pages/

        High fidelity UI files) 
	March 15th 2020	Meet the requirements of BGA and e-mail confirm by PM from BGA	5days
	2.0 E-version	
        E-version

        (Source
        code、Test Report 、
        Platform Manual、Technical files) 
	
        May

        30th 2020
	Meet the requirements of BGA and e-mail confirm by PM from BGA	10days

 

    

     

    

 

 

EXHIBIT
E SUPPORT SERVICES

 

		1.	HOSTING SERVICES

 

		1.1	Access
Requirements.     The Licensed Software should be accessible worldwide by visitors using all major desktop, mobile app or mobile
web clients.

 

		1.2	Hosting Services.      Unicorn’s obligations under this Agreement will include the following:

 

	#	Service, Function or Responsibility
	Hosting and Availability
	(A)	Provide and maintain all resources and services required to host the Licensed Software in accordance with the requirements of this Agreement and Industry Standards.
	(B)	Provide notice to BGA of any changes to the Hosting Environment that may have an adverse impact on BGA’s use of the Licensed Software.
	(C)	Provide one production environment and one staging environment
	(D)	Implement and maintain physical access controls for the Hosting Services that comply with Industry Standards.
	(E)	Use commercially reasonable efforts to make the Licensed Software available and functioning in accordance with its intended use to BGA and End Users on a 24 x 7 basis, 365 days each year, excluding scheduled maintenance windows.
	(F)	Implement and maintain automated monitoring of Licensed Software availability, response times for transactions on the Licensed Software, and automatic alarming and notification of intrusion activities.
	(G)	Notify BGA and End Users of unavailability of the Licensed Software or material components thereof, and issues with transaction response times as soon as becoming aware of such issues by providing notice through the Licensed Software and notify BGA by telephone of any outages of the Licensed Software. Notify BGA as soon as availability of the Licensed Software resumes.
	(H)	Provide industry-standard full data backup and recovery for BGA and End User data stored in the Licensed Software and send copies of data to an off-site facility.
	User Access
	(I)	Provide a process for the establishment of accounts for End Users.
	(J)	Provide access to the Licensed Software in the Hosting Environment to BGA and End Users on a 24 x 7 basis, 365 days each year, excluding scheduled maintenance window.

 

    

     

    

 

		2.	OPERATION SUPPORT SERVICES

 

	#	Service, Function or Responsibility
	Maintenance Services
	(A)	Perform preventive and remedial maintenance on the equipment and software in the Hosting Environment in accordance with Industry Standards to ensure availability of the Licensed Software.
	(B)	Notify BGA of the maintenance windows for the Licensed Software and in any case schedule maintenance windows during time periods that will minimize impact on End Users’ access to and use of the Licensed Software. Provide reasonable advanced notice to BGA if any Licensed Software outages are expected to occur during a maintenance window.
	(C)	Provide to BGA all Maintenance Changes for the Licensed Software, and implement such changes only during scheduled maintenance windows, provided that, if a Maintenance Change is comprised of a new version or release of the Licensed Software, implement such Maintenance Change following BGA’s written approval.
	(D)	Support each version of the Licensed Software in accordance with the Agreement for the duration such version is in use by BGA.
	(E)	Perform testing on all Maintenance Changes prior to providing to BGA or implementing in the production environment.
	Support Desk
	(F)	Provide multiple channels for BGA and End Users to submit inquiries and report incidents and problems on a 24 x 7 basis, including telephone, website, and email.
	User Support
	(G)	Respond to and resolve user inquiries regarding the Licensed Software, such as issues with system access, within industry standard time frames.
	(H)	Provide training on the use and features of the Licensed Software to BGA as reasonably requested.
	Incident Response and Resolution
	(I)	For all incidents and problems that arise with respect to the Licensed Software, proactively triage and resolve the issue as soon as reasonably practicable (commensurate with the severity of the issue) and in accordance with industry standard time frames.
	(J)	Notify and update BGA on a periodic basis regarding the status of resolution, with the frequency of such updates commensurate with the severity of the issue.Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is dated as of June [__], 2020, between Can-Fite BioPharma
Ltd., a company organized under the laws of Israel (the “Company”), and each purchaser identified on the signature
pages hereto (each, including its successors and assigns, a “Purchaser” and collectively the “Purchasers”).

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to (i) an effective registration statement under
the Securities Act (as defined below) as to the Shares and (ii) an exemption from the registration requirements of Section 5 of
the Securities Act contained in Section 4(a)(2) thereof and/or Regulation D thereunder as to the Warrants, the Company desires
to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities
of the Company as more fully described in this Agreement.

 

NOW,
THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE
I.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms have the meanings set forth in this Section 1.1:

 

“Acquiring
Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action”
shall have the meaning ascribed to such term in Section 3.1(j).

 

“ADS(s)”
means American Depositary Shares issued pursuant to the Deposit Agreement (as defined below), each representing thirty (30) Ordinary
Shares.

 

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

 

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

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States, 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.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing
Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable
parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii)
the Company’s obligations to deliver the Securities, in each case, have been satisfied or waived, but in no event later
than the second (2nd) Trading Day following the date hereof.

 

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

 

“Deposit
Agreement” means the Deposit Agreement dated as of September 19, 2012, as amended and restated as of September 11, 2013,
among the Company, The Bank of New York Mellon as Depositary and the owners and holders of ADSs from time to time, as such agreement
may be amended or supplemented.

 

    1

     

    

 

“Depositary”
means The Bank of New York Mellon, as Depositary under the Deposit Agreement.

 

“Disclosure
Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time)
and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following
the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed
between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York
City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Disclosure
Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Evaluation
Date” shall have the meaning ascribed to such term in Section 3.1(r).

 

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

 

“Exempt
Issuance” means the issuance of (a) ADSs, Ordinary Shares or options to employees, officers, or directors of the Company
pursuant to any share or option plan in existence as of the date hereof, (b) ADSs or Ordinary Shares upon the exercise or exchange
of or conversion of securities exercisable or exchangeable for or convertible into ADSs or Ordinary Shares issued and outstanding
on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase
the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities or to extend
the term of such securities, (c) securities issued pursuant to acquisitions or strategic transactions approved by a majority of
the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as
defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection
therewith during the prohibition period in Section 4.10(a) herein, and provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities and (d) issuances of restricted ADSs or restricted
Ordinary Shares to consultants of the Company, provided that such securities are issued as “restricted securities”
(as defined in Rule 144) and carry no registration rights.

 

“FCPA”
means the Foreign Corrupt Practices Act of 1977, as amended.

 

“FDA”
shall have the meaning ascribed to such term in Section 3.1(gg).

 

“FDCA”
shall have the meaning ascribed to such term in Section 3.1(gg).

  

“GAAP”
shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness”
shall have the meaning ascribed to such term in Section 3.1(z).

 

“Intellectual
Property Rights” shall have the meaning ascribed to such term in Section 3.1(o).

 

“Israeli
Company Counsel” means Doron, Tikotzky, Kantor, Gutman & Amit Gross, with offices located at B.S.R. 4 Tower, 33
Floor, 7 Metsada Street, Bnei Brak 5126112.

 

“Legend
Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

    2

     

    

 

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

 

“Material
Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material
Permits” shall have the meaning ascribed to such term in Section 3.1(m).

 

“Ordinary
Share(s)” means the ordinary shares of the Company, par value NIS 0.25 per share, and any other class of securities
into which such securities may hereafter be reclassified or changed.

 

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

 

“Per
ADS Purchase Price” equals $2.05, subject to adjustment for reverse and forward share splits, share dividends, share
combinations and other similar transactions of ADSs and/or the Ordinary Shares that occur after the date of this Agreement.

 

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

 

“Pharmaceutical
Product” shall have the meaning ascribed to such term in Section 3.1(gg).

 

“Placement
Agent” means H.C. Wainwright & Co., LLC.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial
proceeding, such as a deposition), whether commenced or threatened.

 

“Prospectus”
means the final base prospectus filed for the Registration Statement.

 

“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with
the Commission and delivered by the Company to each Purchaser at the Closing.

 

“Purchaser
Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration
Statement” means the effective registration statement on Form F-3, with Commission (File No. 333-220644) which registers
the sale of the Securities to the Purchasers, including all information, documents and exhibits filed with or incorporated by
reference into such registration statement.

 

“Required
Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

“Rule
424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose
and effect as such Rule.

 

    3

     

    

 

“SEC
Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities”
means the Shares, the Warrants, the Warrant ADSs, the Warrant Shares and ADSs.

 

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

 

“Shares”
means the Ordinary Shares, as represented by ADSs issued pursuant to the Deposit Agreement, each ADS representing thirty (30)
Ordinary Shares, issued and issuable to each Purchaser pursuant to this Agreement.

 

“Short
Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall
not be deemed to include locating and/or borrowing shares of Ordinary Shares and/or ADSs). 

 

“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for ADSs, each ADS representing thirty Ordinary
Shares, and Warrants, purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement
and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary”
means any subsidiary of the Company as set forth on Schedule 3.1(a), and shall, where applicable, also include any direct
or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“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).

 

“Transaction
Documents” means this Agreement, the Warrants, all exhibits and scheduled thereto and hereto and any other documents
or agreements executed in connection with the transactions contemplated hereunder.

 

“US
Company Counsel” means McDermott Will & Emery LLP with offices located at 340 Madison Avenue, New York, New York
10173.

 

“Variable
Rate Transaction” shall have the meaning ascribed to such term in Section 4.10(b).

 

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

 

“Warrant
ADSs” means ADSs representing Warrant Shares.

 

    4

     

    

 

“Warrants”
means, collectively, the warrants delivered to the Purchasers at Closing in accordance with Section 2.2(a) hereof, which Warrants
shall be exercisable immediately upon issuance of such Warrants and may be exercised during a period of four and one-half (4.5)
years from the date of issuance of such Warrants, in the form of Exhibit A attached hereto.

 

“Warrant
Shares” means the Ordinary Shares issuable upon exercise of the Warrants.

 

ARTICLE
II.

PURCHASE AND SALE

 

2.1
Closing. On the Closing Date, upon the terms and subject to the conditions set forth herein, the Company agrees to sell,
and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of approximately $8.0 million of ADSs and
Warrants exercisable for ADSs as calculated pursuant to 2.2(a). Each Purchaser’s Subscription Amount as set forth on the
signature page hereto executed by such Purchaser shall be made available for “Delivery Versus Payment” settlement
with the Company and the Company shall deposit the Shares and instruct the Depositary to deliver to each Purchaser its respective
ADSs and Warrants as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver the other items set
forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and
2.3, the Closing shall occur at the offices of the Placement Agent or such other location as the parties shall mutually agree.
Unless otherwise directed by the Placement Agent, settlement of the Ordinary Shares shall occur via “Delivery Versus Payment”
(“DVP”) (i.e., on the Closing Date, the Company shall issue the ADSs registered in the Purchasers’ names
and addresses and released by the Depositary directly to the account(s) at the Placement Agent identified by each Purchaser; upon
receipt of such ADSs, the Placement Agent shall promptly electronically deliver such ADSs to the applicable Purchaser, and payment
therefor shall be made by the Placement Agent (or its clearing firm) by wire transfer to the Company). Notwithstanding anything
to the contrary herein and the Purchaser’s Subscription Amount set forth on the signature pages attached hereto, the
number of ADSs purchased by a Purchaser (and its Affiliates) hereunder shall not, when aggregated with all other ADSs owned by
such Purchaser (and its Affiliates) at such time, result in such Purchaser beneficially owning (as determined in accordance with
Section 13(d) of the Exchange Act) in excess of 9.9% of the then issued and outstanding ADSs outstanding at the Closing
(the “Beneficial Ownership Maximum”), and such Purchaser’s Subscription Amount, to the extent it would otherwise
exceed the Beneficial Ownership Maximum immediately prior to the Closing, shall be conditioned upon the issuance of ADSs at the
Closing to the other Purchasers signatory hereto. To the extent that a Purchaser’s beneficial ownership of the ADSs would
otherwise be deemed to exceed the Beneficial Ownership Maximum, such Purchasers’ Subscription Amount shall automatically
be reduced as necessary in order to comply with this paragraph.

 

2.2
Deliveries.

 

(a)
On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)
this Agreement duly executed by the Company;

 

(ii)
legal opinions of US Company Counsel and of Israeli Company Counsel, in the forms reasonably acceptable to the Placement Agent
and the Purchasers;

 

(iii)
the Company shall have provided each Purchaser with the Company’s wire instructions, on Company letterhead and executed
by the Chief Executive Officer or Chief Financial Officer;

 

(iv)
subject to the last sentence of Section 2.1, a copy of the irrevocable instructions to the Depositary instructing the Depositary
to deliver on an expedited basis via The Depository Trust Company Deposit or Withdrawal at Custodian system (“DWAC”)
ADSs equal to such Purchaser’s Subscription Amount divided by the Per ADS Purchase Price, registered in the name of such
Purchaser;

 

    5

     

    

 

(v)
a Warrant registered in the name of such Purchaser to purchase up to a number of ADSs equal to 50% of such Purchaser’s ADSs,
with an exercise price per ADS equal to USD$2.50, subject to adjustment therein (such Warrant certificate may be delivered within
three Trading Days of the Closing Date); and

 

(vi)
the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).

 

(b)
On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company, the following:

 

(i)
this Agreement duly executed by such Purchaser; and

 

(ii)
such Purchaser’s Subscription Amount, which shall be made available for “Delivery Versus Payment” settlement
with the Company.

 

2.3
Closing Conditions.

 

(a)
The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Purchasers contained
herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)
all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have
been performed; and

 

(iii)
the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)
The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions
being met:

 

(i)
the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material
Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained
herein (unless as of a specific date therein);

 

(ii)
all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been
performed;

 

(iii)
the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)
there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)
from the date hereof to the Closing Date, trading in the ADSs and Company’s securities shall not have been suspended by
the Commission or any Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported
by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose
trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the
United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or
other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial
market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the
Securities at the Closing.

 

    6

     

    

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

3.1
Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules
shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained
in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties
to each Purchaser:

 

(a)
Subsidiaries. All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a). 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 share capital 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. If the Company has no subsidiaries, all other references
to the Subsidiaries or any of them in the Transaction Documents shall be disregarded.

 

(b)
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. 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: (i) a material adverse effect on the legality, validity or enforceability of any Transaction
Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or
otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability
to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii),
a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting
or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action
on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s shareholders
in connection herewith or therewith other than in connection with the Required Approvals. This Agreement and each other Transaction
Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in
accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against
the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii)
as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii)
insofar as indemnification and contribution provisions may be limited by applicable law.

 

    7

     

    

 

(d)
No Conflicts. The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents
to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby
and thereby 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, or (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.

 

(e)
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 the Transaction Documents, other
than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission of the Prospectus
Supplement, (iii) application(s) to each applicable Trading Market for the listing of the applicable Securities for trading thereon
in the time and manner required thereby, (iv) such filings as are required to be made under applicable state securities laws and
the Israeli Securities Authority and the Tel Aviv Stock Exchange, (v) filings required by the Israeli Registrar of Companies,
and (vi) the filing of a Form D with respect to the Warrants (collectively, the “Required Approvals”).

 

(f)
Issuance of the Securities; Registration. The Shares and Warrant Shares are duly authorized and, when issued and paid for
in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and
clear of all Liens imposed by the Company. The Warrants are duly authorized and, when issued in accordance with this Agreement,
will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company. 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 October 11, 2017, 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. 333-183741) 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. The Company, if required by the rules and regulations of the Commission, shall
file the Prospectus Supplement with the Commission pursuant to Rule 424(b). At the time the Registration Statement, ADS Registration
Statement and any amendments thereto became effective, at the date of this Agreement and at the Closing Date, 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 at the Closing Date, 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 was at the time of the filing of the Registration Statement eligible to
use Form F-3. 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.

 

    8

     

    

 

(g)
Capitalization. The equity capitalization of the Company is as set forth on Schedule 3.1(g). The Company has not
issued any share capital since its most recently filed Form 6-K. No Person has any right of first refusal, preemptive right, right
of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as
set forth on Schedule 3.1(g) and as a result of the purchase and sale of the Securities, 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 Securities
will not obligate the Company to issue ADSs or Ordinary Shares or other securities to any Person (other than the Purchasers) 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 share” plans or agreements or any similar plan or agreement. All of the outstanding share capital
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 Securities. 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.

 

(h)
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 Prospectus Supplement, 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 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 United States generally accepted accounting
principles applied on a consistent basis during the periods involved (“GAAP”), 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 GAAP, 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

     

    

 

(i)
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, (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) the Company has not 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 GAAP 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 of its capital share
and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company
equity plans. The Company does not have pending before the Commission any request for confidential treatment of information. Except
for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(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.

 

(j)
Litigation. Except as set forth on Schedule 3.1(j), 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 the Transaction Documents or the 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 3.1(j),
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.

 

(k)
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.

 

(l)
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.

 

    10

     

    

 

(m)
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.

 

(n)
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 federal, state or other taxes, for which appropriate reserves have been made therefor in accordance
with GAAP 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.

 

(o)
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.

 

(p)
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 without a significant increase
in cost.

 

(q)
Transactions With Affiliates and Employees. Except as set forth on Schedule 3.1(q), 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 share option agreements
under any equity plan of the Company.

 

    11

     

    

 

(r)
Sarbanes-Oxley; Internal Accounting Controls. The Company and the Subsidiaries 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 IFRS 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.

 

(s)
Certain Fees. Except as set forth in Schedule 3.1(s) and in the Prospectus Supplement, 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 the Transaction Documents.
Other than for Persons engaged by any Purchaser, if any, the Purchasers shall have no obligation with respect to any fees or with
respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in
connection with the transactions contemplated by the Transaction Documents.

 

(t)
Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities,
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.

 

(u)
Registration Rights. Except as set forth in Schedule 3.1(u), 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.

 

(v)
Listing and Maintenance Requirements. The ADSs are registered pursuant to Section 12(b) or 12(g) 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 on Schedule 3.1(v), 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. Except as set forth on Schedule
3.1(v), 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. 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.

 

    12

     

    

 

(w)
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 the Purchasers as a result
of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including
without limitation as a result of the Company’s issuance of the ADSs and the Purchasers’ ownership of the ADSs.

 

(x)
Disclosure. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction
Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or
their agents or counsel with any information that it believes constitutes or might constitute material, non-public information
which is not otherwise disclosed in the Prospectus Supplement. The Company understands and confirms that the Purchasers will rely
on the foregoing representation in effecting transactions in securities of the Company. All of the disclosure furnished by or
on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions
contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct in all material respects and does
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. The press releases disseminated by
the Company during the twelve months preceding the date of this Agreement taken as a whole do 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 the light of the circumstances under which they were made and when made, not misleading. The Company acknowledges
and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated
hereby other than those specifically set forth in Section 3.2 hereof.

 

(y)
No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section
3.2, 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 of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would
require the registration of the Warrants or the Warrants ADSs under the Securities Act, or (ii) any applicable shareholder approval
provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(z)
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 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 3.1(z) 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.

 

    13

     

    

 

(aa)
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 income and franchise 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.

 

(bb)
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.

 

(cc)
Accountants. The Company’s independent registered public accounting firm is as set forth in the Prospectus. 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
for the fiscal year ending December 31, 2020.

 

(dd)
Acknowledgment Regarding Purchasers’ Purchase of Securities. The Company acknowledges and agrees that each of the
Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the
transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby
and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction
Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities.
The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other
Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company
and its representatives.

 

(ee)
Acknowledgment Regarding Purchaser’s Trading Activity. Anything in this Agreement or elsewhere herein to the contrary
notwithstanding (except for Sections 3.2(f) and 4.12 hereof), it is understood and acknowledged by the Company that: (i) none
of the Purchasers has been asked by the Company to agree, nor has any Purchaser 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
or to hold the Shares for any specified term; (ii) past or future open market or other transactions by any Purchaser, specifically
including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future
private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities; (iii)
any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or
indirectly, presently may have a “short” position in the Ordinary Shares and/or ADSs, and (iv) each Purchaser 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) one or more Purchasers may 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 the Transaction Documents.

 

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(ff)
Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly
or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of any of the ADSs or Shares, (ii) sold, bid for, purchased, or, paid any compensation
for soliciting purchases of, any of the ADSs or Shares, or (iii) paid or agreed to pay to any Person any compensation for soliciting
another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid
to the Company’s placement agent in connection with the placement of the ADSs and Shares.

 

(gg)
FDA. As to each product subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”)
under the Federal Food, Drug and Cosmetic Act, as amended, and the regulations thereunder (“FDCA”) that is
manufactured, packaged, labeled, tested, distributed, sold, and/or marketed by the Company or any of its Subsidiaries (each such
product, a “Pharmaceutical Product”), such Pharmaceutical Product is being manufactured, packaged, labeled,
tested, distributed, sold and/or marketed by the Company in compliance with all applicable requirements under FDCA and similar
laws, rules and regulations relating to registration, investigational use, premarket clearance, licensure, or application approval,
good manufacturing practices, good laboratory practices, good clinical practices, product listing, quotas, labeling, advertising,
record keeping and filing of reports, except where the failure to be in compliance would not have a Material Adverse Effect. There
is no pending, completed or, to the Company’s knowledge, threatened, action (including any lawsuit, arbitration, or legal or administrative
or regulatory proceeding, charge, complaint, or investigation) against the Company or any of its Subsidiaries, and none of the
Company or any of its Subsidiaries has received any notice, warning letter or other communication from the FDA or any other governmental
entity, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of,
the manufacturing or packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii)
withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising
or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation
by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its Subsidiaries,
(v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or
(vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and which, either
individually or in the aggregate, would have a Material Adverse Effect. The properties, business and operations of the Company
have been and are being conducted in all material respects in accordance with all applicable laws, rules and regulations of the
FDA.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the
United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any concern
as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.
  

(hh)
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”).

 

(ii)
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 Purchaser’s
request.

 

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(jj)
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
(25%) 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.

 

(kk)
Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2,
no registration under the Securities Act is required for the offer and sale of the Warrants, the Warrant Shares and Warrant ADSs
issuable upon exercise thereof by the Company to the Purchasers as contemplated hereby.

 

(ll)
No General Solicitation. Neither the Company nor any Person acting on behalf of the Company has offered or sold any of
the Securities by any form of general solicitation or general advertising. The Company has offered the Securities for sale only
to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(mm)
No Disqualification Events. With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under
the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other
officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding
voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under
the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person”
and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described
in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification
Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person
is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under
Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(nn)
Other Covered Persons. Other than as set forth in the Prospectus Supplement, the Company is not aware of any person (other
than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers
in connection with the sale of any Securities.

 

(oo)
Notice of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in writing, prior to
the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the
passage of time, reasonably be expected to become a Disqualification Event relating to any Issuer Covered Person, in each case
of which it is aware.

 

(pp)
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.

 

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3.2
Representations and Warranties of the Purchasers. Each Purchaser, for itself and for no other Purchaser, hereby represents
and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein,
in which case they shall be accurate as of such date):

 

(a)
Organization; Authority. Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership
limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by this
Agreement and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and
performance by such Purchaser of the transactions contemplated by this Agreement have been duly authorized by all necessary corporate,
partnership, limited liability company or similar action, as applicable, on the part of such Purchaser. Each Transaction Document
to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with
its terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium
and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification
and contribution provisions may be limited by applicable law.

 

(b)
Understandings or Arrangements. Such Purchaser is acquiring the Securities as principal for its own account and has no
direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities
(this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration
Statement or otherwise in compliance with applicable federal and state securities laws). Such Purchaser is acquiring the Securities
hereunder in the ordinary course of its business. Such Purchaser understands that the Warrants, the Warrant ADSs and the Warrant
Shares are “restricted securities” and have not been registered under the Securities Act or any applicable state securities
law and is acquiring such Securities as principal for his, her or its own account and not with a view to or for distributing or
reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no
present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities
law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution
of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty
not limiting such Purchaser’s right to sell such Securities pursuant to a registration statement or otherwise in compliance
with applicable federal and state securities laws).

 

(c)
Purchaser Status. At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, and on
each date on which it exercises any Warrants, it will be either: (i) an “accredited investor” as defined in Rule 501(a)(1),
(a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act or (ii) a “qualified institutional buyer” as defined in
Rule 144A(a) under the Securities Act.

 

(d)
Experience of Such Purchaser. Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. Such Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents
(including all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the
Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment. 
Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided
such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired. 
Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities
and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser
agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser, neither the Placement
Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

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(f)
Certain Transactions and Confidentiality. Other than consummating the transactions contemplated hereunder, such Purchaser
has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed
any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time
that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company
setting forth the material pricing terms of the transactions contemplated hereunder and ending immediately prior to the execution
hereof. Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate
portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge
of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation
set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment
decision to purchase the ADSs covered by this Agreement. Other than to other Persons party to this Agreement or to such Purchaser’s
representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents
and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction
(including the existence and terms of this transaction). Notwithstanding the foregoing, for the avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares order
to effect Short Sales or similar transactions in the future.

 

(g)
General Solicitation. Such Purchaser is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

The
Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such
Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations
and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection
with this Agreement or the consummation of the transactions contemplated hereby. Notwithstanding the foregoing, for the avoidance
of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating
or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE
IV.

OTHER AGREEMENTS OF THE PARTIES

 

4.1
Warrant Shares. The ADSs shall be issued free of legends. Legend removal regarding the Warrants shall be made in accordance
with Section 4.13(c) below.

 

4.2
Furnishing of Information; Public Information.

 

(a)
Until no Purchaser owns Securities, the Company covenants to maintain the registration of the ADSs under Section 12(b) or 12(g)
of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then
subject to the reporting requirements of the Exchange Act. As long as any Purchaser owns Securities, if the Company is not required
to file reports pursuant to the Exchange Act, it will prepare and furnish to the Purchasers and make publicly available in accordance
with Rule 144(c) such information as is required for the Purchasers to sell the Securities, including without limitation, under
Rule 144. The Company further covenants that it will take such further action as any holder of Securities may reasonably request,
to the extent required from time to time to enable such Person to sell such Securities without registration under the Securities
Act, including without limitation, within the requirements of the exemption provided by Rule 144.

 

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(b)
At any time during the period commencing from the six (6) month anniversary of the date hereof and ending on the date when the
Warrant ADSs may be sold pursuant to Rule 144 without the requirement to be in compliance with Rule 144(c)(1) (assuming that the
Warrants are exercised via cashless exercise), if the Company (i) shall fail for any reason to satisfy the current public information
requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future,
and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2) (a “Public Information Failure”)
then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial
liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an
amount in cash equal to two percent (2.0%) of the aggregate Exercise Price of such Purchaser’s Warrants on the day of a
Public Information Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days)
thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information
is no longer required  for the Purchasers to transfer the Warrant Shares or Warrant ADSs pursuant to Rule 144.  The
payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information
Failure Payments.”  Public Information Failure Payments shall be paid on the earlier of (i) the last day of the
calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business
Day after the event or failure giving rise to the Public Information Failure Payments is cured.  In the event the Company
fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest
at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s
right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies
available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.3
Integration. The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any
security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in
a manner that would require the registration under the Securities Act of the sale of the Warrants or Warrant Shares or that would
be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that
it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before
the closing of such subsequent transaction.

 

4.4
Securities Laws Disclosure; Publicity. The Company shall (a) by 9:00 a.m. (New York City time) on the Trading Day of execution
hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Report on
Form 6-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange
Act. From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed
all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their
respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents.
In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality
or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their
respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates
on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases
with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release
nor otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any
Purchaser, or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall
not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall
promptly provide the other party with prior notice of such public statement or communication. Notwithstanding the foregoing, the
Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission
or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal
securities law in connection with the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure
is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of
such disclosure permitted under this clause (b).

 

4.5
Shareholder Rights Plan. No claim will be made or enforced by the Company or, with the consent of the Company, any other
Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison
pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter
adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue
of receiving ADSs or Shares under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

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4.6
Non-Public Information. Except with respect to the material terms and conditions of the transactions contemplated by the
Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor
any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that the Company
believes constitutes material non-public information, unless prior thereto such Purchaser shall have entered into a written agreement
with the Company regarding the confidentiality and use of such information. The Company understands and confirms that each Purchaser
shall be relying on the foregoing covenant in effecting transactions in securities of the Company. To the extent that the Company
delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants
and agrees that such purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their
respective officers, directors, agents, employees or Affiliates, or a duty to the Company, and of its Subsidiaries or any of their
respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information,
provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction
Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall
simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. The Company understands and confirms that
each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.7
Use of Proceeds. The Company shall use the net proceeds from the sale of the ADSs hereunder for working capital purposes
and shall not use such proceeds: (a) for the satisfaction of any portion of the Company’s debt (other than payment of trade
payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any ADSs, Ordinary
Shares or Ordinary Share Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC
regulations.

 

4.8
Indemnification of Purchasers. Subject to the provisions of this Section 4.8, the Company will indemnify and hold each
Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally
equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls
such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors,
officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a
Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser
Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses,
including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation
that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations,
warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action
instituted against a Purchaser Party in any capacity, or any of them or their respective Affiliates, by any shareholder of the
Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction
Documents (unless such action is based upon a material breach of such Purchaser Party’s representations, warranties or covenants
under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such shareholder or
any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally
judicially determined to constitute fraud, gross negligence or willful misconduct) or (c) in connection with any registration
statement of the Company providing for the resale by the Purchasers of the Warrant Shares issued and issuable upon exercise of
the Warrants, the Company will indemnify each Purchaser Party, to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and
expenses, as incurred, arising out of or relating to (i) any untrue or alleged untrue statement of a material fact contained in
such registration statement, any prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary
prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of any prospectus or supplement thereto, in the light of the circumstances
under which they were made) not misleading, except to the extent, but only to the extent, that such untrue statements or omissions
are based solely upon information regarding such Purchaser furnished in writing to the Company by such Purchaser expressly for
use therein, or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any state securities
law, or any rule or regulation thereunder in connection therewith. If any action shall be brought against any Purchaser Party
in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company
in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable
to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the
extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed
after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable
opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser
Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.
The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected
without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent,
but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of
the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction
Documents. The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the
course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein
shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities
the Company may be subject to pursuant to law.

 

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4.9
Listing of Shares. The Company hereby agrees to use commercially reasonable best efforts to maintain the listing or quotation
of the ADSs, Warrant ADSs and Ordinary Shares on each Trading Market on which each is currently listed, and concurrently with
the Closing, the Company shall apply to list or quote all of the Shares, Warrant ADSs, Warrant Shares and/or ADSs on such Trading
Markets and promptly secure the listing of all of the Warrant ADSs, ADSs and Shares on such Trading Markets. The Company further
agrees, if the Company applies to have the Ordinary Shares or ADSs traded on any other Trading Market, it will then include in
such application all of the ADSs, Warrant ADSs, Shares and Warrant Shares, and will take such other action as is necessary to
cause all of the ADSs, Warrant ADSs, Shares and Warrant Shares to be listed or quoted on such other Trading Market as promptly
as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its ADSs and Ordinary
Shares on a Trading Market and will comply in all material respects with the Company’s reporting, filing and other obligations
under the bylaws or rules of the Trading Market. The Company agrees to use commercially reasonable efforts to maintain the eligibility
of the ADSs for electronic transfer through the Depository Trust Company or another established clearing corporation, including,
without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in
connection with such electronic transfer.

 

4.10
Subsequent Equity Sales.

 

(a)
From the date hereof until thirty (30) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter
into any agreement to issue or announce the issuance or proposed issuance of any ADSs, Ordinary Shares or Ordinary Share Equivalents.

 

(b)
From the date hereof until thirteen (13) months following the Closing Date, the Company shall be prohibited from effecting or
entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of ADSs, Ordinary Shares or Ordinary
Share Equivalents (or a combination of units thereof) involving a Variable Rate Transaction. “Variable Rate Transaction”
means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable
or exercisable for, or include the right to receive additional ADSs or Ordinary Shares either (A) at a conversion price, exercise
price or exchange rate or other price that is based upon and/or varies with the trading prices of or quotations for the ADSs or
Ordinary Shares at any time after the initial issuance of such debt or equity securities, or (B) with a conversion, exercise or
exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or
upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market
for ADSs or the Ordinary Shares or (ii) enters into any agreement, including, but not limited to, an equity line of credit, whereby
the Company may issue securities at a future determined price; provided, however, upon the completion of the restrictive period
set forth in Section 4.10(a), the Company may enter into and effect sales pursuant to an at–the-market offering facility
with the Placement Agent. Any Purchaser shall be entitled to obtain injunctive relief against the Company to preclude any such
issuance, which remedy shall be in addition to any right to collect damages.

 

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(c)
Notwithstanding the foregoing, this Section 4.10 shall not apply in respect of an Exempt Issuance, except that no Variable Rate
Transaction shall be an Exempt Issuance.

 

4.11
Equal Treatment of Purchasers. No consideration (including any modification of the Transaction Documents) shall be offered
or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the
same consideration is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision
constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended
for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or
as a group with respect to the purchase, disposition or voting of the ADSs, the Shares or otherwise.

 

4.12
Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants
that neither it nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or
sales, including Short Sales of any of the Company’s securities during the period commencing with the execution of this
Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to
the initial press release as described in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers,
covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant
to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and
terms of this transaction and the information included in the Disclosure Schedules.  Notwithstanding the foregoing, and notwithstanding
anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes
any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company
after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press
release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any
securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no
Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries
after the issuance of the initial press release as described in Section 4.4.  Notwithstanding the foregoing, in the case
of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such
Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the ADSs covered by this
Agreement.

 

4.13
Transfer Restrictions.

 

(a)
The Securities may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of
any Warrants or Warrant Shares or Warrant ADSs, or other than pursuant to an effective registration statement or Rule 144, to
the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.13(b), the Company may
require the transferor thereof to provide to the Company and the Depositary an opinion of counsel selected by the transferor and
reasonably acceptable to the Company and the Depositary, the form and substance of which opinion shall be reasonably satisfactory
to the Company and the Depositary, to the effect that such transfer does not require registration of such transferred Warrants
or Warrant Shares or Warrant ADSs under the Securities Act. As a condition of transfer, any such transferee shall agree in writing
to be bound by the terms of this Agreement and shall have the rights and obligations of a Purchaser under this Agreement.

 

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(b)
The Purchasers agree to the imprinting, so long as is required by this Section 4.13, of a legend on the Warrants, Warrant Shares
and Warrant ADSs issuable upon exercise thereof in the following form:

 

[NEITHER]
THIS SECURITY [NOR THE SECURITIES INTO WHICH THIS SECURITY IS [EXERCISABLE] [CONVERTIBLE]] HAS [NOT] BEEN REGISTERED WITH THE
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY [AND THE SECURITIES ISSUABLE UPON [EXERCISE] [CONVERSION] OF THIS SECURITY] MAY BE PLEDGED IN CONNECTION WITH A BONA
FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a
registered broker-dealer or grant a security interest in some or all of the Warrants or Warrant Shares to a financial institution
that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms
of such arrangement, such Purchaser may transfer pledged or secured Warrants or Warrant Shares to the pledgees or secured parties.
Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee,
secured party or pledgor shall be required in connection therewith. Further, no notice shall be required of such pledge. At the
appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured
party of Warrants and Warrant Shares may reasonably request in connection with a pledge or transfer of the Warrants or Warrant
Shares.

 

(c)
Certificates evidencing the Warrant Shares and Warrant ADSs issuable upon exercise of the Warrants shall not contain any legend
(including the legend set forth above): (i) while a registration statement covering the resale of such security is effective under
the Securities Act, (ii) following any sale of such Warrant Shares or Warrant ADSs pursuant to Rule 144, (iii) if such Warrant
Shares or Warrant ADSs are eligible for sale under Rule 144, and the Warrant ADSs have been sold by the Purchaser prior to the
“Warrant ADS Delivery Date” (as defined in the Warrants) or (iv) if such legend is not required under applicable
requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission).
The Company shall cause its counsel to issue a legal opinion to the Depositary promptly if required by the Depositary to effect
the removal of the legend hereunder. If a Warrant is exercised at a time when there is an effective registration statement to
cover the resale of the Warrant Shares and/or Warrant ADSs issuable in respect thereof, or if such Warrant Shares and/or Warrant
ADSs may be sold under Rule 144 or if such legend is not otherwise required under applicable requirements of the Securities Act
(including judicial interpretations and pronouncements issued by the staff of the Commission) then such Warrant Shares and Warrant
ADSs shall be issued free of all legends. The Company agrees that following such time as such legend is no longer required under
this Section 4.13(c), it will, no later than the earlier of (i) three Trading Days and (ii) the number of Trading Days comprising
the Standard Settlement Period (as defined below) following the delivery by a Purchaser to the Company or the Depositary of a
certificate representing Warrant Shares or Warrant ADSs, as applicable, issued with a restrictive legend (such third Trading Day,
the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such
securities that is free from all restrictive and other legends. The Company may not make any notation on its records or give instructions
to the Depositary that enlarge the restrictions on transfer set forth in this Section 4. Certificates for such Warrant Shares
and Warrant ADSs subject to legend removal hereunder shall be transmitted by the Depositary to the Purchaser by crediting the
account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser. As used
herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the ADSs as in effect on the date of delivery of a certificate
representing Warrant Shares issued with a restrictive legend.

 

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(d)
In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, if after the Legend
Removal Date such Purchaser purchases (in an open market transaction or otherwise) ADSs to deliver in satisfaction of a sale by
such Purchaser of all or any portion of the number of ADSs, or a sale of a number of ADSs equal to all or any portion of the number
of ADSs that such Purchaser anticipated receiving from the Company without any restrictive legend, then, an amount equal to the
excess of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any)
for theADSs so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”)
over the product of (A) such number of Underlying Shares that the Company was required to deliver to such Purchaser by the Legend
Removal Date multiplied by (B) the lowest closing sale price of the ADSs on any Trading Day during the period commencing on the
date of the delivery by such Purchaser to the Company of the applicable Underlying Shares (as the case may be) and ending on the
date of such delivery and payment under this clause (ii).

 

(e)
Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any
restricted Warrants or Warrant Shares pursuant to either the registration requirements of the Securities Act, including any applicable
prospectus delivery requirements, or an exemption therefrom, and that if any Warrants or Warrant Shares are sold pursuant to a
registration statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that
the removal of the restrictive legend from certificates representing Warrants, Warrant Shares and Warrant ADSs as set forth in
this Section 4.13 is predicated upon the Company’s reliance upon this understanding.

 

4.14
Form D; Blue Sky Filings. The Company agrees to timely file a Form D with respect to the Warrant and Warrant Shares as
required under Regulation D and to provide a copy thereof, promptly upon request of any Purchaser. The Company shall take such
action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Warrant and
Warrant Shares for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states
of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

4.15
Exercise Procedures. The form of Notice of Exercise included in the Warrants set forth the totality of the procedures required
of the Purchasers in order to exercise the Warrants. No additional legal opinion, other information or instructions shall be required
of the Purchasers to exercise their Warrants. Without limiting the preceding sentences, no ink-original Notice of Exercise shall
be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be
required in order to exercise the Warrants. The Company shall honor exercises of the Warrants and shall deliver Warrant Shares
in accordance with the terms, conditions and time periods set forth in the Transaction Documents.

 

4.16
Reservations of Shares. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep
available at all times, free of preemptive rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company
to issue Ordinary Shares pursuant to this Agreement and Warrant Shares pursuant to any exercise of the Warrant ADSs.

 

4.17
Registration Statement. As soon as practicable (and in any event within 30 calendar days of the date of this Agreement),
the Company shall use its best efforts to file a registration statement on Form F-1 providing for the resale by the Purchasers
of the shares underlying the Warrant Shares or the Warrant ADSs.  The Company shall use its best efforts to cause such registration
to become effective within 60 days following the Closing Date (“Effectiveness Date”) and to keep such registration
statement effective at all times until no Purchaser owns any underlying shares issuable upon conversion or exercise of the Warrant
Shares or Warrant ADSs.

 

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ARTICLE
V.

MISCELLANEOUS

 

5.1
Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder
only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the
other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date
hereof; provided, however, that no such termination will affect the right of any party to sue for any breach by
any other party (or parties).

 

5.2
Fees and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the
fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party
incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all Depositary
fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company),
stamp taxes and other taxes and duties levied in connection with the delivery of any ADSs or Shares to the Purchasers.

 

5.3
Entire Agreement. The Transaction Documents, together with the exhibits and schedules thereto, the Prospectus and the Prospectus
Supplement, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede
all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been
merged into such documents, exhibits and schedules.

 

5.4
Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication
is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages
attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission,
if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as
set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time)
on any Trading Day, (c) the second (2nd)Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for
such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided
pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries,
the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K.

 

5.5
Amendments; Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written
instrument signed, in the case of an amendment, by the Company and the Purchasers who purchased at least 50.1% in interest of
the ADSs (based on initial Subscription Amounts hereunder) or, in the case of a waiver, by the party against whom enforcement
of any such waived provision is sought; provided, that if any amendment, modification or waiver disproportionately and adversely
impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers)
shall also be required. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall
be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

5.6
Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed
to limit or affect any of the provisions hereof.

 

5.7
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors
and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written
consent of each Purchaser (other than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any
Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound,
with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8
No Third-Party Beneficiaries. The Placement Agent shall be the third party beneficiary of the representations and warranties
of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2. This Agreement is intended
for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor
may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

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5.9
Governing Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents
shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard
to the principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a
party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to
the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert
in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such
suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered
or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under
this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either
party shall commence an action, suit or proceeding to enforce any provisions of the Transaction Documents, then, in addition to
the obligations of the Company under Section 4.8, the prevailing party in such action, suit or proceeding shall be reimbursed
by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.

 

5.10
Survival. The representations and warranties contained herein shall survive the Closing and the delivery of the Securities
for the applicable statute of limitations.

 

5.11
Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other
party, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if
such facsimile or “.pdf” signature page were an original thereof.

 

5.12
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein
shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use
their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result
as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention
of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any
of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13
Rescission and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar
provisions of) any of the other Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under
a Transaction Document and the Company does not timely perform its related obligations within the periods therein provided, then
such Purchaser may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights; provided , however , that in
the case of a rescission of an exercise of a Warrant, the applicable Purchaser shall be required to return any ADSs or Ordinary
Shares subject to any such rescinded exercise notice concurrently with the return to such Purchaser of the aggregate exercise
price paid to the Company for such shares and the restoration of such Purchaser’s right to acquire such shares pursuant
to such Purchaser’s Warrant (including, issuance of a replacement warrant certificate evidencing such restored right).

 

5.14
Replacement of Shares. If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed,
the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation),
or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory
to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances
shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement
Shares.

 

    26

     

    

 

5.15
Remedies. In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of
damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents. The
parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations
contained in the Transaction Documents and hereby agree to waive and not to assert in any action for specific performance of any
such obligation the defense that a remedy at law would be adequate.

 

5.16
Payment Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction
Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement
or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other
Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of
action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.17
Independent Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction
Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way
for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document. Nothing contained
herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed
to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated
by the Transaction Documents. Each Purchaser shall be entitled to independently protect and enforce its rights including, without
limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary
for any other Purchaser to be joined as an additional party in any proceeding for such purpose. Each Purchaser has been represented
by its own separate legal counsel in its review and negotiation of the Transaction Documents. For reasons of administrative convenience
only, each Purchaser and its respective counsel have chosen to communicate with the Company through the legal counsel of the Placement
Agent. The legal counsel of the Placement Agent does not represent any of the Purchasers and only represents the Placement Agent.
The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company
and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each
provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and
not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.18
Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right
required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next
succeeding Business Day.

 

5.19
Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity
to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments
thereto. In addition, each and every reference to share prices, ADSs, and shares of Ordinary Shares in any Transaction Document
shall be subject to adjustment for reverse and forward share splits, share dividends, share combinations and other similar transactions
of the ADSs and Ordinary Shares that occur after the date of this Agreement.

 

5.20
WAIVER OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER
PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY,
IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

 

(Signature
Pages Follow)

 

    27

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

	CAN-FITE
    BIOPHARMA LTD.	 	Address
    for Notice:
	 	 	 
	By:	 	 	Email:
	 	Name:	 	Fax:
	 	Title:	 	 
	 	 	 
	With
    a copy to (which shall not constitute notice):

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOR PURCHASER FOLLOWS]

 

    28

     

    

 

[PURCHASER
SIGNATURE PAGES TO CANF SECURITIES PURCHASE AGREEMENT]

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of the date first indicated above.

 

Name
of Purchaser: ________________________________________________________

Signature
of Authorized Signatory of Purchaser: _________________________________

Name
of Authorized Signatory: _______________________________________________

Title
of Authorized Signatory: ________________________________________________

Email
Address of Authorized Signatory:_________________________________________

Facsimile
Number of Authorized Signatory: __________________________________________

Address
for Notice to Purchaser:

 

Address
for Delivery of Warrant ADSs to the Purchaser (if not same address for notice):

 

Subscription
Amount: $_________________

 

ADSs:
_________________

 

Warrant
ADSs: ______________ Beneficial Ownership Blocker ☐  4.99% or   ☐  9.99%

 

EIN
Number: ____________________

 

Lesser
of maximum amount permitted pursuant to Section 2.1 and the limitation on Beneficial Ownership and $____________

 

(for
purposes of clarity, the amount set forth on the immediately above line of this signature page is included in such Purchaser’s
“Subscription Amount” for purposes of this Agreement and the Transaction Documents)

 

☐ Notwithstanding
anything contained in this Agreement to the contrary, by checking this box (i) the obligations of the above-signed to purchase
the securities set forth in this Agreement to be purchased from the Company by the above-signed, and the obligations of the Company
to sell such securities to the above-signed, shall be unconditional and all conditions to Closing shall be disregarded, (ii) the
Closing shall occur by the second (2nd) Trading Day following the date of this Agreement and (iii) any condition to Closing contemplated
by this Agreement (but prior to being disregarded by clause (i) above) that required delivery by the Company or the above-signed
of any agreement, instrument, certificate or the like or purchase price (as applicable) shall no longer be a condition and shall
instead be an unconditional obligation of the Company or the above-signed (as applicable) to deliver such agreement, instrument,
certificate or the like or purchase price (as applicable) to such other party on the Closing Date.

 

 

[SIGNATURE
PAGES CONTINUE]

 

29

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