<SEC-DOCUMENT>0001171843-21-001316.txt : 20210225
<SEC-HEADER>0001171843-21-001316.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20210225110014
ACCESSION NUMBER:		0001171843-21-001316
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20210225
FILED AS OF DATE:		20210225
DATE AS OF CHANGE:		20210225

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Brainsway Ltd.
		CENTRAL INDEX KEY:			0001505065
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35165
		FILM NUMBER:		21677643

	BUSINESS ADDRESS:	
		STREET 1:		19 HARTUM STREET, BYNET BUILDING, 3RD FL
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			91451
		BUSINESS PHONE:		972 2 581-3140

	MAIL ADDRESS:	
		STREET 1:		19 HARTUM STREET, BYNET BUILDING, 3RD FL
		STREET 2:		Har HaHotzvim
		CITY:			Jerusalem
		STATE:			L3
		ZIP:			91451
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_022521.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase"><B>Form
6-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of February 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: <B>001-35165</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>BRAINSWAY
LTD.</B></FONT><FONT STYLE="font-size: 10pt"><BR>
(Translation of registrant's name into English)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>19 Hartum Street<BR>
Bynet Building, 3rd Floor<BR>
Har HaHotzvim<BR>
Jerusalem, 9777518, Israel<BR>
</B>(Address of principal executive office)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.<BR>
Form 20-F [&nbsp;X ] &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F [&nbsp;&nbsp; ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="vertical-align: bottom; width: 55px"><FONT STYLE="font-size: 10pt; font-weight: normal"><U>Exhibit</U></FONT></TD>
    <TD STYLE="width: 26px">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt; font-weight: normal"><U>Title</U></FONT></TD></TR>
<TR>
    <TD><A HREF="exh_11.htm"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_11.htm"><FONT STYLE="font-size: 10pt">Underwriting Agreement, dated February 23, 2021, between Registrant and Oppenheimer &amp; Co. Inc. </FONT></A></TD></TR>
<TR>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Opinion of Gross &amp; Co. Law Firm</FONT></A></TD></TR>
<TR>
    <TD><A HREF="exh_52.htm"><FONT STYLE="font-size: 10pt">5.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_52.htm"><FONT STYLE="font-size: 10pt">Opinion of Haynes and Boone, LLP</FONT></A></TD></TR>
<TR>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_51.htm"><FONT STYLE="font-size: 10pt">Consent of Gross &amp; Co. Law Firm (included in Exhibit 5.1)</FONT></A></TD></TR>
<TR>
    <TD><A HREF="exh_52.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_52.htm"><FONT STYLE="font-size: 10pt">Consent of Haynes and Boone, LLP (included in Exhibit 5.2)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Form 6-K
shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be
any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; background-color: white">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">This Form 6-K is incorporated by reference into the Company's
Registration Statements on Form S-8 filed with the Securities and Exchange Commission on April 22, 2019 (Registration No. 333-230979)
and its Registration Statements on Form F-3 filed with the Securities and Exchange Commission on September 4, 2020 (Registration
No. 333-248601).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;BRAINSWAY LTD.&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Date: February 25, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Christopher R. von Jako, Ph.D&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Christopher R. von Jako, Ph.D</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exh_11.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><I>Execution Version</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BRAINSWAY LTD.</B><BR>
4,622,000 American Depositary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Representing an Aggregate of 9,244,000 Ordinary
Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(par value NIS 0.04 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Underwriting Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in">February 23, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify">Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0.25in; text-align: justify">As Representative of the
several</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0.25in; text-align: justify">Underwriters listed in <U>Schedule A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0.25in; text-align: justify">hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify">c/o Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify">85 Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4in 0pt 0; text-align: justify">New York, NY 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.5in 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brainsway Ltd., a limited
liability company incorporated under the laws of the State of Israel (the &#8220;<B>Company</B>&#8221;), proposes to issue and
sell to the several underwriters named in <U>Schedule A</U> (the &#8220;<B>Underwriters</B>&#8221;) an aggregate of 4,622,000 American
Depositary Shares (the &#8220;<B>ADSs</B>&#8221;), each representing two ordinary shares, par value NIS 0.04 per share (the &#8220;<B>Ordinary
Shares</B>&#8221;). The 4,622,000 ADSs to be sold by the Company are called the &#8220;<B>Firm Shares</B>.&#8221; In addition,
the Company has granted to the Underwriters an option to purchase up to an additional 693,300 ADSs. The additional 693,300 ADSs
to be sold by the Company pursuant to such option are collectively called the &#8220;<B>Option Shares</B>.&#8221; The Firm Shares
and, if and to the extent such option is exercised, the Option Shares, are collectively called the &#8220;<B>Offered Shares</B>.&#8221;
Oppenheimer &amp; Co. Inc. (&#8220;<B>Oppenheimer</B>&#8221;) has agreed to act as representative of the several Underwriters (in
such capacity, the &#8220;<B>Representative</B>&#8221;) in connection with the offering and sale of the Offered Shares. To the
extent there are no additional underwriters listed on <U>Schedule A</U>, the term &#8220;Underwriter&#8221; as used herein shall
mean Oppenheimer, as Underwriter, and the term &#8220;Underwriters&#8221; shall mean either the singular or the plural, as the
context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The ADSs will be evidenced
by American Depositary Receipts (&#8220;<B>ADRs</B>&#8221;) issued pursuant to that certain Deposit Agreement to be dated on or
prior to April 22, 2019 (the &#8220;<B>Deposit Agreement</B>&#8221;), by and among the Company, The Bank of New York Mellon, as
depositary (the &#8220;<B>Depositary</B>&#8221;), and all holders and beneficial owners of ADSs issued thereunder. The Company
shall, following subscription by the Underwriters of the Offered Shares pursuant to this Agreement, deposit, on behalf of the Underwriters,
the Ordinary Shares being delivered in the form of the Offered Shares with Bank Leumi as custodian (the &#8220;<B>Custodian</B>&#8221;)
for the Depositary, which shall deliver the Offered Shares to the Representative for the account of the several Underwriters for
subsequent delivery to the other several Underwriters or the investors, as the case may be. Unless the context otherwise requires,
each reference to the Offered Shares or ADSs herein also includes the Ordinary Shares and the ADRs evidencing such ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has prepared
and filed with the Securities and Exchange Commission (the &#8220;<B>Commission</B>&#8221;) a shelf registration statement on Form&nbsp;F-3,
File No.&nbsp;333&#45;248601, including a base prospectus (the &#8220;<B>Base Prospectus</B>&#8221;) to be used in connection with
the public offering and sale of the Offered Shares. Such registration statement, as amended, including the financial statements,
exhibits and schedules thereto, in the form in which it became effective under the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder (collectively, the &#8220;<B>Securities Act</B>&#8221;), including all documents incorporated
or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the time of effectiveness
pursuant to Rule&nbsp;430A or 430B under the Securities Act, is called the &#8220;<B>Registration Statement</B>.&#8221; Any registration
statement filed by the Company pursuant to Rule 462(b) under the Securities Act in connection with the offer and sale of the Offered
Shares is called the &#8220;<B>Rule 462(b) Registration Statement</B>,&#8221; and from and after the date and time of filing of
any such Rule 462(b) Registration Statement the term &#8220;Registration Statement&#8221; shall include the Rule 462(b) Registration
Statement. The preliminary prospectus supplement dated February 22, 2021 describing the Offered Shares and the offering thereof
(the &#8220;<B>Preliminary Prospectus Supplement</B>&#8221;), together with the Base Prospectus and the documents incorporated
or deemed to be incorporated by reference therein, is called the &#8220;<B>Preliminary Prospectus</B>,&#8221; and the Preliminary
Prospectus and any other prospectus supplement to the Base Prospectus in preliminary form that describes the Offered Shares and
the offering thereof and is used prior to the filing of the Prospectus (as defined below), together with the Base Prospectus, is
called a &#8220;<B>preliminary prospectus</B>.&#8221; As used herein, the term &#8220;<B>Prospectus</B>&#8221; shall mean the final
prospectus supplement to the Base Prospectus that describes the Offered Shares and the offering thereof, including the documents
incorporated or deemed to be incorporated by reference therein (the &#8220;<B>Final Prospectus Supplement</B>&#8221;), together
with the Base Prospectus, in the form first used by the Underwriters to confirm sales of the Offered Shares or in the form first
made available to the Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act.
The Company has caused to be filed with the Commission a registration statement on Form F-6 (File No. 333-229481) relating to the
ADSs (such registration statement, including all exhibits thereto, at the time it became effective, being hereinafter referred
to as the &#8220;<B>F-6 Registration Statement</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used herein, &#8220;<B>Applicable
Time</B>&#8221; is 8:00 a.m. (New York time) on February 23, 2021. As used herein, &#8220;<B>free writing prospectus</B>&#8221;
has the meaning set forth in Rule 405 under the Securities Act, and &#8220;<B>Time of Sale Prospectus</B>&#8221; means the Preliminary
Prospectus, as amended or supplemented immediately prior to the Applicable Time, together with the free writing prospectuses, if
any, identified on <U>Schedule B</U> hereto and the pricing information set forth on <U>Schedule C</U> hereto. As used herein,
<B>&#8220;Road Show&#8221;</B> means a &#8220;road show&#8221; (as defined in Rule 433 under the Securities Act) relating to the
offering of the Offered Shares contemplated hereby that is a &#8220;written communication&#8221; (as defined in Rule 405 under
the Securities Act). As used herein, &#8220;<B>Section 5(d) Written Communication</B>&#8221; means each written communication (within
the meaning of Rule 405 under the Securities Act) that is made in reliance on Section 5(d) of the Securities Act by the Company
or any person authorized to act on behalf of the Company to one or more potential investors that are qualified institutional buyers
(&#8220;<B>QIBs</B>&#8221;) and/or institutions that are accredited investors (&#8220;<B>IAIs</B>&#8221;), as such terms are respectively
defined in Rule 144A and Rule 501(a) under the Securities Act, to determine whether such investors might have an interest in the
offering of the Offered Shares; &#8220;<B>Section 5(d) Oral Communication</B>&#8221; means each oral communication, if any, made
in reliance on Section 5(d) of the Securities Act by the Company or any person authorized to act on behalf of the Company made
to one or more QIBs and/or one or more IAIs to determine whether such investors might have an interest in the offering of the Offered
Shares; &#8220;<B>Marketing Materials</B>&#8221; means any materials or information provided to investors by, or with the approval
of, the Company in connection with the marketing of the offering of the Offered Shares, including any Road Show or investor presentations
made to investors by the Company (whether in person or electronically); and &#8220;<B>Permitted Section 5(d) Communication</B>&#8221;
means the Section 5(d) Written Communication(s) and Marketing Materials listed on <U>Schedule D</U> attached hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to financial statements and schedules and other information which are &#8220;contained,&#8221; &#8220;included&#8221;
or &#8220;stated&#8221; in, or &#8220;part of&#8221; the Registration Statement, the Rule 462(b) Registration Statement, the F-6
Registration Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus
or the Prospectus, and all other references of like import, shall be deemed to mean and include all such financial statements and
schedules and other information which is or is deemed to be incorporated by reference in the Registration Statement, the Rule 462(b)
Registration Statement, the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus
or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to amendments or supplements to the Registration Statement, the F-6 Registration Statement, the Preliminary Prospectus,
any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus shall be deemed to mean and include
the filing of any document under the Exchange Act that is or is deemed to be incorporated by reference in the Registration Statement,
the Preliminary Prospectus, any preliminary prospectus, the Base Prospectus, or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this
Agreement to (i)&nbsp;the Registration Statement, the F-6 Registration Statement, the Preliminary Prospectus, any preliminary prospectus,
the Base Prospectus or the Prospectus, any amendments or supplements to any of the foregoing, or any free writing prospectus, shall
include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#8220;<B>EDGAR</B>&#8221;)
and (ii)&nbsp;the Prospectus shall be deemed to include any &#8220;electronic Prospectus&#8221; provided for use in connection
with the offering of the Offered Shares as contemplated by Section 3(n).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that the
Company has only one subsidiary, then all references herein to &#8220;subsidiaries&#8221; of the Company shall be deemed to refer
to such single subsidiary, <U>mutatis mutandis</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company hereby
confirms its agreements with the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties of the Company</U>. The Company represents and warrants to each Underwriter as of the
date of this Agreement, the Applicable Time, the First Closing Date (as hereinafter defined) and each Option Closing Date (as hereinafter
defined), if any, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B></FONT><U>Compliance with Registration Requirements</U>. The Registration Statement and the F-6 Registration Statement has
become effective under the Securities Act. The Company has complied, to the Commission&#8217;s satisfaction, with all requests
of the Commission for additional or supplemental information, if any. No stop order suspending the effectiveness of the Registration
Statement or the F-6 Registration Statement is in effect and no proceedings for such purpose have been instituted or are pending
or, to the best knowledge of the Company, are contemplated or threatened by the Commission. At the time the Company&#8217;s Annual
Report on Form 20-F for the year ended December 31, 2019 (the &#8220;<B>Annual Report</B>&#8221;) was filed with the Commission,
or, if later, at the time the Registration Statement was originally filed with the Commission, the Company met the then-applicable
requirements for use of Form F-3 under the Securities Act. The Company meets the requirements for use of Form F-3 under the Securities
Act. The documents incorporated or deemed to be incorporated by reference in the Registration Statement, the F-6 Registration Statement,
the Time of Sale Prospectus and the Prospectus, at the time they were or hereafter are filed with the Commission, or became effective
under the Exchange Act, as the case may be, complied and will comply in all material respects with the requirements of the Exchange
Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure</U>. Each preliminary prospectus and the Prospectus when filed complied in all material respects with the
Securities Act and, if filed by electronic transmission pursuant to EDGAR, was identical (except as may be permitted by Regulation&nbsp;S&#45;T
under the Securities Act) to the copy thereof delivered to the Underwriters for use in connection with the offer and sale of the
Offered Shares. Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective
and at all subsequent times, complied and will comply in all material respects with the Securities Act and did not and will not
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading. As of the Applicable Time, the Time of Sale Prospectus did not, and at the time of
each sale of the Offered Shares and at the First Closing Date (as defined in Section 2), the Time of Sale Prospectus, as then amended
or supplemented by the Company, if applicable, will not, contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. The
Prospectus, as of its date and (as then amended or supplemented) at all subsequent times, did not and will not contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. The representations and warranties set forth in the three immediately
preceding sentences do not apply to statements in or omissions from the Registration Statement or any post-effective amendment
thereto, or the Prospectus or the Time of Sale Prospectus, or any amendments or supplements thereto, made in reliance upon and
in conformity with written information relating to any Underwriter furnished to the Company in writing by the Representative expressly
for use therein, it being understood and agreed that the only such information consists of the Underwriter Information (as defined
below). There are no contracts or other documents required to be described in the Time of Sale Prospectus or the Prospectus or
the documents incorporated or deemed to be incorporated by reference therein or to be filed as an exhibit to the Registration Statement
or the documents incorporated or deemed to be incorporated by reference therein which have not been described or filed as required
by the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Free Writing Prospectuses; Road Show</U>. As of the determination date referenced in Rule 164(h) under the Securities
Act, the Company was not, is not or will not be (as applicable) an &#8220;ineligible issuer&#8221; in connection with the offering
of the Offered Shares pursuant to Rules 164, 405 and 433 under the Securities Act. Each free writing prospectus that the Company
is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance
with the requirements of the Securities Act. Each free writing prospectus that the Company has filed, or is required to file, pursuant
to Rule 433(d) under the Securities Act or that was prepared by or on behalf of or used or referred to by the Company complies
or will comply in all material respects with the requirements of Rule 433 under the Securities Act, including timely filing with
the Commission or retention where required and legending, and each such free writing prospectus, as of its issue date and at all
subsequent times through the completion of the public offer and sale of the Offered Shares did not, does not and will not include
any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, the Prospectus
or any preliminary prospectus and not superseded or modified. Except for the free writing prospectuses, if any, identified in <U>Schedule
B</U>, and electronic Road Shows, if any, furnished to the Representative before first use, the Company has not prepared, used
or referred to, and will not, without the Representative&#8217;s prior written consent, prepare, use or refer to, any free writing
prospectus. Each Road Show, when considered together with the Time of Sale Prospectus, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Market Capitalization</U>. At the time the Registration Statement was originally declared effective, and at the time
the Company&#8217;s most recent Annual Report on Form 20-F was filed with the Commission, the Company met or will meet the then
applicable requirements for the use of Form F-3 under the Securities Act, including General Instruction I.B.1 of Form F-3. The
aggregate market value&nbsp;of the outstanding voting and non-voting common equity (as defined in Securities Act Rule 405) of the
Company held by persons other than affiliates of the Company (pursuant to Securities Act Rule 144, those that directly, or indirectly
through one or more intermediaries, control, or are controlled by, or are under common control with, the Company)&nbsp; (the &#8220;<B>Non-Affiliate
Shares</B>&#8221;), was equal to or greater than $75 million&nbsp; (calculated by multiplying (x) the highest price at which the
common equity of the Company closed on the Nasdaq Global Market &#8220;(&#8220;<B>Nasdaq</B>&#8221;) within 60 days of the date
of this Agreement times (y) the number of Non-Affiliate Shares). The Company is not a shell company (as defined in Rule 405 under
the Securities Act) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company
at any time previously, has filed current Form 10 information (as defined in Instruction I.B.5 of Form F-3) with the Commission
at least 12 calendar months previously reflecting its status as an entity that is not a shell company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Emerging Growth Company</U>. From the time of initial confidential submission of the Company&#8217;s registration statement
on Form F-1 (File No. 333-229233) to the Commission (or, if earlier, the first date on which the Company engaged directly or through
any person authorized to act on its behalf in any Section 5(d) Written Communication or Section 5(d) Oral Communication) through
the date hereof, the Company has been and is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities
Act (an &#8220;<B>Emerging Growth Company</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Testing-the-Waters Materials</U>. The Company (i) has not alone engaged in any Section 5(d) Written Communication or
Section 5(d) Oral Communication and (ii) has not authorized anyone other than the Representative to engage in such Permitted Section
5(d) Communications. The Company reconfirms that the Representative has been authorized to act on its behalf in conveying Marketing
Materials, Section 5(d) Oral Communications and Section 5(d) Written Communications. The Company has not distributed or approved
for distribution any Section 5(d) Written Communications. Any individual Permitted Section 5(d) Communication does not conflict
with the information contained in the Registration Statement or the Time of Sale Prospectus, complied in all material respects
with the Securities Act, and when taken together with the Time of Sale Prospectus as of the Applicable Time, did not, and as of
the First Closing Date and as of each Option Closing Date, as the case may be, will not, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Offering Material By the Company</U>. Prior to the later of (i) the expiration or termination of the
option granted to the several Underwriters in &#8206;Section and, (ii) the completion of the Underwriters&#8217; distribution of
the Offered Shares, the Company has not distributed and will not distribute any offering material in connection with the offering
and sale of the Offered Shares other than the Registration Statement, the Time of Sale Prospectus, the Prospectus or any free writing
prospectus reviewed and consented to by the Representative, and the free writing prospectuses, if any, identified on <U>Schedule
B</U> hereto and any Permitted Section 5(d) Communications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Information</U>. The consolidated financial statements of the Company included or incorporated by reference
in the Registration Statement, the Time of Sale Prospectus and the Prospectus, if any, together with the related notes and schedules,
present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries (as defined below)
as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders&#8217; equity of the
Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange
Act and in conformity with IFRS (as defined below) applied on a consistent basis during the periods involved; there are no financial
statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement,
the Time of Sale Prospectus and the Prospectus that are not included or incorporated by reference as required; the Company and
the Subsidiaries (as defined below) do not have any material liabilities or obligations, direct or contingent (including any off-balance
sheet obligations), not described in the Registration Statement (excluding the exhibits thereto), the Time of Sale Prospectus and
the Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement, the Time of Sale Prospectus
and the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding &#8220;non-IFRS financial measures&#8221; (as such
term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation
S-K under the Securities Act, to the extent applicable. The financial data set forth in each of the Registration Statement, the
Time of Sale Prospectus and the Prospectus under the captions &#8220;Prospectus Supplement Summary&#8212;Preliminary Estimated
Financial Results for the Quarter Ended December 31, 2020, and as of December 31, 2020&#8221; and &#8220;Capitalization&#8221;
fairly present the information set forth therein on a basis consistent with that of the audited and/or unaudited financial statements
contained in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conformity with EDGAR Filing</U>. The Preliminary Prospectus and Prospectus delivered to the Underwriters for use in
connection with the offer and sale of the Offered Shares pursuant to this Agreement will be identical to the versions of the Preliminary
Prospectus and Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation
S&#45;T.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Organization</U>. The Company and each of its subsidiaries (as defined in Rule 405 under the Securities Act) (the &#8220;<B>Subsidiaries</B>&#8221;)
are duly organized, validly existing as a corporation, partnership or limited liability company, as applicable, and, to the extent
applicable in its respective jurisdictions of organization, in good standing under the Laws (as defined below) of their respective
jurisdictions of organization. The Company and each of the Subsidiaries are duly licensed or qualified as entities for transaction
of business in their respective jurisdictions of organization and, to the extent applicable in their respective jurisdictions of
organization, are in good standing under the Laws of each other jurisdiction in which their respective ownership or lease of property
or the conduct of their respective businesses requires such license or qualification, and have all corporate power and authority
necessary to own or hold their respective properties and to conduct their respective businesses as described in the Registration
Statement, the Time of Sale Prospectus or the Prospectus, except where the failure to be so licensed, qualified or in good standing
or have such power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably
be expected to have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition
(financial or otherwise), prospects, stockholders&#8217; equity or results of operations of the Company and the Subsidiaries taken
as a whole, or prevent or materially interfere with the consummation of the transactions contemplated hereby (a &#8220;<B>Material
Adverse Effect</B>&#8221;). The Company has not been designated as a &#8220;breaching company,&#8221; within the meaning of the
Israeli Companies Law 5759-1999 and the rules and regulations promulgated thereunder (the &#8220;<B>Companies Law</B>&#8221;),
by the Registrar of Companies of the State of Israel, nor has a proceeding been instituted by the Registrar of Companies in Israel
for the dissolution of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Subsidiaries</U>. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
the Company owns, directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security
interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly
issued and are fully paid, nonassessable and free of preemptive and similar rights. Subject to applicable law, and except as disclosed
in the Registration Statement, the Time of Sale Prospectus and the Prospectus, no Subsidiary is currently prohibited, directly
or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary&#8217;s capital
stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such
Subsidiary&#8217;s property or assets to the Company or any other Subsidiary of the Company. The subsidiaries of the Company listed
on <U>Schedule E</U> hereto are the only &#8220;significant subsidiaries&#8221; (as defined in Rule 405 under the Securities Act)
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Violation or Default</U>. Neither the Company nor any of the Subsidiaries is (i)&nbsp;in violation of its charter
or by&#45;laws or similar organizational documents; (ii)&nbsp;in default, and no event has occurred that, with notice or lapse
of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained
in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of the Subsidiaries
is a party or by which the Company or any of the Subsidiaries is bound or to which any of the property or assets of the Company
or any of the Subsidiaries is subject; or (iii)&nbsp;in violation of any Law of any Governmental Authority (as defined below),
except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company&#8217;s knowledge, no other party under
any material contract or material agreement to which it or any of the Subsidiaries is a party is in material default in any respect
thereunder.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect</U>. Subsequent to the respective dates as of which information is given in the Registration
Statement, the Time of Sale Prospectus, the Prospectus and the Free Writing Prospectuses, if any, (including any document deemed
incorporated by reference therein) there has not been (i) any Material Adverse Effect or the occurrence of any development that
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, (ii) any transaction which is
material to the Company and the Subsidiaries taken as a whole, (iii) any obligation or liability (other than trade payables incurred
in the ordinary course of business consistent with past practice), direct or contingent (including any off-balance sheet obligations),
incurred by the Company or any Subsidiary, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material
change in the capital stock or outstanding long-term indebtedness of the Company or any of the Subsidiaries or (v) any dividend
or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. The issued and outstanding shares of the Company (i) have been validly issued, are fully paid and
nonassessable, (ii) are not subject to any preemptive rights, rights of first refusal or similar rights, except as will be duly
waived, satisfied or terminated prior to the Closing Date, and (ii) were issued in compliance with the Israeli Securities Law 5728-1968
and the rules and regulations promulgated thereunder including any rules promulgated by the Tel Aviv Stock Exchange (collectively,
the &#8220;<B>Israeli Securities Law</B>&#8221;) and the Companies Law and, to the extent applicable, U.S. federal and state securities
laws and not in violation of any preemptive right, resale right, right of first refusal or similar right. The Company has an authorized,
issued and outstanding capitalization as set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus
as of the dates referred to therein (other than the grant of additional options under the Company&#8217;s existing stock option
plans, or changes in the number of outstanding Ordinary Shares due to the issuance of shares upon the exercise or conversion of
securities exercisable for, or convertible into, Ordinary Shares outstanding on the date hereof) and such authorized capital stock
conforms to the description thereof set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus. The
description of the Ordinary Shares in the Registration Statement, the Time of Sale Prospectus and the Prospectus is complete and
accurate in all material respects. Except as disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus,
as of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to
subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue
or sell, any shares of capital stock or other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Share Options</U>. All grants and issuances of the Company&#8217;s Ordinary Shares to its, or its Subsidiary&#8217;s
employees were made pursuant to a compensation plan or policy of the Company. With respect to the options to purchase Ordinary
Shares (the &#8220;<B>Share Options</B>&#8221;), (i) each Share Option purported to be issued under Section 102 of the Israel Tax
Ordinance qualifies for treatment under that section and for treatment under the capital gains track, (ii) each Share Option intended
to qualify as an &#8220;incentive stock option&#8221; under Section 422 of the Internal Revenue Code of 1986, as amended (the &#8220;<B>Code</B>&#8221;)
so qualifies, (iii) each grant of a Share Option was duly authorized no later than the date on which the grant of such Share Option
was by its terms to be effective by all necessary corporate action, including, as applicable, approval by the board of directors
of the Company (or a duly constituted and authorized committee thereof) and any required shareholder approval by the necessary
number of votes or written consents, and (iv) the award agreement governing each such grant (if any) was duly executed and delivered
by each party thereto, except in each case, for such failures to do so that would not reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization; Enforceability</U>. The Company has full legal right, power and authority to enter into this Agreement
and the Deposit Agreement and perform the transactions contemplated hereby and thereby. This Agreement and the Deposit Agreement
have been duly authorized by the Company. This Agreement has been duly executed and delivered by the Company, and the Deposit Agreement
will be executed and delivered by the Company on or prior to the Closing Date, and this Agreement is, and the Deposit Agreement
will be, a legal, valid and binding agreement of the Company enforceable in accordance with its terms, except to the extent that
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#8217;
rights generally and by general equitable principles. All corporate approvals on the part of the Company, including under Chapter
5 of Part VI of the Companies Law, for the offer or sale of the Offered Shares and the transactions contemplated by this Agreement
and the Deposit Agreement have been obtained.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the Ordinary Shares</U>. The Ordinary Shares underlying the Offered Shares have been duly authorized
for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant
to this Agreement, will be duly and validly issued, fully paid and nonassessable, free and clear of any pledge, lien, encumbrance,
security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal
or other similar rights. The Ordinary Shares, when issued, will conform in all material respects to the description thereof set
forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus. Upon the delivery to the Custodian of the
Ordinary Shares, the Depositary will, subject to the terms of the Deposit Agreement, acquire good, marketable and valid title to
such Ordinary Shares, free and clear of all pledges, liens, security interests, charges, claims or encumbrances, including any
statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the ADSs.</U> Upon (i) issuance by the Depositary of the ADSs against the deposit of Ordinary Shares
in respect thereof and/or (ii) due execution and delivery by the Depositary of ADRs evidencing the ADSs against the deposit of
Ordinary Shares in respect thereof, in accordance with the provisions of the Deposit Agreement, such ADSs and/or ADRs, as the case
may be, will be duly and validly issued and the persons in whose names the ADSs and/or the ADRs are registered will be entitled
to the rights specified therein and in the Deposit Agreement; and upon the sale and delivery to the Underwriters of the Offered
Shares, and payment therefor, pursuant to this Agreement, the Underwriters will acquire good, marketable and valid title to such
Offered Shares, free and clear of all pledges, liens, security interests, charges, claims or encumbrances of any kind, including
any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights. The ADSs when issued,
will conform in all material respects to the description thereof set forth in the Registration Statement, the Time of Sale Prospectus
and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Consents Required</U>. No consent, approval, authorization, order, registration or qualification of or with any Governmental
Authority is required to be obtained for the execution, delivery and performance by the Company of this Agreement, the Deposit
Agreement, the issuance and sale by the Company of the Offered Shares, except for such consents, approvals, authorizations, orders
and registrations or qualifications as may be required under applicable state securities Laws or Laws of the Financial Industry
Regulatory Authority Inc. (&#8220;<B>FINRA</B>&#8221;), Nasdaq, the Tel Aviv Stock Exchange in connection with the sale of the
Offered Shares, and the approval of the Israel Innovation Authority of the Israeli Ministry of Economy and Industry of the State
of Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>IIA</U>. Neither the Company nor any of its Subsidiaries (i) is in violation with respect to any instrument of approval
or grant which has been granted to it by the Israeli Innovation Authority the Ministry of Economy and Industry of the State of
Israel, or (ii) is in violation with respect to any instrument of approval granted to it by the Investment Center of the Ministry
of Economy and Industry of the State of Israel (the &#8220;<B>Investment Center</B>&#8221;). The Company has not applied to the
Investment Center for any &#8220;approved enterprise,&#8221; &#8220;benefited enterprise&#8221; or &#8220;preferred enterprise&#8221;
status with respect to any of the Company&#8217;s facilities or operations.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Preferential Rights</U>. (i)&nbsp;No person, as such term is defined in Rule 1&#45;02 of Regulation S&#45;X promulgated
under the Securities Act (each, a &#8220;<B>Person</B>&#8221;), has the right, contractual or otherwise, to cause the Company to
issue or sell to such Person any ADSs, Ordinary Shares or shares of any other capital stock or other securities of the Company
(except as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus), (ii)&nbsp;no Person has any
preemptive rights, resale rights, rights of first refusal, rights of co-sale, or any other rights (whether pursuant to a &#8220;poison
pill&#8221; provision or otherwise) to purchase any ADSs, Ordinary Shares or shares of any other capital stock or other securities
of the Company and (iii)&nbsp; no Person has the right to act as an underwriter or financial advisor to the Company in connection
with the offer and sale of the ADSs or the Ordinary Shares, and (iv)&nbsp;no Person has the right, contractual or otherwise, to
require the Company to register under the Securities Act the offer and sale of any ADSs or Ordinary Shares or shares of any other
capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement,
the F-6 Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the
Registration Statement or the F-6 Registration Statement or the sale of the Offered Shares as contemplated thereby or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Public Accounting Firm</U>. Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global (the &#8220;<B>Accountant</B>&#8221;),
whose report on the consolidated financial statements of the Company is filed with the Commission and is incorporated or deemed
to be incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus, are and, during
the periods covered by their report, were an independent registered public accounting firm within the meaning of the Securities
Act and the Public Company Accounting Oversight Board (United States). To the Company&#8217;s knowledge, the Accountant is not
in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the &#8220;<B>Sarbanes-Oxley Act</B>&#8221;)
with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforceability of Agreements</U>. All agreements between the Company and third parties referenced in the Prospectus are
legal, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms,
except to the extent that (i)&nbsp;enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
Laws affecting creditors&#8217; rights generally and/or by other applicable Laws or general equitable principles and (ii)&nbsp;the
indemnification provisions of certain agreements may be limited by federal or state securities Laws or public policy considerations
in respect thereof.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Litigation</U>. There are no actions, suits or proceedings by or before any Governmental Authority pending, nor any
audits or investigations by or before any Governmental Authority, to which the Company or a Subsidiary is a party or to which any
property of the Company or any of the Subsidiaries is the subject that would reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect and, to the Company&#8217;s knowledge, no such actions, suits, proceedings, audits or
investigations are threatened or contemplated by any Governmental Authority or threatened by others; and there are no current or
pending audits, investigations, actions, suits or proceedings by or before any Governmental Authority that are required under the
Securities Act to be described in the Registration Statement, the Time of Sale Prospectus or the Prospectus that are not so described;
and (ii) there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration
Statement that are not so filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Medicare Programs</U>. To the extent required in connection with their respective businesses, each of the Company and
the Subsidiaries has the requisite provider number or other authorization to bill the Medicare program in the state or states in
which such entity operates unless failure to maintain such provider number or other authorization would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect; neither the Company nor any of the Subsidiaries is subject
to any pending or, to the Company&#8217;s knowledge, threatened or contemplated action which would reasonably be expected to result
either in a revocation of any provider number or authorization or in the Company&#8217;s or any Subsidiary&#8217;s exclusion from
the Medicare programs; the Company&#8217;s and each of its subsidiaries&#8217; business practices have been structured in a manner
reasonably designed to comply with the federal or state Laws governing Medicare programs, including Sections 1320a-7a and 1320a-7b
of Title 42 of the United States Code, and the Company reasonably believes that it is in compliance with such Laws; the Company
and the Subsidiaries have taken reasonable actions designed to ensure that they do not: (i) violate the False Claims Act, 31 U.S.C.
&sect;&sect; 3729-3733 or (ii) allow any individual with an ownership or control interest (as defined in 42 U.S.C. &sect; 1320a-3(a)(3))
in the Company or any of the Subsidiaries or have any officer, director or managing employee (as defined in 42 U.S.C. &sect; 1320a-5(b))
of the Company or any of the Subsidiaries who would be a person excluded from participation in any federal health care program
(as defined in 42 U.S.C. &sect; 1320a-7b(f)) as described in 42 U.S.C. &sect; 1320a-7(b)(8); and the Company and its subsidiaries
have structured their respective businesses practices in a manner reasonably designed to comply with the federal and state Laws
regarding physician ownership of (or financial relationship with), and referral to, entities providing healthcare-related goods
or services, and with Laws requiring disclosure of financial interests held by physicians in entities to which they may refer patients
for the provisions of healthcare-related goods or services, and the Company reasonably believes that it and the Subsidiaries are
in compliance with such Laws in all material respects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Consents and Permits</U>. The Company and the Subsidiaries have made all filings, applications and submissions required
by, and possess and are operating in compliance in all material respects with all approvals, licenses, certificates, certifications,
clearances, consents, grants, exemptions, marks, notifications, orders, permits and other authorizations issued by, the appropriate
federal, state or foreign Governmental Authority (including the United States Food and Drug Administration (the &#8220;<B>FDA</B>&#8221;),
the United States Drug Enforcement Administration, the Centers for Medicare &amp; Medicaid Services (&#8220;<B>CMS</B>&#8221;),
the Ministry of Health of the State of Israel, or any other foreign, federal, state, provincial or local Government Authorities
engaged in the regulation of clinical trials, pharmaceuticals, biologics or biohazardous substances or materials) necessary for
the ownership or lease of their respective properties or to conduct their businesses as described in the Registration Statement,
the Time of Sale Prospectus or the Prospectus (collectively, &#8220;<B>Permits</B>&#8221;), except for such Permits the failure
of which to possess, obtain or file would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect; the Company and the Subsidiaries are in compliance with the terms and conditions of all such Permits, except where the
failure to be in compliance would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
all of the Permits are valid and in full force and effect, except where any invalidity would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect; and neither the Company nor any of the Subsidiaries has received any
notice relating to the limitation, revocation, cancellation, suspension, modification or non-renewal of any such Permit which,
if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, or has any reason to believe that any such license, certificate, permit or authorization will not be
renewed in the ordinary course. To the extent required by applicable Laws of the FDA, the Company or the applicable Subsidiary
has submitted to the FDA an Investigational Device Exemption Application or amendment or supplement thereto for each clinical trial
it has conducted or sponsored or is conducting or sponsoring; all such submissions were in material compliance with applicable
Laws when submitted and no material deficiencies have been asserted by the FDA with respect to any such submissions. The Company
and each Subsidiary possess such valid and current certificates, authorizations or permits issued by the appropriate state, federal
or foreign regulatory agencies or bodies necessary to conduct their respective businesses, and neither the Company nor any Subsidiary
has received, or has any reason to believe that it will receive, any notice of proceedings relating to the revocation or modification
of, or non-compliance with, any such certificate, authorization or permit which, if the subject of an unfavorable decision, ruling
or finding, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has
not applied for &#8220;approved enterprise&#8221;, &#8220;benefited enterprise&#8221; or &#8220;preferred enterprise&#8221; status
with respect to any of the Company&#8217;s facilities or operations or with respect to any grants or benefits from the Investment
Center.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Regulatory Filings</U>. Neither the Company nor any of the Subsidiaries has failed to file with the applicable Governmental
Authority (including the FDA, or any foreign, federal, state, provincial or local Governmental Authority performing functions similar
to those performed by the FDA) any required filing, declaration, listing, registration, report or submission, except for such failures
that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. All such filings, declarations,
listings, registrations, reports or submissions were in substantial compliance with applicable Laws when filed and no deficiencies
have been asserted by any applicable regulatory authority with respect to any such filings, declarations, listings, registrations,
reports or submissions, except for any deficiencies that would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect. The Company has operated and currently is, in all material respects, in compliance with the United States
Federal Food, Drug, and Cosmetic Act, and all applicable rules and regulations of the FDA and other federal, state, local and foreign
Governmental Authority exercising comparable authority. The Company has no knowledge of any studies, tests or trials not described
in the Registration Statement, the Time of Sale Prospectus and the Prospectus the results of which reasonably call into question
in any material respect the results of the studies, tests and trials described in the Registration Statement, the Time of Sale
Prospectus or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Health Care Laws</U>. The Company and, to the Company&#8217;s knowledge, its directors, officers, employees, and agents
(while acting in such capacity) are in compliance with all health care laws and regulations applicable to the Company or any of
its product candidates or activities, including development and testing of medical devices and pharmaceutical products, kickbacks,
recordkeeping, documentation requirements, the hiring of employees, quality, safety, privacy, security, licensure, accreditation
or any other aspect of developing and testing medical devices or pharmaceutical products (collectively, &#8220;<B>Health Care Laws</B>&#8221;),
except where such noncompliance would not, individually or in the aggregate, have a Material Adverse Effect. The Company has not
received any notification, correspondence or any other written or oral communication, including notification of any pending or
threatened claim, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any governmental or regulatory
authority or third party, including, without limitation, the FDA, CMS, the U.S. Department of Health and Human Services Office
of Inspector General or Officer of Civil Rights, and the Ministry of Health of the State of Israel, of potential or actual non-compliance
by, or liability of, the Company under any Health Care Laws, except for any such communication (i) that asserts any such non-compliance
that would not reasonably be expected to have a Material Adverse Effect or (ii) that the Company believes has been resolved to
the satisfaction of such governmental or regulatory authority or third party as of the date hereof. No such claim, action, suit,
proceeding, hearing, enforcement, investigation, arbitration or other action is pending or, to the Company&#8217;s knowledge, threatened.
The Company has not received any FDA Form 483, notice including a determination of adverse finding by the FDA, warning letter,
untitled letter or other correspondence or notice from the FDA or any other Governmental Authority alleging or asserting noncompliance
with any Health Care Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments
thereto required by any such Health Care Laws (&#8220;<B>Authorizations</B>&#8221;), except for any such letter or other correspondence
or notice (A) that asserts any such non-compliance that would not reasonably be expected to have a Material Adverse Effect or (B)
that the Company believes has been resolved to the satisfaction of the FDA or other such Governmental Authority as of the date
hereof. The Company reasonably believes it is not a &#8220;covered entity&#8221;, as defined under the Health Insurance Portability
and Accountability Act of 1996, as amended (&#8220;<B>HIPAA</B>&#8221;) and has not received any requests or demands from a covered
entity or governmental authority to make available its internal practices, books, and/or records relating to its use and disclosure
of health information for purposes of determining a covered entity&#8217;s or the Company&#8217;s compliance with HIPAA or with
other applicable privacy law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Intellectual Property</U>. The Company and the Subsidiaries own, possess, license or have other rights to use all foreign
and domestic patents, patent applications, trade and service marks, trade and service mark registrations, trade names, copyrights,
licenses, inventions, trade secrets, technology, Internet domain names, know-how and other intellectual property necessary for
the conduct of their respective businesses as now conducted (collectively, the &#8220;<B>Intellectual Property</B>&#8221;) except
to the extent that the failure to own, possess, license or otherwise hold adequate rights to use such Intellectual Property would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. (i) There are no rights of third
parties to any such Intellectual Property owned by the Company and the Subsidiaries that would restrict the ability of the Company
and Subsidiaries to conduct their business as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus;
(ii) to the Company&#8217;s knowledge, there is no infringement by third parties of any such Intellectual Property; (iii) there
is no pending or, to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim by others challenging the Company&#8217;s
and the Subsidiaries&#8217; rights in or to any such Intellectual Property, and the Company is unaware of any facts which could
form a reasonable basis for any such action, suit, proceeding or claim; (iv) there is no pending or, to the Company&#8217;s knowledge,
threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property; (v)
there is no pending or, to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim by others that the Company
or the Subsidiaries infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of
others; (vi) to the Company&#8217;s knowledge, there is no third-party U.S. patent or published U.S. patent application which contains
claims for which an Interference Proceeding (as defined in 35 U.S.C. &sect; 135) which has been commenced against any patent or
patent application described in the Registration Statement, the Time of Sale Prospectus or the Prospectus as being owned by or
licensed to the Company; and (vii) except to the extent a waiver or a commercially reasonable cure would be available, the Company
and the Subsidiaries have complied in all material respects with the terms of each material agreement pursuant to which Intellectual
Property has been licensed to the Company or such Subsidiary, and all such agreements are in full force and effect, except, in
the case of any of clauses (i)-(vii) above, for any such restrictions pursuant to third party rights, infringement by third parties
or any such pending or threatened suit, action, proceeding or claim as would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Clinical Studies</U>. The preclinical studies and tests and clinical trials described in the Registration Statement,
the Time of Sale Prospectus or the Prospectus were, and, if still pending, are being conducted in all material respects in accordance
with the experimental protocols, procedures and controls pursuant to, where applicable, accepted professional and scientific standards
for products or product candidates comparable to those being developed by the Company; the descriptions of such studies, tests
and trials, and the results thereof, contained in the Registration Statement, the Time of Sale Prospectus or the Prospectus are
accurate and complete in all material respects; the Company is not aware of any tests, studies or trials not described in the Registration
Statement, the Time of Sale Prospectus and the Prospectus, the results of which reasonably call into question in any material respect
the results of the tests, studies and trials described in the Registration Statement, the Time of Sale Prospectus or the Prospectus;
and the Company has not received any written notice or correspondence from the FDA or any foreign, state or local Governmental
Authority exercising comparable authority or any institutional review board or comparable authority requiring the termination,
suspension, clinical hold or material modification of any tests, studies or trials described in the Registration Statement, the
Time of Sale Prospectus and/or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Defaults</U>. Neither the Company nor any of the Subsidiaries has defaulted on any installment on indebtedness
for borrowed money or on any rental on one or more long-term leases, and no event has occurred that, with notice or lapse of time
or both, would constitute such a default, which defaults, individually or in the aggregate, would have a Material Adverse Effect.
The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report
on Form 20-F, indicating that it or the Subsidiaries (i)&nbsp;has failed to pay any dividend or sinking fund installment on preferred
stock or (ii)&nbsp;has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term
leases, which defaults or failures would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Market Activities</U>. Neither the Company nor any of the Subsidiaries has taken, directly or indirectly, any
action designed to or that might cause or result in stabilization or manipulation of the price of the ADSs or the Ordinary Shares
or of any &#8220;reference security&#8221; (as defined in Rule 100 of Regulation M under the Exchange Act (&#8220;<B>Regulation
M</B>&#8221;)) with respect to the ADSs or the Ordinary Shares, whether to facilitate the sale or resale of the Offered Shares
or otherwise, and has taken no action which would directly or indirectly violate Regulation M or the Israeli Securities Law.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Broker/Dealer Relationships</U>. Neither the Company nor any of the Subsidiaries (i)&nbsp;is required to register as
a &#8220;broker&#8221; or &#8220;dealer&#8221; in accordance with the provisions of the Exchange Act or (ii)&nbsp;directly or indirectly
through one or more intermediaries, controls or is a &#8220;person associated with a member&#8221; or &#8220;associated person
of a member&#8221; (within the meaning set forth in the FINRA Manual).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Reliance</U>. The Company has not relied upon the Underwriters or legal counsel for the Underwriters for any legal,
tax or accounting advice in connection with the offering and sale of the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. The Company and each of the Subsidiaries have filed all federal, state, local and foreign tax returns which
have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become
due and are not being contested in good faith, except where the failure to so file or pay would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration
Statement, the Time of Sale Prospectus and the Prospectus, no tax deficiency has been determined adversely to the Company or any
of the Subsidiaries which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has
been or might be asserted or threatened against it which would reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Real and Personal Property</U>. The Company and the Subsidiaries have good and marketable title in fee simple
to all items of real property owned by them, and good and valid title to all personal property described in the Registration Statement,
the Time of Sale Prospectus or the Prospectus as being owned by them, in each case that are material to the respective businesses
of the Company or such Subsidiary, and in each case free and clear of all liens, encumbrances and claims, except those matters
that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and any of the Subsidiaries
or (ii) would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Any real or personal
property described in the Registration Statement, the Time of Sale Prospectus or the Prospectus as being leased by the Company
or any of the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially
interfere with the use made or proposed to be made of such property by the Company or any of the Subsidiaries or (B) would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. Each of the properties of the Company
and the Subsidiaries complies with all applicable Laws (including building and zoning Laws and Laws relating to access to such
properties) except for such failures to comply that would not, individually or in the aggregate, reasonably be expected to interfere
in any material respect with the use made and proposed to be made of such property by the Company and the Subsidiaries or otherwise
have a Material Adverse Effect. None of the Company or the Subsidiaries has received from any Governmental Authorities any notice
of any condemnation of, or zoning change affecting, the properties of the Company and the Subsidiaries, and the Company knows of
no such condemnation or zoning change which is threatened, except for such that would not reasonably be expected to interfere in
any material respect with the use made and proposed to be made of such property by the Company and the Subsidiaries or otherwise
have, individually or in the aggregate, a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Laws</U>. The Company and the Subsidiaries (i)&nbsp;are in compliance with any and all applicable federal,
state, local and foreign Laws relating to the protection of human health and safety, the environment or hazardous or toxic substances
or wastes, pollutants or contaminants (collectively, &#8220;<B>Environmental Laws</B>&#8221;); (ii)&nbsp;have received and are
in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their
respective businesses as described in the Registration Statement, the Time of Sale Prospectus or the Prospectus; and (iii)&nbsp;have
not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous
or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for
any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect. No facts or circumstances have come to the Company&#8217;s
attention that could result in costs or liabilities in respect of Environmental Laws that would, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure Controls</U>. The Company and each of the Subsidiaries maintain systems of internal accounting controls sufficient
to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#8217;s general or specific
authorizations, (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with
International Financial Reporting Standards (&#8220;<B>IFRS</B>&#8221;), as adopted by the International Accounting Standards Board,
applied on a consistent basis throughout the periods involved, and to maintain asset accountability, (iii)&nbsp;access to assets
is permitted only in accordance with management&#8217;s general or specific authorization, and (iv)&nbsp;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&#8217;s internal control over financial reporting is effective and the Company is not aware of any material weaknesses
in its internal control over financial reporting. Since the date of the latest audited financial statements of the Company included
in the Time of Sale Prospectus, there has been no change in the Company&#8217;s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting.
The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a&#45;15 and 15d&#45;15) for
the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company and
each of the Subsidiaries is made known to the certifying officers by others within those entities, particularly during the period
in which the Company&#8217;s Annual Report on Form 20-F is being prepared. The Company&#8217;s certifying officers have evaluated
the effectiveness of the Company&#8217;s disclosure controls and procedures as of a date within 90 days prior to the filing date
of the Form 20-F for the fiscal year ended December 31, 2019 (such date, the <B>&#8220;Evaluation Date</B>&#8221;). The Company
presented in its Form 20-F for the fiscal year ended December 31, 2019 the conclusions of the certifying officers about the effectiveness
of the disclosure controls and procedures based on their evaluations as of the Evaluation Date and the disclosure controls and
procedures are effective. Since the Evaluation Date, there have been no significant changes in the Company&#8217;s internal controls
(as such term is defined in Item 307(b) of Regulation S&#45;K under the Securities Act) or, to the Company&#8217;s knowledge, in
other factors that would reasonably be expected to significantly affect the Company&#8217;s internal controls.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sarbanes-Oxley</U>. There is and has been no failure on the part of the Company or any of the Company&#8217;s directors
or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley
Act and the rules and regulations promulgated thereunder. Each of the principal executive officer and the principal financial officer
of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company
as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley Act with respect to all reports,
schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission. For purposes
of the preceding sentence, &#8220;principal executive officer&#8221; and &#8220;principal financial officer&#8221; shall have the
meanings given to such terms in the Sarbanes-Oxley Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Brokers</U>. Neither the Company nor any of the Subsidiaries has incurred any liability for any finder&#8217;s fees,
brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist
with respect to or pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Labor</U>. No labor disturbance by or dispute with employees of the Company or any of the Subsidiaries exists or, to
the knowledge of the Company, is threatened which would reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect. The Company and each of its Subsidiaries are in compliance in all material respects with the labor and employment
laws and collective bargaining agreements and extension orders applicable to their employees in the State of Israel and in the
United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act</U>. Neither the Company nor any of the Subsidiaries is, or will be, either after receipt of payment
for the Offered Shares or after the application of the proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in the
Registration Statement, the Time of Sale Prospectus or the Prospectus, required to register as an &#8220;investment company&#8221;
or an entity &#8220;controlled&#8221; by an &#8220;investment company,&#8221; as such terms are defined in the Investment Company
Act of 1940 (the <B>&#8220;Investment Company Act&#8221;)</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Operations</U>. The operations of the Company and the 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,
the money laundering Laws of all jurisdictions to which the Company or the Subsidiaries are subject, the rules and regulations
thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority
(collectively, the &#8220;<B>Money Laundering Laws</B>&#8221;); and no action, suit or proceeding by or before any Governmental
Authority involving the Company or any of the Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge
of the Company, threatened.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Off-Balance Sheet Arrangements</U>. There are no transactions, arrangements or other relationships between and/or among
the Company, on the one hand, and/or any of its affiliates and any unconsolidated entity, on the other hand, including any structural
finance, special purpose or limited purpose entity (each, an &#8220;<B>Off-Balance Sheet Transaction</B>&#8221;) that would reasonably
be expected to affect materially the Company&#8217;s liquidity or the availability of or requirements for its capital resources,
including those Off-Balance Sheet Transactions described in the Commission&#8217;s Statement about Management&#8217;s Discussion
and Analysis of Financial Conditions and Results of Operations (Release Nos. 33&#45;8056; 34&#45;45321; FR&#45;61), required to
be described in the Prospectus which have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>ERISA</U>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(i) each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974
(&#8220;<B>ERISA</B>&#8221;), that is maintained, administered or contributed to by the Company or any of its affiliates for employees
or former employees of the Company and any of the Subsidiaries has been maintained in material compliance with its terms and the
requirements of any applicable statutes, orders, rules and regulations, including ERISA and the Code; (ii) no prohibited transaction,
within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability
to the Company with respect to any such plan, excluding transactions effected pursuant to a statutory or administrative exemption;
and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no &#8220;accumulated
funding deficiency&#8221; as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value
of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all
benefits accrued under such plan determined using reasonable actuarial assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>IT Systems</U>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, (i) the Company&#8217;s and the Subsidiaries&#8217; information technology assets and equipment, computers, systems, networks,
hardware, software, websites, applications, and databases (collectively, &#8220;<B>IT Systems</B>&#8221;) are reasonably believed
by the Company to be adequate for, and operate and perform in all material respects as required in connection with the operation
of the business of the Company and the Subsidiary as currently conducted and, to the Company&#8217;s knowledge, are free and clear
of all material bugs, errors, defects, Trojan horses, time bombs and malware; (ii) the Company and the Subsidiaries have implemented
and maintained commercially reasonable measures to maintain and protect their material confidential information and the integrity,
availability and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (&#8220;<B>Personal Data</B>&#8221;)) used in connection with their businesses, and there have been no material
breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material
cost or liability or the duty to notify any other person, nor any material incidents under internal review or known investigations
relating to the same, and (iii) the Company and the Subsidiaries are in material compliance with all applicable laws or statutes
and all applicable judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority,
internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection
of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification, in each case, except for
such failures as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uu)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Forward-Looking Statements</U>. Each financial or operational projection or other &#8220;forward-looking statement&#8221;
(as defined by Section 27A of the Securities Act or Section 21E of the Exchange Act) contained in the Registration Statement, the
Time of Sale Prospectus or the Prospectus&nbsp;was so included by the Company in good faith and with reasonable basis after due
consideration by the Company of the underlying assumptions, estimates and other applicable facts and circumstances. No such statement
was made with the knowledge of an executive officer or director of the Company that is was false or misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Margin Rules</U>. Neither the issuance, sale and delivery of the Offered Shares nor the application of the proceeds thereof
by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of
Governors of the Federal Reserve System or any other regulation of such Board of Governors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. The Company and each of the Subsidiaries carry, or are covered by, insurance in such amounts and covering
such risks as the Company and each of the Subsidiaries reasonably believe are adequate for the conduct of their business and the
maintenance of their properties and as is customary for companies engaged in similar businesses in similar industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Improper Practices</U>. (i)&nbsp;Neither the Company nor any of the Subsidiaries, nor, to the Company&#8217;s knowledge,
any director, officer, or employee of the Company or any Subsidiary nor, to the Company&#8217;s knowledge, any agent, affiliate
or other person acting on behalf of the Company or any Subsidiary has, in the past five years, made any unlawful contributions
to any candidate for any political office (or failed fully to disclose any contribution in violation of applicable Law) or made
any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other
person charged with similar public or quasi-public duty in violation of any applicable Law or of the character required to be disclosed
in the Prospectus; (ii)&nbsp;no relationship, direct or indirect, exists between or among the Company or any Subsidiary or any
affiliate of any of them, on the one hand, and the directors, officers and stockholders of the Company or any Subsidiary, on the
other hand, that is required by the Securities Act to be described in the Registration Statement, the Time of Sale Prospectus or
the Prospectus that is not so described; (iii)&nbsp;no relationship, direct or indirect, exists between or among the Company or
any Subsidiary or any affiliate of them, on the one hand, and the directors, officers, or stockholders of the Company or any Subsidiary,
on the other hand, that is required by the rules of FINRA to be described in the Registration Statement, the Time of Sale Prospectus
or the Prospectus that is not so described; (iv)&nbsp;there are no outstanding loans or advances or guarantees of indebtedness
by the Company or any Subsidiary to or for the benefit of any of their respective officers or directors or any of the members of
the families of any of them; and (v) the Company has not offered, or caused any placement agent to offer, ADSs or Ordinary Shares
to any person with the intent to influence unlawfully (A)&nbsp;a customer or supplier of the Company or any Subsidiary to alter
the customer&#8217;s or supplier&#8217;s level or type of business with the Company or any Subsidiary or (B)&nbsp;a trade journalist
or publication to write or publish favorable information about the Company or any Subsidiary or any of their respective products
or services; and (vi) neither the Company nor any Subsidiary nor any director, officer or employee of the Company or any Subsidiary
nor, to the Company&#8217;s knowledge, any agent, affiliate or other person acting on behalf of the Company or any Subsidiary has
(A) violated or is in violation of any applicable provision of the U.S. Foreign Corrupt Practices Act of 1977, the Bribery Act
2010 of the United Kingdom, as amended (the &#8220;<B>Bribery Act 2010</B>&#8221;), Sections 291 and 291A of the Israel Penal Law,
5733-1973, or any other applicable anti-bribery or anti-corruption Law (collectively, &#8220;<B>Anti-Corruption Laws</B>&#8221;),
(B) promised, offered, provided, attempted to provide or authorized the provision of anything of value, directly or indirectly,
to any person for the purpose of obtaining or retaining business, influencing any act or decision of the recipient or securing
any improper advantage in violation of Anti-Corruption Laws, or (C) made any payment of funds of the Company or any Subsidiary
or received or retained any funds in violation of any Anti-Corruption Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(yy)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Conflicts</U>. Neither the execution of this Agreement, nor the issuance, offering or sale of the Offered Shares as
contemplated by the Registration Statement, the Time of Sale Prospectus or the Prospectus, nor the consummation of any of the transactions
contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof and thereof will (i) conflict
with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under,
or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets
of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any of the
property or assets of the Company is subject or (ii) result in any material violation of the provisions of any statute or any order,
rule or regulation applicable to the Company or of any Governmental Authority having jurisdiction over the Company, except (i)
such conflicts, breaches, defaults or violation as may have been waived and (ii) such conflicts, breaches, defaults and violations
that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; nor will such action
result in any violation of the provisions of the organizational or governing documents of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(zz)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sanctions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company represents that, neither the Company nor any of the Subsidiaries (collectively, the &#8220;<B>Entity</B>&#8221;)
or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in
this paragraph (zz), &#8220;<B>Person</B>&#8221;) that is, or is owned or controlled by a Person that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;the
subject of any sanctions administered or enforced by the U.S. Department of Treasury&#8217;s Office of Foreign Assets Control (&#8220;<B>OFAC</B>&#8221;),
the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or other relevant sanctions authorities,
including designation on OFAC&#8217;s Specially Designated Nationals and Blocked Persons List or OFAC&#8217;s Foreign Sanctions
Evaders List (as amended, collectively, &#8220;<B>Sanctions</B>&#8221;), nor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;located,
organized or resident in a country or territory that is the subject of Sanctions that broadly prohibit dealings with that country
or territory (including Cuba, Iran, North Korea, Sudan, Syria and the Crimea Region of the Ukraine) (the &#8220;Sanctioned Countries&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Entity represents and covenants that it will not, directly or indirectly, use the proceeds of the offering, or
lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions or is a Sanctioned Country; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Entity represents and covenants that, for the past five years, it has not engaged in, is not now engaging in,
and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing
or transaction is or was the subject of Sanctions or is or was a Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aaa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;<U>Compliance with Laws</U>. The Company and each of the Subsidiaries are in compliance with all applicable Laws in
the jurisdictions in which they carry on business except as would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect; the Company has not received a notice of non-compliance and is not aware of any pending change or contemplated
change to any applicable Law or governmental positions. The Company and each of the Subsidiaries: (i) is and at all times has been
in compliance with all applicable statutes, rules or regulations applicable to the ownership, testing, development, manufacture,
packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal
of any product manufactured or distributed by the Company or the Subsidiaries (&#8220;<B>Applicable Laws</B>&#8221;), except as
would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; (ii) possesses all material
Authorizations, and such Authorizations are valid and in full force and effect and are not in material violation of any term of
any such Authorizations; (iii) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation,
arbitration or other action from any Governmental Authority or third party alleging that any product operation or activity is in
violation of any Applicable Laws or Authorizations (except for any such notice regarding an action (A) that would not reasonably
be expected to have a Material Adverse Effect and (B) that the Company believes has been resolved to the satisfaction of such Governmental
Authority as of the date hereof) and has no knowledge that any such Governmental Authority or third party is considering any such
claim, litigation, arbitration, action, suit, investigation or proceeding; (iv) has not received notice that any Governmental Authority
has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that
any such Governmental Authority is considering such action; (v) has filed, obtained, maintained or submitted all material reports,
documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable
Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements
or amendments were complete and correct on the date filed (or were corrected or supplemented by a subsequent submission); and (vi)
has not, either voluntarily or involuntarily, initiated, conducted or issued, or caused to be initiated, conducted or issued, any
material recall, market withdrawal or replacement, safety alert, post-sale warning, &#8220;dear healthcare provider&#8221; letter,
or other notice or action relating to the alleged lack of safety or efficacy of any product or any alleged product defect or violation
and, to the Company&#8217;s knowledge, no third party has initiated, conducted or intends to initiate any such notice or action.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bbb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statistical and Market-Related Data</U>. All statistical, demographic and market&#45;related data included in the Registration
Statement, the Time of Sale Prospectus or the Prospectus are based on or derived from sources that the Company believes to be reliable
and accurate in all material respects or represent the Company&#8217;s good faith estimates that are made on the basis of data
derived from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ccc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stock Exchange Listing</U>. The ADSs and the Ordinary Shares are registered pursuant to Section 12(b) of the Exchange
Act and are listed on Nasdaq, and the Company has taken no action designed to, or likely to have the effect of, terminating the
registration of the Shares under the Exchange Act or delisting the Shares from Nasdaq, nor has the Company received any notification
that the Commission or Nasdaq is contemplating terminating such registration or listing. To the Company&#8217;s knowledge, it is
in compliance with all applicable listing requirements of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ddd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Israeli Securities Law</U>. Assuming the Underwriters have not offered the Offered Shares in Israel, or otherwise engaged
in a solicitation, advertising or any other action in Israel constituting an offer under the Israeli Securities Law, other than
an offer that does not constitute an offering to the public, neither the Company nor anyone acting on its behalf has engaged in
any form of solicitation, advertising or any other action constituting an offer under the Israeli Securities Law in Israel in connection
with the transactions contemplated hereby which would require the Company to publish a prospectus in the State of Israel under
the laws of the State of Israel with respect to the offer and sale of the Offered Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(eee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Related-Party Transactions</U>. There are no business relationships or related-party transactions involving the Company
or any of the Subsidiaries or any other person required to be described in the Registration Statement, the Time of Sale Prospectus
or the Prospectus that have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(fff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FINRA Matters</U>. To the knowledge of the Company, there are no affiliations with FINRA among the Company&#8217;s officers,
directors or any five percent or greater shareholder of the Company, except as set forth in the Registration Statement or otherwise
disclosed in writing to the Underwriters. All of the information provided to the Underwriters or to counsel for the Underwriters
by the Company, its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire
any securities of the Company in connection with the offering of the Offered Shares is true, complete, correct and compliant with
FINRA&#8217;s rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules is true,
complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ggg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FINCEN Beneficial Ownership Certification</U>. As required by the Financial Crimes Enforcement Network within the U.S.
Department of the Treasury, the Company has delivered to the Representative, on or prior to the date of execution of this Agreement,
such beneficial ownership certifications and information as the Representative may have requested, together with copies of identifying
documentation, and the Company undertakes to provide such additional information and supporting documentation as the Representative
may reasonably request in connection with the verification of the foregoing certification.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hhh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Rights to Purchase Preferred Stock</U>. The issuance and sale of the Shares as contemplated hereby will not cause
any holder of any shares of capital stock, securities convertible into or exchangeable or exercisable for capital stock or options,
warrants or other rights to purchase capital stock or any other securities of the Company to have any right to acquire any shares
of preferred stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Contract Terminations</U>. Neither the Company nor any of the Subsidiaries has sent or received any communication
regarding termination of, or intent not to renew, any material contract or agreement to which the Company or any of its Subsidiaries
is a party and is referred to or described in the Registration Statement, the Time of Sale Prospectus or the Prospectus, and no
such termination or non-renewal has been threatened by the Company or any of its subsidiaries or, to the Company&#8217;s knowledge,
any other party to any such material contract or agreement, which threat of termination or non-renewal has not been rescinded as
of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jjj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Parties to Lock-Up Agreements</U>. The Company has furnished to the Underwriters a letter agreement in the form attached
hereto as <U>Exhibit&nbsp;A</U> (the &#8220;<B>Lock-up Agreement</B>&#8221;) from each of the persons listed on <U>Exhibit&nbsp;B</U>.
Such <U>Exhibit&nbsp;B</U> lists under an appropriate caption the directors and executive officers of the Company. If any additional
persons shall become directors or executive officers of the Company prior to the end of the Company Lock-up Period (as defined
below), the Company shall cause each such person, prior to or contemporaneously with their appointment or election as a director
or executive officer of the Company, to execute and deliver to the Representative a Lock-up Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any certificate signed
by any officer of the Company or any of the Subsidiaries and delivered to any Underwriter or to counsel for the Underwriters in
connection with the offering, or the purchase and sale, of the Offered Shares shall be deemed a representation and warranty by
the Company to each Underwriter as to the matters covered thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has a reasonable
basis for making each of the representations set forth in this Section 1. The Company acknowledges that the Underwriters and, for
purposes of the opinions to be delivered pursuant to Section 6, counsel to the Company and counsel to the Underwriters, will rely
upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Purchase, Sale and Delivery of the Offered Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Firm Shares</U>. Upon the terms herein set forth, the Company agrees to issue and sell to the several Underwriters
an aggregate of 4,622,000 Firm Shares. On the basis of the representations, warranties and agreements herein contained, and upon
the terms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase from the
Company the respective number of Firm Shares set forth opposite their names on <U>Schedule A</U>. The purchase price per Firm Share
to be paid by the several Underwriters to the Company shall be $7.99 per ADS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The First Closing Date</U>. Settlement of the Firm Shares to be purchased by the Underwriters and payment therefor shall
be made at the offices of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., One Financial Center, Boston, MA 02111 (or such
other place as may be agreed to by the Company and the Representative) at 9:00 a.m. Eastern time, on February 25, 2021, or such
other time and date not later than 1:30 p.m. Eastern time, on February 25, 2021 as the Representative shall designate by notice
to the Company (the time and date of such closing are called the &#8220;<B>First Closing Date</B>&#8221;). The Company hereby acknowledges
that circumstances under which the Representative may provide notice to postpone the First Closing Date as originally scheduled
include, but are not limited to, any determination by the Company or the Representative to recirculate to the public copies of
an amended or supplemented Prospectus or a delay as contemplated by the provisions of Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Option Shares; Option Closing Date</U>. In addition, on the basis of the representations, warranties and agreements
herein contained, and upon the terms but subject to the conditions herein set forth, the Company hereby grants an option to the
several Underwriters to purchase, severally and not jointly, up to an aggregate of 693,300 Option Shares from the Company at the
purchase price per ADS to be paid by the Underwriters for the Firm Shares. The option granted hereunder may be exercised at any
time and from time to time in whole or in part upon notice by the Representative to the Company, which notice may be given at any
time within 30 days from the date of this Agreement. Such notice shall set forth (i) the aggregate number of Option Shares as to
which the Underwriters are exercising the option and (ii) the time, date and place at which the Option Shares will be delivered
(which time and date may be simultaneous with, but not earlier than, the First Closing Date; and in the event that such time and
date are simultaneous with the First Closing Date, the term &#8220;<B>First Closing Date</B>&#8221; shall refer to the time and
date of delivery of the Firm Shares and such Option Shares). Any such time and date of delivery, if subsequent to the First Closing
Date, is called an &#8220;<B>Option Closing Date,</B>&#8221; shall be determined by the Representative, and shall not be earlier
than two or later than five full Business Days after delivery of such notice of exercise. If any Option Shares are to be purchased,
(A) each Underwriter agrees, severally and not jointly, to purchase the number of Option Shares (subject to such adjustments to
eliminate fractional shares as the Representative may determine) that bears the same proportion to the total number of Option Shares
to be purchased as the number of Firm Shares set forth on <U>Schedule A</U> opposite the name of such Underwriter bears to the
total number of Firm Shares and (B) the Company agrees to sell the number of Option Shares set forth in the paragraph &#8220;Introductory&#8221;
of this Agreement (subject to such adjustments to eliminate fractional shares as the Representative may determine). The Representative
may cancel the option at any time prior to its expiration by giving written notice of such cancellation to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Public Offering of the Offered Shares</U>. The Representative hereby advises the Company that the Underwriters intend
to offer for sale to the public, initially on the terms set forth in the Registration Statement, the Time of Sale Prospectus and
the Prospectus, their respective portions of the Offered Shares as soon after this Agreement has been executed as the Representative,
in its sole judgment, has determined is advisable and practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment for the Offered Shares</U>. (i) Payment for the Offered Shares shall be made at the First Closing Date (and,
if applicable, at each Option Closing Date) by wire transfer of immediately available funds to the order of the Company. (ii) It
is understood that the Representative has been authorized, for its own account and the accounts of the several Underwriters, to
accept delivery of and receipt for, and make payment of the purchase price for, the Firm Shares and any Option Shares the Underwriters
have agreed to purchase. Oppenheimer, individually and not as the Representative of the Underwriters, may (but shall not be obligated
to) make payment for any Offered Shares to be purchased by any Underwriter whose funds shall not have been received by the Representative
by the First Closing Date or the applicable Option Closing Date, as the case may be, for the account of such Underwriter, but any
such payment shall not relieve such Underwriter from any of its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of the Offered Shares</U>. The Company shall deliver, or cause to be delivered through the facilities of DTC
unless the Representative shall otherwise instruct, to the Representative for the accounts of the several Underwriters, the Firm
Shares at the First Closing Date, against the irrevocable release of a wire transfer of immediately available funds for the amount
of the purchase price therefor. The Company shall also deliver, or cause to be delivered through the facilities of DTC unless the
Representative shall otherwise instruct, to the Representative for the accounts of the several Underwriters, the Option Shares
the Underwriters have agreed to purchase at the First Closing Date or the applicable Option Closing Date, as the case may be, against
the release of a wire transfer of immediately available funds for the amount of the purchase price therefor. If the Representative
so elects, delivery of the Offered Shares may be made by credit to the accounts designated by the Representative through The Depository
Trust Company&#8217;s full fast transfer or DWAC programs. The certificates, if any, for the Offered Shares shall be registered
in such names and denominations as the Representative shall have requested at least two full Business Days prior to the First Closing
Date (or the applicable Option Closing Date, as the case may be) and shall be made available for inspection on the Business Day
preceding the First Closing Date (or the applicable Option Closing Date, as the case may be) at a location in New York City as
the Representative may designate. Time shall be of the essence, and delivery at the time and place specified in this Agreement
is a further condition to the obligations of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Covenants of the Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company further covenants
and agrees with each Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Registration Statements, Time of Sale Prospectus and Prospectus</U>. The Company shall furnish to the Representative,
without charge, two signed copies of the Registration Statement (including exhibits thereto) and for delivery to each other Underwriter
a conformed copy of the Registration Statement (without exhibits thereto) and shall furnish to the Representative in New York City,
without charge, prior to 10:00 a.m. New York City time on the Business Day next succeeding the date of this Agreement and during
the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule) in connection with the sale of the Offered Shares,
as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration
Statement as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representative&#8217;s Review of Proposed Amendments and Supplements</U>. During the period when a prospectus relating
to the Offered Shares is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172
under the Securities Act or any similar rule), the Company (i) will furnish to the Representative for review, a reasonable period
of time prior to the proposed time of filing of any proposed amendment or supplement to the Registration Statement, a copy of each
such amendment or supplement and (ii) will not amend or supplement the Registration Statement without the Representative&#8217;s
prior written consent. Prior to amending or supplementing any preliminary prospectus, the Time of Sale Prospectus or the Prospectus,
the Company shall furnish to the Representative for review, a reasonable amount of time prior to the time of filing or use of the
proposed amendment or supplement, a copy of each such proposed amendment or supplement. The Company shall not file or use any such
proposed amendment or supplement without the Representative&#8217;s prior written consent. The Company shall file with the Commission
within the applicable period specified in Rule 424(b) under the Securities Act any prospectus required to be filed pursuant to
such Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Free Writing Prospectuses</U>. The Company shall furnish to the Representative for review, a reasonable amount of time
prior to the proposed time of filing or use thereof, a copy of each proposed free writing prospectus or any amendment or supplement
thereto prepared by or on behalf of, used by or referred to by the Company, and the Company shall not file, use or refer to any
proposed free writing prospectus or any amendment or supplement thereto without the Representative&#8217;s prior written consent.
The Company shall furnish to each Underwriter, without charge, as many copies of any free writing prospectus prepared by or on
behalf of, used by or referred to by the Company as such Underwriter may reasonably request. If at any time when a prospectus is
required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act
or any similar rule) in connection with the sale of the Offered Shares (but in any event if at any time through and including the
First Closing Date) there occurred or occurs an event or development as a result of which any free writing prospectus prepared
by or on behalf of, used by or referred to by the Company conflicted or would conflict with the information contained in the Registration
Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances prevailing at such time, not misleading, the
Company shall promptly amend or supplement such free writing prospectus so that the statements in such free writing prospectus
as so amended or supplemented will not conflict with information contained in the Registration Statement and will not include 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 prevailing at such time, not misleading, as the case may be; <U>provided</U>, <U>however</U>, that prior
to amending or supplementing any such free writing prospectus, the Company shall furnish to the Representative for review, a reasonable
amount of time prior to the proposed time of filing or use thereof, a copy of such proposed amended or supplemented free writing
prospectus, and the Company shall not file, use or refer to any such amended or supplemented free writing prospectus without the
Representative&#8217;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing of Underwriter Free Writing Prospectuses</U>. The Company shall not take any action that would result in an Underwriter
or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus
prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments and Supplements to Time of Sale Prospectus</U>. If the Time of Sale Prospectus is being used to solicit offers
to buy the Offered Shares at a time when the Prospectus is not yet available to prospective purchasers, and any event shall occur
or condition exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus so that the Time of
Sale Prospectus does not include 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 when delivered to a prospective purchaser, not misleading, or if
any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained
in the Registration Statement, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the
Time of Sale Prospectus to comply with applicable Law, the Company shall (subject to Section 3(b) and Section 3(c)) promptly prepare,
file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments
or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented
will not include 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 when delivered to a prospective purchaser, not misleading or so that the Time of Sale
Prospectus, as amended or supplemented, will no longer conflict with the information contained in the Registration Statement, or
so that the Time of Sale Prospectus, as amended or supplemented, will comply with applicable Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certain Notifications and Required Actions</U>. After the date of this Agreement, the Company shall promptly advise the
Representative in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from,
the Commission; (ii)&nbsp;the time and date of any filing of any post-effective amendment to the Registration Statement or any
amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the Prospectus;
(iii) the time and date that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance
by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment
thereto or any amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus or the Prospectus or of any order
preventing or suspending the use of any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the
Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the ADSs or the Ordinary Shares from
any securities exchange upon which they are listed for trading or included or designated for quotation, or of the threatening or
initiation of any proceedings for any of such purposes. If the Commission shall enter any such stop order at any time, the Company
will use its best efforts to obtain the lifting of such order at the earliest possible moment. Additionally, the Company agrees
that it shall comply with all applicable provisions of Rule&nbsp;424(b), Rule 433 and Rule 430A under the Securities Act and will
use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a timely
manner by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments and Supplements to the Prospectus and Other Securities Act Matters</U>. If any event shall occur or condition
exist as a result of which it is necessary to amend or supplement the Prospectus so that the Prospectus does not include 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 when the Prospectus is delivered (whether physically or through compliance with Rule 172 under the Securities
Act or any similar rule) to a purchaser, not misleading, or if in the opinion of the Representative or counsel for the Underwriters
it is otherwise necessary to amend or supplement the Prospectus to comply with applicable Law, the Company agrees (subject to Section
3(b) and Section 3(c)) to promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to
any dealer upon request, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or
supplemented will not include 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 when the Prospectus is delivered (whether physically or through compliance
with Rule 172 under the Securities Act or any similar rule) to a purchaser, not misleading or so that the Prospectus, as amended
or supplemented, will comply with applicable Law. Neither the Representative&#8217;s consent to, nor delivery of, any such amendment
or supplement shall constitute a waiver of any of the Company&#8217;s obligations under Section 3(b) or Section 3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Blue Sky Compliance</U>. The Company shall cooperate with the Representative and counsel for the Underwriters to qualify
or register the Offered Shares for sale under (or obtain exemptions from the application of) the state securities or blue sky Laws
or Canadian provincial securities Laws (or other foreign Laws) of those jurisdictions designated by the Representative, shall comply
with such Laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution
of the Offered Shares. The Company shall not be required to qualify as a foreign corporation or to take any action that would subject
it to general service of process in any such jurisdiction where it is not presently qualified or where it would be subject to taxation
as a foreign corporation. The Company will advise the Representative promptly of the suspension of the qualification or registration
of (or any such exemption relating to) the Offered Shares for offering, sale or trading in any jurisdiction or any initiation or
threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration
or exemption, the Company shall use its best efforts to obtain the withdrawal thereof at the earliest possible moment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds</U>. The Company shall apply the net proceeds from the sale of the Offered Shares sold by it in the manner
described under the caption &#8220;Use of Proceeds&#8221; in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Depositary; Custodian</U>. The Company agrees, at or prior to the First Closing Date, to facilitate the issue of the
Ordinary Shares underlying the Offered Shares to the Custodian in accordance with the provisions of the Deposit Agreement and otherwise
to comply with the Deposit Agreement so that ADSs will be issued by the Depositary against receipt of such Ordinary Shares and
delivered to the Underwriters on the First Closing Date and each Option Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Earnings Statement</U>. The Company will make generally available to its security holders and to the Representative as
soon as practicable an earnings statement (which need not be audited) covering a period of at least twelve months beginning with
the first fiscal quarter of the Company commencing after the date of this Agreement that will satisfy the provisions of Section
11(a) of the Securities Act and the rules and regulations of the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Continued Compliance with Securities Laws</U>. The Company will comply with the Securities Act and the Exchange Act so
as to permit the completion of the distribution of the Offered Shares as contemplated by this Agreement<B>, </B>the Registration
Statement, the Time of Sale Prospectus and the Prospectus. Without limiting the generality of the foregoing, the Company will,
during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be delivered (whether physically
or through compliance with Rule 172 under the Securities Act or any similar rule), file on a timely basis with the Commission and
Nasdaq all reports and documents required to be filed under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Listing</U>. The Company will use its best efforts to list, subject to notice of issuance, the Offered Shares on Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company to Provide an Electronic Prospectus</U>. If requested by the Representative, the Company shall cause to be prepared
and delivered, at its expense, within one Business Day from the effective date of this Agreement, to the Representative, an &#8220;<B>electronic
Prospectus</B>&#8221; to be used by the Underwriters in connection with the offering and sale of the Offered Shares. As used herein,
the term &#8220;<B>electronic Prospectus</B>&#8221; means a form of Time of Sale Prospectus, and any amendment or supplement thereto,
that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representative,
that may be transmitted electronically by the Representative and the other Underwriters to offerees and purchasers of the Offered
Shares; (ii) it shall disclose the same information as the paper Time of Sale Prospectus, except to the extent that graphic and
image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic
Prospectus with a fair and accurate narrative description or tabular representation of such material, as appropriate; and (iii)
it shall be in or convertible into a paper format or an electronic format, satisfactory to the Representative, that will allow
investors to store and have continuously ready access to the Time of Sale Prospectus at any future time, without charge to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agreement Not to Offer or Sell Additional Shares</U>. During the period commencing on and including the date hereof and
continuing through and including the 90th day following the date of the Prospectus (such period, as extended as described below,
being referred to herein as the &#8220;<B>Lock-up Period</B>&#8221;), the Company will not, without the prior written consent of
the Representative (which consent may be withheld in its sole discretion), directly or indirectly: (i) sell, offer to sell, contract
to sell or lend any ADSs, Ordinary Shares or Related Securities (as defined below); (ii) effect any short sale, or establish or
increase any &#8220;put equivalent position&#8221; (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease
any &#8220;call equivalent position&#8221; (as defined in Rule&nbsp;16a&#45;1(b) under the Exchange Act) of any ADSs, Ordinary
Shares or Related Securities; (iii) pledge, hypothecate or grant any security interest in; (iv)&nbsp;in any other way transfer
or dispose of any ADSs, Ordinary Shares or Related Securities; (v)&nbsp;enter into any swap, hedge or similar arrangement or agreement
that transfers, in whole or in part, the economic risk of ownership of any ADSs, Ordinary Shares or Related Securities, regardless
of whether any such transaction is to be settled in securities, in cash or otherwise; (vi) announce the offering of any ADSs, Ordinary
Shares or Related Securities; (vii) file any registration statement under the Securities Act in respect of any ADSs, Ordinary Shares
or Related Securities (other than as contemplated by this Agreement with respect to the Offered Shares); or (viii) publicly announce
the intention to do any of the foregoing; <U>provided</U>, <U>however</U>, that the Company may (A) sell the Offered Shares, (B)
issue ADSs, Ordinary Shares or options to purchase ADSs or Ordinary Shares, or issue ADSs or Ordinary Shares upon exercise of options
or warrants, pursuant to any stock option, stock bonus or other stock plan or arrangement, or pursuant to any other outstanding
options or warrants, in each case as described in the Registration Statement, the Time of Sale Prospectus and the Prospectus, but
only if the holders of such ADSs, Ordinary Shares or options enter into an agreement substantially in the form of <U>Exhibit A</U>
hereto, (C) file one or more registration statements on Form S-8 or a successor form thereto relating to the ADSs and/or Ordinary
Shares issuable pursuant to any stock incentive plan described in the Registration Statement, the Time of Sale Prospectus and the
Prospectus, and (D) issue ADSs and/or Ordinary Shares (or Related Securities) in connection with a transaction that includes a
commercial relationship (including joint ventures, marketing or distribution arrangements, collaboration agreements or intellectual
property license agreements) or any acquisition of assets or not less than a majority or controlling portion of the equity of another
entity, provided that (x) the aggregate number of securities issued pursuant to this clause (D) shall not represent more than 5.0%
of the total number of then-outstanding Ordinary Shares and (y) the recipient of any such securities issued pursuant to this clause
(D) during the Lock-Up Period shall enter into an agreement substantially in the form of <U>Exhibit A</U> hereto. For purposes
of the foregoing, &#8220;<B>Related Securities</B>&#8221; shall mean any options or warrants or other rights to acquire ADSs, Ordinary
Shares or any securities exchangeable or exercisable for or convertible into ADSs, Ordinary Shares, or to acquire other securities
or rights ultimately exchangeable or exercisable for, or convertible into, ADSs or Ordinary Shares.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Future Reports to the Representative</U>. During the period of five years hereafter, the Company will furnish to the
Representative, c/o Oppenheimer &amp; Co. Inc., at 85 Broad Street, New York, NY 10004, Attention: Equity Capital Markets, with
copies to Oppenheimer &amp; Co. Inc., at 85 Broad Street, New York, NY 10004 Attention: Internal Legal and Compliance: (i) as soon
as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the
Company as of the close of such fiscal year and statements of income, stockholders&#8217; equity and cash flows for the year then
ended and the opinion thereon of the Company&#8217;s independent public or certified public accountants; (ii) as soon as practicable
after the filing thereof, copies of each Annual Report on Form 20-F, Report of Foreign Private Issuer on Form 6-K or other report
filed by the Company with the Commission; and (iii) as soon as available, copies of any report or communication of the Company
made publicly available to holders of its capital stock; <U>provided</U>, <U>however</U>, that the requirements of this Section
3(p) shall be satisfied to the extent that such reports, statement, communications, financial statements or other documents are
available on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Limitation</U>. The Company shall not invest or otherwise use the proceeds received by the Company from its
sale of the Offered Shares in such a manner as would require the Company or any of the Subsidiaries to register as an investment
company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Stabilization or Manipulation; Compliance with Regulation M</U>. The Company will not take, and will ensure that no
affiliate of the Company will take, directly or indirectly, without giving effect to activities by the Underwriters, any action
designed to or that might cause or result in stabilization or manipulation of the price of the ADSs or the Ordinary Shares or any
reference security with respect to the ADSs or the Ordinary Shares, whether to facilitate the sale or resale of the Offered Shares
or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions of Regulation
M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Enforce Lock-Up Agreements</U>. During the Lock-up Period, the Company will enforce all agreements between the Company
and any of its security holders that restrict or prohibit, expressly or in operation, the offer, sale or transfer of ADSs or Ordinary
Shares or Related Securities or any of the other actions restricted or prohibited under the terms of the form of Lock-up Agreement.
In addition, the Company will direct its transfer agent to place stop transfer restrictions upon any securities of the Company
that are bound by &#8220;lock-up&#8221; agreements entered into by the Company&#8217;s officers, directors and shareholders pursuant
to Section 6(d) hereof for the duration of the periods contemplated in such agreements..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company to Provide Interim Financial Statements</U>. Prior to the First Closing Date and each applicable Option Closing
Date, the Company will furnish the Underwriters, as soon as they have been prepared by or are available to the Company, a copy
of any unaudited interim financial statements of the Company for any period subsequent to the period covered by the most recent
financial statements appearing in the Registration Statement and the Prospectus; <U>provided</U> that such requirement shall be
deemed satisfied if the Company has furnished or filed such unaudited interim financial statements on a Report of Foreign Private
Issuer on Form 6-K or other report filed by the Company with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Right of First Refusal</U>. The Company hereby grants Oppenheimer, and Oppenheimer shall have, an irrevocable right of
first refusal (the &#8220;<B>Right of First Refusal</B>&#8221;), for a period of twelve (12) months after the First Closing Date,
to act as sole book-running underwriter, sole initial purchaser, sole placement agent, or sole selling agent, as the case may be,
on any financing for the Company intended to raise $10,000,000 or more of gross proceeds; however, no fee shall be payable to Oppenheimer
should Accelmed Partners invest in the Company during the twelve (12) month period the right of first refusal is in effect. In
the event the Company advises Oppenheimer that it desires to effect any such transaction or financing, the Company and Oppenheimer
will negotiate in good faith the terms of Oppenheimer&#8217;s engagement in a separate agreement, which agreement would set forth,
among other matters, compensation for Oppenheimer based upon customary fees for the services provided. Oppenheimer&#8217;s participation
in any such financing will be subject to the approval of Oppenheimer&#8217;s internal committees and other conditions customary
for such an undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments and Supplements to Permitted Section 5(d) Communications</U>. If at any time following the distribution of
any Permitted Section 5(d) Communication, there occurred or occurs an event or development as a result of which such Permitted
Section 5(d) Communication included or would include an untrue statement of a material fact or omitted or would omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent
time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense,
such Permitted Section 5(d) Communication to eliminate or correct such untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Announcement Regarding Lock-ups</U><B>.</B> The Company agrees to announce the Representative&#8217;s intention to release
any director or officer of the Company from any of the restrictions imposed by any Lock-up Agreement, by issuing, through a major
news service, a press release, in the form set forth in <U>Exhibit C</U> hereto, promptly following the Company&#8217;s receipt
of any notification from the Representative in which such intention is indicated, but in any case not later than the close of the
third business day prior to the date on which such release or waiver is to become effective; <I>provided</I>, <I>however</I>, that
nothing shall prevent the Representative, on behalf of the Underwriters, from announcing the same through a major news service,
irrespective of whether the Company has made the required announcement; and <I>provided, further,</I> that no such announcement
shall be made of any release or waiver granted solely to permit a transfer of securities that is not for consideration and where
the transferee has agreed in writing to be bound by the terms of a Lock-up Agreement in the form set forth as <U>Exhibit A</U>
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Sanctions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company and each of the Subsidiaries covenants that it will not, directly or indirectly, use the proceeds of the offering
and sale of the Offered Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of such funding
or facilitation, is the subject of Sanctions or is a Sanctioned Country; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other manner that will result in a violation of Sanctions by any Person (including any Person participating in the offering,
whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company will not engage in any dealings or transactions with any Person, or in any country or territory, that at the
time of the dealing or transaction is the subject of Sanctions or is a Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Israeli Securities Law</U>. The Company acknowledges, understands and agrees that Offered Shares may be sold in Israel
only by the Underwriters and only to such Israeli investors listed in the Addendum, all of whom are to be specifically identified
and approved by the Underwriters, and provided further that as a prerequisite to sale of Offered Shares by the Underwriters to
such Israeli investors, each of them shall be required to submit written confirmation to the Underwriters and the Company that
such investor (i) falls within the scope of the Addendum; and (ii) is acquiring the Offered Shares being offered to it for investment
for its own account or, if applicable, for investment for clients who are institutional investors and in any event not as a nominee,
market maker or agent and not with a view to, or for the resale in connection with, any distribution thereof. The Company acknowledges
and agrees that any failure to comply with the above procedure may result in a violation of the Israeli Securities Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(z)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Withholding</U>. All payments (including payments in kind such as issuance, sale and delivery of the Offered Shares
by the Company to the Underwriters and the initial sale and delivery of the Offered Shares by the Underwriters to purchasers thereof)
made or deemed to be made by the Company to the Underwriters, their respective affiliates, directors, officers, employees and agents
or to any person controlling any Underwriter under this Agreement, if any, will be made without withholding or deduction for or
on account of any present or future taxes, duties, assessments or governmental charges of whatever nature (other than taxes on
net income or similar taxes) imposed or levied by or on behalf of Israel unless the Company is or becomes required by law to withhold
or deduct such taxes, duties, assessments or other governmental charges. In such event, the Company will pay such additional amounts
as will result, after such withholding or deduction, in the receipt by each Underwriter, their respective affiliates, directors,
officers, employees and each person controlling any Underwriter, as the case may be, of the amounts that would otherwise have been
receivable had such deduction or withholding not been required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(aa)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>VAT</U>. All fees, expenses and costs payable by the Company under this Agreement are exclusive of value added tax (&#8220;<B>VAT</B>&#8221;).
If and to the extent VAT applies to any of them under law, such VAT shall be paid by the Company, including by way of a self invoice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Representative,
on behalf of the several Underwriters, may, in its sole discretion, waive in writing the performance by the Company of any one
or more of the foregoing covenants or extend the time for their performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment of Expenses</U>. The Company agrees to pay all costs, fees and expenses incurred in connection with the performance
of its obligations hereunder and in connection with the transactions contemplated hereby, including (i) all expenses incident to
the issuance and delivery of the Offered Shares (including all printing and engraving costs); (ii) all fees and expenses of the
registrar and transfer agent of the Ordinary Shares; (iii) all necessary issue, transfer and other stamp taxes in connection with
the issuance and sale of the Offered Shares to the Underwriters; (iv) all fees and expenses of the Company&#8217;s counsel, independent
public or certified public accountants and other advisors of the Company (not including the fees and expenses of the Underwriters
except as otherwise set forth in this Agreement); (v) all costs and expenses incurred in connection with the preparation, printing,
filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents
and certificates of experts), the Time of Sale Prospectus, the Prospectus, each free writing prospectus prepared by or on behalf
of, used by, or referred to by the Company, and each preliminary prospectus, each Permitted Section 5(d) Communication, and all
amendments and supplements thereto, and this Agreement; (vi) all filing fees, reasonable and documented attorneys&#8217; fees and
expenses incurred by the Company or the Underwriters in connection with qualifying or registering (or obtaining exemptions from
the qualification or registration of) all or any part of the Offered Shares for offer and sale under the state securities or blue
sky Laws or the provincial securities Laws of Canada, and, if requested by the Representative, preparing and printing a &#8220;Blue
Sky Survey&#8221; or memorandum and a &#8220;Canadian wrapper,&#8221; and any supplements thereto, advising the Underwriters of
such qualifications, registrations and exemptions; (vii) the costs, fees and expenses incurred by the Underwriters in connection
with determining their compliance with the rules and regulations of FINRA related to the Underwriters&#8217; participation in the
offering and distribution of the Offered Shares, including any related filing fees; (viii) all reasonable out-of-pocket costs and
expenses incident to the offering and the performance of the obligations of the Underwriters under this Agreement (including, without
limitation, the reasonable fees and expenses of counsel to the Underwriters) not to exceed $100,000 in the aggregate; (ix) the
costs and expenses of the Company relating to investor presentations on any &#8220;road show,&#8221; any Permitted Section 5(d)
Communication or any Section 5(d) Oral Communication undertaken in connection with the offering of the Offered Shares, including
expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production
of road show slides and graphics; (x) all fees and expenses associated with listing the Offered Shares on the Nasdaq; (xi) the
deposit of the Ordinary Shares under the Deposit Agreement, the issuance thereunder of ADSs representing such deposited Shares,
the issuance of ADRs evidencing such ADSs and the fees of the Depositary; and (xii) all other fees, costs and expenses of the nature
referred to under the caption &#8220;Expenses Related to Offering&#8221; in the Preliminary Prospectus and Prospectus. Any such
amount payable to the Underwriters may be deducted from the purchase price for the Offered Shares. Except as provided in this Section
4 or in Section 7, Section 9 or Section 10, the Underwriters shall pay their own expenses, including the fees and disbursements
of their counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Covenant of the Underwriters</U>. Each Underwriter severally and not jointly covenants with the Company not to take any
action that would result in the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities
Act a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not, but for such actions, be required
to be filed by the Company under Rule 433(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions of the Obligations of the Underwriters</U>. The respective obligations of the several Underwriters hereunder
to purchase and pay for the Offered Shares as provided herein on the First Closing Date and, with respect to the Option Shares,
each Option Closing Date, shall be subject to the accuracy of the representations and warranties on the part of the Company set
forth in Section 1 as of the date hereof and as of the First Closing Date as though then made and, with respect to the Option Shares,
as of each Option Closing Date as though then made, to the timely performance by the Company of its covenants and other obligations
hereunder, and to each of the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Comfort Letter</U>. On the date hereof, the Representative shall receive from Kost Forer Gabbay &amp; Kasierer, a member
of Ernst &amp; Young Global, independent registered public accountants for the Company, a letter dated the date hereof addressed
to the Underwriters, in form and substance satisfactory to the Representative, containing statements and information of the type
ordinarily included in accountant&#8217;s &#8220;comfort letters&#8221; to underwriters, delivered according to Statement of Auditing
Standards No. 72 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial
information contained in the Registration Statement, the Time of Sale Prospectus, and each free writing prospectus, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Registration Requirements; No Stop Order; No Objection from FINRA</U>. For a period from and after the
date of this Agreement and through and including the First Closing Date and, with respect to any Option Shares purchased after
the First Closing Date, each Option Closing Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall have filed the Prospectus with the Commission (including the information required by Rule 430B under the
Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the Registration
Statement shall be in effect, and no proceedings for such purpose shall have been instituted or threatened by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Effect or Ratings Agency Change</U>. For the period from and after the date of this Agreement and
through and including the First Closing Date and, with respect to any Option Shares purchased after the First Closing Date, each
Option Closing Date, in the judgment of the Representative there shall not have occurred any material adverse change in the authorized
share capital of the Company or any Material Adverse Effect or any development that could cause a Material Adverse Effect, or a
downgrading in or withdrawal of the rating assigned to any of the Company&#8217;s securities (other than asset backed securities)
by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating
of any of the Company&#8217;s securities (other than asset backed securities), the effect of which, in the case of any such action
by a rating organization described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lock-up Agreements</U>. On or prior to the date hereof, the Company shall have furnished to the Representative an agreement
in the form of <U>Exhibit A</U> hereto from each director and executive officer of the Company and each other person identified
on <U>Exhibit B</U> hereto, and each such agreement shall be in full force and effect on each of the First Closing Date and each
Option Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for the Company</U>. On each of the First Closing Date and each Option Closing Date the Representative
shall have received (i) the opinion and negative assurance letter of Haynes and Boone, LLP, counsel for the Company, dated as of
such date, in form and substance satisfactory to the Representative; and (ii) the opinion of Gross, Kleinhendler, Hodak, Halevy,
Greenberg, Shenhav &amp; Co., Israeli counsel for the Company, dated as of such date, in form and substance satisfactory to the
Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Intellectual Property Counsel</U>. On each of the First Closing Date and each Option Closing Date, the Representative
shall have received the opinion and negative assurance letter of Cohn, De Vries, Stadler &amp; Co., counsel for the Company with
respect to intellectual property matters, dated as of such date, in form and substance satisfactory to the Representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for the Underwriters</U>. On each of the First Closing Date and each Option Closing Date, the Representative
shall have received the negative assurance letter of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., counsel for the Underwriters
in connection with the offer and sale of the Offered Shares, in form and substance satisfactory to the Representative, dated as
of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for the Depositary</U>. On each of the First Closing Date and each Option Closing Date, the Depositary
shall have requested and caused Emmet, Marvin &amp; Martin, LLP , counsel for the Depositary, to have furnished to the Representative
its opinion or opinions dated as of such date and addressed to the Representative, to the effect that (i) the Deposit Agreement
has been duly authorized, executed and delivered by the Depositary and constitutes a valid and binding agreement of the Depositary
enforceable against the Depositary in accordance with its terms; and (ii) upon execution and delivery by the Depositary of ADRs
evidencing the ADSs against the deposit of the Ordinary Shares in accordance with the provisions of the Deposit Agreement, the
ADSs will be validly issued and will entitle the holders of the ADSs to the rights specified in those ADRs and in the Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers&#8217; Certificate</U>. On each of the First Closing Date and each Option Closing Date, the Representative shall
have received a certificate executed by the Chief Executive Officer or President of the Company and the Chief Financial Officer
of the Company, dated as of such date, to the effect set forth in Section 6(b)(ii) and further to the effect that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>for the period from and including the date of this Agreement through and including such date, there has not occurred any
Material Adverse Effect;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the representations, warranties and covenants of the Company set forth in Section&nbsp;1 are true and correct with the same
force and effect as though expressly made on and as of such date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed
or satisfied hereunder at or prior to such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Chief Financial Officer&#8217;s Certificate</U>. On each of the date hereof, the First Closing Date and each Option Closing
Date, the Representative shall have received a certificate executed by the Chief Financial Officer of the Company, dated as of
such date, in the form attached as <U>Exhibit D</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bring-down Comfort Letter</U>. On each of the First Closing Date and each Option Closing Date the Representative shall
have received from Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global, independent registered public accountants
for the Company, a letter dated such date, in form and substance satisfactory to the Representative, which letter shall: (i) reaffirm
the statements made in the letter furnished by them pursuant to Section 6(a), except that the specified date referred to therein
for the carrying out of procedures shall be no more than three Business Days prior to the First Closing Date or the applicable
Option Closing Date, as the case may be; and (ii) cover certain financial information contained in the Registration Statement,
the Time of Sale Prospectus, Prospectus, and each free writing prospectus, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rule 462(b) Registration Statement</U>. In the event that a Rule 462(b) Registration Statement is filed in connection
with the offering contemplated by this Agreement, such Rule 462(b) Registration Statement shall have been filed with the Commission
on the date of this Agreement and shall have become effective automatically upon such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reserved</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>. The Deposit Agreement shall be in full force and effect and the Company and the Depositary shall
have taken all action necessary to permit the deposit of the Ordinary Shares and the issuance of the ADSs in accordance with the
Deposit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Depositary&#8217;s Certificate</U>. The Depositary shall have furnished or caused to be furnished to the Representative
a certificate of one of its authorized officers, satisfactory to the Representative, evidencing the deposit with the Custodian
of the Ordinary Shares against the issuance of the ADSs to be delivered by the Company at such Closing Date, the execution, issuance,
countersignature (if applicable) and delivery of the ADSs pursuant to the Deposit Agreement and such other matters related thereto
as the Representative may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Documents</U>. On or before each of the First Closing Date and each Option Closing Date, the Representative
and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably request for
the purposes of enabling them to pass upon the issuance and sale of the Offered Shares as contemplated herein, or in order to evidence
the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained;
and all proceedings taken by the Company in connection with the issuance and sale of the Offered Shares as contemplated herein
and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance to the
Representative and counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any condition specified
in this Section 6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by the Representative
by notice from the Representative to the Company at any time on or prior to the First Closing Date and, with respect to the Option
Shares, at any time on or prior to the applicable Option Closing Date, which termination shall be without liability on the part
of any party to any other party, except that Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and
shall survive such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reimbursement of Underwriters&#8217; Expenses</U>. If this Agreement is terminated by the Representative pursuant to
Section 6, Section 11 or Section 12, or if the sale to the Underwriters of the Offered Shares on the First Closing Date is not
consummated because of any refusal, inability or failure on the part of the Company to perform any agreement herein or to comply
with any provision hereof, the Company agrees to reimburse the Representative and the other Underwriters (or such Underwriters
as have terminated this Agreement with respect to themselves, but in any event, in the case of termination pursuant to Section
11, not with respect to any Underwriter who is a defaulting Underwriter pursuant to Section 11), severally, upon demand for all
out-of-pocket and documented expenses that shall have been reasonably incurred by the Representative and the Underwriters in connection
with the proposed purchase and the offering and sale of the Offered Shares, including fees and disbursements of counsel, printing
expenses, travel expenses, postage, facsimile and telephone charges, <U>up to the limitations set forth in Section 4 above).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness of this Agreement</U>. This Agreement shall become effective upon the execution and delivery hereof by
the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification of the Underwriters</U>. The Company agrees to indemnify and hold harmless each Underwriter, its affiliates
and their respective partners, members, directors, officers, employees and agents, and each person, if any, who controls each Underwriter
or any affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of
or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any
amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material
fact included in any preliminary prospectus, Time of Sale Prospectus, any free writing prospectus, any Marketing Material, any
Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged
omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority,
commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; <U>provided</U> that (subject to Section&nbsp;9(d)) any such settlement is effected with the written consent
of the Company, which consent shall not unreasonably be delayed, conditioned or withheld; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental Authority,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement
or omission (whether or not a party), to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>provided</U>, <U>however</U>,
that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any
untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with the Underwriter
Information (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification of the Company, its Directors and Officers</U>. Each Underwriter agrees, severally and not jointly, to
indemnify and hold harmless the Company, and its directors, each officer of the Company who signed the Registration Statement and
each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act, against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 9(a), as incurred,
but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement,
any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus, any Section 5(d) Written Communication or
the Prospectus (or any amendment or supplement to the foregoing), in reliance upon and in conformity with information relating
to such Underwriter and furnished to the Company in writing by such Underwriter or Underwriters expressly for use therein. The
Company hereby acknowledges that the only information that the Underwriter or Underwriters has furnished to the Company expressly
for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus, any
Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing) are the statements set forth
in the second sentence of the fourth paragraph under the caption &#8220;Underwriting&#8221; in the Preliminary Prospectus and Prospectus
(the &#8220;<B>Underwriter Information</B>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notifications and Other Indemnification Procedures</U>. Any party that proposes to assert the right to be indemnified
under this Section 9 will, promptly after receipt of notice of commencement of any action against such party in respect of which
a claim is to be made against an indemnifying party or parties under this Section 9, notify each such indemnifying party of the
commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will
not relieve the indemnifying party from (i)&nbsp;any liability that it might have to any indemnified party otherwise than under
this Section 9 and (ii)&nbsp;any liability that it may have to any indemnified party under the foregoing provision of this Section
9 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying
party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement,
the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the
indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any
other indemnifying party similarly notified, to assume the defense of, the action, with counsel reasonably satisfactory to the
indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense,
the indemnifying party will not be liable to the indemnified party for any other legal expenses except as provided below and except
for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified
party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel
will be at the expense of such indemnified party unless (A)&nbsp;the employment of counsel by the indemnified party has been authorized
in writing by the indemnifying party, (B)&nbsp;the indemnified party has reasonably concluded (based on advice of counsel) that
there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available
to the indemnifying party, (C)&nbsp;a conflict or potential conflict exists (based on advice of counsel to the indemnified party)
between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct
the defense of such action on behalf of the indemnified party) or (D)&nbsp;the indemnifying party has not in fact employed counsel
to assume the defense of such action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable
time after receiving notice of the commencement of the action; in each of which cases the reasonable fees, disbursements and other
charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or
parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction (plus local counsel)
at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by
the indemnifying party promptly as they are incurred. An indemnifying party will not, in any event, be liable for any settlement
of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of
each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action
or proceeding relating to the matters contemplated by this Section 9 (whether or not any indemnified party is a party thereto),
unless such settlement, compromise or consent (x)&nbsp;includes an express and unconditional release of each indemnified party,
in form and substance reasonably satisfactory to such indemnified party, from all liability arising out of such litigation, investigation,
proceeding or claim and (y)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Settlement Without Consent if Failure to Reimburse</U>. If an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall
be liable for any settlement of the nature contemplated by Section&nbsp;9(a)(ii) effected without its written consent if (i)&nbsp;such
settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such
indemnifying party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered
into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior
to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Contribution</U>. In order to provide for just and equitable contribution in circumstances in which the indemnification
provided for in the foregoing paragraphs of Section 9 is applicable in accordance with its terms but for any reason is held to
be unavailable or insufficient from the Company or the Underwriters, the Company and the Underwriters will contribute to the total
losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in
connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted) to which any indemnified
party may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the
one hand and the Underwriters on the other hand. The relative benefits received by the Company on the one hand and the Underwriters
on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Offered Shares (before
deducting expenses) received by the Company bear to the total underwriting discount and commissions received by the Underwriters
(before deducting expenses) from the sale of Offered Shares on behalf of the Company. If, but only if, the allocation provided
by the foregoing sentence is not permitted by applicable Law, the allocation of contribution shall be made in such proportion as
is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the
Company, on the one hand, and the Underwriters, on the other hand, with respect to the statements or omission that resulted in
such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations
with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contributions pursuant to this Section 10 were to be determined by pro rata allocation or by any other method
of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, liability, expense or damage, or action in respect thereof, referred to above
in this Section 10 shall be deemed to include, for the purpose of this Section 10, any legal or other expenses reasonably incurred
by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with
Section 9(c). Notwithstanding the foregoing provisions of Section 9 and this Section 10, the Underwriters shall not be required
to contribute any amount in excess of the compensation actually received by it under this Agreement and no person found guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from
any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 10, any person who controls a
party to this Agreement within the meaning of the Securities Act, any affiliates of the respective Underwriters and any officers,
directors, partners, employees or agents of the Underwriters or their respective affiliates, will have the same rights to contribution
as that party, and each director of the Company and each officer of the Company who signed the Registration Statement will have
the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution,
promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution
may be made under this Section 10, will notify any such party or parties from whom contribution may be sought, but the omission
to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may
have under this Section 10 except to the extent that the failure to so notify such other party materially prejudiced the substantive
rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence
of Section 9(c), no party will be liable for contribution with respect to any action or claim settled without its written consent
if such consent is required pursuant to Section 9(c).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Default of One or More of the Several Underwriters</U>. If, on the First Closing Date or any Option Closing Date, any
one or more of the several Underwriters shall fail or refuse to purchase Offered Shares that it or they have agreed to purchase
hereunder on such date, and the aggregate number of Offered Shares which such defaulting Underwriter or Underwriters agreed but
failed or refused to purchase does not exceed 10% of the aggregate number of the Offered Shares to be purchased on such date, the
Representative may make arrangements satisfactory to the Company for the purchase of such Offered Shares by other persons, including
any of the Underwriters, but if no such arrangements are made by such date, the other Underwriters shall be obligated, severally
and not jointly, in the proportions that the number of Firm Shares set forth opposite their respective names on <U>Schedule A</U>
bears to the aggregate number of Firm Shares set forth opposite the names of all such non-defaulting Underwriters, or in such other
proportions as may be specified by the Representative with the consent of the non-defaulting Underwriters, to purchase the Offered
Shares which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such date. If, on the First
Closing Date or any Option Closing Date, any one or more of the several Underwriters shall fail or refuse to purchase Offered Shares
that it or they have agreed to purchase hereunder on such date, and the aggregate number of Offered Shares which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase exceeds 10% of the aggregate number of Offered Shares to be
purchased on such date, and arrangements satisfactory to the Representative and the Company for the purchase of such Offered Shares
are not made within 48 hours after such default, this Agreement shall terminate without liability of any party to any other party
except that the provisions of Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall survive
such termination. In any such case either the Representative or the Company shall have the right to postpone the First Closing
Date or the applicable Option Closing Date, as the case may be, but in no event for longer than seven days in order that the required
changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement,
the term &#8220;<B>Underwriter</B>&#8221; shall be deemed to include any person substituted for a defaulting Underwriter under
this Section 11. Any action taken under this Section 11 shall not relieve any defaulting Underwriter from liability in respect
of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of this Agreement</U>. Prior to the purchase of the Firm Shares by the Underwriters on the First Closing
Date, this Agreement may be terminated by the Representative by notice given to the Company if at any time: (i) trading or quotation
in any of the Company&#8217;s securities shall have been suspended or limited by the Commission or by the Nasdaq, or trading in
securities generally on any of the Nasdaq, the New York Stock Exchange or the Tel Aviv Stock Exchange shall have been suspended
or limited, or minimum or maximum prices shall have been generally established on any of such stock exchanges; (ii) a general banking
moratorium shall have been declared by any of federal, New York or Israeli authorities; (iii) there shall have occurred any outbreak
or escalation of national or international hostilities or any crisis or calamity, or any change in the United States or international
financial markets, or any substantial change or development involving a prospective substantial change in United States&#8217;
or international political, financial or economic conditions, as in the sole judgment of the Representative is material and adverse
and makes it impracticable to market the Offered Shares in the manner and on the terms described in the Time of Sale Prospectus
or the Prospectus or to enforce contracts for the sale of securities; (iv) in the sole judgment of the Representative there shall
have occurred any material adverse change, or any development or event involving a prospective material adverse change, in the
condition, financial or otherwise, or in the business, properties, earnings, results of operations or prospects of the Company
and the Subsidiaries considered as one enterprise, whether or not arising in the ordinary course of business; or (v) the Company
shall have sustained a loss by strike, fire, flood, earthquake, accident or other calamity of such character as in the sole judgment
of the Representative may interfere materially with the conduct of the business and operations of the Company regardless of whether
or not such loss shall have been insured. Any termination pursuant to this Section 12 shall be without liability on the part of
(A) the Company to any Underwriter, except that the Company shall be obligated to reimburse the expenses of the Representative
and the Underwriters pursuant to Section 4 or Section 7 hereof or (B) any Underwriter to the Company; <U>provided</U>, <U>however</U>,
that the provisions of Section 9 and Section 10 shall at all times be effective and shall survive such termination.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Advisory or Fiduciary Relationship</U>. The Company acknowledges and agrees that (a) the purchase and sale of the
Offered Shares pursuant to this Agreement, including the determination of the public offering price of the Offered Shares and any
related discounts and commissions, is an arm&#8217;s-length commercial transaction between the Company, on the one hand, and the
several Underwriters, on the other hand; (b) in connection with the offering contemplated hereby and the process leading to such
transaction, each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of the Company, or
its stockholders, or its creditors, employees or any other party; (c) no Underwriter has assumed or will assume an advisory or
fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading thereto
(irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter
has any obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in
this Agreement; (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve
interests that differ from those of the Company; and (e) the Underwriters have not provided any legal, accounting, regulatory or
tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory
and tax advisors to the extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Agreements to Survive Delivery</U>. The respective indemnities, agreements, representations, warranties
and other statements of the Company, its officers and the several Underwriters set forth in or made pursuant to this Agreement
will remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or
any of its or their partners, affiliates, officers, directors or employees or any controlling person, as the case may be, and,
anything herein to the contrary notwithstanding, will survive delivery of and payment for the Offered Shares sold hereunder and
any termination of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices</U>. All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed
to the parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.5in; font-size: 10pt; text-align: justify; width: 30%"><FONT STYLE="font-size: 10pt">If to the Representative:</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 69%"><FONT STYLE="font-size: 10pt">Oppenheimer &amp; Co. Inc.</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">85 Broad Street</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">New York, NY 10004</FONT></TD></TR>
<TR>
    <TD STYLE="font-size: 10pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: Internal
    Legal and Compliance</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.75in; text-align: justify"></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.5in; font-size: 10pt; text-align: justify; width: 30%"><FONT STYLE="font-size: 10pt">with a copy to:</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 69%"><FONT STYLE="font-size: 10pt">Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">One Financial Center</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Boston, MA 02111</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Facsimile: (617) 542-2241</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">If to the Company:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Brainsway Ltd.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Bynet Building, 3rd Floor</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">19 Hartum Street Har HaHotzvim</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Jerusalem 9777518, Israel</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">Attention: General Counsel</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="padding-left: 0.5in; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">with a copy to:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Haynes and Boone, LLP</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">30 Rockefeller Plaza, 26th Floor</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: middle; text-align: justify"><FONT STYLE="font-size: 10pt">New York, NY 10112</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Attention: Rick Werner</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each party to this
Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such
purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally or by verifiable facsimile
transmission (with an original to follow) on or before 4:30&nbsp;p.m., New York City time, on a Business Day or, if such day is
not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely delivery to a nationally-recognized
overnight courier and (iii)&nbsp;on the Business Day actually received if deposited in the U.S. mail (certified or registered mail,
return receipt requested, postage prepaid).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Electronic Notice</U>. An electronic communication (&#8220;<B>Electronic Notice</B>&#8221;) shall be deemed written notice
for purposes of this Section 16 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic
Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving
party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic
form (&#8220;<B>Nonelectronic Notice</B>&#8221;) which shall be sent to the requesting party within ten (10) days of receipt of
the written request for Nonelectronic Notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Successors and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the Company and the Underwriters
and their respective successors and the parties referred to in Section 11. References to any of the parties contained in this Agreement
shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is
intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither
party may assign its rights or obligations under this Agreement without the prior written consent of the other party; <U>provided</U>,
<U>however</U>, that the Representative may assign its rights and obligations hereunder to an affiliate thereof without obtaining
the Company&#8217;s consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Partial Unenforceability</U>. The invalidity or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph or provision hereof. If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or unenforceable, there shall be deemed to be made such
minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Entire Agreement; Amendment; Severability; Waiver</U>. This Agreement (including all schedules and exhibits attached
hereto issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and
undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this Agreement
nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Representative. In the
event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid,
illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect
to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall
be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that
giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of
the parties as reflected in this Agreement. No implied waiver by a party shall arise in the absence of a waiver in writing signed
by such party. No failure or delay in exercising any right, power, or privilege hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power,
or privilege hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW
YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">21.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>CONSENT TO JURISDICTION</U>. 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
WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING,
ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT
IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES
PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF
(CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT
AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN
SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">22.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts</U>. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other
may be made by facsimile or electronic transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Construction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the section and exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>words defined in the singular shall have a comparable meaning when used in the plural, and vice versa;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the words &#8220;hereof,&#8221; &#8220;hereto,&#8221; &#8220;herein&#8221; and &#8220;hereunder&#8221; and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>wherever the word &#8220;include,&#8221; &#8220;includes&#8221; or &#8220;including&#8221; is used in this Agreement, it
shall be deemed to be followed by the words &#8220;without limitation&#8221;;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references herein to any gender shall include each other gender;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>references herein to any law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority
shall be deemed to refer to such law, statute, ordinance, code, regulation, rule or other requirement of any Governmental Authority
as amended, reenacted, supplemented or superseded in whole or in part and in effect from time to time and also to all rules and
regulations promulgated thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the last day for the giving of any notice or the performance of any act required or permitted under this Agreement is
a day that is not a Business Day, then the time for the giving of such notice or the performance of such action shall be extended
to the next succeeding Business Day;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#8220;<B>knowledge</B>&#8221; means, as it pertains to the Company, the actual knowledge of the officers and directors
of the Company, together with the knowledge which such officers and directors would have had if they had conducted a reasonable
inquiry of the relevant persons into the relevant subject matter;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&#8220;<B>Governmental Authority</B>&#8221; means (i) any federal, provincial, state, local, municipal, national
or international government or governmental authority, regulatory or administrative agency, governmental commission, department,
board, bureau, agency or instrumentality, court, tribunal, arbitrator or arbitral body (public or private); (ii) any self-regulatory
organization; or (iii) any political subdivision of any of the foregoing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&#8220;<B>Law</B>&#8221; means any and all laws, including all federal, state, local, municipal, national or foreign
statutes, codes, ordinances, guidelines, decrees, rules, regulations and by-laws and all judicial, arbitral, administrative, ministerial,
departmental or regulatory judgments, orders, directives, decisions, rulings or awards or other requirements of any Governmental
Authority, binding on or affecting the person referred to in the context in which the term is used and rules, regulations and policies
of any stock exchange on which securities of the Company are listed for trading; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>&#8220;<B>Business Day</B>&#8221; means any day on which Nasdaq and commercial banks in the City of New York are
open for business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General Provisions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the parties
hereto acknowledges that it is a sophisticated business person who was adequately represented by counsel during negotiations regarding
the provisions hereof, including the indemnification provisions of Section 9 and the contribution provisions of Section 10, and
is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section 9 and
Section 10 hereof fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and
its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus,
the Time of Sale Prospectus, each free writing prospectus and the Prospectus (and any amendments and supplements to the foregoing),
as contemplated by the Securities Act and the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<B><I>Signature Page
Follows</I></B>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing correctly
sets forth the understanding between the Company and the Underwriters, please so indicate in the space provided below for that
purpose, whereupon this letter shall constitute a binding agreement between the Company and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-align: left; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>BRAINSWAY LTD.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: justify">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Name:&#9;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Title:&#9;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 225pt; text-align: left; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ACCEPTED as of
the date first-above written:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>OPPENHEIMER &amp; CO. INC.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt; text-align: justify">By:</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Name:&#9;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Title:&#9;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">For itself and the other several Underwriters named in <U>Schedule A</U> to this Agreement.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-weight: bold; text-align: justify">Underwriters</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Number of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Firm Shares</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>to be Purchased</B></P></TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: justify">Oppeneheimer &amp; Co. Inc.&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,928,700</TD><TD STYLE="white-space: nowrap; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Ladenburg Thalmann &amp; Co. Inc. &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">462,200</TD><TD STYLE="white-space: nowrap; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Northland Securities, Inc.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">231,100</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-align: justify; padding-bottom: 2.25pt">Total&#9;</TD><TD STYLE="padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; text-align: right">4,622,000</TD><TD STYLE="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>Free Writing Prospectuses
Included in the Time of Sale Prospectus</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>Schedule
C</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><U>Pricing Information</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Firm Shares: 4,622,000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Option Shares: 693,300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Price to Public: $8.50</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Underwriters&#8217; Discount:
$0.51</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
D</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Permitted Section 5(d) Communications</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Schedule
E</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Significant Subsidiaries</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brain Research and Development Services Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brainsway USA Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brainsway Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Form of Lock-up Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">as Representative of
the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c/o Oppenheimer &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">85 Broad Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">New York, New York 10004</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Re: Proposed Public Offering by Brainsway
Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">The undersigned, a securityholder
and/or officer and/or a director of Brainsway Ltd., a limited liability company incorporated under the laws of the State of Israel
(the &#8220;<U>Company</U>&#8221;), understands that the Company proposes to enter into an Underwriting Agreement (the &#8220;<U>Underwriting
Agreement</U>&#8221;) with Oppenheimer &amp; Co. Inc., as representative (the &quot;<U>Representative</U>&quot;) of the several
underwriters named therein (the &quot;<U>Underwriters</U>&quot;) relating to the proposed U.S. public offering (the &#8220;<U>Offering</U>&#8221;)
of the Company&#8217;s ordinary shares, par value NIS 0.04 per share (the &#8220;<U>Ordinary Shares</U>&#8221;) in the form of
American Depositary Shares, as may be evidenced by American Depositary Receipts (in either case, the &#8220;<U>ADSs</U>&#8221;)
pursuant to a registration statement on Form F-3 (File No. 333-248601) (the &#8220;<U>Registration Statement</U>&#8221;). The undersigned
acknowledges that the Underwriters are relying on the representations and agreements of the undersigned contained in this lock-up
agreement in conducting the Offering and, at a subsequent date, in entering into the Underwriting Agreement and other underwriting
arrangements with the Company with respect to the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">In recognition of the
benefit that the Offering will confer upon the undersigned as a securityholder and/or officer and/or a director of the Company,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees
that, during the period beginning on the date of the public filing of the prospectus supplement relating to the Offering (the &#8220;<U>Prospectus
Supplement</U>&#8221;) and ending on the date that is 90 days from the date of the Underwriting Agreement (the &#8220;<U>Lock-Up
Period</U>&#8221;), the undersigned will not (and will cause any immediate family member not to), without the prior written consent
of the Representative, which may withhold its consent in its sole discretion, directly or indirectly, (i)&nbsp;sell, offer to sell,
contract to sell or lend, effect any short sale or establish or increase a Put Equivalent Position (as defined in Rule 16a-1(h)
under the U.S. Securities Exchange Act of 1934, as amended (the &#8220;<U>Exchange Act</U>&#8221;)) or liquidate or decrease any
Call Equivalent Position (as defined in Rule 16a-1(b) under the Exchange Act), pledge, hypothecate or grant any security interest
in, or in any other way transfer or dispose of, any Ordinary Shares or ADSs or any securities convertible into or exchangeable
or exercisable for Ordinary Shares or ADSs, in each case whether now owned or hereafter acquired by the undersigned or with respect
to which the undersigned has or hereafter acquires the power of disposition (collectively, the &#8220;<U>Lock-Up Securities</U>&#8221;),
(ii) make any demand for, or exercise any right with respect to the registration of any of the Lock-Up Securities, or the filing
of any registration statement, prospectus or prospectus supplement (or an amendment or supplement thereto) in connection therewith,
under the U.S. Securities Act of 1933, as amended (the &#8220;<U>Securities Act</U>&#8221;), (iii)&nbsp;enter into any swap, hedge
or any other agreement or any transaction that transfers, in whole or in part, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery of Ordinary Shares or ADSs or other securities, in
cash or otherwise, or (iv) publicly announce the intention to do any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">Notwithstanding the foregoing,
and subject to the conditions below, the undersigned may transfer the Lock-Up Securities pursuant to clauses (i)&nbsp;through (xi)&nbsp;below
without the prior written consent of the Representative, <U>provided</U> that (1)&nbsp;prior to any such transfer (other than pursuant
to clauses (vi) through (viii), and (xi) below), the Representative receives a signed lock-up agreement, substantially in the form
of this lock-up agreement, for the balance of the Lock-Up Period from each donee, trustee, distributee or transferee, as the case
may be, (2) such transfers are not required to be reported with the Securities and Exchange Commission under the Exchange Act,
and (3)&nbsp;the undersigned does not effect any public filing or report regarding such transfers (other than as may be required
by Israeli Securities Laws):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as a bona
fide gift or gifts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to any immediate
family member in a transaction not involving a disposition for value, or to any trust for the direct or indirect benefit of the
undersigned or the immediate family of the undersigned; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by operation
of law and/or pursuant to a qualified domestic order or in connection with a divorce decree or settlement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by will or
intestate succession to the legal representative, heir, beneficiary or immediate family of the undersigned upon the death of the
undersigned; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transactions
relating to Lock-Up Securities acquired in open market transactions after the completion of the Offering; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;transfers
or dispositions of Lock-Up Securities to the Company pursuant to any contractual arrangement in effect on the date of this lock-up
agreement that provides for the repurchase of the undersigned&#8217;s Lock-Up Securities by the Company in connection with the
termination of the undersigned&#8217;s employment with the Company; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
response to a bona fide third-party tender offer, merger, amalgamation or consolidation made to all holders of Ordinary Shares
and/or ADSs or any other acquisition transaction whereby all of the Ordinary Shares and/or ADSs are acquired by a third party,
provided that if such tender offer, merger, amalgamation, consolidation or other acquisition transaction is not completed, any
Lock-Up Securities shall remain subject to the restrictions contained in this lock-up agreement; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
establishment of a trading plan pursuant to Rule 10b5-1 under the Exchange Act or similar arrangement under Israeli securities
laws or the Israeli Securities Authority guidelines for the transfer of Lock-Up Securities, provided that such plan does not provide
for the transfer of Lock-Up Securities during the Lock-Up Period; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the undersigned is a corporation, partnership or other business entity, the transfer, not involving a disposition for value, of
Lock-Up Securities to another corporation, partnership or other business entity that is a direct or indirect affiliate (as defined
in Rule 405 under the Securities Act) of the undersigned, or that otherwise controls, is controlled by or is under common control
with the undersigned;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the undersigned is a corporation, partnership or other business entity, the distribution, not involving a disposition for value,
of Lock-Up Securities to members, limited partners, shareholders or other equity holders of the undersigned; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
to the Company pursuant to the exercise on a &#8220;net exercise&#8221; basis, of any option to purchase Lock-Up Securities granted
by the Company pursuant to equity incentive plans described in the Registration Statement, or (2) to the Company on a &#8220;net
exercise&#8221; basis for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise
of an option pursuant to clause (1) or the vesting of any restricted share awards granted by the Company pursuant to equity incentive
plans described in the Registration Statement (the term &#8220;net exercise&#8221; referring to the transfer to the Company of
a portion of the Lock-Up Securities issuable pursuant to the option, or previously owned Lock-Up Securities, to cover payment of
the exercise price or withholding taxes, as the case may be); provided that if a filing or other public announcement by the Company
or the undersigned shall be required pursuant to Israeli securities laws, it shall indicate in the footnotes thereto or otherwise
that the filing relates to the cashless exercise of an option, that no Lock-Up Securities were transferred by the undersigned other
than to the Company and that such Lock-Up Securities received upon exercise of the option are subject to all of the restrictions
set forth in this lock-up agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">For the avoidance of
doubt, nothing in this lock-up agreement prohibits the undersigned from exercising any options to purchase Lock-Up Securities granted
under equity incentive plans described in the Registration Statement (which exercises may be effected on a &#8220;net exercise&#8221;
basis) and selling in the open market (a) such number of Lock-Up Securities as are necessary to cover the exercise price payable
from such exercise of options (to the extent not exercised on a &#8220;net exercise&#8221; basis) and/or any individual tax obligations
resulting from such exercise of options and/or (b) if the undersigned is an officer of the Company whose employment with the Company
has been terminated or who has given notice of termination for any reason during the Lock-Up Period, all of the Ordinary Shares
or ADSs received upon such exercise of options; provided, however, that (i) any remaining Lock-Up Securities issued upon any such
exercise and after giving effect to sales permitted by clause (a) and/or (b) will be subject to the restrictions of this lock-up
agreement and (ii) no public announcement of or filing with respect to such exercise of options shall be voluntarily made by the
undersigned or the Company and any public announcement of or filing with respect such exercise that is required to be made by the
Company or the undersigned shall, as applicable, note that any such sale permitted by clause (a) related solely to the sale of
such number of Lock-Up Securities as were necessary to cover the exercise price and/or any individual tax obligations resulting
from such exercise of options, and that any such sale permitted by clause (b) related solely to the sale of the Ordinary Shares
or ADSs received upon the exercise of options by such officer in connection with such officer&#8217;s termination of employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">The undersigned further
agrees that the foregoing provisions shall be equally applicable to any Ordinary Shares or ADSs the undersigned may purchase or
otherwise receive in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">The undersigned also
agrees and consents to the entry of stop transfer instructions with the Company&#8217;s transfer agent and registrar against the
transfer of the Lock-Up Securities except in compliance with the foregoing restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">With respect to the Offering
only, the undersigned waives any registration rights relating to registration under the Securities Act of the offer and sale of
any Lock-Up Securities owned either of record or beneficially by the undersigned, including any rights to receive notice of the
Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">If the undersigned is
an officer or director of the Company, the undersigned further agrees that the foregoing provisions shall be equally applicable
to any issuer-directed Securities the undersigned may purchase in the Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">The undersigned confirms
that the undersigned has not, and has no knowledge that any immediate family member has, directly or indirectly, taken any action
designed to or that might reasonably be expected to cause or result in the stabilization or manipulation of the price of any security
of the Company to facilitate the sale of the Ordinary Shares or the ADSs. The undersigned will not, and will cause any immediate
family member not to take, directly or indirectly, any such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">As used herein, &#8220;immediate
family&#8221; shall mean the spouse, domestic partner, lineal descendant, father, mother, brother, sister, or any other person
with whom the undersigned has a relationship by blood, marriage or adoption not more remote than first cousin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">The undersigned represents
and warrants that the undersigned has full power, capacity and authority to enter into this lock-up agreement. This lock-up agreement
is irrevocable and will be binding on the undersigned and the successors, heirs, personal representatives and assigns of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">This lock-up agreement
shall be governed by and construed in accordance with the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<!-- Field: Page; Sequence: 56 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">Whether or not the Offering
actually occurs depends on a number of factors, including market conditions. Any Offering will only be made pursuant to an Underwriting
Agreement, the terms of which are subject to negotiation between the Company and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">This lock-up agreement
shall automatically terminate, and the undersigned shall be released from its obligations hereunder, upon the earliest to occur,
if any, of (i)&nbsp;the Company advising the Representative in writing, prior to the execution of the Underwriting Agreement, that
it has determined not to proceed with the Offering, (ii)&nbsp;the executed Underwriting Agreement being terminated prior to the
closing of the Offering (other than the provisions thereof that survive termination), and (iii) March 31, 2021, in the event that
the Underwriting Agreement has not been executed by such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify; text-indent: -3in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: justify"></P>


<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 45%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name of Securityholder/Director/Officer <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: 400"><I>(Print exact name</I><FONT STYLE="font-style: normal">)&nbsp;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Signature&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">If not signing in an individual capacity:</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Name of Authorized Signatory <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: 400"><I>(Print</I><FONT STYLE="font-style: normal">)</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Title of Authorized Signatory <FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: 400"><I>(Print</I><FONT STYLE="font-style: normal">)</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: middle">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><I>(indicate capacity of person signing if signing as custodian, trustee or
    on behalf of an entity)</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: left; text-indent: -0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit B</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Parties to Lock-up
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christopher R. von
Jako</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dr.&nbsp;Yiftach Roth</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hadar Levy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moria Ankri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amit Ginou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dr. David Zacut</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Avner Hagai</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gavriel Magen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Eti Mitrany</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karen Sarid</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prof. Abraham Zangen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Yossi Ben Shalom</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Orly Uri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Avner Lushi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Christopher J. Boyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Lock-up Release Announcement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brainsway Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">[Date]<BR>
<BR>
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Brainsway Ltd. (the &quot;<B>Company</B>&quot;)
announced today that Oppenheimer &amp; Co. Inc., the lead book-running manager in the Company's recent public sale of [ ] American
Depositary Share representing an aggregate of [ ] ordinary shares is [waiving][releasing] a lock-up restriction with respect to
[ ] ordinary shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver][release] will
take effect on [ ], 20[ ], and the shares may be sold on or after such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>This press release is not an offer for
sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may
not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities
Act of 1933, as amended.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-top: 12pt; padding-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit D</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Form of Chief Financial
Officer&#8217;s Certificate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>brainsway
LTD. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><U>CHIEF
FINANCIAL OFFICER&#8217;S Certificate</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">February [ ], 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 5.85pt; text-align: justify; text-indent: 39.1pt">I,
Hadar Levy, do hereby certify that I am the Chief Financial Officer of Brainsway Ltd., a limited liability company incorporated
under the laws of the State of Israel (the &#8220;<U>Company</U>&#8221;), and in such capacity, pursuant to Section 6(j) of that
certain Underwriting Agreement, dated as of the date hereof (the &#8220;<U>Underwriting Agreement</U>&#8221;), by and among the
Company and Oppenheimer &amp; Co. Inc., as representative of the several underwriters listed in Schedule A thereto, do hereby certify
as set forth below. I am providing this certificate in connection with the public offering (the &#8220;<U>Offering</U>&#8221;)
of American Depositary Shares of the Company. Capitalized terms used and not defined herein have the meanings ascribed to them
in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0.5in; text-align: justify; text-indent: 0in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>I am knowledgeable with respect to the accounting records and internal accounting practices, policies, procedures and controls
of the Company and its subsidiaries and have responsibility for and reviewed financial and accounting matters with respect to the
Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0.5in; text-align: justify; text-indent: 0in">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>I have carefully reviewed each of the Company&#8217;s Time of Sale Prospectus, the Company&#8217;s press release, dated
February 16, 2021 (the &#8220;<U>Press Release</U>&#8221;), and the items marked on excerpts thereto attached hereto as <U>Exhibit
A</U> (the &#8220;<U>Certified Information</U>&#8221;), and with regard to these amounts, I have carried out procedures in good
faith designed to provide reasonable assurance as to the accuracy of the data contained in the attached <U>Exhibit A</U>, which
is included in the Time of Sale Prospectus and Press Release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0.5in; text-align: justify; text-indent: 0in">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>To the best of my knowledge and belief, the Certified Information: (i) matched or was accurately derived from the applicable
internal accounting and/or financial records of the Company, as applicable, and (ii) is accurate and complete in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 1.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0.5in; text-align: justify; text-indent: 0in">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>Further, I have (i) reviewed the information included in the Registration Statement and the Time of Sale Prospectus, including
the audited consolidated financial statements and unaudited interim condensed financial statements and other financial data, and
(ii) inquired of members of my staff who have responsibility for financial and accounting matters, whether (a) as of the date hereof,
there was any change in the capital stock, increase in long-term debt or any decrease in consolidated net current assets or shareholders&#8217;
equity of the Company as compared with amounts shown on the September 30, 2020, unaudited consolidated balance sheet of the Company
included in the Time of Sale Prospectus, or (b) for the period from September 30, 2020, to the date hereof, there were any decreases,
as compared with the corresponding period in the preceding year, in consolidated revenue or increases, as compared with the corresponding
period in the preceding year, in the total or per-share amounts of net loss of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0.5in; text-align: justify; text-indent: 0in">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;
</FONT>On the basis of the inquiries in 4 above, nothing came to my attention that caused me to believe that there was any such
change, increase, or decrease, except in all instances for changes, increases or decreases that are not inconsistent with what
the Time of Sale Prospectus discloses have occurred or may occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 0; text-align: justify; text-indent: 0.5in">This certificate
is being furnished to the Underwriters named in Schedule A to the Underwriting Agreement solely to assist them in conducting their
investigation of the Company in connection with the Offering. This certificate may be relied upon by the Underwriters for this
purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 18.15pt 0pt 45pt; text-align: justify">&nbsp;</P>

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Left Blank]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned has executed this certificate as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                              <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>Name:</TD><TD STYLE="text-align: justify">Hadar Levy</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 10%">Title:</TD><TD STYLE="text-align: justify; width: 40%">Chief Financial Officer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -10pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: left; margin: 0"><IMG SRC="gross.jpg" ALT="" STYLE="height: 65; width: 300"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">February 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brainsway Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19 Hartum Street<BR>
Bynet Building, 3rd&nbsp;Floor<BR>
Har HaHotzvim<BR>
Jerusalem, 9777518</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as Israeli
counsel to Brainsway Ltd. (the &#8220;Company&#8221;), an Israeli company, in connection with (i) the issuance and sale of an aggregate
of 4,622,000 American Depositary Shares (the &#8220;Public Offering ADSs&#8221;), each representing two (2) ordinary shares, NIS
0.04 par value per share, of the Company, and (ii) at the option of the Underwriter (as defined below), the issuance and sale to
the Underwriters of an additional 693,300 American Depository Shares if the Underwriters exercise their option to purchase additional
American Depository Shares (together with the Public Offering ADSs, the &#8220;Public Offering Securities&#8221;) pursuant to the
terms of an Underwriting Agreement dated February 23, 2021 (the &#8220;Underwriting Agreement&#8221;) by and between the Company
and Oppenheimer &amp; Co., Inc. as Representative of the several Underwriters listed in&nbsp;Schedule A&nbsp;to the Underwriting
Agreement. The Public Offering Securities are being issued pursuant to registration statement on Form F-3 (Registration Statement
No. 333-248601) (the &#8220;Registration Statement&#8221;) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) on September 4, 2020, in the form in which it became
effective on October 16, 2020, the related base prospectus which forms a part of the Registration Statement, and the prospectus
supplement dated February 23, 2021 related to the Public Offering Securities (the &#8220;Prospectus Supplement&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with
this opinion, we have examined and relied upon the Registration Statement, the Company&#8217;s articles of association, resolutions
of the Company's board of directors and shareholders provided to us by the Company, the form of underwriting agreement by and between
the Company and Oppenheimer &amp; Co. Inc. as representative of several underwriters listed in Schedule I thereto (collectively,
the &#8220;Underwriters&#8221;), and such statutes, regulations, corporate records, documents, certificates and such other instruments
that we have deemed relevant and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed:
(i)&nbsp;the authenticity of original documents and the genuineness of all signatures; (ii)&nbsp;the conformity to the originals
of all documents submitted to us as copies; (iii)&nbsp;the truth, accuracy and completeness of the information, representations
and warranties contained in the corporate records, documents, certificates and instruments we have reviewed; (iv)&nbsp;the due
execution and delivery of all documents where due execution and delivery are a prerequisite to the effectiveness thereof; and (v)&nbsp;the
legal capacity of all natural persons. As to any facts material to such opinion, to the extent that we did not independently establish
relevant facts, we have relied on certificates of public officials and certificates of officers or other representatives of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are members of the
Israel Bar and we express no opinion as to any matter relating to the laws of any jurisdiction other than the laws of the State
of Israel and have not, for the purpose of giving this opinion, made any investigation of the laws of any jurisdiction other than
the State of Israel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of the
foregoing, and in reliance thereon, we are of the opinion that the ordinary shares underlying the Public Offering Securities to
be sold to the Underwriters as described in the Registration Statement and the Prospectus Supplement, have been duly authorized,
and upon issuance and delivery of the Public Offering Securities and payment therefor in accordance with the Underwriting Agreement,
will be validly issued, fully paid and non-assessable. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to
the filing of this opinion as an exhibit to the Registration Statement and to the use of our name wherever it appears in the Registration
Statement. In giving such consent, we do not believe that we are &#8220;experts&#8221; within the meaning of such term as used
in the Securities Act, or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration
Statement, including this opinion as an exhibit or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ <I>Gross &amp; Co. Law Firm</I></U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Gross &amp; Co. Law Firm</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">2</FONT></P>

<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exh_52.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="haynes.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BrainsWay Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">19 Hartum Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bynet Building, 3rd Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Har HaHotzvim</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jerusalem, 9777518, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have acted as special U.S. counsel to BrainsWay Ltd., a company
limited by shares organized under the laws of the State of Israel (the &#8220;<B><I>Company</I></B>&#8221;), in connection with
the offering by the Company of (i) 4,622,000 American Depositary Shares (the &#8220;<B><I>Firm ADSs</I></B>&#8221;), each Firm
ADS representing two ordinary shares, par value NIS 0.04 per share (the &#8220;<B><I>Ordinary Shares</I></B>&#8221;), and (ii)
an additional 693,300 American Depositary Shares pursuant to the Underwriters&#8217; (as defined below) exercise of their option
to purchase additional American Depositary Shares (together with the Firm ADSs, the &#8220;<B><I>ADSs</I></B>&#8221;), pursuant
to registration statement on Form F-3 (Registration Statement No. 333-248601) (the &#8220;<B><I>Registration Statement</I></B>&#8221;)
filed with the Securities and Exchange Commission (the &#8220;<B><I>Commission</I></B>&#8221;) under the Securities Act of 1933,
as amended (the &#8220;<B><I>Securities Act</I></B>&#8221;), on September 4, 2020, respectively, and on the related base prospectus
dated October 16, 2020, which forms a part of the Registration Statement and the final prospectus supplement dated February 23,
2021, filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Securities Act. This opinion is being
rendered in connection with the offering and sale by the Company of the ADSs pursuant to the terms of an underwriting agreement,
dated February 23, 2021 (the &#8220;<B><I>Underwriting Agreement</I></B>&#8221;), by and between the Company and Oppenheimer &amp;
Co. Inc., for themselves and as representatives of the several underwriters named in Schedule A thereto (collectively, the &#8220;<B><I>Underwriters</I></B>&#8221;).
The ADSs will be issued pursuant to a Deposit Agreement to be dated on or prior to April 22, 2019 (the &#8220;<B><I>Deposit Agreement</I></B>&#8221;)
among the Company, The Bank of New York Mellon, as depositary (the &#8220;<B><I>Depositary</I></B>&#8221;), and all Owners and
Holders (each as defined therein) from time to time of ADSs of the Company issued thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this opinion, we have examined such corporate
records, documents, instruments, certificates of public officials and of the Company and such questions of law as we have deemed
necessary for the purpose of rendering the opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In such examination, we have assumed the genuineness of all
signatures and the authenticity of all items submitted to us as originals and the conformity with originals of all items submitted
to us as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">BrainsWay Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 25, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing, and subject to the further assumptions
and qualifications set forth below, it is our opinion that, when the ADSs are issued in accordance with the Deposit Agreement against
the deposit of duly authorized, validly issued, fully paid and non-assessable Ordinary Shares, such ADSs will be duly and validly
issued under the Deposit Agreement and will entitle the holders thereof to the rights specified therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please note that we are opining only as to the matters expressly
set forth herein, that no opinion should be inferred as to any other matter. We are opining herein as to the laws of the State
of New York as in effect on the date hereof, and we express no opinion with respect to any other laws, rules or regulations. This
opinion is based upon currently existing laws, rules, regulations and judicial decisions, and we disclaim any obligation to advise
you of any change in any of these sources of law or subsequent legal or factual developments which might affect any matters or
opinions set forth herein. In rendering the foregoing opinions, we have relied, for matters involving Israeli law, solely on the
opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co., Israeli counsel to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is being rendered solely in connection with the
registration of the offering and sale of the ADSs, pursuant to the registration requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the use of this opinion as Exhibit 5.2
to the Company&#8217;s Current Report on Form 6-K to be filed with the Commission on or about February 25, 2021, which will be
incorporated by reference in the Registration Statement, and to the reference to us under the caption &#8220;Legal Matters&#8221;
in the prospectus included in the Registration Statement. In giving such consent, we do not hereby admit that we are acting within
the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission
thereunder. This opinion is given as of the date hereof and we assume no obligation to update or supplement such opinion to reflect
any facts or circumstances that may hereafter come to our attention or any changes that may hereafter occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Haynes and Boone, LLP</U>________&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Haynes and Boone, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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