<SEC-DOCUMENT>0001178913-20-000090.txt : 20200113
<SEC-HEADER>0001178913-20-000090.hdr.sgml : 20200113
<ACCEPTANCE-DATETIME>20200110190227
ACCESSION NUMBER:		0001178913-20-000090
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200110
FILED AS OF DATE:		20200113
DATE AS OF CHANGE:		20200110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sol-Gel Technologies Ltd.
		CENTRAL INDEX KEY:			0001684693
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38367
		FILM NUMBER:		20522289

	BUSINESS ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
		BUSINESS PHONE:		97289313433

	MAIL ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2023823.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
  <div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"><br>
        UNITED STATES</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 1.25; font-size: 14pt;">
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">FORM&#160;6-K</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Report of Foreign Private Issuer</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Pursuant to Rule&#160;13a-16&#160;or&#160;15d-16</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">For the month of January 2020</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Commission File Number 001-38367</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</div>
      <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">7 Golda Meir Street</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Ness Ziona 7403650, Israel</div>
      <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form&#160;20-F&#160;or Form&#160;40-F.</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25;">Form&#160;20-F &#9746;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form&#160;40-F &#9744;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(1):&#160; &#9744;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(7):&#160; &#9744;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%--></div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">On January 10, 2020, Sol-Gel Technologies Ltd. (the &#8220;Company&#8221;) entered into an Open Market Sale Agreement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>&#160;(the &#8220;Sale Agreement&#8221;) with Jefferies LLC pursuant to which the Company may offer and sell ordinary
        shares, par value NIS 0.1 per share (the &#8220;Shares&#8221;), having aggregate gross sales proceeds of up to $25.0 million, from time to time, through an &#8220;at the market&#8221; offering program, under which Jefferies LLC will act as sales agent. The Shares that may
        be sold pursuant to the Sale Agreement will be issued pursuant to the Company&#8217;s shelf registration statement on Form F-3 (File No. 333-230564), as supplemented by the prospectus supplement dated January 10, 2020 relating to the sale of the Shares.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">Attached hereto and incorporated by reference in this Report on Form 6-K are the following exhibits:</div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="line-height: 1.25;"><a href="exhibit_1-1.htm">Exhibit 1.1: Open Market Sale Agreement, dated January 10, 2020, by and between the Company and
        Jefferies LLC.</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="line-height: 1.25;"><a href="exhibit_5-1.htm">Exhibit 5.1: Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co. regarding
        the validity of the Shares.</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="line-height: 1.25;"><a href="exhibit_5-1.htm">Exhibit 23.1: Consent of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co. (included
        in Exhibit 5.1).</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (Registration No. 333-230564).</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">2</font></div>
        <div id="DSPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-indent: 24.5pt; line-height: 1.25;">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.</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zbe0ad8be40014decbccc3d98e12dda5d">

        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td colspan="2" style="vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25; font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 46%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">Date:&#160; January 10, 2020</div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">By:</div>
          </td>
          <td style="width: 46%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25;">/s/ Gilad Mamlok</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 46%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">Gilad Mamlok</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 46%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;">
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit_5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div id="DSPFPageHeader">
      <div style="line-height: 1.25;">
        <div style="text-align: right;">
          <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"><u><font style="font-weight: bold;">Exhibit 5.1</font></u><br>
        </div>
        <img width="468" height="69" src="image0.jpg"></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="text-align: right; text-indent: 283.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Tel Aviv, January 10, 2020</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Sol-Gel Technologies Ltd.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">7 Golda Meir St.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Weizman Science Park</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Ness Ziona, 7403650</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Israel</div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><font style="font-weight: bold;">Re:</font>&#160;&#160;<font style="font-weight: bold;"><u>Sol-Gel Technologies Ltd.</u></font></div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">&#160;Ladies and Gentlemen:</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-indent: 28.35pt; line-height: 1.25;">We have acted as Israeli counsel for Sol-Gel Technologies Ltd., a company organized under the laws of Israel (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), in connection with the issuance and sale by the Company of ordinary shares of the Company, par value&#160;NIS 0.1&#160;per share (the &#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221;), through&#160;Jefferies LLC&#160;(the &#8220;<font style="font-weight: bold;">Agent</font>&#8221;)
        pursuant to the Open Market Sale Agreement<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup>, dated January 10, 2020 (the &#8220;<font style="font-weight: bold;">Sale Agreement</font>&#8221;), by and between the Company and the Agent.
        The Ordinary Shares will be issued pursuant to a registration statement on Form F-3/A (Registration Statement No. 333-230564) (the &#8220;<font style="font-weight: bold;">Registration
          Statement</font>&#8221;) filed with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) under the Securities Act of 1933, as amended (the
        &#8220;Securities Act&#8221;), the prospectus contained therein, and the prospectus supplement dated January 10, 2020, filed with the Commission pursuant to Rule 424(b) of the Rules and Regulations of the Securities Act.</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection therewith, we
          have examined and relied upon copies of the Registration Statement, the Company&#8217;s amended and restated articles of association, and such corporate records, certificates instruments, and other documents relating to the Company and such matters of
          law as we have deemed necessary or appropriate for the purpose of rendering this opinion. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to
          the originals of all documents submitted to us as copies, the truth, accuracy and completeness of the information, representations and warranties contained in the corporate records, certificates instruments and documents we have reviewed, and the
          legal capacity of all natural persons. As to any facts material to such opinion, we have relied on certificates of public officials and certificates of officers or other representatives of the Company. We have also assumed that (i) prior to the
          issuance of any of Ordinary Shares under the Sale Agreement, the price, number of Ordinary Shares and certain other terms of issuance with respect to any specific Issuance Notice delivered under the Sale Agreement will be authorized and approved
          by the Company's board of directors or a pricing committee of the Company's board of directors in accordance with Israeli law (the &#8220;<font style="font-weight: bold;">Corporate
            Proceedings</font>&#8221;) and (ii) upon the issuance of any Ordinary Shares, the total number of Ordinary Shares issued and outstanding will not exceed the total number of Ordinary Shares that the Company is then authorized to issue under its
          amended and restated articles of association.</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-indent: 28.35pt; line-height: 1.25;">Based upon the foregoing and in reliance thereon, assuming the completion of the Corporate Proceedings in
        connection with the delivery of a specific Issuance Notice, we are of the opinion that the Ordinary Shares to be offered and sold under the Sale Agreement have been duly authorized for issuance and, when issued and paid for in accordance with the
        terms and conditions of the Sale Agreement, will be validly issued, fully paid and non-assessable.</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are members of the
          Israeli 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 other
          jurisdiction than the State of Israel.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We hereby consent to the
          filing of this opinion as an exhibit 5.1 to the Company&#8217;s Current Report on Form 6-K to be submitted with the Commission on or about January 10, 2020, which will be incorporated by reference in the Registration Statement, and to the reference to
          our name under the caption &#8220;Legal Matters&#8221; in the prospectus supplement.&#160;&#160;In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section&#160;7 of the Securities Act or the rules and
          regulations of the Commission.</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z0053bd05f0014e6584c10ca2215aa640" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Very truly yours,</div>
            <div style="text-align: justify; line-height: 1.25;">/s/ Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>3
<FILENAME>exhibit_1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;">
      <div style="text-align: right;"><u>Exhibit 1.1</u><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400; text-align: left;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u> <br>
          </u></div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>OPEN MARKET SALE AGREEMENT</u><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">S</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">M</sup></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: right; line-height: 1.25;">January 10, 2020</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="margin-right: 72pt; line-height: 1.25;">JEFFERIES LLC<br>
          520 Madison Avenue</div>
        <div style="text-align: justify; line-height: 1.25;">New York, New York 10022</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">Ladies and Gentlemen:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Sol-Gel Technologies Ltd., a company organized under the laws of the State of Israel (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), proposes, subject to the terms and
          conditions stated herein, to issue and sell from time to time through Jefferies LLC, as sales agent and/or principal (the &#8220;<font style="font-weight: bold;">Agent</font>&#8221;), ordinary shares of the Company, par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221;), on the terms set forth in this agreement (this &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 1.&#160; DEFINITIONS</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Certain Definitions</u>.&#160; For purposes of this Agreement, capitalized terms used herein and not otherwise defined shall have the following respective meanings:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Affiliate</font>&#8221; of a Person means another Person that directly or indirectly, through one or more intermediaries, controls, is controlled
          by, or is under common control with, such first- mentioned Person. The term &#8220;control&#8221; (including the terms &#8220;controlling,&#8221; &#8220;controlled by&#8221; and &#8220;under common control with&#8221;) means the possession, direct or indirect, of the power to direct or cause
          the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Agency Period</font>&#8221; means the period commencing on the date of this Agreement and expiring on the earliest to occur of (x) the date on which
          the Agent shall have placed the Maximum Program Amount pursuant to this Agreement, (y) the date this Agreement is terminated pursuant to <u>Section 7</u> and (z) the third anniversary of the date of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Agent</font>&#8221; has the meaning set forth in the introductory paragraph of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Agreement</font>&#8221; has the meaning set forth in the introductory paragraph of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Base Prospectus</font>&#8221; has the meaning set forth in <u>Section 2(a)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Commission</font>&#8221; means the U.S. Securities and Exchange Commission.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Company</font>&#8221; has the meaning set forth in the introductory paragraph of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Default</font>&#8221; has the meaning set forth in <u>Section 2(s)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Environmental Laws</font>&#8221; has the meaning set forth in <u>Section 2(ee).</u></div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><u> </u><br>
          <hr noshade="noshade" align="left" style="text-align: left; background-color: rgb(0, 0, 0); border: 0px none; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: rgb(0, 0, 0);">
          <div style="text-align: left; line-height: 1.25;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">SM</sup> &#8220;Open Market Sale Agreement&#8221; is a service mark of Jefferies LLC</div>
          <div id="DSPFPageHeader">
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
          </div>
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <!--PROfilePageNumberReset%Num%2%%%-->
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Existing Instrument</font>&#8221; has the meaning set forth in <u>Section 2(s)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">FCPA</font>&#8221; has the meaning set forth in <u>Section 2(jj)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">FINRA</font>&#8221; has the meaning set forth in <u>Section 2(cc)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Floor Price</font>&#8221; means the minimum price set by the Company in the Issuance Notice below which the Agent shall not sell Shares during the
          applicable Selling Period, which may be adjusted by the Company at any time during the Selling Period by delivering written notice of such change to the Agent and which in no event shall be less than $1.00 without the prior written consent of the
          Agent, which may be withheld in the Agent&#8217;s sole discretion.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Free Writing Prospectus</font>&#8221; has the meaning set forth in <u>Section 4(e)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Hazardous Materials</font>&#8221; has the meaning set forth in <u>Section 2(s)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Intellectual Property</font>&#8221; has the meaning set forth in <u>Section 2(t)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Investment Company Act</font>&#8221; has the meaning set forth in <u>Section 2(y)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Issuance Amount</font>&#8221; means the aggregate Sales Price of the Shares to be sold by the Agent pursuant to any Issuance Notice.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Issuance Notice</font>&#8221; means a written notice delivered to the Agent by the Company in accordance with this Agreement in the form attached
          hereto as <u>Exhibit A</u> that is executed by its Chief Executive Officer or Chief Financial Officer.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Issuance Notice Date</font>&#8221; means any Trading Day during the Agency Period that an Issuance Notice is delivered pursuant to <u>Section 3(b)</u><u>(i)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Issuance Price</font>&#8221; means the Sales Price less the Selling Commission.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Material Adverse Change</font>&#8221; has the meaning set forth in <u>Section 2(k)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Maximum Program Amount</font>&#8221; means Ordinary Shares with an aggregate Sales Price of the lesser of (a) the number or dollar amount of
          Ordinary Shares approved for sale pursuant to this Agreement by the Company&#8217;s Board of Directors, (b) the number or dollar amount of Ordinary Shares registered under the effective registration statement pursuant to which the offering is being
          made, or (c) the number or dollar amount of Ordinary Shares permitted to be sold under Form F-3.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Money Laundering Laws</font>&#8221; has the meaning set forth in <u>Section 2(kk)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">OFAC</font>&#8221; has the meaning set forth in <u>Section 2(mm)</u>.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221; has the meaning set forth in the introductory paragraph of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Original Registration Statement</font>&#8221; has the meaning set forth in <u>Section 2(a)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">PCAOB</font>&#8221; has the meaning set forth in <u>Section 2(l)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual or a corporation, partnership, limited liability company, trust, incorporated or unincorporated
          association, joint venture, joint stock company, governmental authority or other entity of any kind.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Principal Market</font>&#8221; means the Nasdaq Global Market or such other national U.S. securities exchange on which the Ordinary Shares,
          including any Shares, are then listed.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; has the meaning set forth in <u>Section 2(a)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Registration Statement</font>&#8221; has the meaning set forth in <u>Section 2(a)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Regulation M</font>&#8221; has the meaning set forth in <u>Section 2(aa)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Related Judgment</font>&#8221; has the meaning set forth in <u>Section 8(g)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Related Proceedings</font>&#8221; has the meaning set forth in <u>Section 8(g)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Representation Date</font>&#8221; has the meaning set forth in the introductory paragraph of <u>Section 2</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Rule 102</font>&#8221; has the meaning set forth in&#160;<u>Section 4(w)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Sales Price</font>&#8221; means the actual sale execution price of each Share placed by the Agent pursuant to this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; means the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Selling Commission</font>&#8221; means an amount equal to three percent (3.0%) of the gross proceeds of Shares sold pursuant to this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Selling Period</font>&#8221; means the period set forth in the relevant Issuance Notice.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Settlement Date</font>&#8221; means the second business day following each Trading Day during the Selling Period on which Shares are sold pursuant
          to this Agreement, when the Company shall deliver to the Agent the amount of Shares sold on such Trading Day and the Agent shall deliver to the Company the Issuance Price received on such sales<u style="border-bottom: 1px solid;">.</u></div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Shares</font>&#8221; shall mean the Company&#8217;s Ordinary Shares issued or issuable pursuant to this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Specified Courts</font>&#8221; has the meaning set forth in <u>Section 8(g)</u>.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Time of Sale</font>&#8221; has the meaning set forth in <u>Section 3(b)</u><u>(v)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Time of Sale Information</font>&#8221; has the meaning set forth in <u>Section 2(b)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Trading Day</font>&#8221; means any day on which the Principal Market is open for trading.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#8220;<font style="font-weight: bold;">Triggering Event Date</font>&#8221; has the meaning set forth in <u>Section 4(q)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 2.&#160; REPRESENTATIONS AND WARRANTIES OF THE COMPANY</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company represents and warrants to, and agrees with, the Agent that as of (1) the date of this Agreement, (2) each Issuance Notice Date, (3) each Settlement Date, (4) each
          Triggering Event Date (as defined below) and (5) as of each Time of Sale (as defined below) (each of the times referenced above is referred to herein as a &#8220;<font style="font-weight: bold;">Representation Date</font>&#8221;), except as may be disclosed
          in the Prospectus (including any documents incorporated by reference therein and any supplements thereto) on or before a Representation Date:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration Statement</u>.&#160; The Company has prepared and filed with the Commission a shelf registration statement on Form&#160;F-3&#160;(File No.&#160;333-230564) that
          contains a base prospectus (the &#8220;<font style="font-weight: bold;">Base Prospectus</font>&#8221;).&#160; Such registration statement registers the issuance and sale by the Company of the Shares under the Securities Act.&#160; Such registration statement,
          including any information deemed to be a part thereof pursuant to Rule 430B under the Securities Act, including all financial statements, exhibits and schedules thereto and all documents incorporated or deemed to be incorporated therein by
          reference pursuant to Item 6 of Form F-3 under the Securities Act as from time to time amended or supplemented, is herein referred to as the &#8220;<font style="font-weight: bold;">Registration Statement</font>,&#8221; and the prospectus constituting a part
          of such Registration Statement, together with any prospectus supplement filed with the Commission pursuant to Rule 424(b) under the Securities Act relating to a particular issuance of the Shares, including all documents incorporated or deemed to
          be incorporated therein by reference pursuant to Item 6 of Form F-3 under the Securities Act, in each case, as from time to time amended or supplemented, is referred to herein as the &#8220;<font style="font-weight: bold;">Prospectus</font>,&#8221; except
          that if any revised prospectus is provided to the Agent by the Company for use in connection with the offering of the Shares that is not required to be filed by the Company pursuant to Rule 424(b) under the Securities Act, the term &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; shall refer to such revised prospectus from and after the time it is first provided to the Agent for such use.&#160; The Registration Statement at the time it originally became effective is herein called
          the &#8220;<font style="font-weight: bold;">Original Registration Statement</font>.&#8221;&#160; As used in this Agreement, the terms &#8220;amendment&#8221; or &#8220;supplement&#8221; when applied to the Registration Statement or the Prospectus shall be deemed to include the filing by
          the Company with the Commission of any document under the Exchange Act after the date hereof that is or is deemed to be incorporated therein by reference.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">All references in this Agreement to financial statements and schedules and other information which is &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in the Registration Statement 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 or otherwise deemed under the
          Securities Act to be a part of or included in the Registration Statement or the Prospectus, as the case may be, as of any specified date; and all references in this Agreement to amendments or supplements to the Registration Statement or the
          Prospectus shall be deemed to mean and include, without limitation, the filing of any document under the Exchange Act which is or is deemed to be incorporated by reference in or otherwise deemed under the Securities Act to be a part of or
          included in the Registration Statement or the Prospectus, as the case may be, as of any specified date. The Company&#8217;s obligations under this Agreement to furnish, provide or deliver or make available (and all other reference of like import)
          copies of any report or statement shall be deemed satisfied if the same is filed with the Commission through its Electronic Data Gathering, Analysis and Retrieval system (&#8220;<font style="font-weight: bold;">EDGAR</font>&#8221;).</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">4</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">At the time the Registration Statement was originally declared effective and at the time the Company&#8217;s annual report on Form&#160;20-F for the year ended December 31, 2018 was filed
          with the Commission, the Company met the then-applicable requirements for use of Form&#160;F-3 under the Securities Act.&#160; During the Agency Period, each time the Company files an annual report on Form 20-F the Company will meet the then-applicable
          requirements for use of Form F-3 under the Securities Act.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Registration Requirements</u>.&#160; The Original Registration Statement has been declared effective by the Commission under the Securities Act.&#160;
          The Company has complied, or will comply, to the Commission&#8217;s satisfaction with all requests of the Commission for additional or supplemental information, if any.&#160; No stop order suspending the effectiveness of the 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.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>The Company is a &#8220;foreign private issuer&#8221; within the meaning of
          Rule 405 under the Securities Act.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Prospectus when filed complied in all material respects with the Securities Act and, if filed with the Commission through EDGAR, was identical (except as may be permitted
          by Regulation&#160;S&#8209;T under the Securities Act) to the copy thereof delivered to the Agent for use in connection with the issuance and sale of the Shares.&#160; 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.&#160; As of the date of this Agreement, the Prospectus and any Free Writing Prospectus (as defined in <u>Section 4(e)</u>) considered together (collectively, the &#8220;<font style="font-weight: bold;">Time of Sale Information</font>&#8221;) did 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.&#160; The Prospectus, as amended or supplemented, as of its date and 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.&#160; 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 any amendments or supplements thereto, made in reliance upon and in conformity with written information relating to the Agent furnished to the Company in
          writing by the Agent expressly for use therein, it being understood and agreed that the only such information furnished by the Agent to the Company consists of the information described in <u>Section 6</u> below.&#160; There are no contracts or other
          documents required to be described in the Prospectus or to be filed as exhibits to the Registration Statement which have not been described or filed as required.&#160; The Registration Statement and the offer and sale of the Shares as contemplated
          hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">5</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Ineligible Issuer Status</u>. The Company is not an &#8220;ineligible issuer&#8221; in connection with the offering of the Shares pursuant to Rules 164, 405 and 433 under
          the Securities Act.&#160; Any 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.&#160;
          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 issuance and sale of the Shares did not, does not and will not include any information that conflicted, conflicts with or will conflict with the information contained in the Registration Statement or the
          Prospectus, including any document incorporated by reference therein.&#160; Except for the Free Writing Prospectuses, if any, and electronic road shows, if any, furnished to you before first use, the Company has not prepared, used or referred to, and
          will not, without your prior written consent, prepare, use or refer to, any Free Writing Prospectus.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Incorporated Documents</u>. The documents incorporated or deemed to be incorporated by reference in the Registration Statement and the Prospectus, at the time
          they were filed with the Commission, complied in all material respects with the requirements of the Exchange Act, as applicable, and, when read together with the other information in the Prospectus, do not contain an 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, in light of the circumstances under which they were made, not misleading.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exchange Act Compliance</u>.&#160; The documents incorporated or deemed to be incorporated by reference in the Prospectus, at the time they were or hereafter are
          filed with the Commission, and any Free Writing Prospectus or amendment or supplement thereto complied and will comply in all material respects with the requirements of the Exchange Act, and, when read together with the other information in the
          Prospectus, at the time the Registration Statement and any amendments thereto became or become effective, as applicable, and at each Settlement Date, will not contain an untrue statement of a material fact or omit to state a material fact
          required to be stated therein or necessary to make the fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Statistical and Market-Related Data</u>.&#160; All statistical, demographic and market-related data included in the Registration Statement or the Prospectus are
          based on or derived from sources that the Company believes, after reasonable inquiry, to be reliable and accurate in all material respects.&#160; To the extent required, the Company has obtained the written consent to the use of such data from such
          sources.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">6</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Disclosure Controls and Procedures; Deficiencies in or Changes to Internal Control Over Financial Reporting</u>. The Company has established and maintains
          disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), which (i) are designed to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to the
          Company&#8217;s principal executive officer and its principal financial officer by others within those entities, particularly during the periods in which the periodic reports required under the Exchange Act are being prepared; (ii) have been evaluated
          by management of the Company for effectiveness as of the end of the Company&#8217;s most recent fiscal quarter; and (iii) are effective in all material respects to perform the functions for which they were established.&#160; Based on the most recent
          evaluation of its disclosure controls and procedures, the Company is not aware of (A) any significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
          adversely affect the Company&#8217;s ability to record, process, summarize and report financial information or (B) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#8217;s internal
          control over financial reporting.&#160; The Company is not aware of any change in its internal control over financial reporting that has occurred during its most recent fiscal quarter that has materially affected, or is reasonably likely to materially
          affect, the Company&#8217;s internal control over financial reporting.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>The Agreement</u>. This Agreement has been duly authorized, executed and delivered by the Company.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Authorization of the Shares</u>. The 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 validly issued, fully paid and nonassessable, and the issuance and sale of the Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to
          subscribe for or purchase the Shares.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Applicable Registration or Other Similar Rights</u>.&#160; There are no persons with registration or other similar rights to have any equity or debt securities
          registered for sale under the Registration Statement or included in the offering contemplated by this Agreement, except for such rights as have been duly waived.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Material Adverse Change</u>.&#160; Except as otherwise disclosed in the Registration Statement and the Prospectus, subsequent to the respective dates as of which
          information is given in the Registration Statement and the Prospectus: (i)&#160;there has been no material adverse change, or any development that would reasonably be expected to result in a material adverse change, in the condition, financial or
          otherwise, or in the earnings, business, properties, operations, assets, liabilities or prospects, whether or not arising from transactions in the ordinary course of business, of the Company and its Subsidiary (as defined herein), considered as
          one entity (any such change being referred to herein as a &#8220;<font style="font-weight: bold;">Material Adverse Change</font>&#8221;); (ii)&#160;the Company and its Subsidiary, considered as one entity, have not incurred any material liability or obligation,
          indirect, direct or contingent, including without limitation any losses or interference with their respective businesses from fire, explosion, flood, earthquakes, accident or other calamity, whether or not covered by insurance, or from any
          strike, labor dispute or court or governmental action, order or decree, that are material, individually or in the aggregate, to the Company or its Subsidiary, or entered into any transactions not in the ordinary course of business; and (iii)
          there has not been any material decrease in the share capital or any material increase in any short-term or long-term indebtedness of the Company or its Subsidiary and there has been no dividend or distribution of any kind declared, paid or made
          by the Company or its Subsidiary or any repurchase or redemption by the Company or its Subsidiary of any class of share capital.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">7</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Independent Accountants</u>. Kesselman &amp; Kesselman, a member firm of PricewaterhouseCoopers International Limited (&#8220;<font style="font-weight: bold;">Kesselman
            &amp; Kesselman</font>&#8221;), which has expressed its opinion with respect to the financial statements (which term as used in this Agreement includes the related notes thereto) filed with the Commission as a part of the Registration Statement and
          the Prospectus is (i) an independent public or certified public accountant as required by the Securities Act and the Exchange Act, (ii) in compliance with the applicable requirements relating to the qualification of accountants under Rule 2-01 of
          Regulation S-X and (iii) a registered public accounting firm as defined by the Public Company Accounting Oversight Board (the &#8220;<font style="font-weight: bold;">PCAOB</font>&#8221;) whose registration has not been suspended or revoked and who has not
          requested such registration to be withdrawn.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Preparation of the Financial Statements</u>.&#160; The financial statements filed with the Commission as a part of the Registration Statement and the Prospectus
          present fairly, in all material respects, the consolidated financial position of the Company and its Subsidiary as of the dates indicated and the results of operations, changes in shareholders&#8217; equity and cash flows for the periods specified.&#160;
          Such financial statements have been prepared in conformity with generally accepted accounting principles as applied in the United States (&#8220;<font style="font-weight: bold;">GAAP</font>&#8221;) applied on a consistent basis throughout the periods
          involved, except as may be expressly stated in the related notes thereto.&#160; No other financial statements or supporting schedules are required to be included in the Registration Statement or the Prospectus. The financial data set forth in the
          Prospectus under the caption &#8220;Capitalization&#8221; fairly presents, in all material respects, the information set forth therein on a basis consistent with that of the audited financial statements contained or incorporated by reference in the
          Registration Statement and the Prospectus.&#160; All disclosures contained in the Registration Statement, the Prospectus or any Free Writing Prospectus that constitute non-GAAP financial measures (as defined by the rules and regulations under the
          Securities Act and the Exchange Act) comply with Regulation G under the Exchange Act and Item 10 of Regulation S-K under the Securities Act, as applicable.&#160; To the Company&#8217;s knowledge, no person who has been suspended or barred from being
          associated with a registered public accounting firm, or who has failed to comply with any sanction pursuant to Rule 5300 promulgated by the PCAOB, has participated in or otherwise aided the preparation of, or audited, the financial statements,
          supporting schedules or other financial data filed with the Commission as a part of the Registration Statement and the Prospectus.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Company&#8217;s Accounting System</u>.&#160; The Company makes and keeps accurate books and records and maintains a system of internal accounting controls designed and
          which the Company reasonably believes is sufficient to provide reasonable assurance that: (i)&#160;transactions are executed in accordance with management&#8217;s general or specific authorization; (ii)&#160; transactions are recorded as necessary to permit
          preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii)&#160;access to assets is permitted only in accordance with management&#8217;s general or specific authorization; and (iv)&#160;the recorded
          accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">8</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Incorporation and Good Standing of the Company</u><font style="font-style: italic;">.</font>&#160; The Company has been duly organized and is validly existing as a
          company under the laws of the State of Israel and has the corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement and the Prospectus and to enter into and
          perform its obligations under this Agreement.&#160; The Company is duly qualified to transact business and is in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of
          property or the conduct of business, except for such failure to be so qualified or in good standing as could not be expected, individually or in the aggregate, to have a material adverse effect on the condition (financial or other), earnings,
          business, properties, operations, assets, liabilities or prospects of the Company and its Subsidiary taken as a whole (a &#8220;<font style="font-weight: bold;">Material Adverse Effect&#8221;</font>).&#160; The Company has not been designated as a &#8220;breaching
          company&#8221; (within the meaning of the Israeli Companies Law 5759-1999) by the Registrar of Companies of the State of Israel.&#160; The certificate of incorporation, memorandum of association, articles of association and other organizational documents of
          the Company comply with the requirements of applicable Israeli law and are in full force and effect.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Incorporation and Good Standing of the Company&#8217;s Subsidiary</u>.&#160; The Company has one subsidiary (as defined in Rule 405 under the Securities Act), Sol-Gel
          Technologies, Inc., a corporation organized under the laws of Delaware (the &#8220;<font style="font-weight: bold;">Subsidiary</font>&#8221;). The Subsidiary has been duly incorporated and is validly existing as a corporation, in good standing under the laws
          of the jurisdiction of its incorporation and has the power and authority (corporate or other) to own, lease and operate its properties and to conduct its business as described in the Prospectus and is duly qualified as a foreign corporation to
          transact business and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business.&#160; All of the issued and outstanding capital stock or
          other equity or ownership interests of the Subsidiary have been duly authorized and validly issued, are fully paid and nonassessable and are owned by the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance or
          adverse claim.&#160; The Company does not own control, directly or indirectly, any corporation, association or other entity other than the Subsidiary.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Capitalization and Other Share Capital Matters</u>.&#160; The authorized, issued and outstanding share capital of the Company is as set forth in the Registration&#160;
          Statement and the Prospectus under the caption &#8220;Capitalization&#8221; (other than for subsequent issuances, if any, pursuant to employee benefit plans, or upon the exercise of outstanding options or warrants, in each case described in the Prospectus).&#160;
          The share capital of the Company, including the Ordinary Shares and the Shares, conforms in all material respects to each description thereof contained in the Prospectus.&#160; All of the issued and outstanding Ordinary Shares have been duly
          authorized and validly issued, are fully paid and nonassessable and have been issued in compliance with all federal, state and local, including Israeli, securities laws.&#160; None of the outstanding Ordinary Shares was issued in violation of any
          preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase securities of the Company.&#160; The form of certificates for the Ordinary Shares conforms to the corporate law of the jurisdiction of the Company&#8217;s
          organization and to any requirements of the Company&#8217;s organizational documents.&#160; There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase, or equity or debt securities
          convertible into or exchangeable or exercisable for, any share capital of the Company or its Subsidiary other than those described in the Registration Statement and the Prospectus.&#160; The descriptions of the Company&#8217;s equity compensation plans or
          arrangements, and the options or other rights granted thereunder, set forth in the Registration Statement and the Prospectus accurately and fairly present, in all material respects, the information required to be shown with respect to such plans,
          arrangements, options and rights.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">9</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>Stock Exchange Listing</u>. The Ordinary Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the Nasdaq Global Market, and
          the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act or delisting the Ordinary Shares from the Nasdaq Global Market, nor has the Company received
          any notification that the Commission or the Nasdaq Global Market is contemplating terminating such registration or listing.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Non-Contravention of Existing Instruments; No Further Authorizations or Approvals Required</u>.&#160; Neither the Company nor its Subsidiary is in violation of its
          memorandum of association, articles of association, charter or by-laws, partnership agreement or operating agreement or similar organizational document, as applicable, or is in default (or, with the giving of notice or lapse of time, would be in
          default) (&#8220;<font style="font-weight: bold;">Default</font>&#8221;) under any indenture, loan, credit agreement, note, lease, license agreement, contract, franchise or other instrument (including, without limitation, any pledge agreement, security
          agreement, mortgage or other instrument or agreement evidencing, guaranteeing, securing or relating to indebtedness) to which the Company or its Subsidiary is a party or by which it may be bound, or to which any of the property or assets of the
          Company or its Subsidiary is subject, including any instrument of approval granted to the Company or its Subsidiary by the Israel Innovation Authority of the Israeli Ministry of Economy and Industry (the &#8220;<font style="font-weight: bold;">IIA</font>&#8221;)
          (each, an &#8220;<font style="font-weight: bold;">Existing Instrument</font>&#8221;), except for such Defaults as could not be expected, individually or in the aggregate, to have a Material Adverse Effect.&#160; The Company&#8217;s execution, delivery and performance
          of this Agreement, consummation of the transactions contemplated hereby and by the Registration Statement and the Prospectus and the issuance and sale of the Shares (including the use of proceeds from the sale of the Shares as described in the
          Registration Statement and the Prospectus under the caption &#8220;Use of Proceeds&#8221;) (i)&#160;have been duly authorized by all necessary corporate action and will not result in any violation of the provisions of the memorandum of association, articles of
          association, charter or by-laws, partnership agreement or operating agreement or similar organizational document of the Company or its Subsidiary, as applicable; (ii)&#160;will not conflict with or constitute a breach of, or Default or a Debt
          Repayment Triggering Event (as defined below) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or its Subsidiary pursuant to, or require the consent of any other party
          to, any Existing Instrument, except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; and (iii)&#160;will not result in any violation of any law, administrative regulation or administrative or
          court decree applicable to the Company or its Subsidiary, except as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.&#160; No consent, approval, authorization or other order of, or registration or
          filing with, any court or other governmental or regulatory authority or agency, is required for, or in connection with, the Company&#8217;s execution, delivery and performance of this Agreement and consummation of the transactions contemplated hereby
          and by the Registration Statement and the Prospectus, except (A) such as have been obtained or made by the Company and are in full force and effect under the Securities Act and such as may be required under applicable state securities or blue sky
          laws or the Financial Industry Regulatory Authority, Inc. (&#8220;<font style="font-weight: bold;">FINRA</font>&#8221;) and (B) the filing of certain notices with the Registrar of Companies of the State of Israel regarding the issuance of the Shares or the
          filing of certain information following each Settlement Date with the Authority for Investment and Development of Industry and the Economy of the State of Israel (formerly known as the Investment Center) of the Israeli Ministry of Economy and
          Industry (the &#8220;<font style="font-weight: bold;">Investment Center</font>&#8221;) and the IIA. As used herein, a &#8220;<font style="font-weight: bold;">Debt Repayment Triggering Event</font>&#8221; means any event or condition which gives, or with the giving of
          notice or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&#8217;s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such
          indebtedness by the Company or its Subsidiary.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">10</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <u>No Material Actions or Proceedings</u>.&#160; There is no action, suit, proceeding, inquiry or investigation brought by or before any governmental entity now
          pending or, to the knowledge of the Company, threatened,&#160;against or affecting the Company or its Subsidiary, which would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or materially and adversely
          affect the consummation of the transactions contemplated by this Agreement or the performance by the Company of its obligations hereunder; and the aggregate of all pending legal or governmental proceedings to which the Company or its Subsidiary
          is a party or of which any of their respective properties or assets is the subject, including ordinary routine litigation incidental to its business, if determined adversely to the Company or its Subsidiary, would not reasonably be expected to
          have a Material Adverse Effect.&#160; No material labor dispute with the employees of the Company or its Subsidiary, or with the employees of any principal supplier, manufacturer, customer or contractor of the Company, exists or, to the knowledge of
          the Company, is threatened or imminent.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>Intellectual Property Rights</u>.&#160; The Company and its Subsidiary own or possess sufficient legal rights to all inventions, patent applications,
          patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual property described in the Registration Statement or the Prospectus as being owned or licensed by them or which are necessary for the conduct of
          their businesses as currently conducted or as currently proposed to be conducted covering or directed to the products and product candidates as disclosed in the Registration Statement or the Prospectus (collectively, &#8220;<font style="font-weight: bold;">Intellectual Property</font>&#8221;).&#160; To the Company&#8217;s knowledge: (i) there are no third parties who have rights to any Intellectual Property; and (ii) there is no infringement by third parties of any granted patents of the Intellectual
          Property.&#160; There is no pending or, to the Company&#8217;s knowledge, threatened action, suit, proceeding or claim by others: (A) challenging the Company&#8217;s or its Subsidiary&#8217;s rights in or to any Intellectual Property, and the Company is unaware of any
          facts which would form a reasonable basis for any such action, suit, proceeding or claim and which would be expected to have, individually or in the aggregate, a Material Adverse Effect; (B) challenging the validity or enforceability of any
          Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim and which would be expected to have, individually or in the aggregate, a Material Adverse Effect; or
          (C) asserting that the Company or its Subsidiary infringes a third party patent upon commercialization of any product or service described in the Registration Statement or the Prospectus as under development, or violates any trademark, trade
          names, service name, copyright, trade secret or other proprietary rights of others, and the Company is unaware of any facts which would form a reasonable basis for any such action, suit, proceeding or claim and which would be expected to have,
          individually or in the aggregate, a Material Adverse Effect.&#160; The Company and its Subsidiary have complied with the terms of each agreement pursuant to which Intellectual Property has been licensed to the Company or its Subsidiary, as applicable,
          and all such agreements are in full force and effect, except as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.&#160; The product candidates described in the Registration Statement or the
          Prospectus as under development by the Company fall within the scope of the claims of one or more patents owned by, or exclusively licensed to, the Company.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">11</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>All Necessary Permits, etc.</u>&#160; Each of the Company and its Subsidiary possesses such valid and current certificates, authorizations or permits required by
          state, federal or foreign, including Israeli, regulatory agencies or bodies to conduct their businesses as currently conducted and as described in the Registration Statement or the Prospectus (&#8220;<font style="font-weight: bold;">Permits</font>&#8221;),
          except where failure to possess such Permits would not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.&#160; Neither the Company nor its Subsidiary is in violation of, or in default under, any of the
          Permits and has not received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any Permits which, individually or in the aggregate, would reasonably be expected to result in a Material Adverse
          Effect.&#160; Neither the Company nor its Subsidiary has received any written notice denying, revoking or modifying any grants or benefits from the IIA or the Investment Center (including, in all such cases, notice of proceedings or investigations
          related thereto).&#160; All information supplied by the Company or its Subsidiary with respect to the applications or notifications relating to grants and benefits from the IIA and/or the Investment Center was true, correct and complete in all
          material respects when supplied to the appropriate authorities.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Title to Properties</u>.&#160; Each of the Company and its Subsidiary has good and marketable title to all of the real and personal property and other assets
          reflected as owned in the financial statements referred to in <u>Section 2(m)</u> above (or elsewhere in the Registration Statement or the Prospectus), in each case free and clear of any security interests, mortgages, liens, encumbrances,
          equities, adverse claims and other defects, except such as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.&#160; The real property, improvements, equipment and personal property held under lease
          by the Company or its Subsidiary are held under valid and enforceable leases, with such exceptions as are not material and do not materially interfere with the use made or proposed to be made of such real property, improvements, equipment or
          personal property by the Company or such subsidiary.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Tax Law Compliance</u>.&#160; The Company and its Subsidiary are not, and have not been, required to file any United States (federal, state and local) or non-Israeli
          income and franchise tax returns.&#160; The Company has filed all material Israeli income tax returns or has properly requested extensions thereof and has paid all taxes required to be paid by it and, if due and payable, any related or similar
          assessment, fine or penalty levied against it except, in each case, to the extent the requirement to file such tax returns or pay such taxes is being contested in good faith and by appropriate proceedings or the failure to do so could not be
          expected, individually or in the aggregate, to have a Material Adverse Effect.&#160; The Company has made adequate charges, accruals and reserves in the applicable financial statements referred to in <u>Section 2(m)</u> above in respect of all
          Israeli income taxes for all periods as to which the tax liability of the Company has not been finally determined except to the extent the failure to do so could not be expected, individually or in the aggregate, to have a Material Adverse
          Effect.&#160; No transaction, stamp or other issuance or transfer taxes or duties, and assuming that Agent is not otherwise subject to taxation in Israel due to Israeli tax residence or the existence of a permanent establishment in Israel, then no
          capital gains, income, withholding or other taxes are payable by or on behalf of Agent to the State of Israel or to any political subdivision or authority thereof or therein in connection with (i) the issuance, sale and delivery of the Shares by
          the Company; (ii) the purchase from the Company, and the initial sale and delivery by the Agent, of the Shares to purchasers thereof; (iii) the holding or transfer of the Shares; or (iv) the execution and delivery of this Agreement or any other
          document to be furnished hereunder.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">12</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Company Not an &#8220;Investment Company.&#8221;</u>&#160; The Company is not, and will not be, either after receipt of payment for the Shares or after the application of the
          proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in the Registration Statement and the Prospectus, required to register as an &#8220;investment company&#8221; under the Investment Company Act of 1940, as amended (the &#8220;<font style="font-weight: bold;">Investment
            Company Act</font>&#8221;).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Insurance</u>.&#160; Except as otherwise disclosed in the Registration Statement and the Prospectus, the Company is insured by recognized, financially sound and
          reputable institutions with policies in such amounts and with such deductibles and covering such risks as are generally deemed adequate and customary for their businesses including, but not limited to, policies covering real and personal property
          owned or leased by the Company against theft, damage, destruction, acts of vandalism and earthquakes and policies covering the Company for product liability claims and clinical trial liability claims. The Company has no reason to believe that it
          will not be able (i)&#160;to renew its existing insurance coverage as and when such policies expire or (ii)&#160;to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a
          cost that would not reasonably be expected to have a Material Adverse Effect. The Company has not been denied any insurance coverage which it has sought or for which it has applied.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Price Stabilization or Manipulation; Compliance with Regulation M</u>.&#160; The Company has not taken, directly or indirectly, any action designed to or that
          would reasonably be expected to cause or result in stabilization or manipulation of the price of the Shares or any other &#8220;reference security&#8221; (as defined in Rule 100 of Regulation M under the Exchange Act (<font style="font-weight: bold;">&#8220;Regulation
            M&#8221;</font>)) with respect to the Shares, whether to facilitate the sale or resale of the Shares or otherwise, and has taken no action which would directly or indirectly violate Regulation M.&#160;&#160; In addition, the Company has not engaged in any form
          of solicitation, advertising or other action constituting an offer or a sale under the Israeli Securities Law 5728-1968, as amended (the &#8220;<font style="font-weight: bold;">Israeli Securities Law</font>&#8221;) and the regulations promulgated thereunder
          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.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Related-Party Transactions</u>.&#160; There are no business relationships or related-party transactions involving the Company or its Subsidiary or any other person
          required to be described in the Registration Statement or the Prospectus that have not been described as required.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>FINRA Matters</u>.&#160; All of the information provided to the Agent or to counsel for the Agent by the Company, its officers and directors and, to the Company&#8217;s
          knowledge, its counsel 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 Shares is true, complete and correct in all material respects and compliant with
          FINRA&#8217;s rules and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is true, complete and correct in all material respects.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">13</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Unlawful Contributions or Other Payments</u>.&#160;&#160; Neither the Company nor its Subsidiary nor, to the Company&#8217;s knowledge, any employee or agent of the Company
          or its Subsidiary, has made any contribution or other payment to any official of, or candidate for, any federal, state or foreign office in violation of any law or of the character required to be disclosed in the Registration Statement or the
          Prospectus.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with Environmental Laws</u>.&#160; Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i)
          neither the Company nor its Subsidiary is in violation of any applicable Israeli or United States (federal, state or local) or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative
          interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater,
          land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or
          petroleum products (collectively, &#8220;<font style="font-weight: bold;">Hazardous Materials</font>&#8221;) or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, &#8220;<font style="font-weight: bold;">Environmental Laws</font>&#8221;); (ii) the Company and its Subsidiary have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements;
          (iii) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against
          the Company or&#160; its Subsidiary; and (iv) there are no events or circumstances that might reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body
          or agency, against or affecting the Company or its Subsidiary relating to Hazardous Materials or any Environmental Laws.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Periodic Review of Costs of Environmental Compliance</u>.&#160; In the ordinary course of its business, the Company conducts a periodic review of the effect of
          Environmental Laws on the business, operations and properties of the Company, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for
          clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties).&#160; No facts or circumstances have come to the
          Company&#8217;s attention that could result in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>Benefit Plan Compliance</u>.&#160; Each benefit, pension and compensation plan, agreement policy and arrangement that is maintained, administered or
          contributed to by the Company or its Subsidiary for current or former employees or directors of the Company or its Subsidiary, or with respect to which any of such entities could reasonably be expected to have any current, future or contingent
          liability or responsibility, has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, except as would not individually or in the aggregate be expected to have a Material
          Adverse Effect and except with respect to matters over which neither the Company nor its Subsidiary has control; the Company and its Subsidiary have complied with all applicable statutes, orders, rules and regulations in regard to such plans,
          agreements, policies and arrangements, except as would not individually or in the aggregate be expected to have a Material Adverse Effect; and the fair market value of the assets of each such plan, agreement, policy and arrangement which is
          required or intended to be funded (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued or earned or payments due under such plan, agreement, policy or arrangement determined using
          reasonable actuarial assumptions, except as would not be expected to have, individually or in the aggregate, a Material Adverse Effect.&#160; The liabilities reflected on the relevant entity&#8217;s financial statements with respect to each such plan,
          agreement, policy and arrangement which is not required or intended to be funded accurately reflects the present value of all benefits earned or accrued or payments due under such plan, agreement, policy or arrangement determined using reasonable
          actuarial assumptions.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">14</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Broker</u><u>s</u>.&#160; Except pursuant to this Agreement, there is no broker, finder or other party that is entitled to receive from the Company any brokerage or
          finder&#8217;s fee or other fee or commission as a result of any transactions contemplated by this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance with Laws</u>. The Company and its Subsidiary have been and are in compliance with all applicable laws, rules and regulations, except where failure
          to be so in compliance would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Foreign Corrupt Practices Act</u>.&#160; Neither the Company nor its Subsidiary, nor any director or officer of the Company or its Subsidiary, nor, to the knowledge
          of the Company, any agent, employee, affiliate or other person acting on behalf of the Company or its Subsidiary has, in the course of its actions for, or on behalf of, the Company or its Subsidiary: (i) used any corporate funds for any unlawful
          contribution, gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any domestic government official, &#8220;foreign official&#8221; (as defined in the U.S. Foreign Corrupt
          Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the &#8220;<font style="font-weight: bold;">FCPA</font>&#8221;)) or employee from corporate funds; (iii) violated or is in violation of any provision of the FCPA or
          any applicable non-U.S. anti-bribery statute or regulation; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic government official, such foreign official or employee; and the
          Company and its Subsidiary and, to the knowledge of the Company, the Company&#8217;s affiliates have conducted their respective businesses in compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and
          which are reasonably expected to continue to ensure, continued compliance therewith.&#160; The foregoing representation and warranty shall also be deemed given regarding laws of non-U.S. jurisdictions similar to the FCPA, including, without
          limitation, Sections 291 and 291A of the Israel Penal Law 5737-1977 and the rules and regulations thereunder.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(kk)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Money Laundering Laws</u>.&#160; The operations of the Company and its Subsidiary are, and have been conducted at all times, in compliance with applicable financial
          recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related or similar
          applicable rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#8220;<font style="font-weight: bold;">Money Laundering Laws</font>&#8221;) and no action, suit or proceeding by or before any court
          or governmental agency, authority or body or any arbitrator involving the Company or its Subsidiary with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">15</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ll)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Clinical Data and Regulatory Compliance</u>. The preclinical tests and clinical trials, and other studies (collectively, &#8220;<font style="font-weight: bold;">studies</font>&#8221;)
          that are described in the Registration Statement or the Prospectus were and, if still pending, are being conducted in all material respects in accordance with the protocols, procedures and controls designed and approved for such studies and with
          standard medical and scientific research procedures and the applicable laws, rules and regulations of the Food and Drug Administration of the U.S. Department of Health and Human Services (&#8220;<font style="font-weight: bold;">FDA</font>&#8221;); each
          description of the results of such studies is accurate and complete in all material respects and fairly presents the data derived from such studies, and the Company has no knowledge of any other studies the results of which are inconsistent with,
          or otherwise call into question, the results described or referred to in the Registration Statement or the Prospectus; the Company and its Subsidiary have made all such filings and obtained all such approvals as may be required by the Israeli
          Ministry of Health, the FDA or any committee thereof or from any other U.S., Israeli or foreign government or drug or medical device regulatory agency, or health care facility Institutional Review Board (collectively, the &#8220;<font style="font-weight: bold;">Regulatory Agencies</font>&#8221;); neither the Company nor its Subsidiary has received any notice of, or correspondence from, any Regulatory Agency requiring the termination, suspension or modification of any clinical
          trials that are described or referred to in the Registration Statement or the Prospectus; and the Company and its Subsidiary have operated and currently are in compliance in all material respects with all applicable rules, regulations and
          policies of the Regulatory Agencies.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(mm)&#160;&#160;&#160;&#160;&#160; <u>OFAC</u>.&#160; Neither the Company nor any director or officer of the Company or its Subsidiary nor, to the knowledge of the Company, after due inquiry, any agent,
          employee, affiliate or person acting on behalf of the Company or its Subsidiary is currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (&#8220;<font style="font-weight: bold;">OFAC</font>&#8221;),
          the United Nations Security Council, the European Union, Her Majesty&#8217;s Treasury, or similar laws or rules of the State of Israel (collectively, &#8220;<font style="font-weight: bold;">Sanctions</font>&#8221;), nor is the Company or its Subsidiary located,
          organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to any subsidiary,
          or any joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person, or in any country or territory, that currently is the subject to any Sanctions, or in any other manner that will
          result in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of such Sanctions.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(nn)&#160;&#160;&#160;&#160;&#160;&#160; <u>Compliance with the Sarbanes-Oxley Act</u>.&#160; The Company is in compliance in all material respects with all provisions of the Sarbanes-Oxley Act of 2002 and all
          rules and regulations promulgated thereunder or implementing the provisions thereof (collectively, the &#8220;<font style="font-weight: bold;">Sarbanes-Oxley Act</font>&#8221;) that are in effect and with which the Company is required to comply, and is or
          will be taking steps to ensure that it will be in compliance in all material respects with other provisions of the Sarbanes-Oxley Act not currently in effect, upon the effectiveness of such provisions.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">16</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(oo)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Submission to Jurisdiction</u>.&#160; The Company has the power to submit, and pursuant to <u>Section 8(g)</u> of this Agreement, has legally, validly, effectively
          and irrevocably submitted, to the personal jurisdiction of each United States federal court and New York state court located in the Borough of Manhattan, in the City of New York, New York, U.S.A. (each, a &#8220;<font style="font-weight: bold;">New
            York Court</font>&#8221;), and the Company has the power to designate, appoint and authorize, and pursuant to <u>Section 8(g)</u> of this Agreement, has legally, validly, effectively and irrevocably designated, appointed and authorized an agent for
          service of process in any action arising out of or relating to this Agreement or the Shares in any New York Court, and service of process effected on such authorized agent will be effective to confer valid personal jurisdiction over the Company
          as provided in <u>Section 8(g)</u> hereof.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(pp)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Rights of Immunity</u>.&#160; Except as provided by laws or statutes generally applicable to transactions of the type described in this Agreement, neither the
          Company nor any of its respective properties, assets or revenues has any right of immunity under the laws of the State of Israel, New York or United States law, from any legal action, suit or proceeding, from the giving of any relief in any such
          legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Israeli, New York or United States federal court, from service of process, attachment upon or prior judgment, or attachment in aid of execution of
          judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court, with respect to its obligations, liabilities or any other matter under or
          arising out of or in connection with this Agreement.&#160; To the extent that the Company or any of its respective properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which
          proceedings may at any time be commenced, the Company waives or will waive such right to the extent permitted by law and has consented to such relief and enforcement as provided in <u>Section 8(g)</u> of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(qq)&#160;&#160;&#160;&#160;&#160;&#160; <u>Forward-Looking Statements</u>.&#160; 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 or the Prospectus (i) 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 and (ii) is accompanied by meaningful cautionary statements identifying those factors that could cause actual results to differ materially from those in such forward-looking statement. No
          such statement was made with the knowledge of an executive officer or director of the Company that it was false or misleading.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(rr)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Rights to Purchase Preferred Shares</u>.&#160; The issuance and sale of the Shares as contemplated hereby will not cause any holder of any share capital,
          securities convertible into or exchangeable or exercisable for share capital or options, warrants or other rights to purchase share capital or any other securities of the Company or its Subsidiary to have any right to acquire any preferred shares
          of the Company or its Subsidiary.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ss)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Contract Terminations</u>.&#160; Neither the Company nor its Subsidiary has sent or received any communication regarding termination of, or intent not to renew,
          any of the contracts or agreements referred to or described in the Prospectus or any Free Writing Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been
          threatened by the Company or its Subsidiary or, to the Company&#8217;s knowledge, any other party to any such contract or agreement, which threat of termination or non-renewal has not been rescinded as of the date hereof.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">17</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(tt)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Compliance with Israeli Law</u>.&#160; All corporate approvals on the part of the Company, including under Chapter 5 of Part VI of the Israeli Companies Law,
          5759-1999, for the offer or sale of Shares and the transactions contemplated hereby have been obtained.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(uu)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Company Stock Plans</u>.&#160; With respect to the stock options (the &#8220;<font style="font-weight: bold;">Stock Options</font>&#8221;) granted pursuant to the stock-based
          compensation plans of the Company (the &#8220;<font style="font-weight: bold;">Company Stock Plans</font>&#8221;): (i) each grant intended to qualify for the &#8220;capital gains track&#8221; of Section 102 of the Israel Income Tax Ordinance (New Version), 5721-1961 so
          qualifies; (ii) each grant of a Stock Option has been duly authorized, approved or ratified by all necessary corporate action, including, as applicable, approval or ratification by the compensation committee of the Company, the board of directors
          of the Company and any required shareholder approval, and the award agreement governing such grant (if any) was duly executed and delivered by each party thereto; (iii) each such grant was made in accordance with the terms of the Company Stock
          Plans and all other applicable laws and regulatory rules or requirements; and (iv) each such grant was properly accounted for in accordance with GAAP in the financial statements (including the related notes) of the Company.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Any certificate signed by any officer of the Company or its Subsidiary and delivered to the Agent or to counsel for the Agent in connection with the offering, or the purchase
          and sale of, the Shares shall be deemed a representation and warranty by the Company to the Agent as to the matters covered thereby.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company has a reasonable basis for making each of the representations set forth in this <u>Section 2</u>.&#160; The Company acknowledges that the Agent and, for purposes of the
          opinions to be delivered pursuant to <u>Section 4(r)</u> hereof, counsel to the Company and counsel to the Agent, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 3.&#160; ISSUANCE AND SALE OF ORDINARY SHARES</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Sale of Securities</u>.&#160; On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set
          forth, the Company and the Agent agree that the Company may from time to time seek to sell Shares through the Agent, acting as sales agent, or directly to the Agent, acting as principal, as follows, with an aggregate Sales Price of up to the
          Maximum Program Amount, based on and in accordance with Issuance Notices as the Company may deliver, during the Agency Period.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Mechanics of Issuances</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
          <div style="text-indent: 36pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Issuance Notice</u>.&#160; Upon the terms and subject to the conditions set forth herein, on any Trading Day during the Agency Period on which the conditions set forth in <u>Section
              5(a)</u> and <u>Section 5(a)(i)</u> shall have been satisfied, the Company may exercise its right to request an issuance of Shares by delivering to the Agent an Issuance Notice; <font style="font-style: italic;">provided, however</font>,
            that (A) in no event may the Company deliver an Issuance Notice to the extent that the sum of (x) the aggregate Sales Price of the requested Issuance Amount, plus (y) the aggregate Sales Price of all Shares issued under all previous Issuance
            Notices effected pursuant to this Agreement, would exceed the Maximum Program Amount; and (B) prior to delivery of any Issuance Notice, the Selling Period for any previous Issuance Notice shall have expired or been terminated.&#160; An Issuance
            Notice shall be considered delivered on the Trading Day that it is received by e&#8209;mail to the persons so identified in writing by the Agent and confirmed by the Company by telephone (including a voicemail message to the persons so identified),
            with the understanding that, with adequate prior written notice, the Agent may modify the list of such persons from time to time.</div>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">18</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agent Efforts</u>.&#160; Upon the terms and subject to the conditions set forth in this Agreement, upon the receipt of an Issuance Notice, the Agent will use its
          commercially reasonable efforts consistent with its normal sales and trading practices to place the Shares with respect to which the Agent has agreed to act as sales agent, subject to, and in accordance with the information specified in, the
          Issuance Notice, unless the sale of the Shares described therein has been suspended, cancelled or otherwise terminated in accordance with the terms of this Agreement.&#160; For the avoidance of doubt, (A) the parties to this Agreement may modify an
          Issuance Notice at any time, provided they both agree in writing to any such modification, and (B) the Company may modify or rescind an Issuance Notice and terminate the Selling Period at any time in its sole discretion upon written notice to the
          Agent.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Method of Offer and Sale</u>.&#160; Subject to the terms of the Issuance Notice, the Shares may be offered and sold (A) in privately negotiated transactions with
          the consent of the Company, (B) as block transactions or (C) by any other method or payment permitted by law deemed to be an &#8220;at the market&#8221; offering as defined in Rule 415 under the Securities Act, including sales made directly on the Principal
          Market or sales made to or through a market maker or through an electronic communications network.&#160; Nothing in this Agreement shall be deemed to require either party to agree to the method of offer and sale specified in the preceding sentence,
          and (except as specified in clauses (A) and (B) above) the method of placement of any Shares by the Agent shall be at the Agent&#8217;s discretion. The Company may also sell Shares to the Agent as principal at a price and on terms agreed upon by the
          Company and the Agent.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Confirmation to the Company</u>.&#160; If acting as sales agent hereunder, the Agent will provide written confirmation to the Company no later than the opening of
          the Trading Day next following the Trading Day on which it has placed Shares hereunder setting forth the number of shares sold on such Trading Day, the corresponding Sales Price and the Issuance Price payable to the Company in respect thereof.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Settlement</u>.&#160; Each issuance of Shares will be settled on the applicable Settlement Date for such issuance of Shares and, subject to the provisions of <u>Section
            5</u>, on or before each Settlement Date, the Company will, or will cause its transfer agent to, electronically transfer the Shares being sold by crediting the Agent&#8217;s or its designee&#8217;s account at The Depository Trust Company through its
          Deposit/Withdrawal At Custodian (DWAC) System, or by such other means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Shares, which in all cases shall be freely tradable, transferable, registered shares
          in good deliverable form, the Agent will deliver, by wire transfer of immediately available funds, the related Issuance Price in same day funds delivered to an account designated by the Company prior to the Settlement Date.&#160; The Company may sell
          Shares to the Agent as principal at a price agreed upon at each relevant time Shares are sold pursuant to this Agreement (each, a &#8220;<font style="font-weight: bold;">Time of Sale</font>&#8221;).</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">19</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Suspension or Termination of Sales</u>.&#160; The Company may, upon notice to the Agent in writing or by telephone (confirmed immediately by verifiable email),
          suspend any sale of Shares, and the Selling Period shall immediately terminate; <font style="font-style: italic;">provided, however</font>, that (A) such suspension and termination shall not affect or impair either party&#8217;s obligations with
          respect to any Shares placed or sold hereunder prior to the receipt of such notice; (B) if the Company suspends or terminates any sale of Shares after the Agent confirms such sale to the Company, the Company shall still be obligated to comply
          with <u>Section 3(b)</u><u>(v)</u> with respect to such Shares; and (C) if the Company defaults in its obligation to deliver Shares on a Settlement Date, the Company agrees that it will hold the Agent harmless against any loss, claim, damage or
          expense (including, without limitation, penalties, interest and reasonable legal fees and expenses), as incurred, arising out of or in connection with such default by the Company. The parties hereto acknowledge and agree that, in performing its
          obligations under this Agreement, the Agent may borrow Ordinary Shares from stock lenders in the event that the Company has not delivered Shares to settle sales as required by subsection (v) above, and may use the Shares to settle or close out
          such borrowings. The Company agrees that no such notice shall be effective against the Agent unless it is made to the persons identified in writing by the Agent pursuant to <u>Section 3(b)</u><u>(i)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(vii)&#160;&#160;&#160;&#160;&#160;&#160; <u>No Guarantee of Placement, etc.</u>&#160; The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in placing Shares,
          (B) the Agent will incur no liability or obligation to the Company or any other Person if it does not sell Shares, and (C)&#160;the Agent shall be under no obligation to purchase Shares on a principal basis pursuant to this Agreement, except as
          otherwise specifically agreed by the Agent and the Company.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(viii)&#160;&#160;&#160;&#160;&#160; <u>Material Non-Public Information.</u>&#160; Notwithstanding any other provision of this Agreement, the Company and the Agent agree that the Company shall not deliver
          any Issuance Notice to the Agent, and the Agent shall not be obligated to place any Shares, during any period in which the Company is in possession of material non-public information.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
          <div style="text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fees</u>.&#160; As compensation for services rendered, the Company shall pay to the Agent, on the applicable Settlement Date, the Selling Commission for the applicable Issuance Amount
            (including, if <u>applicable</u>, with respect to any suspended or terminated sale pursuant to <u>Section 3(b)(vi))</u> by the Agent deducting the Selling Commission from the applicable Issuance Amount. For the avoidance of doubt, the Selling
            Commission provided for in this <u>Section 3(c)</u> shall not apply when the Agent acts as principal, but rather such sales will be on the terms (including any selling commission payable to the Agent) agreed upon by the Company and the Agent.</div>
          <div style="line-height: 1.25;">&#160;</div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Expenses</u>.&#160; 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 without limitation (i) all expenses incident to the issuance and delivery of the Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer
          agent of the Shares, (iii) all necessary issue, transfer and other stamp taxes in connection with the issuance and sale of the Shares, (iv) all fees and expenses of the Company&#8217;s counsel, independent public or certified public accountants and
          other advisors, (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 Prospectus, any Free Writing Prospectus (as defined below) prepared by or on behalf of, used by, or referred to by the Company, and all amendments and supplements thereto, and this Agreement, (vi) all filing fees, attorneys&#8217; fees
          and expenses incurred by the Company or the Agent in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the 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 Agent, preparing and printing a &#8220;Blue Sky Survey&#8221; or memorandum and a &#8220;Canadian wrapper&#8221;, and any supplements thereto, advising the Agent of such qualifications,
          registrations, determinations and exemptions, (vii) the reasonable fees and disbursements of the Agent&#8217;s counsel, including the filing fees incident to, and the reasonable fees and expenses of counsel for the Agent in connection with, FINRA
          review, if any, and approval of the Agent&#8217;s participation in the offering and distribution of the Shares, (viii) the costs and expenses of the Company relating to investor presentations on any &#8220;road show&#8221; undertaken in connection with the
          marketing of the offering of the Shares, including, without limitation, expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and
          expenses of any consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses of the representatives, employees and officers of the Company and of the Agent and any such
          consultants, and the cost of any aircraft chartered in connection with the road show (<font style="font-style: italic;">provided, however</font>, that the Agent shall pay lodging, commercial airfare and other expenses attributable to employees of
          the Agent and one-half of the cost of any aircraft chartered in connection with any roadshow) and (ix) the fees and expenses associated with listing the Shares on the Nasdaq Global Market.&#160; The fees and disbursements of the Agent&#8217;s counsel
          pursuant to subsections (vi), (vii) and (viii) above shall not exceed $50,000.</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">20</font></div>
          <div style="page-break-after: always;" id="DSPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25; font-weight: bold;">Section 4.&#160; ADDITIONAL COVENANTS OF THE COMPANY</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company covenants and agrees with the Agent as follows, in addition to any other covenants and agreements made elsewhere in this Agreement:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exchange Act Compliance</u>.&#160; During the Agency Period, the Company shall (i) file, on a timely basis, with the Commission all reports and documents required to
          be filed under Section 13, 14 or 15 of the Exchange Act in the manner and within the time periods required by the Exchange Act, and (ii) either (A) include in its reports on Form 6-K or annual reports on Form 20-F a summary detailing, for the
          relevant reporting period, (I) the number of Shares sold through the Agent pursuant to this Agreement and (II) the net proceeds received by the Company from such sales or (B) prepare a prospectus supplement containing, or include in such other
          filing permitted by the Securities Act or Exchange Act (each an &#8220;<font style="font-weight: bold;">Interim Prospectus Supplement</font>&#8221;), such summary information and, at least once a quarter and subject to this <u>Section 4</u>, file such
          Interim Prospectus Supplement pursuant to Rule 424(b) under the Securities Act (and within the time periods required by Rule 424(b) and Rule 430B under the Securities Act)).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Securities Act Compliance</u>.&#160; After the date of this Agreement, the Company shall promptly advise the Agent in writing of: (i) the receipt of any comments of,
          or requests for additional or supplemental information from, the Commission relating to the Registration Statement or the Prospectus (including the documents incorporated by reference therein); (ii) the time and date of any filing of any
          post-effective amendment to the Registration Statement, any amendment or supplement to the Prospectus, or any Free Writing 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 the Prospectus or of any order preventing or suspending
          the use of any Free Writing Prospectus or the Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation 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.&#160; 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
          as soon as possible. Additionally, the Company agrees that it shall comply with the provisions of Rule 424(b) and Rule 433, as applicable, under the Securities Act and will use its reasonable efforts to confirm that any filings made by the
          Company under such Rule 424(b) or Rule 433 were received in a timely manner by the Commission.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">21</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Amendments and Supplements to the Prospectus and Other Securities Act Matters</u>.&#160; 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 Agent or counsel for the Agent it is otherwise
          necessary to amend or supplement the Prospectus to comply with applicable law, the Company agrees (subject to <u>Section 4(d)</u> and <u>Section 4(f)</u> hereof) to promptly prepare, file with the Commission and furnish, at its own expense, to
          the Agent, 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.&#160; Neither the Agent&#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 <u>Section 4(d)</u> and <u>Section
            4(f)</u>. Notwithstanding the foregoing, the Company shall not be required to file such amendment or supplement if there is no pending Issuance Notice and the Company believes that it is in its best interest not to file such amendment or
          supplement; <font style="font-style: italic;">provided, however</font>, that if the Company subsequently chooses to deliver an Issuance Notice to the Agent, the Company agrees to file such amendment or supplement prior to the delivery of such
          Issuance Notice.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Agent&#8217;s Review of Proposed Amendments and Supplements</u>.<font style="font-style: italic;">&#160; </font>Prior to amending or supplementing the Registration
          Statement or the Prospectus (excluding any amendment or supplement through incorporation of any report filed under the Exchange Act), the Company shall furnish to the Agent 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, insofar as such proposed amendment or supplement relates to the transactions contemplated hereby, and&#160; the Company shall not file or use any such
          proposed amendment or supplement without the Agent&#8217;s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.&#160; 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.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">22</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Use of Free Writing Prospectus</u>. Neither the Company nor the Agent has prepared, used, referred to or distributed, or will prepare, use, refer to or
          distribute, without the other party&#8217;s prior written consent, any &#8220;written communication&#8221; that constitutes a &#8220;free writing prospectus&#8221; as such terms are defined in Rule 405 under the Securities Act with respect to the offering contemplated by this
          Agreement (any such free writing prospectus being referred to herein as a &#8220;<font style="font-weight: bold;">Free Writing Prospectus</font>&#8221;).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Free Writing Prospectuses</u>.&#160; The Company shall furnish to the Agent 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 Agent&#8217;s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.&#160; The Company shall furnish to the Agent, 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 the Agent may reasonably request.&#160; 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 sales of the Shares (but in any event if at any time through and including the date of this Agreement) 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 to eliminate or correct such conflict so that the statements in such free writing 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 prevailing at such time, not misleading, as the case may be; <font style="font-style: italic;">provided, however</font>, that prior to amending or
          supplementing any such free writing prospectus, the Company shall furnish to the Agent 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 Agent&#8217;s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Filing of Agent Free Writing Prospectuses</u>.&#160; The Company shall not to take any action that would result in the Agent 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 the Agent that the Agent otherwise would not have been required to file thereunder.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Copies of Registration Statement and Prospectus</u>.&#160; After the date of this Agreement through the last time that a prospectus is required by the Securities Act
          (including, without limitation, pursuant to Rule&#160;173(d)) to be delivered in connection with sales of the Shares, the Company agrees to furnish the Agent with copies (which may be electronic copies) of the Registration Statement and each amendment
          thereto, and with copies of the Prospectus and each amendment or supplement thereto in the form in which it is filed with the Commission pursuant to the Securities Act or Rule&#160;424(b) under the Securities Act, both in such quantities as the Agent
          may reasonably request from time to time; and, if the delivery of a prospectus is required under the Securities Act or under the blue sky or securities laws of any jurisdiction at any time on or prior to the applicable Settlement Date for any
          Selling Period in connection with the offering or sale of the Shares and if at such time any event has occurred as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to
          state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made when such Prospectus is delivered, not misleading, or, if for any other reason it is necessary during such
          same period to amend or supplement the Prospectus or to file under the Exchange Act any document incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, to notify the Agent and to request that
          the Agent suspend offers to sell Shares (and, if so notified, the Agent shall cease such offers as soon as practicable); and if the Company decides to amend or supplement the Registration Statement or the Prospectus as then amended or
          supplemented, to advise the Agent promptly by telephone (with confirmation in writing) and to prepare and cause to be filed promptly with the Commission an amendment or supplement to the Registration Statement or the Prospectus as then amended or
          supplemented that will correct such statement or omission or effect such compliance; <font style="font-style: italic;">provided, however</font>, that if during such same period the Agent is required to deliver a prospectus in respect of
          transactions in the Shares, the Company shall promptly prepare and file with the Commission such an amendment or supplement.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">23</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Blue Sky Compliance</u>.&#160; The Company shall cooperate with the Agent and counsel for the Agent to qualify or register the 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 Agent, shall comply with such laws and shall continue such
          qualifications, registrations and exemptions in effect so long as required for the distribution of the Shares.&#160; 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.&#160; The Company will advise the Agent promptly of the suspension of the qualification or registration of (or
          any such exemption relating to) the 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 reasonable best efforts to obtain the withdrawal thereof as soon as possible.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Earnings Statement</u>.&#160; The Company will make generally available to its security holders and to the Agent 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 occurring after the date of this Agreement which shall satisfy the provisions of Section 11(a) of the Securities Act and the
          rules and regulations of the Commission thereunder, provided that the Company will be deemed to have furnished such statements to its security holders and the Agent to the extent they are filed on EDGAR or any successor system.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Listing; Reservation of Shares</u>.&#160; (a)&#160; The Company will maintain the listing of the Shares on the Nasdaq Global Market, and (b) the Company will reserve and
          keep available at all times, free of preemptive rights, Shares for the purpose of enabling the Company to satisfy its obligations under this Agreement.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">24</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <u>Transfer Agent</u>.&#160; The Company agrees to maintain a transfer agent and, if necessary under the jurisdiction of organization of the Company, a registrar for
          the Shares.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Due Diligence</u>.&#160; During the term of this Agreement, the Company will reasonably cooperate with any reasonable due diligence review conducted by the Agent in
          connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during normal business hours and at the Company&#8217;s principal offices, as the
          Agent may reasonably request from time to time.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Use of Proceeds</u>. The Company shall apply the net proceeds from the sale of the Shares sold by it in the manner described under the caption &#8220;Use of Proceeds&#8221;
          in the Registration Statement and the Prospectus.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Tax Indemnity</u>.&#160; The Company will indemnify and hold harmless the Agent against any documentary, stamp or similar issue tax, including any interest and
          penalties, on the creation, issue and sale of the Shares and on the execution and delivery of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations and Warranties</u>.&#160; The Company acknowledges that each delivery of an Issuance Notice and each delivery of Shares on a Settlement Date shall be
          deemed to be (i) an affirmation to the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such Issuance Notice or of such Settlement Date, as the
          case may be, as though made at and as of each such date, except as may be disclosed in the Prospectus (including any documents incorporated by reference therein and any supplements thereto), and (ii)&#160;an undertaking that the Company will advise
          the Agent if any of such representations and warranties will not be true and correct as of the Settlement Date for the Shares relating to such Issuance Notice, as though made at and as of each such date (except that such representations and
          warranties shall be deemed to relate to the Registration Statement and the Prospectus as amended and supplemented relating to such Shares).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Deliverables at Triggering Event Dates; Certificates</u>. The Company agrees that on or prior to the date of the first Issuance Notice and, during the term of
          this Agreement after the date of the first Issuance Notice, upon:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the filing of the Prospectus or the amendment or supplement of any Registration Statement or Prospectus (other than a prospectus supplement relating solely to an
          offering of securities other than the Shares or a prospectus filed pursuant to <u>Section 4(a)</u><u>(ii)(B)</u>), by means of a post-effective amendment, sticker or supplement, but not by means of incorporation of documents by reference into
          the Registration Statement or Prospectus;</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; the filing with the Commission of an annual report on Form 20-F or a report on Form 6-K filed by the Company in respect of any quarterly period containing
          financial information which is deemed to be incorporated by reference in the Registration Statement and the Prospectus (including any Form 20-F/A or a material amendment to any previously filed report on Form 6-K filed in respect of any quarterly
          period), in each case, of the Company; or</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">25</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160; &#160; &#160;&#160; the filing with the Commission of a report on Form 6-K of the Company containing amended financial information that is material to the offering of securities of
          the Company in the Agent&#8217;s reasonable discretion;</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">(any such event, a &#8220;<font style="font-weight: bold;">Triggering Event Date</font>&#8221;), the Company shall furnish the Agent (but in the case of clause (iii) above only if the Agent reasonably
          determines that the information contained in such report on Form 6-K of the Company is material) with a certificate as of the Triggering Event Date, in the form and substance satisfactory to the Agent and its counsel, substantially similar to the
          form previously provided to the Agent and its counsel, modified, as necessary, to relate to the Registration Statement and the Prospectus as amended or supplemented, (A) confirming that the representations and warranties of the Company contained
          in this Agreement are true and correct, (B) confirming that the Company has performed all of its obligations hereunder to be performed on or prior to the date of such certificate and as to the matters set forth in <u>Section 5(a)(iii)</u>
          hereof, and (C) containing any other certification that the Agent shall reasonably request.&#160; The requirement to provide a certificate under this <u>Section 4(q)</u> shall be waived for any Triggering Event Date occurring at a time when no
          Issuance Notice is pending or a suspension is in effect, which waiver shall continue until the earlier to occur of the date the Company delivers instructions for the sale of Shares hereunder (which for such calendar quarter shall be considered a
          Triggering Event Date) and the next occurring Triggering Event Date.&#160; Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Triggering Event Date when a suspension was in effect and did not provide the
          Agent with a certificate under this <u>Section 4(q)</u>, then before the Company delivers the instructions for the sale of Shares or the Agent sells any Shares pursuant to such instructions, the Company shall provide the Agent with a certificate
          in conformity with this <u>Section 4(q)</u> dated as of the date that the instructions for the sale of Shares are issued.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Legal Opinions.</u>&#160; On or prior to the date of the first Issuance Notice and within five (5) Trading Days of each Triggering Event Date with respect to which
          the Company is obligated to deliver a certificate pursuant to <u>Section 4(q)</u> for which no waiver is applicable and excluding the date of this Agreement, a negative assurances letter and the written legal opinion of Latham &amp; Watkins LLP,
          U.S. counsel to the Company, and written legal opinions of each of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co., Israeli counsel to the Company, and Pearl Cohen Zedek Latzer Baratz LLP, intellectual property counsel to the
          Company, each dated the date of delivery, in form and substance reasonably satisfactory to Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel, modified, as necessary, to relate to the
          Registration Statement and the Prospectus as then amended or supplemented; <font style="font-style: italic;">provided, however</font>, the Company shall be required to furnish no more than one opinion of each counsel hereunder per calendar
          quarter.&#160; In lieu of such opinions for subsequent periodic filings, in the discretion of the Agent, the Company may furnish a reliance letter from each of such counsels to the Agent, permitting the Agent to rely on a previously delivered opinion
          letter, modified as appropriate for any passage of time or Triggering Event Date (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of such
          Triggering Event Date).</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u></u><u>Comfort Letter</u>.&#160; On or prior to the date of the first Issuance Notice and within five (5) Trading Days of each Triggering Event Date with respect to
          which the Company is obligated to deliver a certificate pursuant to <u>Section 4(q)</u> for which no waiver is applicable and excluding the date of this Agreement, the Company shall cause Kesselman &amp; Kesselman to furnish the Agent a comfort
          letter, dated the date of delivery, in form and substance reasonably satisfactory to the Agent and its counsel, substantially similar to the form previously provided to the Agent and its counsel; <font style="font-style: italic;">provided,
            however</font>, that any such comfort letter will only be required on the Triggering Event Date specified to the extent that it contains financial statements filed with the Commission under the Exchange Act and incorporated or deemed to be
          incorporated by reference into a Prospectus.&#160; If requested by the Agent, the Company shall also cause a comfort letter to be furnished to the Agent within ten (10) Trading Days of the date of occurrence of any material transaction or event
          requiring the filing of a report on Form 6-K containing material amended financial information of the Company, including the restatement of the Company&#8217;s financial statements.&#160; The Company shall be required to furnish no more than one comfort
          letter hereunder per calendar quarter.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">26</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Secretary&#8217;s Certificate</u>. On or prior to the date of the first Issuance Notice and within five (5) Trading Days of each Triggering Event Date with respect to
          which the Company is obligated to deliver a certificate pursuant to Section 4(q) for which no waiver is applicable, the Company shall furnish the Agent a certificate executed by the Secretary of the Company, signing in such capacity, dated the
          date of delivery (i) certifying that attached thereto are true and complete copies of the resolutions duly adopted by the board of directors of the Company authorizing the execution and delivery of this Agreement and the consummation of the
          transactions contemplated hereby (including, without limitation, the issuance of the Shares pursuant to this Agreement), which authorization shall be in full force and effect on and as of the date of such certificate; and (ii) certifying and
          attesting to the office, incumbency, due authority and specimen signatures of each Person who executed <u style="border-bottom: 1px solid;">this</u> Agreement for or on behalf of the Company.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Agent&#8217;s Own Account; Clients&#8217; Account</u>.&#160; The Company consents to the Agent trading, in compliance with applicable law, in the Ordinary Shares for the Agent&#8217;s
          own account and for the account of its clients, including at the same time as sales of the Shares occur pursuant to this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Investment Limitation</u>.&#160; The Company shall not invest or otherwise use the proceeds received by the Company from its sale of the Shares in such a manner as
          would require the Company or its Subsidiary to register as an investment company under the Investment Company Act.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Market Activities</u>.&#160; The Company will not take, directly or indirectly, any action designed to or that might cause or result in stabilization or manipulation
          of the price of the Shares or any other reference security with respect to the Shares, whether to facilitate the sale or resale of the Shares or otherwise, and the Company will, and shall cause each of its Affiliates to, comply with all
          applicable provisions of Regulation M.&#160; If the limitations of Rule 102 of Regulation M (&#8220;<font style="font-weight: bold;">Rule 102</font>&#8221;) do not apply with respect to the Shares or any other reference security with respect to the Shares
          pursuant to any exception set forth in Section (d) of Rule 102, then promptly upon notice from the Agent (or, if later, at the time stated in the notice), the Company will, and shall cause each of its affiliates to, comply with Rule 102 as though
          such exception were not available but the other provisions of Rule 102 (as interpreted by the Commission) did apply.&#160; In addition, the Company will not engage in any form of solicitation, advertising or other action constituting an offer or a
          sale under the Israeli Securities Law and the regulations promulgated thereunder 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.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">27</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notice of Other Sale</u>.&#160; Without the written consent of the Agent, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant
          any option to sell or otherwise dispose of any Ordinary Shares or securities convertible into or exchangeable for Ordinary Shares (other than Shares hereunder), warrants or any rights to purchase or acquire Ordinary Shares, during the period
          beginning on the third Trading Day immediately prior to the date on which any Issuance Notice is delivered to the Agent hereunder and ending on the earlier of the third Trading Day immediately following: (A) the Settlement Date with respect to
          Shares sold pursuant to such Issuance Notice, and (B) the date an Issuance Notice is cancelled if no Shares have been sold pursuant to such Issuance Notice, and will not, directly or indirectly, in any other &#8220;at the market&#8221; or continuous equity
          transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Ordinary Shares (other than the Shares hereunder) or securities convertible into or exchangeable for Ordinary Shares, warrants or any rights
          to purchase or acquire Ordinary Shares during the Agency Period; <font style="font-style: italic;">provided, however</font>, that such restriction will not be required in connection with the Company&#8217;s (i) issuance or sale of Ordinary Shares,
          options to purchase Ordinary Shares or Ordinary Shares issuable upon the exercise of options or other equity awards pursuant to any employee or director share option, incentive or benefit plan, share purchase or ownership plan, long-term
          incentive plan, dividend reinvestment plan, inducement award under Nasdaq rules or other compensation plan of the Company or its Subsidiary, as in effect on the date of this Agreement; (ii) issuance or sale of Ordinary Shares issuable upon
          exchange, conversion or redemption of securities or the exercise or vesting of warrants, options or other equity awards outstanding at the date of this Agreement; (iii) issuance or sale of Ordinary Shares or securities convertible into or
          exchangeable for Ordinary Shares as consideration for mergers, acquisitions, other business combinations, joint ventures or strategic alliances occurring after the date of this Agreement which are not used for capital raising purposes; and (iv)
          modification of any outstanding options, warrants of any rights to purchase or acquire Ordinary Shares.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 5.&#160; CONDITIONS TO DELIVERY OF ISSUANCE NOTICES AND TO SETTLEMENT</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Conditions Precedent to the Right of the Company to Deliver an Issuance Notice and the Obligation of the Agent to Sell Shares During the Selling Period(s)</u>.&#160;
          The right of the Company to deliver an Issuance Notice hereunder is subject to the satisfaction, on the date of delivery of such Issuance Notice, and the obligation of the Agent to use its commercially reasonable efforts to place Shares during
          the applicable Selling Period is subject to the satisfaction, on each Trading Day during the Selling Period, of each of the following conditions:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Accuracy of the Company&#8217;s Representations and Warranties; Performance by the Company</u>.&#160; The Company shall have delivered the
          certificate required to be delivered pursuant to Section 4(q) on or before the date on which delivery of such certificate is required pursuant to Section 4(q).&#160; The Company shall have performed, satisfied and complied with all covenants,
          agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to such date, including, but not limited to, the covenants contained in Section 4(r), Section 4(s) and Section 4(t).</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">28</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Injunction</u>.&#160; No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
          promulgated or endorsed by any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby that prohibits or directly and materially adversely affects any of
          the transactions contemplated by this Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Material Adverse Change</u>. (i) In the judgment of the Agent, there shall not have occurred any Material Adverse Change, and (ii)
          except as disclosed in the Prospectus and the Time of Sale Information, there shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does
          not indicate the direction of the possible change, in the rating accorded any securities of the Company or its Subsidiary by any &#8220;nationally recognized statistical rating organization&#8221; as such term is defined for purposes of Rule&#160;436(g)(2) under
          the Securities Act.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>No Suspension of Trading in or Delisting of Ordinary Shares; Other Events</u>.&#160; The trading of the Ordinary Shares (including without
          limitation the Shares) shall not have been suspended by the <u>Commission</u>, the Principal Market or FINRA and the Ordinary Shares (including without limitation the Shares) shall have been approved for listing or quotation on and shall not
          have been delisted from the Principal Market.&#160; There shall not have occurred (and be continuing in the case of occurrences under clauses&#160;(i) and (ii)&#160;below) any of the following:&#160; (i)&#160;trading or quotation in any of the Company&#8217;s securities shall
          have been suspended or limited by the Commission or by the Nasdaq Global Market, or trading in securities generally on the Nasdaq Global Market shall have been suspended or limited, or minimum or maximum prices shall have been generally
          established on any stock exchanges by the Commission or FINRA; (ii)&#160;a general banking moratorium shall have been declared by any of federal or New York authorities; or (iii)&#160;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 judgment of the Agent is material and adverse and makes it impracticable to market the Shares in the manner and on the terms described in the Prospectus or to enforce contracts for the sale
          of securities.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Documents Required to be Delivered on each Issuance Notice Date</u>.&#160; The Agent&#8217;s obligation to use its commercially reasonable efforts to place Shares
          hereunder shall additionally be conditioned upon the delivery to the Agent on or before the Issuance Notice Date of a certificate in form and substance reasonably satisfactory to the Agent, executed by the Chief Executive Officer or Chief
          Financial Officer of the Company, to the effect that all conditions to the delivery of such Issuance Notice shall have been satisfied as at the date of such certificate (which certificate shall not be required if the foregoing representations
          shall be set forth in the Issuance Notice).</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">29</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Misstatement or Material Omission</u>. The Agent shall not have advised the Company that the Registration Statement, the Prospectus or the Time of Sale
          Information, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agent&#8217;s reasonable opinion is material, or omits to state a fact that in the Agent&#8217;s reasonable opinion is material and is required to be stated
          therein or is necessary to make the statements therein not misleading.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 6.&#160; INDEMNIFICATION AND CONTRIBUTION</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification of the Agent</u>.&#160; The Company agrees to indemnify and hold harmless the Agent, its Affiliates, directors, officers and employees, and each
          person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the Agent or such Affiliate, director, officer, employee or
          controlling person may become subject, under the Securities Act, the Exchange Act, other federal or state statutory law or regulation, or the laws or regulations of foreign jurisdictions where Shares have been offered or sold or at common law or
          otherwise (including in settlement of any litigation, if such settlement is effected with the written consent of the Company), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises
          out of or is based upon (i)&#160;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 to state therein a material fact required to be
          stated therein or necessary to make the statements therein not misleading; or (ii)&#160;any untrue statement or alleged untrue statement of a material fact included in any Free Writing Prospectus that the Company has used, referred to or filed, or is
          required to file, pursuant to Rule 433(d) of the Securities Act, or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission to state therein a material fact necessary in order to make the statements,
          in the light of the circumstances under which they were made, not misleading; and to reimburse the Agent and each such Affiliate, director, officer, employee and controlling person for any and all expenses (including the fees and disbursements of
          counsel) as such expenses are incurred by the Agent or such Affiliate, director, officer, employee or controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability,
          expense or action; <font style="font-style: italic;">provided, however</font>, that the foregoing indemnity agreement shall not apply to any loss, claim, damage, liability or expense to the extent, but only to the extent, arising out of or based
          upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information relating to the Agent furnished to the Company by the Agent in writing expressly for use in the
          Registration Statement, any such Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the information set forth in <u>Section 6(b)</u>
          below. The indemnity agreement set forth in this <u>Section 6(a)</u> shall be in addition to any liabilities that the Company may otherwise have.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Indemnification of the Company, its Directors and Officers. </u>The Agent agrees to indemnify and hold harmless the Company, each of its directors, each of its
          officers who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act, against any loss, claim, damage, liability or expense, as incurred, to which the
          Company, or any such director, officer or controlling person may become subject, under the Securities Act, the Exchange Act, or other federal or state statutory law or regulation, or at common law or otherwise (including in settlement of any
          litigation, if such settlement is effected with the written consent of the Agent), insofar as such loss, claim, damage, liability or expense (or actions in respect thereof as contemplated below) arises out of or is based upon (i) 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 to state therein a material fact required to be stated therein or necessary to make
          the statements therein not misleading; or (ii) any untrue statement or alleged untrue statement of a material fact included in any Free Writing Prospectus that the Company has used, referred to or filed, or is required to file, pursuant to Rule
          433(d) of the Securities Act, or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission to state therein a material fact necessary in order to make the statements, in the light of the circumstances
          under which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in the Registration Statement, such Free Writing
          Prospectus or the Prospectus (or any amendment or supplement to the foregoing), in reliance upon and in conformity with information relating to the Agent furnished to the Company by the Agent in writing expressly for use therein; and to reimburse
          the Company or any such director, officer or controlling person for any and all expenses (including the fees and disbursements of counsel) as such expenses are incurred by the Company or such director, officer or controlling person in connection
          with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action. The Company hereby acknowledges that the only information that the Agent has furnished to the Company expressly for use in
          the Registration Statement, any Free Writing Prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) of the Securities Act, or the Prospectus (or any amendment or supplement to the foregoing) consists of the
          information set forth in the eighth and ninth paragraphs under the caption &#8220;Plan of Distribution&#8221;. The indemnity agreement set forth in this <u>Section 6(b)</u> shall be in addition to any liabilities that the Agent may otherwise have.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">30</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notifications and Other Indemnification Procedures</u>.&#160; Promptly after receipt by an indemnified party under this <u>Section 6</u> of notice of the
          commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against an indemnifying party under this <u>Section 6</u>, notify the indemnifying party in writing of the commencement thereof, but the
          omission so to notify the indemnifying party will not relieve the indemnifying party from any liability which it may have to any indemnified party to the extent the indemnifying party is not materially prejudiced as a proximate result of such
          failure and shall not in any event relieve the indemnifying party from any liability that it may have otherwise than on account of this indemnity agreement.&#160; In case any such action is brought against any indemnified party and such indemnified
          party seeks or intends to seek indemnity from an indemnifying party, the indemnifying party will be entitled to participate in, and, to the extent that it shall elect, jointly with all other indemnifying parties similarly notified, by written
          notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense thereof with counsel reasonably satisfactory to such indemnified party; <font style="font-style: italic;">provided,
            however</font>, that if the defendants in any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between the positions of the
          indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the
          indemnifying party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise participate in the defense of such action on behalf of such indemnified party or parties.&#160; Upon
          receipt of notice from the indemnifying party to such indemnified party of such indemnifying party&#8217;s election so to assume the defense of such action and approval by the indemnified party of counsel, the indemnifying party will not be liable to
          such indemnified party under this <u>Section 6</u> for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i)&#160;the indemnified party shall have employed separate counsel in
          accordance with the proviso to the preceding sentence (it being understood, however, that the indemnifying party shall not be liable for the fees and expenses of more than one separate counsel (together with local counsel), representing the
          indemnified parties who are parties to such action), which counsel (together with any local counsel) for the indemnified parties shall be selected by the Agent (in the case of counsel for the indemnified parties referred to in <u>Section 6(a)</u><font style="font-weight: bold;">&#160;</font>above) or by the Company (in the case of counsel for the indemnified parties referred to in <u>Section 6(b)</u> above); (ii)&#160;the indemnifying party shall not have employed counsel satisfactory to the
          indemnified party to represent the indemnified party within a reasonable time after notice of commencement of the action; or (iii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense
          of the indemnifying party, in each of which cases the fees and expenses of counsel shall be at the expense of the indemnifying party and shall be paid as they are incurred.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">31</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Settlements</u>.&#160; The indemnifying party under this <u>Section 6</u> shall not be liable for any settlement of any proceeding effected without its written
          consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of such settlement or
          judgment.&#160; Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by <u>Section 6(b)</u> hereof,
          the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i)&#160;such settlement is entered into more than 30&#160;days after receipt by such indemnifying party of the aforesaid request and
          (ii)&#160;such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement.&#160; No indemnifying party shall, without the prior written consent of the indemnified party, effect
          any settlement, compromise or consent to the entry of judgment in any pending or threatened action, suit or proceeding in respect of which any indemnified party is or could have been a party and indemnity was or could have been sought hereunder
          by such indemnified party, unless such settlement, compromise or consent includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such action, suit or proceeding and does not include
          an admission of fault or culpability or a failure to act by or on behalf of such indemnified party.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Contribution</u>.&#160; If the indemnification provided for in this <u>Section 6</u> is for any reason held to be unavailable to or otherwise insufficient to hold
          harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses referred to therein, then each indemnifying party shall contribute to the aggregate amount paid or payable by such indemnified party, as incurred, as
          a result of any losses, claims, damages, liabilities or expenses referred to therein (i)&#160;in such proportion as is appropriate to reflect the relative benefits received by the Company, on the one hand, and the Agent, on the other hand, from the
          offering of the Shares pursuant to this Agreement or (ii)&#160;if the allocation provided by clause&#160;(i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause&#160;(i)
          above but also the relative fault of the Company, on the one hand, and the Agent, on the other hand, in connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other
          relevant equitable considerations.&#160; The relative benefits received by the Company, on the one hand, and the Agent, on the other hand, in connection with the offering of the Shares pursuant to this Agreement shall be deemed to be in the same
          respective proportions as the total proceeds from the offering of the Shares pursuant to this Agreement (before deducting expenses) received by the Company, and the total Selling Commissions received by the Agent.&#160; The relative fault of the
          Company, on the one hand, and the Agent, on the other hand, shall be determined by reference to, among other things, whether any such 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, on the one hand, or the Agent, on the other hand, and the parties&#8217; relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">32</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the
          limitations set forth in <u>Section 6(b)</u>, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.&#160; The provisions set forth in <u>Section 6(b)</u> with respect
          to notice of commencement of any action shall apply if a claim for contribution is to be made under this <u>Section 6(e)</u>; <font style="font-style: italic;">provided, however</font>, that no additional notice shall be required with respect
          to any action for which notice has been given under <u>Section 6(b)</u> for purposes of indemnification.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company and the Agent agree that it would not be just and equitable if contribution pursuant to this <u>Section 6(e)</u>&#160;were determined by pro rata allocation or by any other method of allocation
          which does not take account of the equitable considerations referred to in this <u>Section 6(e)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the provisions of this <u>Section 6(e)</u>, the Agent shall not be required to contribute any amount in excess of the Selling Commission received by the Agent in
          connection with the offering contemplated hereby.&#160; No person guilty of fraudulent misrepresentation (within the meaning of Section&#160;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
          fraudulent misrepresentation.&#160; For purposes of this <u>Section 6(e)</u>, each Affiliate, director, officer and employee of the Agent and each person, if any, who controls the Agent within the meaning of the Securities Act or the Exchange Act
          shall have the same rights to contribution as the Agent, and each director of the Company, each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company within the meaning of the Securities
          Act and the Exchange Act shall have the same rights to contribution as the Company.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 7.&#160; TERMINATION &amp; SURVIVAL</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Term</u>.&#160; Subject to the provisions of this&#160;<u>Section 7</u>, the term of this Agreement shall continue from the date of this Agreement until the end of the
          Agency Period, unless earlier terminated by the parties to this Agreement pursuant to this&#160;<u>Section 7</u>.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">33</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination; Survival Following Termination</u>.&#160; (i) Either party may terminate this Agreement prior to the end of the Agency Period, by giving written notice
          as required by this Agreement, upon three (3) Trading Days&#8217; notice to the other party; <font style="font-style: italic;">provided, however</font>, that (A) if the Company terminates this Agreement after the Agent confirms to the Company any sale
          of Shares, the Company shall remain obligated to comply with <u>Section 3(b)</u><u>(v)</u> with respect to such Shares and (B) <u>Section </u>2, <u>Section 6</u>, <u>Section 7</u> and <u>Section 8</u> shall survive termination of this
          Agreement.&#160; If termination shall occur prior to the Settlement Date for any sale of Shares, such sale shall nevertheless settle in accordance with the terms of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition to the survival provision of <u>Section 7(b)</u><u>(i)</u>, the respective indemnities, agreements, representations, warranties and other statements
          of the Company, of its officers and of the Agent 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 the Agent or the Company or any of its or their
          partners, officers or directors or any controlling person, as the case may be, and, anything herein to the contrary notwithstanding, will survive delivery of and payment for the Shares sold hereunder and any termination of this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">Section 8.&#160; MISCELLANEOUS</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Press Releases and Disclosure</u>.&#160; The Company may issue a press release describing the material terms of the transactions contemplated hereby as soon as
          practicable following the date of this Agreement, and may file with the Commission a report on Form&#160;6&#8209;K, with this Agreement attached as an exhibit thereto, describing the material terms of the transactions contemplated hereby, and the Company
          shall consult with the Agent prior to making such disclosures, and the parties hereto shall use all commercially reasonable efforts, acting in good faith, to agree upon a text for such disclosures that is reasonably satisfactory to all parties
          hereto. No party hereto shall issue thereafter any press release or like public statement (including without limitation, any disclosure required in reports filed with the Commission pursuant to the Exchange Act) related to this Agreement or any
          of the transactions contemplated hereby without the prior approval of the other party hereto, except as may be necessary or appropriate in the reasonable opinion of the party seeking to make disclosure to comply with the requirements of
          applicable law or stock exchange rules.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>No Advisory or Fiduciary Relationship</u>.<font style="font-weight: bold;">&#160; </font>The Company acknowledges and agrees that (i) the transactions contemplated
          by this Agreement, including the determination of any fees, are arm&#8217;s-length commercial transactions between the Company, on the one hand, and the Agent, on the other hand; (ii) when acting as a principal under this Agreement, the Agent is and
          has been acting solely as a principal and is not the agent or fiduciary of the Company, or its shareholders, creditors, employees or any other Person; (iii) the Agent has not assumed nor 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 the Agent has advised or is currently advising the Company on other matters) and the Agent does not have any obligation
          to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this Agreement; (iv) the Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ
          from those of the Company; and (v) the Agent has 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.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">34</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Research Analyst Independence</u>.&#160; The Company acknowledges that the Agent&#8217;s research analysts and research departments are required to and should be
          independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and as such the Agent&#8217;s research analysts may hold views and make statements or investment recommendations and/or publish
          research reports with respect to the Company or the offering contemplated by this Agreement that differ from the views of their respective investment banking divisions.&#160; The Company understands that the Agent is a full service securities firm and
          as such from time to time, subject to applicable securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in debt or equity securities of the companies that may be the subject
          of the transactions contemplated by this Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>.&#160; All communications hereunder shall be in writing and shall be mailed, hand delivered or telecopied and confirmed to the parties hereto as follows:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-indent: -36pt; margin-left: 54pt; line-height: 1.25;">If to the Agent:</div>
        <div style="text-indent: -36pt; margin-left: 54pt; line-height: 1.25;"><br>
          Jefferies LLC<br>
          520 Madison Avenue<br>
          New&#160;York, New York 10022<br>
          Facsimile:<br>
          Attention: General Counsel</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-indent: -36pt; margin-left: 54pt; line-height: 1.25;">with a copy to (which shall not constitute notice):</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="margin-left: 54pt; line-height: 1.25;">Covington &amp; Burling LLP</div>
        <div style="margin-left: 54pt; line-height: 1.25;">620 Eighth Avenue</div>
        <div style="margin-left: 54pt; line-height: 1.25;">New York, New York 10018</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Facsimile: +1 646 441-9111</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Attention: Eric W. Blanchard and Brian Rosenzweig</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="margin-left: 54pt; line-height: 1.25;">Gornitzky &amp; Co.</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Zion Building, 45 Rothschild Blvd</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Tel Aviv, 6578403, Israel</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Facsimile: +972 3 560-6555</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Attention: Chaim Friedland and Ari Fried</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-indent: -36pt; margin-left: 54pt; line-height: 1.25;">If to the Company:<br>
          <br style="line-height: 1.25;">
        </div>
        <div style="margin-left: 54pt; line-height: 1.25;">Sol-Gel Technologies Ltd.</div>
        <div style="margin-left: 54pt; line-height: 1.25;">7 Golda Meir St., Weizmann Science Park</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Ness Ziona, 7403650, Israel</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Facsimile: +972 153 523044444</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Attention: Gilad Mamlok</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">35</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-indent: -36pt; margin-left: 54pt; line-height: 1.25;">with a copy to (which shall not constitute notice):</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="margin-left: 54pt; line-height: 1.25;">Latham &amp; Watkins LLP</div>
        <div style="margin-left: 54pt; line-height: 1.25;">885 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Avenue</div>
        <div style="margin-left: 54pt; line-height: 1.25;">New York, New York</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Facsimile: +1 212 751-4864</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Attention: Nathan Ajiashvili</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="margin-left: 54pt; line-height: 1.25;">Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co.</div>
        <div style="margin-left: 54pt; line-height: 1.25;">One Azrieli Center</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Tel-Aviv 6423806, Israel</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Facsimile: +972-3-607-4470</div>
        <div style="margin-left: 54pt; line-height: 1.25;">Attention: Perry Wildes</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;">Any party hereto may change the address for receipt of communications by giving written notice to the others in accordance with this <u>Section 8(d)</u>.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Successors</u>.&#160; This Agreement will inure to the benefit of and be binding upon the parties hereto, and to the benefit of the Affiliates, directors, officers
          and employees and controlling persons referred to in&#160;<u>Section 6</u>, and in each case their respective successors, and no other person will have any right or obligation hereunder.&#160; The term &#8220;<font style="font-weight: bold;">successors</font>&#8221;
          shall not include any purchaser of the Shares as such from the Agent merely by reason of such purchase.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Partial Unenforceability</u>.&#160; The invalidity or unenforceability of any Article, Section, paragraph or provision of this Agreement shall not affect the
          validity or enforceability of any other Article, Section, paragraph or provision hereof.&#160; If any Article, 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.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Governing Law Provisions; Currency Provisions</u>.&#160; This Agreement shall be governed by and construed in accordance with the internal laws of the State of New
          York applicable to agreements made and to be performed in such state.&#160; Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby (&#8220;<font style="font-weight: bold;">Related Proceedings</font>&#8221;)
          may be instituted in the federal courts of the United States of America located in the Borough of Manhattan in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York
          (collectively, the &#8220;<font style="font-weight: bold;">Specified Courts</font>&#8221;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court (a &#8220;<font style="font-weight: bold;">Related Judgment</font>&#8221;), as to which such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding.&#160; Service of any process, summons, notice or document by mail to such party&#8217;s address
          set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court.&#160; The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other
          proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum.&#160;
          The Company and each other party not located in the United States has irrevocably appointed Sol-Gel Technologies Inc., which currently maintains an office at Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801, United States
          of America, as its agent to receive service of process or other legal summons for purposes of any such suit, action or proceeding that may be instituted in any state or federal court in the Borough of Manhattan in the City of New York, United
          States of America.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">36</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="text-indent: 36pt; line-height: 1.25;">With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from
          jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in the
          Specified Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity
          pursuant to the United States Foreign Sovereign Immunities Act of 1976, as amended.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-indent: 36pt; line-height: 1.25;">The obligations of the Company pursuant to this Agreement in respect of any sum due to the Agent shall, notwithstanding any judgment in a currency other than United States dollars, not be
          discharged until the first business day, following receipt by the Agent of any sum adjudged to be so due in such other currency, on which the Agent may in accordance with normal banking procedures purchase United States dollars with such other
          currency.&#160; If the United States dollars so purchased are less than the sum originally due to the Agent in United States dollars hereunder, the Company agrees as a separate obligation and notwithstanding any such judgment, to indemnify the Agent
          against such loss.&#160; If the United States dollars so purchased are greater than the sum originally due to the Agent hereunder, the Agent agrees to pay to the Company an amount equal to the excess of the dollars so purchased over the sum originally
          due to the&#160; Agent hereunder.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-indent: 36pt; line-height: 1.25;">All payments made or deemed to be made by the Company to the Agent, its Affiliates, directors, officers, employees and agents or to any person controlling the Agent within the meaning of the
          Securities Act or the Exchange Act 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 the State of Israel or any political subdivision or any taxing authority thereof or therein unless the Company is or becomes required by law to withhold or deduct such taxes,
          duties, assessments or other governmental charges.&#160; In such event, the Company will pay such additional amounts as will result, after such withholding or deduction, in the receipt by the Agent, its Affiliates, directors, officers, employees and
          each person controlling the Agent, as the case may be, of the amounts that would otherwise have been receivable in respect thereof.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General Provisions</u>.&#160; This Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all
          contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.&#160; This Agreement may be executed in two or more counterparts, each one of which shall be an original, with the same effect as if the
          signatures thereto and hereto were upon the same instrument, and may be delivered by facsimile transmission or by electronic delivery of a portable document format (PDF) file.&#160; This Agreement may not be amended or modified unless in writing by
          all of the parties hereto, and no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.&#160; The Article and Section headings herein are for the convenience of the parties
          only and shall not affect the construction or interpretation of this Agreement.</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">37</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">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, without limitation, the indemnification and contribution provisions of <u>Section 6</u>, and is fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of <u>Section 6</u>
          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, 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.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25; font-style: italic;">[Signature Page Immediately Follows]</div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">38</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <div id="DSPFPageHeader">
          <div style="line-height: 1.25;">&#160;</div>
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to the Company the enclosed copies hereof, whereupon this instrument, along
          with all counterparts hereof, shall become a binding agreement in accordance with its terms</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">
          <table cellspacing="0" cellpadding="0" border="0" id="z2e3da77894ad40ca88ace09d3ebe8039" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 50%;">
                  <div style="line-height: 1.25;">Very truly yours,</div>
                  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
                  </div>
                  <div style="line-height: 1.25; font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</div>
                  <div style="line-height: 1.25;"><br style="line-height: 1.25;">
                  </div>
                  <div style="line-height: 1.25;">By:&#160;&#160;&#160; <u>/s/ Gilad Mamlok</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                  <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Gilad Mamlok</div>
                  <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160; &#160; CFO</div>
                </td>
              </tr>

          </table>
        </div>
        <br>
        <div style="line-height: 1.25;"></div>
        <div style="text-indent: 36pt; line-height: 1.25;">The foregoing Agreement is hereby confirmed and accepted by the Agent in New York, New York as of the date first above written.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-weight: bold;">JEFFERIES LLC</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">
          <table cellspacing="0" cellpadding="0" border="0" id="zb4f8b1eb9b7f42f6900b711791750646" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td style="width: 50%;">
                  <div>
                    <div style="line-height: 1.25;">By:&#160;&#160;&#160; <u>/s/ Donald Lynaugh</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
                    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name: Donald Lynaugh<br>
                    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160; Managing Director</div>
                </td>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
        </div>
        <!--PROfilePageNumberReset%Num%1%A - %%-->
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">EXHIBIT A</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: center; line-height: 1.25;">ISSUANCE NOTICE</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">[Date]</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Jefferies LLC</div>
        <div style="line-height: 1.25;">520 Madison Avenue</div>
        <div style="line-height: 1.25;">New York, New York 10022</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">Attn: [__________]</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;">Reference is made to the Open Market Sale Agreement between Sol-Gel Technologies Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and Jefferies LLC (the &#8220;<font style="font-weight: bold;">Agent</font>&#8221;) dated as of January 10,&#160; 2020.&#160; The Company confirms that all conditions to the delivery of this Issuance Notice are satisfied as of the date hereof.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Date of Delivery of Issuance Notice (determined pursuant to <u>Section 3(b)</u><u>(i)</u>): </div>
        <div style="line-height: 1.25;">_______________________</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Issuance Amount (equal to the total Sales Price for such Shares):</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-indent: 180pt; line-height: 1.25;">$&#160;&#160; _____________________ &#160;&#160;&#160;&#160;&#160; <br>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Number of days in Selling Period:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _______________________ <br>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">First date of Selling Period:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _______________________<br>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Last date of Selling Period:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; _______________________</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Settlement Date(s) if other than standard T+2 settlement:</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25; margin-left: 171pt;">&#160;&#160; &#160; _______________________&#160;&#160;&#160;&#160;&#160; <br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">Floor Price Limitation (in no event less than $1.00 without the prior written consent of the Agent, which consent may be withheld in the Agent&#8217;s sole discretion): $ ____ per Share</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">Comments: ______________________________________________________________________________________________________________________________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
        </div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="line-height: 1.25;">
          <table cellspacing="0" cellpadding="0" border="0" id="ze535d42b2ad141b19a8353362d6de7ea" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td style="width: 50%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 50%;">
                  <div>&#160;<br>
                    <div style="line-height: 1.25;">By:_____________________ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
                    </div>
                    <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160; Name:</div>
                    <div style="line-height: 1.25;">&#160;&#160;&#160;&#160;&#160; Title:</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div style="margin-left: 252pt; line-height: 1.25;"> <br>
        </div>
        <div style="text-align: center;"> <font id="DSPFPageNumber" style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">A - 1</font></div>
      </div>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;">
    <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image0.jpg
<TEXT>
begin 644 image0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" "P S8# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M[>?_ &E73A97FH-)KT,,3&T')-W]3B[3XB>.K^\AM+769Y+B=Q'&@BCRS$X
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M;^2)[R1E=+9R&&[J"!S75AJ4*DFI,QKU)4TG%'TAHNN:=XAT\7^EW'VBU+%
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M/8 9)JGJ/_']I/\ U]M_Z)EK(^(MTUG\/=;E0X)MS'G/9R%/_H56H\SBN_\
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M%%%<!V&?<?\ (<L/^N4W_LE:%9]Q_P ARP_ZY3?^R5H4WLA(\0^/G_']H?\
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MN,^M;O\ S1;_ +EW_P!MZZ#Q!IKZQX>U#38Y%C>Z@:)789"DC&:J_P!A2_\
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M8&_2ZW'<L31[>W)!S^E-,&3T444@"BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
C"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
