<SEC-DOCUMENT>0001178913-20-000472.txt : 20200214
<SEC-HEADER>0001178913-20-000472.hdr.sgml : 20200214
<ACCEPTANCE-DATETIME>20200214172422
ACCESSION NUMBER:		0001178913-20-000472
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20200214
FILED AS OF DATE:		20200214
DATE AS OF CHANGE:		20200214

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:		20622048

	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>zk2024015.htm
<DESCRIPTION>6-K
<TEXT>
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        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>
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      <div style="line-height: 1.25;">&#160;</div>
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    <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 February 2020</div>
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      <div style="line-height: 1.25;">&#160;</div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Commission File Number 001-38367</div>
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      <div style="line-height: 1.25;">&#160;</div>
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      <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>
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    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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      <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>
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      <div style="line-height: 1.25;">&#160;</div>
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    <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>
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      <div style="line-height: 1.25;">&#160;</div>
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      <div style="text-align: center; line-height: 1.25;">Form&#160;20-F <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9746;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form&#160;40-F&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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      <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;&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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    </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;&#160;<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
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      <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>
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    <div style="text-align: justify; line-height: 1.25;"><font style="background-color: #FFFFFF;">On February 13, 2020, Sol-Gel Technologies, Ltd. (the &#8220;Company&#8221;) entered into an underwriting agreement (the &#8220;Underwriting Agreement&#8221;) between the Company and
        Jefferies LLC and BMO Capital Markets Corp</font> as representatives of the several underwriters<font style="background-color: #FFFFFF;"> (the &#8220;Underwriters&#8221;), relating to an underwritten public offering (the &#8220;Offering&#8221;) of 2,091,907 ordinary
        shares of the Company, par value NIS 0.1 per share, together with ordinary share warrants to purchase&#160; 1,673,525 ordinary shares at a combined public offering&#160; price of $11.00 per ordinary share and accompanying warrant. Each warrant sold in the
        Offering will be exercisable for 0.80 of an ordinary share, and have an initial exercise price of $14.00 per share, subject to certain adjustments. The warrants will be immediately exercisable and will expire on February 19, 2023.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="background-color: #FFFFFF;">The Company also entered into a subscription agreement (the &#8220;Subscription Agreement&#8221;) between the Company and M. Arkin Dermatology Ltd., the controlling
        shareholder of the Company, pursuant to which M. Arkin Dermatology Ltd. has agreed to purchase 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares in a concurrent private placement (the &#8220;Private Placement&#8221;), exempt from
        the registration of the Securities Act of 1933, as amended, at a price equal to the public offering price of the ordinary shares and accompanying warrants in the Offering. The Private Placement is contingent on the closing of the Offering and the
        satisfaction of certain other conditions, including disinterested shareholder approval. The closing of the Offering is not contingent on the closing of the Private Placement.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="background-color: #FFFFFF;">The descriptions of the Underwriting Agreement and Subscription Agreement are qualified in their entirety by reference to the Underwriting Agreement and
        Subscription Agreement, copies of which is attached hereto as Exhibit 1.1 and 1.2, respectively.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="background-color: #FFFFFF;">On February 14, 2020, the Company issued a press release announcing the pricing of the </font>Offering<font style="background-color: #FFFFFF;">, a copy of
        which press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="background-color: #FFFFFF;">The Offering is being made by means of a prospectus supplement, dated February 13, 2020, and related prospectus, dated April 10, 2019, each filed with the
        U.S. Securities and Exchange Commission, relating to the Company&#8217;s registration statement on Form F-3 (File No. 333-230564).</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Attached hereto and incorporated by reference herein 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: Underwriting Agreement, dated February 13, 2020, between the Company and Jefferies LLC<font style="background-color: #FFFFFF;"> and BMO Capital Markets Corp</font>.</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="line-height: 1.25;"><a href="exhibit_1-2.htm">Exhibit 1.2: Subscription Agreement, dated February 13, 2020, between the Company and M. Arkin
        Dermatology Ltd.</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="line-height: 1.25;"><a href="exhibit_1-1.htm">Exhibit 4.1: Form of Warrant (included in Exhibit 1.1).</a></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </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.</a></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><a href="exhibit_5-2.htm">Exhibit 5.2: Opinion of Latham &amp; Watkins LLP</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;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><a href="exhibit_5-2.htm">Exhibit 23.2: Consent of Latham &amp; Watkins LLP (included in Exhibit 5.2).</a></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Exhibit 99.1: Registrant&#8217;s press release entitled:&#160;<font style="font-style: italic;">&#8220;Sol-Gel
          Announces Pricing of Public Offering of Ordinary Shares and Warrants to Purchase Ordinary Shares&#8221;</font>.</a></div>
    <div style="line-height: 1.25;">&#160;</div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25;">This Form 6-K and related exhibits are hereby incorporated by reference into the Company's Registration Statement on Form S-8 (Registration No. 333-223915) and its Registration Statement on Form
        F-3 (Registration No. 333-230564).</div>
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    <div style="background-color: #FFFFFF; line-height: 1.25;">
      <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>
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            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="vertical-align: top; background-color: rgb(255, 255, 255);" colspan="2">
            <div style="line-height: 1.25; font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.47%; vertical-align: middle; background-color: #FFFFFF;"> <br>
          </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: 47%; vertical-align: middle; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.47%; vertical-align: top; background-color: #FFFFFF;">
            <div style="line-height: 1.25;">Date:&#160; February 14, 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: 47%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid rgb(0, 0, 0);">/s/ Gilad Mamlok</td>
        </tr>
        <tr>
          <td style="width: 48.47%; vertical-align: top; background-color: #FFFFFF;">
            <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: 47%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">Gilad Mamlok</div>
          </td>
        </tr>
        <tr>
          <td style="width: 48.47%; vertical-align: top; background-color: #FFFFFF;">
            <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: 47%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">Chief Financial Officer</div>
          </td>
        </tr>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exhibit_1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <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>
    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <u>Exhibit 1.1</u><br>
    </div>
    <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;">Sol-Gel Technologies Ltd.</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><br>
      2,091,907 Ordinary Shares (Par Value NIS 0.1 Per Share)</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">2,091,907 Warrants, each to Purchase 0.8 of an Ordinary Share</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><br>
      <u>UNDERWRITING AGREEMENT</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: right; line-height: 1.25;">February 13, 2020</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">JEFFERIES LLC</div>
    <div style="line-height: 1.25;">BMO CAPITAL MARKETS CORP.<br>
      As Representatives of the several Underwriters</div>
    <div style="text-align: justify; line-height: 1.25;"><br>
      c/o JEFFERIES LLC</div>
    <div style="text-align: justify; line-height: 1.25;">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;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">c/o BMO CAPITAL MARKETS CORP.</div>
    <div style="text-align: justify; line-height: 1.25;">3 Times Square, 25th Floor</div>
    <div style="text-align: justify; line-height: 1.25;">New York, NY 10036</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Ladies and Gentlemen:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Introductory.</font>&#160; 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 to issue and sell to the several underwriters named in <u>Schedule A</u> (the &#8220;<font style="font-weight: bold;">Underwriters</font>&#8221;) (i) an aggregate of 2,091,907 ordinary shares of the Company, par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221;) and (ii) warrants of the Company, in the form set forth in <u>Exhibit C</u> hereto, each to purchase 0.8 of an Ordinary Share at&#160;an exercise price of $14.00 (the &#8220;<font style="font-weight: bold;">Warrants</font>&#8221;).&#160;
      The 2,091,907 Ordinary Shares (the &#8220;<font style="font-weight: bold;">Offered Shares</font>&#8221;) and the 2,091,907 Warrants (the &#8220;<font style="font-weight: bold;">Offered Warrants</font>&#8221;) to be sold by the Company are collectively called the &#8220;<font style="font-weight: bold;">Offered Securities</font>.&#8221;&#160; Each Offered Share is being sold together with an Offered Warrant. Jefferies LLC (&#8220;<font style="font-weight: bold;">Jefferies</font>&#8221;) and BMO Capital Markets Corp. (&#8220;<font style="font-weight: bold;">BMO</font>&#8221;)<font style="font-weight: bold;">&#160;</font>have agreed to act as representatives of the several Underwriters (in such capacity, the &#8220;<font style="font-weight: bold;">Representatives</font>&#8221;) in connection with the offering and sale
      of the Offered Securities.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">As used herein, &#8220;<font style="font-weight: bold;">Warrant Shares</font>&#8221; means the Ordinary Shares issuable upon exercise of the Warrants.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company has prepared and filed with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;) a shelf registration statement on Form
      F-3, File No. 333&#8209;230564, including a base prospectus (the &#8220;<font style="font-weight: bold;">Base Prospectus</font>&#8221;) to be used in connection with the public offering and sale of the Offered Securities.&#160; Such registration statement, as amended,
      including the financial statements, exhibits and schedules thereto, in the form in which it became effective under the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (collectively, the &#8220;<font style="font-weight: bold;">Securities Act</font>&#8221;), including all documents incorporated or deemed to be incorporated by reference therein and any information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A or 430B
      under the Securities Act, is called the &#8220;<font style="font-weight: bold;">Registration Statement</font>.&#8221;&#160; Any registration statement filed by the Company pursuant to Rule 462(b) under the Securities Act in connection with the offer and sale of the
      Offered Securities is called the &#8220;<font style="font-weight: bold;">Rule 462(b) Registration Statement</font>,&#8221; and from and after the date and time of filing of any such Rule 462(b) Registration Statement the term &#8220;Registration Statement&#8221; shall
      include the Rule 462(b) Registration Statement.&#160; As used herein, the term &#8220;<font style="font-weight: bold;">Prospectus</font>&#8221; shall mean the final prospectus supplement to the Base Prospectus that describes the Offered Securities and the offering
      thereof (the &#8220;<font style="font-weight: bold;">Final Prospectus Supplement</font>&#8221;), together with the Base Prospectus, in the form first used by the Underwriters to confirm sales of the Offered Securities or in the form first made available to the
      Underwriters by the Company to meet requests of purchasers pursuant to Rule 173 under the Securities Act. References herein to any preliminary prospectus and the Prospectus shall refer to both the prospectus supplement and the Base Prospectus
      components of such prospectus. As used herein, &#8220;<font style="font-weight: bold;">Applicable Time</font>&#8221; is 10:30 p.m. (New York City time) on February 13, 2020.&#160; As used herein, &#8220;<font style="font-weight: bold;">free writing prospectus</font>&#8221; has
      the meaning set forth in Rule 405 under the Securities Act, and &#8220;<font style="font-weight: bold;">Time of Sale Prospectus</font>&#8221; means the Prospectus, as amended or supplemented immediately prior to the Applicable Time, together with the free
      writing prospectuses, if any, identified in <u>Schedule B</u> hereto.&#160; As used herein, <font style="font-weight: bold;">&#8220;Road Show&#8221;</font> means a &#8220;road show&#8221; (as defined in Rule 433 under the Securities Act) relating to the offering of the Offered
      Securities contemplated hereby that is a &#8220;written communication&#8221; (as defined in Rule 405 under the Securities Act).&#160; As used herein, &#8220;<font style="font-weight: bold;">Section 5(d) Written Communication</font>&#8221; means each written communication (within
      the meaning of Rule 405 under the Securities Act) that is made in reliance on Section 5(d) of the Securities Act by the Company or any person authorized to act on behalf of the Company to one or more potential investors that are qualified
      institutional buyers (&#8220;<font style="font-weight: bold;">QIBs</font>&#8221;) and/or institutions that are accredited investors (&#8220;<font style="font-weight: bold;">IAIs</font>&#8221;), as such terms are respectively defined in Rule 144A and Rule 501(a) under the
      Securities Act, to determine whether such investors might have an interest in the offering of the Offered Securities; &#8220;<font style="font-weight: bold;">Section 5(d) Oral Communication</font>&#8221; means each oral communication, if any, made in reliance on
      Section 5(d) of the Securities Act by the Company or any person authorized to act on behalf of the Company made to one or more QIBs and/or one or more IAIs to determine whether such investors might have an interest in the offering of the Offered
      Securities; &#8220;<font style="font-weight: bold;">Marketing Materials</font>&#8221; means any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the offering of the Offered Securities,
      including any roadshow or investor presentations made to investors by the Company (whether in person or electronically); and &#8220;<font style="font-weight: bold;">Permitted Section 5(d) Communication</font>&#8221; means the Section 5(d) Written
      Communication(s) and Marketing Materials listed on <u>Schedule D</u> attached hereto.</div>
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    <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 the Registration Statement, any preliminary prospectus, the Base Prospectus and the Prospectus shall include the documents incorporated or
      deemed to be incorporated by reference therein. All references in this Agreement to financial statements and schedules and other information which are &#8220;contained,&#8221; &#8220;included&#8221; or &#8220;stated&#8221; in, or &#8220;part of&#8221; the Registration Statement, the Rule 462(b)
      Registration Statement, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus, and all other references of like import, shall be deemed to mean and include all such financial statements and schedules and other
      information which is or is deemed to be incorporated by reference in the Registration Statement, the Rule 462(b) Registration Statement, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus, as the case may
      be. All references in this Agreement to amendments or supplements to the Registration Statement, any preliminary prospectus, the Base Prospectus, the Time of Sale Prospectus or the Prospectus shall be deemed to mean and include the filing of any
      document under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (collectively, the &#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;) that is or is deemed to be incorporated by reference in
      the Registration Statement, any preliminary prospectus, the Base Prospectus, or the Prospectus, as the case may be.&#160; All references in this Agreement to (i) the Registration Statement, any preliminary prospectus, the Base Prospectus or the
      Prospectus, any amendments or supplements to any of the foregoing, or any free writing prospectus, shall include any copy thereof filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System (&#8220;<font style="font-weight: bold;">EDGAR</font>&#8221;) and (ii) the Prospectus shall be deemed to include any &#8220;electronic Prospectus&#8221; provided for use in connection with the offering of the Offered Securities as contemplated by Section 3(n) of this Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">In the event that the Company has only one subsidiary, then all references herein to &#8220;subsidiaries&#8221; of the Company shall be deemed to refer to such single subsidiary, <u>mutatis</u>&#160;<u>mutandis</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">The Company hereby confirms its agreements with the Underwriters as follows:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Representations and Warranties of the Company.&#160; The Company hereby represents, warrants and covenants to each
      Underwriter, as of the date of this Agreement and as of the Closing Date (as hereinafter defined), as follows:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Registration Requirements</font><font style="font-weight: bold;">.</font>&#160; The Registration Statement has become effective under the Securities Act.&#160; The Company has complied, 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.&#160; At the
      time the Company&#8217;s Annual Report on Form 20-F for the year ended December 31, 2018 (the &#8220;<font style="font-weight: bold;">Annual Report</font>&#8221;) was filed with the Commission, or, if later, at the time the Registration Statement was originally filed
      with the Commission, the Company met the then-applicable requirements for use of Form F-3 under the Securities Act.&#160; The Company is a &#8220;foreign private issuer&#8221; within the meaning of Rule 405 under the Securities Act.&#160; The documents incorporated or
      deemed to be incorporated by reference in the Registration Statement, the Time of Sale Prospectus and the Prospectus, at the time they were or hereafter are filed with the Commission, or became effective under the Exchange Act, as the case may be,
      complied and will comply in all material respects with the requirements of the Exchange Act.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Disclosure</font><font style="font-weight: bold;">.</font>&#160; Each
      preliminary prospectus and 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 S&#8209;T under the Securities Act) to
      the copy thereof delivered to the Underwriters for use in connection with the offer and sale of the Offered Securities.&#160; Each of the Registration Statement and any post-effective amendment thereto, at the time it became or becomes effective, 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 Applicable Time, the Time of Sale Prospectus (including any preliminary prospectus wrapper)<font style="font-weight: bold;">&#160;</font>did not, and at the Closing Date (as defined in Section 2), will not, contain any untrue
      statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.&#160; The Prospectus (including any Prospectus wrapper), as amended or
      supplemented, as of its date, did not, and at the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under
      which they were made, not misleading.&#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 the Time of Sale Prospectus, or any amendments or supplements thereto, made in reliance upon and in conformity with written information relating to any Underwriter furnished to the Company in writing by the Representatives expressly
      for use therein, it being understood and agreed that the only such information consists of the information described in Section 9(b) below.&#160; There are no contracts or other documents required to be described in the Time of Sale Prospectus or the
      Prospectus or to be filed as an exhibit to the Registration Statement which have not been described or filed as required.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Free Writing Prospectuses; Road Show</font><font style="font-weight: bold;">.</font>&#160; As of the determination date referenced in Rule 164(h) under the Securities Act, the Company was not, is not or will not be (as applicable) an &#8220;ineligible issuer&#8221; in connection with the offering of the Offered Securities pursuant
      to Rules 164, 405 and 433 under the Securities Act.&#160; Each free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been, or will be, filed with the Commission in accordance with the
      requirements of the Securities Act.&#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, as applicable, and each such free writing prospectus,
      as of its issue date and at all subsequent times through the completion of the public offer and sale of the Offered Securities did not, does not and will not include any information that conflicted, conflicts or will conflict with the information
      contained in the Registration Statement, the Prospectus, or any preliminary prospectus, unless such information has been superseded or modified as of such time.&#160; Except for the free writing prospectuses, if any, identified in <u>Schedule B</u>, 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.&#160; Each Road Show, when
      considered together with the Time of Sale Prospectus, did not, as of the Applicable Time, 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.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Distribution of Offering Material by the Company</font><font style="font-weight: bold;">.</font>&#160; Prior to the completion of the Underwriters&#8217; distribution of the Offered Securities, the Company has not distributed and will not distribute any offering material in connection with the offering and sale of the
      Offered Securities other than the Registration Statement, the Time of Sale Prospectus, the Prospectus or any free writing prospectus reviewed and consented to by the Representatives, the free writing prospectuses, if any, identified on <u>Schedule B</u>
      hereto and any Permitted Section 5(d) Communications.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">The Underwriting Agreement</font><font style="font-weight: bold;">.</font>&#160;
      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;"><font style="font-weight: bold;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Authorization of the Offered Securities</font><font style="font-weight: bold;">.</font>&#160; The Offered Shares have been duly authorized for issuance and sale pursuant to this Agreement and, when issued and delivered by the Company against payment therefor pursuant to this Agreement, will be validly issued, fully paid and
      nonassessable, and the issuance and sale of the Offered Shares is not subject to any preemptive rights, rights of first refusal or other similar rights to subscribe for or purchase the Offered Shares. The Warrants have been duly authorized by the
      Company and, when executed and delivered by the Company, will be valid and binding agreements of the Company, enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency,
      reorganization, moratorium or other similar laws relating to or affecting the rights and remedies of creditors or by general equitable principles.&#160; The Warrant Shares have been duly authorized, and the Company has reserved from its duly authorized
      capital stock the maximum number of Warrant Shares issuable pursuant to the Warrants.&#160; The Warrant Shares, when issued and delivered upon exercise of the Warrants in accordance therewith, will be validly issued, fully paid and nonassessable and will
      conform to the descriptions thereof in the Registration Statement, the Time of Sale Prospectus and the Prospectus.&#160; The issuance of the Warrant Shares is not subject to any preemptive rights, rights of first refusal or other similar rights.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Applicable Registration or Other Similar Rights</font><font style="font-weight: bold;">.</font>&#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;"><font style="font-weight: bold;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Material Adverse Change</font><font style="font-weight: bold;">.</font>&#160;
      Except as otherwise disclosed in the Registration Statement, the Time of Sale Prospectus and the Prospectus, subsequent to the respective dates as of which information is given in the Registration Statement, the Time of Sale Prospectus and the
      Prospectus: (i) 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) 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>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">3</font></div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Independent Accountants</font><font style="font-weight: bold;">.</font>&#160;
      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, the Time of Sale Prospectus 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 under the Securities Act 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;"><font style="font-weight: bold;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Financial Statements</font><font style="font-weight: bold;">.</font>&#160; The
      financial statements filed with the Commission as a part of the Registration Statement, the Time of Sale Prospectus 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 their 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; The interactive data in eXtensible Business
      Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&#8217;s rules and guidelines applicable
      thereto.&#160; No other financial statements or supporting schedules are required to be included in the Registration Statement, the Time of Sale Prospectus or the Prospectus.&#160; The financial data set forth in each of the Registration Statement, the Time of
      Sale Prospectus and the Prospectus under the caption &#8220;Capitalization&#8221; fairly present, 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, the Time of Sale Prospectus and the Prospectus.&#160; All disclosures contained in the Registration Statement, any preliminary prospectus or the Prospectus and any free writing prospectus that constitute non&#8209;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, the Time of Sale Prospectus and the Prospectus.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Company&#8217;s Accounting System</font><font style="font-weight: bold;">.</font>&#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:&#160; (i) transactions are executed in
      accordance with management&#8217;s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is
      permitted only in accordance with management&#8217;s general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
      differences.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">4</font></div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Disclosure Controls and Procedures; Deficiencies in or Changes to Internal
        Control Over Financial Reporting</font><font style="font-weight: bold;">.</font> 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;"><font style="font-weight: bold;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Incorporation and Good Standing of the Company</font><font style="font-weight: bold;">.</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, the Time of Sale Prospectus 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</font>&#8221;). 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. 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;"><font style="font-weight: bold;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Incorporation and Good Standing of the Company&#8217;s Subsidiary</font><font style="font-weight: bold;">.</font>&#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;).&#160;
      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 Registration Statement, the Time of Sale Prospectus and 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 except where the failure to so qualify or to be in good standing would not be reasonably expected to have a Material Adverse Effect.&#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 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;">5</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Capitalization and Other Share Capital Matters</font><font style="font-weight: bold;">.</font>&#160; The authorized, issued and outstanding share capital of the Company is as set forth in the Registration Statement, the Time of Sale Prospectus 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 Registration Statement, the Time of Sale Prospectus and the Prospectus).&#160; The share capital
      of the Company, including the Ordinary Shares, the Offered Securities, and the Warrant Shares, conforms in all material respects to each description thereof contained in the Time of Sale 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, the Time of Sale Prospectus 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, the Time of Sale Prospectus 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 style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Stock Exchange Listing</font><font style="font-weight: bold;">.</font>&#160; The Ordinary Shares are
      registered pursuant to Section 12(b) of the Exchange Act and are listed on the Nasdaq Global Market (the &#8220;<font style="font-weight: bold;">Nasdaq</font>&#8221;), 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, nor has the Company received any notification that the Commission or the Nasdaq 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;"><font style="font-weight: bold;">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Non-Contravention of Existing Instruments; No Further Authorizations or
        Approvals Required</font><font style="font-weight: bold;">.</font>&#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 and the Warrants, consummation of the transactions contemplated hereby and by the Registration Statement, the
      Time of Sale Prospectus and the Prospectus and the issuance and sale of the Offered Securities and the Warrant Shares (including the use of proceeds from the sale of the Offered Securities as described in the Registration Statement, the Time of Sale
      Prospectus and the Prospectus under the caption &#8220;Use of Proceeds&#8221;) (i) 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) 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) 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 the Warrants and consummation of the transactions contemplated hereby and by the
      Registration Statement, the Time of Sale Prospectus 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) following the Closing Date, the obligation to file certain notices with the Registrar of Companies of the State
      of Israel regarding the issuance of the Offered Securities or the filing of certain information 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.&#160; Subject to the Underwriters&#8217; compliance with their obligations under Section 5(b) hereof, the Company is not required to publish
      a prospectus in the State of Israel under the laws of the State of Israel with respect to the offer or sale of the Offered Securities. 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: #000000; font-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Laws.</font>&#160; 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;"><font style="font-weight: bold;">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Material Actions or Proceedings</font><font style="font-weight: bold;">.</font>&#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, 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;"><font style="font-weight: bold;">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Intellectual Property Rights</font><font style="font-weight: bold;">.</font>&#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, the Time of Sale Prospectus and 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, the Time of Sale Prospectus 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, the Time of Sale Prospectus or the Prospectus as under development, or violates any trademark, trade name, 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, the Time of Sale Prospectus and 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: #000000; font-weight: normal; font-style: normal;">7</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">All Necessary Permits, etc</font><font style="font-weight: bold;">.</font>&#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, the Time of Sale Prospectus 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. 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;"><font style="font-weight: bold;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Title to Properties</font><font style="font-weight: bold;">.</font>&#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 Section 1(j) above (or elsewhere in the Registration Statement,
      the Time of Sale Prospectus 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 its Subsidiary.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Tax Law Compliance</font><font style="font-weight: bold;">.</font>&#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. 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 Section 1(j) 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 the Underwriters are 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 the Underwriters 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 Offered Securities by the Company; (ii) the purchase from the Company, and the initial sale and delivery by the Underwriters of the Offered Securities to
      purchasers thereof; (iii) the holding or transfer of the Offered Securities; 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: #000000; font-weight: normal; font-style: normal;">8</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Insurance</font><font style="font-weight: bold;">.</font>&#160; Except as
      otherwise disclosed in the Registration Statement, the Time of Sale Prospectus 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.&#160; The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies
      expire or (ii) 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.&#160; 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;"><font style="font-weight: bold;">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Environmental Laws</font><font style="font-weight: bold;">.&#160;

      </font>Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:&#160; (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 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;"><font style="font-weight: bold;">(z)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Periodic Review of Costs of Environmental Compliance</font><font style="font-weight: bold;">.</font>&#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 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;">9</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(aa)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Benefit Plan Compliance. </font> 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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(bb)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with the Sarbanes-Oxley Act.</font>&#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.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(cc)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Company Not an &#8220;Investment Company.&#8221;</font> The Company is not, and will
      not be, either after receipt of payment for the Offered Securities or after the application of the proceeds therefrom as described under &#8220;Use of Proceeds&#8221; in the Registration Statement, the Time of Sale Prospectus or the Prospectus, required to
      register as an &#8220;investment company&#8221; under the Investment Company Act of 1940, as amended (the <font style="font-weight: bold;">&#8220;Investment Company Act&#8221;</font>).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(dd)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Price Stabilization or Manipulation; Compliance with Regulation M</font><font style="font-weight: bold;">.</font>&#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 Offered Securities 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 Offered Securities, whether to facilitate the sale or resale of the Offered
      Securities or otherwise, and has taken no action which would directly or indirectly violate Regulation M.&#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;"><font style="font-weight: bold;">(ee)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Related-Party Transactions</font><font style="font-weight: bold;">.</font>&#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, the Time of Sale Prospectus 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;"><font style="font-weight: bold;">(ff)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">FINRA Matters</font><font style="font-weight: bold;">.</font>&#160; All of the
      information provided to the Underwriters or to counsel for the Underwriters by the Company and 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 Offered Securities 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&#160;
      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: #000000; font-weight: normal; font-style: normal;">10</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(gg)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Parties to Lock-Up Agreements</font><font style="font-weight: bold;">.</font>&#160;
      The Company has furnished to the Underwriters a letter agreement in the form attached hereto as <u>Exhibit A</u> (the &#8220;<font style="font-weight: bold;">Lock-up Agreement</font>&#8221;) from each of the persons listed on <u>Exhibit B</u>.&#160; Such <u>Exhibit
        B</u> lists under an appropriate caption the directors, executive officers and certain shareholders of the Company.&#160; If any additional persons shall become directors or executive officers of the Company prior to the end of the Company Lock-up
      Period (as defined below), the Company shall cause each such person, prior to or contemporaneously with their appointment or election as a director or executive officer of the Company, to execute and deliver to the Representatives a Lock-up
      Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(hh)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Statistical and Market-Related Data</font><font style="font-weight: bold;">.</font>&#160; All statistical, demographic and market&#8209;related data included in the Registration Statement, the Time of Sale Prospectus or the Prospectus are based on or derived from sources that the Company believes, 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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(ii)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Unlawful Contributions or Other Payments</font><font style="font-weight: bold;">.</font>&#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, the Time of Sale Prospectus or the Prospectus.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(jj)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Anti-Corruption and Anti-Bribery Laws</font><font style="font-weight: bold;">.</font>&#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 or
      taken any act in furtherance of an offer, promise, or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or public
      international organization, or any political party, party official, or candidate for political office; (iii) violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended (the &#8220;<font style="font-weight: bold;">FCPA</font>&#8221;), the UK Bribery Act 2010, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, authorized, requested, or taken an act in furtherance of any unlawful bribe, rebate, payoff, influence payment,
      kickback or other unlawful payment or benefit. 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. 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;"><font style="font-weight: bold;">(kk)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Money Laundering Laws</font><font style="font-weight: bold;">.</font>&#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>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">11</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(ll)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Sanctions</font><font style="font-weight: bold;">.</font>&#160; Neither the
      Company nor its Subsidiary, nor any of its directors or officers, nor, to the knowledge of the Company, after due inquiry, any agent, employee, affiliate or other person acting on behalf of the Company or its Subsidiary is currently the subject or
      the target of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (&#8220;<font style="font-weight: bold;">OFAC</font>&#8221;) or the U.S. Department of State, the United Nations Security Council, the
      European Union, Her Majesty&#8217;s Treasury of the United Kingdom, or other relevant sanctions authority (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 or the target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea, and Syria; 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 at the time of such
      financing, is the subject or the target of 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 applicable
      Sanctions. For the past five years, the Company and its Subsidiary have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or
      the target of Sanctions or with any Sanctioned Country.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(mm)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Brokers</font><font style="font-weight: bold;">.&#160; </font>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;"><font style="font-weight: bold;">(nn)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Submission to Jurisdiction</font>.&#160; The Company has the power to submit,
      and pursuant to Section 19 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 Section 19 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 Offered Securities 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 Section 19 hereof.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(oo)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Rights of Immunity</font>.&#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
      Section 19 of this Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(pp)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Forward-Looking Statements.</font>&#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, the Time of Sale Prospectus 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&#8209;looking statement.&#160; 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 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;">12</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(qq)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Emerging Growth Company Status.</font>&#160; From the time of initial
      confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged in any Section 5(d) Written Communication or any Section 5(d) Oral Communication) through the date hereof, the
      Company has been and is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act (an &#8220;<font style="font-weight: bold;">Emerging Growth Company</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(rr)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Permitted Section 5(d) Communications.</font>&#160; The Company (i) has not
      alone engaged in communications with potential investors in reliance on Section 5(d) of the Securities Act and (ii) has not authorized anyone other than the Representatives to engage in such communications.&#160; The Company reconfirms that the
      Representatives have been authorized to act on its behalf in undertaking Permitted Section 5(d) Communications.&#160; The Company has not distributed any Permitted Section 5(d) Communications.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(ss)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Clinical Data and Regulatory Compliance.</font>&#160; The preclinical tests
      and clinical trials, and other studies (collectively, &#8220;<font style="font-weight: bold;">studies</font>&#8221;) being conducted by the Company, that are described in the Registration Statement, the Time of Sale Prospectus or the Prospectus were and, if
      still pending, are being conducted in all material respects in accordance with the 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, the Time of Sale Prospectus 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, the Time of Sale
      Prospectus or&#160; 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;"><font style="font-weight: bold;">(tt)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Cybersecurity</font>.&#160; Except as would not reasonably be expected,
      individually or in the aggregate, to have a Material Adverse Effect, the Company and its Subsidiary&#8217;s information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases (collectively,
      &#8220;<font style="font-weight: bold;">IT Systems</font>&#8221;) are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its Subsidiary as currently conducted, and are,
      to the Company&#8217;s knowledge free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants.&#160; The Company and its Subsidiary have implemented and maintained commercially reasonable physical, technical and
      administrative controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and data, including &#8220;Personal Data,&#8221; used
      in connection with their businesses.&#160; &#8220;<font style="font-weight: bold;">Personal Data</font>&#8221; means (i) a natural person&#8217;s name, street address, telephone number, e-mail address, photograph, social security number or tax identification number,
      driver&#8217;s license number, passport number, credit card number, bank information, or customer or account number; (ii) any information which would qualify as &#8220;personally identifying information&#8221; under the Federal Trade Commission Act, as amended; (iii)
      &#8220;personal data&#8221; as defined by European Union General Data Protection Regulation (&#8220;<font style="font-weight: bold;">GDPR</font>&#8221;) (EU 2016/679); (iv) any information which would qualify as &#8220;protected health information&#8221; under the Health Insurance
      Portability and Accountability Act of 1996, as amended by the Health Information Technology for Economic and Clinical Health Act (collectively, &#8220;<font style="font-weight: bold;">HIPAA</font>&#8221;); and (v) any other piece of information that allows the
      identification of such natural person, or his or her family, or permits the collection or analysis of any data related to an identified person&#8217;s health or sexual orientation. To the Company&#8217;s knowledge, there have been no breaches, violations,
      outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same or
      which would otherwise not reasonably be expected to have individually or in the aggregate a Material Adverse Effect. The Company and its Subsidiary are presently in compliance with all applicable laws or statutes and all judgments, orders, rules and
      regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal
      Data from unauthorized use, access, misappropriation or modification except as would not reasonably be expected to have individually or in the aggregate a Material Adverse Effect.</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;">13</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(uu)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Data Privacy Laws</font>.&#160; The Company and its Subsidiary
      are, and at all prior times were, in material compliance with all applicable Israeli, state and federal data privacy and security laws and regulations, including without limitation HIPAA .&#160; To the knowledge of the Company, since May 25, 2018, the
      Company and its Subsidiary have been and currently are in compliance with, the GDPR (collectively, the &#8220;<font style="font-weight: bold;">Privacy Laws</font>&#8221;).&#160; To ensure compliance with the Privacy Laws, the Company and its Subsidiary have in place,
      comply with, and take appropriate steps reasonably designed to ensure compliance in all material respects with their policies and procedures relating to data privacy and security and the collection, storage, use, disclosure, handling and analysis of
      Personal Data (the &#8220;<font style="font-weight: bold;">Policies</font>&#8221;).&#160; The Company and its Subsidiary have at all times made all disclosures to users or customers required by applicable laws and regulatory rules or requirements, and none of such
      disclosures made or contained in any Policy have, to the knowledge of the Company, been inaccurate or in violation of any applicable laws and regulatory rules or requirements in any material respect. The Company further certifies that neither it nor
      its Subsidiary: (i) has received notice of any actual or potential liability under or relating to, or actual or potential violation of, any of the Privacy Laws, and has no knowledge of any event or condition that would reasonably be expected to
      result in any such notice; (ii) is currently conducting or paying for, in whole or in part, any investigation, remediation, or other corrective action pursuant to any Privacy Law; or (iii) is a party to any order, decree, or agreement that imposes
      any obligation or liability under any Privacy Law, except in the case of clause (i), where such violation would not, individually or in the aggregate, reasonably be expected 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;"><font style="font-weight: bold;">(vv)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Rights to Purchase Preferred Shares</font><font style="font-weight: bold;">.</font>&#160; The issuance and sale of the Offered Securities 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;"><font style="font-weight: bold;">(ww)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Contract Terminations.&#160; </font>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 any preliminary prospectus, 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: #000000; font-weight: normal; font-style: normal;">14</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(xx)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Israeli Law.</font> 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 the Offered 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;"><font style="font-weight: bold;">(yy)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Company Stock Plans.</font>&#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)&#160;each such grant was properly accounted for in accordance with GAAP in the financial
      statements 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 any Underwriter or to counsel for the Underwriters in connection with the offering, or the
      purchase and sale, of the Offered Securities shall be deemed a representation and warranty by the Company to each Underwriter 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 Section 1.&#160; The Company acknowledges that the Underwriters and, for purposes of the
      opinions to be delivered pursuant to Section 6 hereof, counsel to the Company and counsel to the Underwriters, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such reliance.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Purchase, Sale and Delivery of the Offered Securities.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">The Offered Securities</font><font style="font-weight: bold;">.</font>&#160;
      Upon the terms herein set forth, the Company agrees to issue and sell to the several Underwriters an aggregate of 2,091,907 Offered Shares and 2,091,907 Offered Warrants.&#160; On the basis of the representations, warranties and agreements herein
      contained, and upon the terms but subject to the conditions herein set forth, the Underwriters agree, severally and not jointly, to purchase from the Company the respective number of Offered Securities set forth opposite their names on <u>Schedule A</u>.&#160;
      The combined purchase price to be paid by the Underwriters to the Company for the Offered Shares and the Offered Warrants will be $10.34 per combined Offered Share and Offered Warrant.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">The Closing Date</font><font style="font-weight: bold;">.</font>&#160; Delivery
      of certificates, if any, for the Offered Securities to be purchased by the Underwriters and payment therefor shall be made at the offices of Covington &amp; Burling LLP (or such other place as may be agreed to by the Company and the Representatives)
      at 9:00 a.m. New York City time, on February 19, 2020, or such other time and date not later than 1:30 p.m. New York City time, on March 4, 2020 as the Representatives shall designate by notice to the Company (the time and date of such closing are
      called the &#8220;<font style="font-weight: bold;">Closing Date</font>&#8221;).&#160; The Company hereby acknowledges that circumstances under which the Representatives may provide notice to postpone the Closing Date as originally scheduled include, but are not
      limited to, any determination by the Company or the Representatives to recirculate to the public copies of an amended or supplemented Prospectus or a delay as contemplated by the provisions of Section 11.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-weight: bold;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-style: italic;">Reserved.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Public Offering of the Offered Securities</font><font style="font-weight: bold;">.</font>&#160; The Representatives hereby advise the Company that the Underwriters intend to offer for sale to the public, initially on the terms set forth in the Registration Statement, the Time of Sale Prospectus and the Prospectus, their
      respective portions of the Offered Securities as soon after this Agreement has been executed, as the Representatives, in their sole judgment, have determined is advisable and practicable.</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;">15</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Payment for the Offered Securities</font><font style="font-weight: bold;">.&#160;

      </font>(1)<font style="font-weight: bold;">&#160;&#160;</font>Payment for the Offered Securities shall be made at the Closing Date&#160; by wire transfer of immediately available funds to the order of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;It is understood that the Representatives have been authorized, for their own account and the accounts of the several Underwriters, to accept delivery of and receipt
      for, and make payment of the purchase price for the Offered Securities.&#160; Each of Jefferies and BMO, individually and not as a Representative of the Underwriters, may (but shall not be obligated to) make payment for any Offered Securities to be
      purchased by any Underwriter whose funds shall not have been received by the Representatives by the Closing Date, for the account of such Underwriter, but any such payment shall not relieve such Underwriter from any of its obligations under this
      Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Delivery of the Offered Securities</font><font style="font-weight: bold;">.</font>&#160;
      The Company shall deliver, or cause to be delivered, through the facilities of The Depository Trust Company (&#8220;<font style="font-weight: bold;">DTC</font>&#8221;) unless the Representatives shall otherwise instruct, to the Representatives for the accounts
      of the several Underwriters the Offered Securities to be sold by them at the Closing Date, against release of a wire transfer of immediately available funds for the amount of the purchase price therefor.&#160;&#160; The Offered Securities shall be registered
      in such names and denominations as the Representatives shall have requested at least two full business days prior to the Closing Date and shall be made available for inspection on the business day preceding the Closing Date at a location in New York
      City as the Representatives may designate; <font style="font-style: italic;">provided</font>,<font style="font-style: italic;"> however</font>, that if the Company, upon the instruction of the Representatives, registers the Warrants in the name of
      any person or entity to whom any Underwriter intends to sell such Warrants, then such Underwriter shall have the right to thereafter request the re-registration of such Warrants (and the Company shall be required to re-register such Warrants) in the
      name of any other person or entity (it being understood that such re-registration is intended to permit an Underwriter to resell such Warrants in the event that the person or entity to whom such Underwriter originally intended to sell such Warrants
      shall fail to pay the purchase price of such Warrants).&#160; Time shall be of the essence, and delivery at the time and place specified in this Agreement is a further condition to the obligations of the Underwriters.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional Covenants of the Company.&#160; The Company further covenants and agrees with each Underwriter as follows: </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Delivery of Registration Statement, Time of Sale Prospectus and
        Prospectus.</font><font style="font-style: italic;">&#160;</font> The Company shall furnish to you in New York City, without charge, prior to 10:00 a.m. New York City time on the business day next succeeding the date of this Agreement and during the
      period when a prospectus relating to the Offered Securities 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
      Offered Securities, as many copies of the Time of Sale Prospectus, the Prospectus and any supplements and amendments thereto or to the Registration Statement as you may reasonably request.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Representatives&#8217; Review of Proposed Amendments and Supplements.</font><font style="font-style: italic;">&#160;</font> During the period when a prospectus relating to the Offered Securities is required by the Securities Act to be delivered (whether physically or through compliance with Rule 172 under the Securities Act or any
      similar rule), the Company (i) will furnish to the Representatives for review, a reasonable period of time prior to the proposed time of filing of any proposed amendment or supplement to the Registration Statement, a copy of each such amendment or
      supplement and (ii) will not amend or supplement the Registration Statement (including, in each case, any amendment or supplement through incorporation of any report filed under the Exchange Act) without the Representatives&#8217; prior written consent,
      which shall not be unreasonably withheld, conditioned or delayed.&#160; Prior to amending or supplementing any preliminary prospectus, the Time of Sale Prospectus or the Prospectus (including, in each case, any amendment or supplement through
      incorporation of any report filed under the Exchange Act), the Company shall furnish to the Representatives 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.&#160; The Company shall not file or use any such proposed amendment or supplement without the Representatives&#8217; 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: #000000; font-weight: normal; font-style: normal;">16</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Free Writing Prospectuses.</font><font style="font-style: italic;">&#160;</font>
      The Company shall furnish to the Representatives 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 Representatives&#8217; prior written consent, which shall not be
      unreasonably withheld, conditioned or delayed.&#160; The Company shall furnish to each Underwriter, without charge, as many copies of any free writing prospectus prepared by or on behalf of, used by or referred to by the Company as such Underwriter may
      reasonably request.&#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 Offered
      Securities (but in any event if at any time through and including the Closing Date) there occurred or occurs an event or development as a result of which any free writing prospectus prepared by or on behalf of, used by, or referred to by the Company
      conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements
      therein, in the light of the circumstances prevailing at such time, not misleading, the Company shall promptly amend or supplement such free writing prospectus to eliminate or correct such conflict or 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 Representatives 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
      Representatives&#8217; 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;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Filing of Underwriter Free Writing Prospectuses.</font><font style="font-style: italic;">&#160;</font> The Company shall not take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus
      prepared by or on behalf of such Underwriter that such Underwriter otherwise would not have been required to file thereunder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Amendments and Supplements to Time of Sale Prospectus.</font><font style="font-style: italic;">&#160;</font> If the Time of Sale Prospectus is being used to solicit offers to buy the Offered Securities at a time when the Prospectus is not yet available to prospective purchasers, and any event shall occur or condition
      exist as a result of which it is necessary to amend or supplement the Time of Sale Prospectus so that the Time of Sale Prospectus does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
      statements therein, in the light of the circumstances when delivered to a prospective purchaser, not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with the information contained
      in the Registration Statement, or if, in the opinion of counsel for the Underwriters, it is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, the Company shall (subject to Section 3(b) and Section 3(c)
      hereof) promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale
      Prospectus as so amended or supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when delivered to a prospective
      purchaser, not misleading or so that the Time of Sale Prospectus, as amended or supplemented, will no longer conflict with the information contained in the Registration Statement, or so that the Time of Sale Prospectus, as amended or supplemented,
      will comply with applicable law.</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;">17</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Certain Notifications and Required Actions</font><font style="font-weight: bold;">.</font>&#160; After the date of this Agreement, the Company shall promptly advise the Representatives in writing of: (i) the receipt of any comments of, or requests for additional or supplemental information from, the Commission; (ii) the time
      and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the Prospectus; (iii) the time and date
      that any post-effective amendment to the Registration Statement becomes effective; and (iv) the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto or any
      amendment or supplement to any preliminary prospectus, the Time of Sale Prospectus or the Prospectus or of any order preventing or suspending the use of any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus or the
      Prospectus, or of any proceedings to remove, suspend or terminate from listing or quotation the Offered Securities 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.&#160; Additionally, the Company agrees
      that it shall comply with all applicable provisions of Rule 424(b), Rule 433 and Rule 430B under the Securities Act and will use its reasonable efforts to confirm that any filings made by the Company under Rule 424(b) or Rule 433 were received in a
      timely manner by the Commission.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Amendments and Supplements to the Prospectus and Other Securities Act
        Matters.</font>&#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 Representatives or counsel for the Underwriters it is otherwise necessary to amend or supplement the Prospectus to comply with applicable law, the Company agrees (subject to Section 3(b) and Section 3(c)
      hereof) to promptly prepare, file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, amendments or supplements to the Prospectus so that the statements in the Prospectus as so amended or
      supplemented will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances when the Prospectus is delivered (whether physically or through
      compliance with Rule 172 under the Securities Act or any similar rule) to a purchaser, not misleading or so that the Prospectus, as amended or supplemented, will comply with applicable law.&#160; Neither the Representatives&#8217; consent to, nor delivery of,
      any such amendment or supplement shall constitute a waiver of any of the Company&#8217;s obligations under Section 3(b) or Section 3(c).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Blue Sky Compliance</font><font style="font-weight: bold;">.</font>&#160; The
      Company shall cooperate with the Representatives and counsel for the Underwriters to qualify or register the Offered Securities 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 Representatives, shall comply with such laws and shall continue such qualifications, registrations and exemptions in effect so long as required for the distribution of
      the Offered Securities.&#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 Representatives promptly of the suspension of the qualification or registration of (or any such exemption relating to) the Offered Securities for offering, sale or trading in
      any jurisdiction or any initiation or threat of any proceeding for any such purpose, and in the event of the issuance of any order suspending such qualification, registration or exemption, the Company shall use its best efforts to obtain the
      withdrawal thereof as soon as possible.</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;">18</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Use of Proceeds</font><font style="font-weight: bold;">.</font>&#160; The
      Company shall apply the net proceeds from the sale of the Offered Securities sold by it in the manner described under the caption &#8220;Use of Proceeds&#8221; in the Registration Statement, the Time of Sale Prospectus and the Prospectus.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Earnings Statement</font><font style="font-weight: bold;">.</font>&#160; The
      Company will make generally available to its security holders and to the Representatives as soon as practicable an earnings statement (which need not be audited) covering a period of at least twelve months beginning with the first fiscal quarter of
      the Company commencing after the date of this Agreement that will satisfy the provisions of Section 11(a) of the Securities Act and the rules and regulations of the Commission thereunder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Continued Compliance with Securities Laws</font><font style="font-weight: bold;">.</font>&#160; The Company will comply with the Securities Act and the Exchange Act so as to permit the completion of the distribution of the Offered Securities as contemplated by this Agreement<font style="font-weight: bold;">, </font>the
      Registration Statement, the Time of Sale Prospectus and the Prospectus.&#160; Without limiting the generality of the foregoing, the Company will, during the period when a prospectus relating to the Offered Shares is required by the Securities Act to be
      delivered (whether physically or through compliance with Rule 172 under the Securities Act or any similar rule), file on a timely basis with the Commission and the Nasdaq all reports and documents required to be filed under the Exchange Act.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Israeli Securities Laws.</font>&#160; The Company acknowledges,
      understands and agrees that the Offered Securities may be offered and sold in Israel only by the Underwriters and only to such Israeli investors listed in the First Addendum to the Israeli Securities Law (the &#8220;<font style="font-weight: bold;">Addendum</font>&#8221;)

      who submit written confirmation to the Underwriters and the Company that such investor (A) falls within the scope of the Addendum, is aware of the meaning of same and agrees to it and (B) is acquiring the Offered Securities for investment for its own
      account or, if applicable, for investment for clients who are investors under Section 15A(b) of the Israeli Securities Law and in any event not as a nominee, market maker or agent and not with a view to, or for the resale in connection with, any
      distribution thereof (&#8220;<font style="font-weight: bold;">Israeli Accredited Investors</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Listing</font><font style="font-weight: bold;">.</font>&#160; The Company will
      use its best efforts to list, subject to notice of issuance, the Offered Securities on the Nasdaq.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Company to Provide Copy of the Prospectus in Form That May be Downloaded
        from the Internet</font><font style="font-weight: bold;">.</font>&#160; If requested by the Representatives, the Company shall cause to be prepared and delivered, at its expense, within one business day from the effective date of this Agreement, to the
      Representatives an &#8220;<font style="font-weight: bold;">electronic Prospectus</font>&#8221; to be used by the Underwriters in connection with the offering and sale of the Offered Securities.&#160; As used herein, the term &#8220;<font style="font-weight: bold;">electronic
        Prospectus</font>&#8221; means a form of Time of Sale Prospectus, and any amendment or supplement thereto, that meets each of the following conditions: (i) it shall be encoded in an electronic format, satisfactory to the Representatives, that may be
      transmitted electronically by the Representatives and the other Underwriters to offerees and purchasers of the Offered Securities; (ii) it shall disclose the same information as the paper Time of Sale Prospectus, except to the extent that graphic and
      image material cannot be disseminated electronically, in which case such graphic and image material shall be replaced in the electronic Prospectus with a fair and accurate narrative description or tabular representation of such material, as
      appropriate; and (iii) it shall be in or convertible into a paper format or an electronic format, satisfactory to the Representatives, that will allow investors to store and have continuously ready access to the Time of Sale Prospectus at any future
      time, without charge to investors (other than any fee charged for subscription to the Internet as a whole and for on-line time).&#160; The Company hereby confirms that it has included or will include in the Prospectus filed pursuant to EDGAR or otherwise
      with the Commission and in the Registration Statement at the time it was declared effective an undertaking that, upon receipt of a request by an investor or his or her representative, the Company shall transmit or cause to be transmitted promptly,
      without charge, a paper copy of the Time of Sale Prospectus.</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;">19</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(o)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Agreement Not to Offer or Sell Additional Securities</font><font style="font-weight: bold;">.&#160; </font>During the period commencing on and including the date hereof and continuing through and including the 90th day following the date of the Prospectus (such period, as extended as described below, being referred
      to herein as the &#8220;<font style="font-weight: bold;">Lock-up Period</font>&#8221;), the Company will not, without the prior written consent of Jefferies and BMO (which consent may be withheld in their sole discretion), directly or indirectly: (i) sell, offer
      to sell, contract to sell or lend any share capital of the Company, whether in the form of ordinary shares, preferred shares or otherwise (&#8220;<font style="font-weight: bold;">Share Capital</font>&#8221;) or Related Securities (as defined below); (ii) effect
      any short sale, or establish or increase any &#8220;put equivalent position&#8221; (as defined in Rule 16a-1(h) under the Exchange Act) or liquidate or decrease any &#8220;call equivalent position&#8221; (as defined in Rule 16a&#8209;1(b) under the Exchange Act) of any Share
      Capital or Related Securities; (iii) pledge, hypothecate or grant any security interest in any Share Capital or Related Securities; (iv) in any other way transfer or dispose of any Share Capital or Related Securities; (v) enter into any swap, hedge
      or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of any Share Capital or Related Securities, regardless of whether any such transaction is to be settled in securities, in cash or otherwise; (vi)
      announce the offering of any Share Capital or Related Securities; (vii) file any registration statement under the Securities Act in respect of any Share Capital or Related Securities (other than as contemplated by this Agreement with respect to the
      Offered Securities); or (viii) publicly announce the intention to do any of the foregoing; <font style="font-style: italic;">provided, however</font>, that the Company may (A) effect the transactions contemplated hereby, (B) issue Share Capital of
      the Company or options to purchase Share Capital of the Company, or issue Share Capital of the Company upon exercise of options, pursuant to any share option, share bonus or other equity incentive or employee share purchase plan described in the
      Registration Statement, the Time of Sale Prospectus and the Prospectus, but only if the holders of such capital stock of the Company or options agree in writing with the Underwriters not to sell, offer, dispose of or otherwise transfer any such
      capital stock or options during such Lock-up Period without the prior written consent of Jefferies and BMO (which consent may be withheld in their sole discretion), (C) issue Share Capital of the Company in connection with any joint venture,
      commercial or collaborative relationship or the acquisition or license by the Company of the securities, businesses, property or other assets of another person or entity or pursuant to any employee benefit plan as assumed by the Company in connection
      with any such acquisition, <font style="font-style: italic;">provided</font>, <font style="font-style: italic;">however</font>, in the case of this clause (C), (x) such Share Capital shall not in the aggregate exceed 7.5% of the number of Ordinary
      Shares outstanding immediately prior to giving effect to such issuance and (y) the recipients thereof provide to the Representatives a Lock-Up Agreement, (D) issue Ordinary Shares and warrants in a private placement to M. Arkin Dermatology Ltd. as
      described in the Prospectus (including the underlying Ordinary Shares upon exercise such warrants) and (E) issue Warrant Shares in connection with the exercise of the Offered Warrants. For purposes of the foregoing, &#8220;<font style="font-weight: bold;">Related
        Securities</font>&#8221; shall mean any options or warrants evidencing Share Capital of the Company or other rights to acquire Share Capital of the Company or any securities exchangeable or exercisable for or convertible into Share Capital of the
      Company, or to acquire other securities or rights ultimately exchangeable or exercisable for, or convertible into, Share Capital of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(p)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Future Reports to the Representatives.&#160; </font>During the period of five
      years hereafter, the Company will furnish to the Representatives, c/o Jefferies, at 520 Madison Avenue, New York, New York 10022, Attention: Global Head of Syndicate; and c/o BMO Capital Markets Corp., at 3 Times Square, 25th Floor, New York, NY
      10036, Attention: Equity Capital Markets Syndicate Desk: (i) as soon as practicable after the end of each fiscal year, copies of the Annual Report of the Company containing the balance sheet of the Company as of the close of such fiscal year and
      statements of income, shareholders&#8217;<font style="font-style: italic;">&#160;</font>equity and cash flows for the year then ended and the opinion thereon of the Company&#8217;s independent public or certified public accountants; (ii) as soon as practicable after
      the filing thereof, copies of each Annual Report on Form 20-F, Report on Form 6-K or other report filed by the Company with the Commission, FINRA or any securities exchange; and (iii) as soon as available, copies of any report or communication of the
      Company furnished or made available generally to holders of its share capital; <font style="font-style: italic;">provided, however,</font> that the requirements of this Section 3(p) shall be satisfied to the extent that such reports, statements,
      communications, financial statements or other documents are available on EDGAR.</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;">20</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(q)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Investment Limitation</font><font style="font-weight: bold;">.</font>&#160; The
      Company shall not invest or otherwise use the proceeds received by the Company from its sale of the Offered Securities 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;"><font style="font-weight: bold;">(r)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Stabilization or Manipulation; Compliance with Regulation M</font><font style="font-weight: bold;">. </font>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 Offered Securities or any other reference security
      with respect to the Offered Securities, whether to facilitate the sale or resale of the Offered Securities or otherwise, and the Company will, and shall cause each of its affiliates to, comply with all applicable provisions of Regulation M.&#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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(s)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Enforce Lock-Up Agreements</font><font style="font-weight: bold;">.</font>&#160;
      During the Lock-up Period, the Company will enforce all agreements between the Company and any of its security holders that restrict or prohibit, expressly or in operation, the offer, sale or transfer of Share Capital or Related Securities or any of
      the other actions restricted or prohibited under the terms of the form of Lock-up Agreement.&#160; In addition, the Company will direct the transfer agent to place stop transfer restrictions upon any such securities of the Company that are bound by such
      &#8220;lock-up&#8221; agreements for the duration of the periods contemplated in such agreements, including, without limitation, &#8220;lock-up&#8221; agreements entered into by the Company&#8217;s officers, directors and certain shareholders pursuant to Section 6(k) hereof.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(t)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Company to Provide Interim Financial Statements</font><font style="font-weight: bold;">.</font>&#160; Prior to the Closing Date, the Company will furnish the Underwriters, as soon as practicable after they have been prepared by or are available to the Company, a copy of any unaudited interim financial statements
      of the Company for any period subsequent to the period covered by the most recent financial statements appearing in the Registration Statement and the Prospectus.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(u)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Warrant Shares Reserved.</font><font style="font-weight: bold;">&#160; </font>The

      Company shall, at all times while any&#160;&#160;Warrants are outstanding, reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Ordinary Shares, solely for the purpose of enabling it to issue Warrant Shares
      upon exercise of such&#160;Warrants, the maximum number of Warrant Shares that are deliverable upon the exercise of the then-outstanding&#160;Warrants.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(v)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Tax Indemnity</font>.&#160; The Company will indemnify and hold harmless the
      Underwriters against any documentary, stamp or similar issue tax, including any interest and penalties, on the creation, issue and sale of the Offered Securities and on the execution and delivery 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: #000000; font-weight: normal; font-style: normal;">21</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(w)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Transfer Agent</font>.&#160; The Company agrees to maintain a transfer agent
      and, if necessary under the jurisdiction of organization of the Company, a registrar for the Ordinary Shares.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(x)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Amendments and Supplements to Permitted Section 5(d) Communications. </font><font style="font-style: italic;">&#160;</font>If at any time following the distribution of any Permitted Section 5(d) Communication, there occurred or occurs an event or development as a result of which such Permitted Section 5(d) Communication included or
      would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company
      will promptly notify the Representatives and will promptly amend or supplement, at its own expense, such Permitted Section 5(d) Communication to eliminate or correct such&#160; untrue statement or omission.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(y)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Emerging Growth Company Status.</font>&#160; The Company will promptly notify
      the Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) the time when a prospectus relating to the Offered Securities is not required by the Securities Act to be delivered (whether physically
      or through compliance with Rule 172 under the Securities Act or any similar rule) and (ii) the expiration of the Lock-Up Period (as defined herein).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Representatives, on behalf of the several Underwriters, may, in their sole discretion, waive in writing the performance by the Company of any one or more of the foregoing
      covenants or extend the time for their performance.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Payment of Expenses</font>.&#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 Offered Shares and the
      Warrant Shares and the execution and delivery of the Warrants (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Offered Shares and Warrant Shares, (iii) all necessary issue, transfer
      and other stamp taxes in connection with the issuance and sale of the Offered Securities to the Underwriters, (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 Time of Sale
      Prospectus, the Prospectus, each free writing prospectus prepared by or on behalf of, used by, or referred to by the Company, and each preliminary prospectus, each Permitted Section 5(d) Communication, and all amendments and supplements thereto, and
      this Agreement, (vi) all filing fees, attorneys&#8217; fees and expenses incurred by the Company or the Underwriters in connection with qualifying or registering (or obtaining exemptions from the qualification or registration of) all or any part of the
      Offered Securities for offer and sale under the state securities or blue sky laws or the provincial securities laws of Canada, and, if requested by Jefferies or BMO, preparing and printing a &#8220;Blue Sky Survey&#8221; or memorandum (such fees and expenses of
      counsel relating to such qualification or registration not to exceed $5,000) and a &#8220;Canadian wrapper&#8221;, and any supplements thereto, advising the Underwriters of such qualifications, registrations and exemptions, (vii) the costs, fees and expenses
      incurred by the Underwriters in connection with determining their compliance with the rules and regulations of FINRA related to the Underwriters&#8217; participation in the offering and distribution of the Offered Securities, including any related filing
      fees and the legal fees of, and disbursements by, counsel to the Underwriters (such fees and expenses of counsel in an amount not to exceed $10,000), (viii) the costs and expenses of the Company relating to investor presentations on any &#8220;road show&#8221;,
      any Permitted Section 5(d) Communication or any Section 5(d) Oral Communication undertaken in connection with the offering of the Offered Securities, 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 any such consultants, and 50% of the cost of any aircraft chartered in connection with the road show (the remaining 50% of the cost of such aircraft to be paid by the
      Underwriters), and (ix) the fees and expenses associated with listing the Ordinary Shares on the Nasdaq.&#160; Except as provided in this Section 4 or in Section 7, Section 9 or Section 10 hereof, the Underwriters shall pay their own expenses, including
      the fees and disbursements of their counsel and their travel and lodging expenses.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">22</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Covenant of the Underwriters.</font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Each Underwriter severally and not jointly covenants with the Company not to take any action that would result in the Company
      being required to file with the Commission pursuant to Rule 433(d) under the Securities Act a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not, but for such actions, be required to be filed by the Company
      under Rule 433(d).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Underwriters, severally and not jointly, acknowledge, understand and agree that the Offered Securities may be offered and sold in Israel by the
      Underwriters only to Israeli Accredited Investors.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Conditions of the Obligations of the Underwriters.</font>&#160; The respective obligations
      of the several Underwriters hereunder to purchase and pay for the Offered Securities as provided herein on the Closing Date shall be subject to the accuracy of the representations and warranties on the part of the Company set forth in Section 1
      hereof as of the date hereof and as of the Closing Date as though then made, to the timely performance by the Company of its covenants and other obligations hereunder, and to each of the following additional conditions:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Comfort Letter</font><font style="font-weight: bold;">.</font>&#160; On the
      date hereof, the Representatives shall have received from Kesselman &amp; Kesselman a letter dated the date hereof addressed to the Underwriters, in form and substance satisfactory to the Representatives, containing statements and information of the
      type ordinarily included in accountant&#8217;s &#8220;comfort letters&#8221; to underwriters, delivered according to Auditing Standard 6101 (or any successor bulletin), with respect to the audited and unaudited financial statements and certain financial information
      contained in the Registration Statement, the Time of Sale Prospectus and each free writing prospectus, if any.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Compliance with Registration Requirements; No Stop Order; No Objection
        from FINRA.</font></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 Company shall have filed the Prospectus with the Commission (including the information previously omitted from the Registration Statement pursuant to Rule 430B
      under the Securities Act) in the manner and within the time period required by Rule 424(b) under the Securities Act.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No stop order suspending the effectiveness of the Registration Statement or any post-effective amendment to the Registration Statement shall be in effect, and no
      proceedings for such purpose shall have been instituted or threatened by the Commission.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If a filing has been made with FINRA, FINRA shall have raised no objection to the fairness and reasonableness of the underwriting terms and arrangements.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">No Material Adverse Change</font><font style="font-weight: bold;">.</font>&#160; For the period from
      and after the date of this Agreement and through and including the Closing Date, in the judgment of the Representatives there shall not have occurred any Material Adverse Change.</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;">23</font></div>
      <div id="DSPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Opinion of U.S. Counsel for the Company</font><font style="font-weight: bold;">.</font>&#160; On the
      Closing Date, the Representatives shall have received the opinion of Latham &amp; Watkins LLP, U.S. counsel for the Company, in form and substance satisfactory to the Underwriters, dated as of such date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(e)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Opinion of Israeli Counsel for the Company</font><font style="font-weight: bold;">.</font>&#160; On the Closing Date, the Representatives shall have received the opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co., Israeli counsel for the Company, in form and substance satisfactory to the Underwriters,
      dated as of such date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(f)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Opinion of IP Counsel for the Company.</font> On the Closing Date, the Representatives shall
      have received the opinion of Pearl Cohen Zedek Latzer Baratz LLP, counsel for the Company with respect to intellectual property, in form and substance satisfactory to the Underwriters, dated as of such date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(g)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Opinion of U.S. Counsel for the Underwriters</font><font style="font-weight: bold;">.</font>&#160; On the Closing Date, the Representatives shall have received the opinion of Covington &amp; Burling LLP, U.S. counsel for the Underwriters in connection with the offer and sale of the Offered Securities, in form
      and substance satisfactory to the Underwriters, dated as of such date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(h)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Opinion of Israeli Counsel for the Underwriters</font><font style="font-weight: bold;">.</font>&#160; On the Closing Date, the Representatives shall have received the opinion of Gornitzky &amp; Co., Israeli counsel for the Underwriters in connection with the offer and sale of the Offered Securities, in form and
      substance satisfactory to the Underwriters, dated as of such date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(i)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Officers&#8217; Certificate</font><font style="font-weight: bold;">.</font>&#160; On
      the Closing Date, the Representatives shall have received a certificate executed by the Chief Executive Officer of the Company and the Chief Financial Officer of the Company, dated as of such date, to the effect set forth in Section 6(b)(ii) and
      further to the effect that:</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;for the period from and including the date of this Agreement through and including such date, there has not occurred any Material Adverse Change;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the representations, warranties and covenants of the Company set forth in Section 1 of this Agreement are true and correct with the same force and effect as though
      expressly made on and as of such date; and</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;the Company has complied with all the agreements hereunder and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to such
      date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(j)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Bring-down Comfort Letter</font><font style="font-weight: bold;">.</font>&#160;
      On the Closing Date, the Representatives shall have received from Kesselman &amp; Kesselman a letter dated such date, in form and substance satisfactory to the Representatives, which letter shall: (i) reaffirm the statements made in the letter
      furnished by them pursuant to Section 6(a), except that the specified date referred to therein for the carrying out of procedures shall be no more than three business days prior to the Closing Date; and (ii) cover certain financial information
      contained in the Prospectus.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(k)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Lock-Up Agreements.</font>&#160; On or prior to the date hereof, the Company
      shall have furnished to the Representatives an agreement in the form of <u>Exhibit A</u> hereto from each of the persons listed on <u>Exhibit B</u> hereto, and each such agreement shall be in full force and effect on the Closing Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(l)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Rule 462(b) Registration Statement</font>.&#160; In the event that a Rule
      462(b) Registration Statement is filed in connection with the offering contemplated by this Agreement, such Rule 462(b) Registration Statement shall have been filed with the Commission on the date of this Agreement and shall have become effective
      automatically upon such filing.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">24</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(m)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Listing</font><font style="font-weight: bold;">.&#160; </font>On or prior to
      the date hereof, the Offered Securities shall have been approved for listing on the Nasdaq, subject to notice of issuance.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(n)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Additional Documents</font>.&#160; On or before the Closing Date, the
      Representatives and counsel for the Underwriters shall have received such information, documents and opinions as they may reasonably request for the purposes of enabling them to pass upon the issuance and sale of the Offered Securities as
      contemplated herein, or in order to evidence the accuracy of any of the representations and warranties, or the satisfaction of any of the conditions or agreements, herein contained; and all proceedings taken by the Company in connection with the
      issuance and sale of the Offered Securities as contemplated herein and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form and substance to the Representatives and counsel for the Underwriters.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">If any condition specified in this Section 6 is not satisfied when and as required to be satisfied, this Agreement may be terminated by notice from the Representatives to the
      Company at any time on or prior to the Closing Date, which termination shall be without liability on the part of any party to any other party, except that Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall
      survive such termination.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Reimbursement of Underwriters&#8217; Expenses.</font>&#160; If this Agreement is terminated by the
      Representatives pursuant to Section 6, or pursuant to Section 11 or Section 12, or if the sale to the Underwriters of the Offered Securities on the Closing Date is not consummated because of any refusal, inability or failure on the part of the
      Company to perform any agreement herein or to comply with any provision hereof, the Company agrees to reimburse the Representatives and the other Underwriters (or such Underwriters as have terminated this Agreement with respect to themselves),
      severally, upon demand for all out-of-pocket expenses that shall have been reasonably incurred by the Representatives and the Underwriters in connection with the proposed purchase and the offering and sale of the Offered Securities, including, but
      not limited to, fees and disbursements of counsel, printing expenses, travel expenses, postage, facsimile and telephone charges.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Effectiveness of this Agreement.</font>&#160; This Agreement shall become effective upon the
      execution and delivery hereof by the parties hereto.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25; font-weight: bold;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Indemnification.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Indemnification of the Underwriters</font><font style="font-weight: bold;">.</font>&#160;
      The Company agrees to indemnify and hold harmless each Underwriter, its affiliates, directors, officers, employees and agents, and each person, if any, who controls any Underwriter within the meaning of the Securities Act or the Exchange Act against
      any loss, claim, damage, liability or expense, as incurred, to which such Underwriter or such affiliate, director, officer, employee, agent 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 Offered Securities 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 (A) (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 preliminary prospectus, the Time of Sale Prospectus, 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, any Marketing Material, any Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing), or the omission or alleged omission 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 each Underwriter and each such affiliate, director, officer, employee, agent and controlling person for any and all expenses (including the
      fees and disbursements of counsel) as such expenses are incurred by such Underwriter or such affiliate, director, officer, employee, agent 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 any Underwriter furnished to the Company by the Representatives
      in writing expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any such free writing prospectus, any Marketing Material, any Section 5(d) Written Communication or the Prospectus (or any amendment
      or supplement thereto), it being understood and agreed that the only such information consists of the information described in Section 9(b) below. The indemnity agreement set forth in this Section 9(a) shall be in addition to any liabilities that the
      Company may otherwise have.</div>
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      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="color: #000000; font-weight: normal; font-style: normal;">25</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Indemnification of the Company, its Directors and Officers</font>.&#160; Each
      Underwriter agrees, severally and not jointly, 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 such Underwriter), 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 preliminary
      prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has used, referred to or filed, or is required to file, pursuant to Rule 433 of the Securities Act, any Section 5(d) Written Communication or the Prospectus (or any
      such amendment or supplement) 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 preliminary prospectus, the Time of Sale Prospectus, such free writing prospectus, such
      Section 5(d) Written Communication or the Prospectus (or any such amendment or supplement), in reliance upon and in conformity with information relating to such Underwriter furnished to the Company by the Representatives 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 any such director, officer or
      controlling person in connection with investigating, defending, settling, compromising or paying any such loss, claim, damage, liability, expense or action.&#160; The Company hereby acknowledges that the only information that the Representatives have
      furnished to the Company expressly for use in the Registration Statement, any preliminary prospectus, the Time of Sale Prospectus, any free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) of the
      Securities Act, any Section 5(d) Written Communication or the Prospectus (or any amendment or supplement to the foregoing) are the statements set forth in the fourth and fifth sentences of the third paragraph and the third and fourth sentence of the
      fourth paragraph under the caption &#8220;Underwriting,&#8221; the first sentence of the first paragraph below the title &#8220;Commission and Expenses,&#8221; the first sentence of the first paragraph, and the first sentence of the fourth paragraph below the title
      &#8220;Stabilization&#8221; and the first sentence of the paragraph below the title &#8220;Electronic Distribution,&#8221; under the caption &#8220;Underwriting&#8221; in the Final Prospectus Supplement. The indemnity agreement set forth in this Section 9(b) shall be in addition to any
      liabilities that each Underwriter may otherwise have.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(c)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Notifications and Other Indemnification Procedures</font><font style="font-weight: bold;">.</font>&#160; Promptly after receipt by an indemnified party under this Section 9 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 Section 9, notify the indemnifying party in writing of the commencement thereof, but the omission to so 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 Section 9 for any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i) 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 Representatives (in the case of counsel for the
      indemnified parties referred to in Section 9(a) above) or by the Company (in the case of counsel for the indemnified parties referred to in Section 9(b) above)) or (ii) 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 style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;"> <br>
      </font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(d)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold; font-style: italic;">Settlements</font><font style="font-weight: bold;">.</font>&#160; The
      indemnifying party under this Section 9 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 Section 9(c) hereof, the indemnifying party shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is
      entered into more than 30 days after receipt by such indemnifying party of the aforesaid request and (ii) 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 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;">26</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Contribution.</font>&#160; If the indemnification provided for in Section 9 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) in such proportion as is appropriate to reflect the relative benefits received by the Company,
      on the one hand, and the Underwriters, on the other hand, from the offering of the Offered Securities pursuant to this Agreement or (ii) if the allocation provided by clause (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 (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, 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 Underwriters, on the other hand, in connection with the
      offering of the Offered Securities pursuant to this Agreement shall be deemed to be in the same respective proportions as the total proceeds from the offering of the Offered Securities pursuant to this Agreement (before deducting expenses) received
      by the Company, and the total underwriting discounts and commissions received by the Underwriters, in each case as set forth on the front cover page of the Prospectus, bear to the aggregate initial public offering price of the Offered Securities as
      set forth on such cover.&#160; The relative fault of the Company, on the one hand, and the Underwriters, 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 Underwriters, 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 style="line-height: 1.25">&#160;</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 Section 9(c), 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 Section 9(c) with respect to notice of commencement of
      any action shall apply if a claim for contribution is to be made under this Section 10; <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 Section 9(c) for purposes of indemnification.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to this Section 10 were determined by pro rata allocation (even if the
      Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this Section 10.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Notwithstanding the provisions of this Section 10, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions received by
      such Underwriter in connection with the Offered Securities underwritten by it and distributed to the public.&#160; No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
      contribution from any person who was not guilty of such fraudulent misrepresentation.&#160; The Underwriters&#8217; obligations to contribute pursuant to this Section 10 are several, and not joint, in proportion to their respective underwriting commitments as
      set forth opposite their respective names on <u>Schedule A</u>.&#160; For purposes of this Section 10, each affiliate, director, officer, employee and agent of an Underwriter and each person, if any, who controls an Underwriter within the meaning of the
      Securities Act or the Exchange Act shall have the same rights to contribution as such Underwriter, 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 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;">27</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Default of One or More of the Several Underwriters</font><font style="font-style: italic;">.</font>&#160; If, on the Closing Date any one or more of the several Underwriters shall fail or refuse to purchase Offered Securities that it or they have agreed to purchase hereunder on such date, and the aggregate number of Offered
      Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase does not exceed 10% of the aggregate number of the Offered Securities to be purchased on such date, the Representatives may make arrangements
      satisfactory to the Company for the purchase of such Offered Securities by other persons, including any of the Underwriters, but if no such arrangements are made by such date, the other Underwriters shall be obligated, severally and not jointly, in
      the proportions that the number of Offered Securities set forth opposite their respective names on <u>Schedule</u> A bears to the aggregate number of Offered Securities set forth opposite the names of all such non-defaulting Underwriters, or in such
      other proportions as may be specified by the Representatives with the consent of the non-defaulting Underwriters, to purchase the Offered Securities which such defaulting Underwriter or Underwriters agreed but failed or refused to purchase on such
      date. If, on the Closing Date any one or more of the Underwriters shall fail or refuse to purchase Offered Securities and the aggregate number of Offered Securities with respect to which such default occurs exceeds 10% of the aggregate number of
      Offered Securities to be purchased on such date, and arrangements satisfactory to the Representatives and the Company for the purchase of such Offered Securities are not made within 48 hours after such default, this Agreement shall terminate without
      liability of any party to any other party except that the provisions of Section 4, Section 7, Section 9 and Section 10 shall at all times be effective and shall survive such termination.&#160; In any such case either the Representatives or the Company
      shall have the right to postpone the Closing Date, but in no event for longer than seven days in order that the required changes, if any, to the Registration Statement and the Prospectus or any other documents or arrangements may be effected.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">As used in this Agreement, the term &#8220;<font style="font-weight: bold;">Underwriter</font>&#8221; shall be deemed to include any person substituted for a defaulting Underwriter under this
      Section 11.&#160; Any action taken under this Section 11 shall not relieve any defaulting Underwriter from liability in respect of any default of such Underwriter under this Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Termination of this Agreement</font><font style="font-weight: bold; font-style: italic;">.</font>&#160; Prior to the purchase of the Offered Securities by the Underwriters on the Closing Date, this Agreement may be terminated by the Representatives by notice given to the Company if at any time: (i) trading or quotation in any of
      the Company&#8217;s securities shall have been suspended or limited by the Commission or by the Nasdaq, or trading in securities generally on either the Nasdaq or the NYSE shall have been suspended or limited, or minimum or maximum prices shall have been
      generally established on any of such stock exchanges; (ii) a general banking moratorium shall have been declared by any of federal, New York or Israeli authorities; (iii) there shall have occurred any outbreak or escalation of national or
      international hostilities or any crisis or calamity, or any change in the United States or international financial markets, or any substantial change or development involving a prospective substantial change in United States&#8217; or international
      political, financial or economic conditions, as in the judgment of the Representatives is material and adverse and makes it impracticable to market the Offered Securities in the manner and on the terms described in the Time of Sale Prospectus or the
      Prospectus or to enforce contracts for the sale of securities; (iv) in the judgment of the Representatives there shall have occurred any Material Adverse Change; or (v) the Company shall have sustained a loss by strike, fire, flood, earthquake,
      accident or other calamity of such character as in the judgment of the Representatives may interfere materially with the conduct of the business and operations of the Company regardless of whether or not such loss shall have been insured.&#160; Any
      termination pursuant to this Section 12 shall be without liability on the part of (a) the Company to any Underwriter, except that the Company shall be obligated to reimburse the expenses of the Representatives and the Underwriters pursuant to Section
      4 or Section 7 hereof or (b) any Underwriter to the Company; <font style="font-style: italic;">provided, however</font>, that the provisions of Section 9 and Section 10 shall at all times be effective and shall survive such termination.</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;">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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 13.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">No Advisory or Fiduciary Relationship. </font>The Company acknowledges and agrees
      that (a) the purchase and sale of the Offered Securities pursuant to this Agreement, including the determination of the public offering price of the Offered Securities and any related discounts and commissions, is an arm&#8217;s-length commercial
      transaction between the Company, on the one hand, and the several Underwriters, on the other hand, (b) in connection with the offering contemplated hereby and the process leading to such transaction, each Underwriter is and has been acting solely as
      a principal and is not the agent or fiduciary of the Company, or its shareholders, creditors, employees or any other party, (c) no Underwriter has assumed or will assume an advisory or fiduciary responsibility in favor of the Company with respect to
      the offering contemplated hereby or the process leading thereto (irrespective of whether such Underwriter has advised or is currently advising the Company on other matters) and no Underwriter has any obligation to the Company with respect to the
      offering contemplated hereby except the obligations expressly set forth in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the
      Company, and (e) the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it
      deemed appropriate.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 14.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Representations and Indemnities to Survive Delivery</font><font style="font-weight: bold; font-style: italic;">.</font>&#160; The respective indemnities, agreements, representations, warranties and other statements of the Company, of its officers and of the several Underwriters set forth in or made pursuant to this Agreement will
      remain in full force and effect, regardless of any investigation made by or on behalf of any Underwriter or the Company or any of its or their partners, 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 Offered Securities sold hereunder and any termination of this Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 15.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Notices.</font>&#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="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfa0921c7a4b144968034b0abdbfe0a3c">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 144pt; vertical-align: top; align: right;">If to the Representatives:</td>
              <td style="width: auto; vertical-align: top;">
                <div>Jefferies LLC<br>
                  520 Madison Avenue<br>
                  New York, New York 10022<br>
                  Facsimile:&#160; (646) 619-4437<br>
                  Attention:&#160; General Counsel</div>
                <div> <br>
                </div>
                <div style="font-family: 'Times New Roman',Times,serif;">
                  <div style="line-height: 1.25;">BMO Capital Markets Corp.</div>
                  <div style="line-height: 1.25;">3 Times Square, 25th Floor</div>
                  <div style="line-height: 1.25;">New York, NY 10036</div>
                  <div style="line-height: 1.25;">Facsimile: (212) 885-4165</div>
                  <div style="line-height: 1.25;">Attention: Equity Capital Markets Syndicate Desk</div>
                </div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <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;">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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-indent: -144pt; margin-left: 180pt; line-height: 1.25;">with a copy (which shall not constitute notice) to:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">
      <div style="line-height: 1.25">
        <div style="line-height: 1.25;">
          <div>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

                <tr>
                  <td style="width: 36pt;"><br>
                  </td>
                  <td style="width: 144pt; vertical-align: top; align: right;"><br>
                  </td>
                  <td style="width: auto; vertical-align: top;">
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="line-height: 1.25;">Covington &amp; Burling LLP<br>
                        620 Eighth Avenue<br>
                        New York, New York 10018<br>
                        Facsimile:&#160; (646) 441-9111<br>
                        Attention:&#160; Eric W. Blanchard and Brian Rosenzweig</div>
                      <div style="line-height: 1.25;">&#160;</div>
                      <div style="line-height: 1.25;">Gornitzky &amp; Co.<br>
                        Zion Building, 45 Rothschild Blvd.<br>
                        Tel Aviv, 6578403, Israel<br>
                        Facsimile:&#160; +972 3 560-6555<br>
                        Attention:&#160; Chaim Friedland and Ari Fried</div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcffd6b9f3db542eeb80a0abbaad93e28">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 144pt; vertical-align: top; align: right;">If to the Company:</td>
              <td style="width: auto; vertical-align: top;">
                <div>Sol-Gel Technologies Ltd.<br>
                  7 Golda Meir St., Weizmann Science Park<br>
                  Ness Ziona, 7403650, Israel<br>
                  Facsimile:&#160; +972 153 523044444<br>
                  Attention:&#160; Gilad Mamlok</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: -144pt; margin-left: 180pt; line-height: 1.25;">with a copy (which shall not constitute notice) to:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable">

              <tr>
                <td style="width: 36pt;"><br>
                </td>
                <td style="width: 144pt; vertical-align: top; align: right;"><br>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman',Times,serif;">
                    <div style="line-height: 1.25;">Latham &amp; Watkins LLP<br>
                      885 3rd Avenue<br>
                      New York, New York<br>
                      Facsimile:&#160; (212) 751-4864<br>
                      Attention:&#160; Nathan Ajiashvili</div>
                    <div style="line-height: 1.25;">&#160;</div>
                    <div style="line-height: 1.25;">Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co.<br>
                      One Azrieli Center</div>
                    <div style="line-height: 1.25;">Tel-Aviv 6423806, Israel<br>
                      Facsimile:&#160; +972 3 607-4470<br>
                      Attention:&#160; Perry Wildes</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
    </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.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 16.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Successors</font><font style="font-weight: bold; font-style: italic;">.</font>&#160; This
      Agreement will inure to the benefit of and be binding upon the parties hereto, including any substitute Underwriters pursuant to Section 11 hereof, and to the benefit of the affiliates, directors, officers, employees, agents and controlling persons
      referred to in Section 9 and Section 10, and in each case their respective successors, and no other person will have any right or obligation hereunder.&#160; The term &#8220;successors&#8221; shall not include any purchaser of the Offered Securities as such from any
      of the Underwriters merely by reason of such purchase.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 17.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Partial Unenforceability.</font>&#160; The invalidity or unenforceability of any section,
      paragraph or provision of this Agreement shall not affect the validity or enforceability of any other section, paragraph or provision hereof.&#160; If any section, paragraph or provision of this Agreement is for any reason determined to be invalid or
      unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 72pt; line-height: 1.25; font-weight: bold;">Section 18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Recognition of the U.S. Special Resolution Regimes.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(a)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution
      Regime, the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this
      Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.</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;">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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">(b)</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a
      proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S.
      Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">For purposes of this Agreement, (A) &#8220;<font style="font-weight: bold;">BHC Act Affiliate</font>&#8221; has the meaning assigned to the term &#8220;affiliate&#8221; in, and shall be interpreted in accordance with, 12 U.S.C. &#167; 1841(k); (B) &#8220;<font style="font-weight: bold;">Covered Entity</font>&#8221; means any of the following: (i) a &#8220;covered entity&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 252.82(b); (ii) a &#8220;covered bank&#8221; as that term is defined in, and
      interpreted in accordance with, 12 C.F.R. &#167; 47.3(b); or (iii) a &#8220;covered FSI&#8221; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &#167; 382.2(b); (C) &#8220;<font style="font-weight: bold;">Default Right</font>&#8221; has the meaning assigned
      to that term in, and shall be interpreted in accordance with, 12 C.F.R. &#167;&#167; 252.81, 47.2 or 382.1, as applicable; and (D) &#8220;<font style="font-weight: bold;">U.S. Special Resolution Regime</font>&#8221; means each of (i) the Federal Deposit Insurance Act and
      the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 19.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">Governing Law Provisions; Currency Provisions</font><font style="font-weight: bold; font-style: italic;">.</font>&#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 style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; 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 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;">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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The obligations of the Company pursuant to this Agreement in respect of any sum due to any Underwriter shall, notwithstanding any judgment in a currency other than United States
      dollars, not be discharged until the first business day, following receipt by any Underwriter of any sum adjudged to be so due in such other currency, on which such Underwriter 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 such Underwriter in United States dollars hereunder, the Company agrees as a separate obligation and notwithstanding any such
      judgment, to indemnify such Underwriter against such loss.&#160; If the United States dollars so purchased are greater than the sum originally due to such Underwriter hereunder, such Underwriter agrees to pay to the Company an amount equal to the excess
      of the dollars so purchased over the sum originally due to such Underwriter hereunder.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">All payments made or deemed to be made by the Company to the Underwriters, their respective affiliates, directors, officers, employees and agents or to any person controlling any
      Underwriter under this Agreement, if any, will be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature (other than taxes on net income or similar taxes)
      imposed or levied by or on behalf of 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 each Underwriter, their respective affiliates, directors, officers, employees and each person
      controlling any Underwriter, as the case may be, of the amounts that would otherwise have been receivable in respect thereof.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; line-height: 1.25;"><font style="font-weight: bold;">Section 20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight: bold;">General Provisions.</font>&#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.&#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 section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation of this
      Agreement.</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 provisions of Section 9 and the contribution provisions of Section 10, and is fully informed regarding said provisions.&#160; Each of the parties hereto further acknowledges that the provisions of Section
      9 and Section 10 hereof fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary
      prospectus, the Time of Sale Prospectus, each free writing prospectus and the Prospectus (and any amendments and supplements to the foregoing), as contemplated by the Securities Act and the Exchange Act.</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;">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: #000000; background-color: #000000;"></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="text-align: justify; text-indent: 36pt; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" border="0" id="z9207730f7e0b483c8cd2359ae4806e3c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>Very truly yours,<br>
                <br>
                <font style="font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</font><br>
                <br>
                By:<u>&#160; /s/ Gilad Mamlok</u><br>
                &#160;&#160;&#160;&#160;&#160; Name: Gilad Mamlok<br>
                &#160;&#160;&#160;&#160;&#160; Title: CFO</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The foregoing Underwriting Agreement is hereby confirmed and accepted by the Representatives in New York, New York as of the date first above written.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">JEFFERIES LLC</div>
    <div style="line-height: 1.25;"><font style="font-weight: bold;">BMO CAPITAL MARKETS CORP.</font><br>
      Acting individually and as Representatives<br>
      of the several Underwriters named in<br>
      the attached Schedule A.<br>
      <br>
      <font style="font-weight: bold;">JEFFERIES LLC</font><br>
      <br>
      By:<u>/s/ Gil Bar-Nahum</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
      &#160;&#160;&#160;&#160;&#160; Name: Gil Bar-Nahum<br>
      &#160;&#160;&#160;&#160;&#160; Title: Managing Director<br>
      <br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;"><font style="font-weight: bold;">BMO CAPITAL MARKETS CORP.</font></div>
    <div style="line-height: 1.25;"><br>
      By:<u>/s/ Helen Oesch</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br>
      &#160;&#160;&#160;&#160;&#160; Name: Helen Oesch<br>
      &#160;&#160;&#160;&#160;&#160; Title: Managing Director</div>
    <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;">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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: right; line-height: 1.25; font-weight: bold;">Schedule A</div>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" id="z3a5c10a7a68b4632b9a6517c03f95b7f" style="width: 85%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">Underwriters</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of<br>
              Offered Shares<br>
              to be Purchased</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of<br>
              Offered Warrants<br>
              to be Purchased</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">Jefferies LLC&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">1,072,102</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">1,072,102</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">BMO Capital Markets Corp.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">601,424</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">601,424</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">Raymond James &amp; Associates, Inc.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">313,786</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">313,786</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">H.C. Wainwright &amp; Co., LLC&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">104,595</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="line-height: 1.25;">104,595</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">
            <div style="text-indent: 0pt; margin-left: 36pt; line-height: 1.25;">Total&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;">2,091,907</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">
            <div style="line-height: 1.25;">2,091,907</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;">&#160;</td>
        </tr>

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    <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;">
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    </div>
    <div style="text-align: right; line-height: 1.25; font-weight: bold;">Schedule B</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Free Writing Prospectuses Included in the Time of Sale Prospectus</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">[None.]</div>
    <div id="DSPFPageHeader">
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      </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%A - %%--></div>
    <div style="text-align: right; 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; font-weight: bold;"><u>Lock-up Agreement</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">_____________________, 2020</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">JEFFERIES LLC</div>
    <div style="line-height: 1.25;">BMO CAPITAL MARKETS CORP.<br>
      As Representatives of the several Underwriters</div>
    <div style="text-align: justify; line-height: 1.25;"><br>
      c/o JEFFERIES LLC</div>
    <div style="text-align: justify; line-height: 1.25;">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;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">c/o BMO CAPITAL MARKETS CORP.</div>
    <div style="text-align: justify; line-height: 1.25;">3 Times Square, 25th Floor</div>
    <div style="text-align: justify; line-height: 1.25;">New York, NY 10036</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">RE:&#160;&#160;&#160;&#160;&#160; Sol-Gel Technologies Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Ladies &amp; Gentlemen:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The undersigned is an executive officer or director of the Company or an owner of ordinary shares, par value NIS 0.1 per share, of the Company (collectively, the &#8220;<font style="font-weight: bold;">Shares</font>&#8221;), or of
      securities convertible into or exchangeable or exercisable for Shares.&#160; The Company proposes to conduct a public offering of ordinary shares of the Company (the &#8220;<font style="font-weight: bold;">Offering</font>&#8221;), for which Jefferies LLC (&#8220;<font style="font-weight: bold;">Jefferies</font>&#8221;) and BMO Capital Markets Corp. (&#8220;<font style="font-weight: bold;">BMO</font>&#8221;) will act as the Representatives of the underwriters.&#160; The undersigned recognizes that the Offering will benefit each of the
      Company and the undersigned.&#160; The undersigned acknowledges that the underwriters are relying on the representations and agreements of the undersigned contained in this letter agreement in conducting the Offering and, at a subsequent date, in entering
      into an underwriting agreement (the &#8220;<font style="font-weight: bold;">Underwriting Agreement</font>&#8221;) and other underwriting arrangements with the Company with respect to the Offering.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Annex A sets forth definitions for capitalized terms used in this letter agreement that are not defined in the body of this agreement.&#160; Those definitions are a part of this agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">In consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the Lock-up Period, the
      undersigned will not (and will cause any Family Member not to), without the prior written consent of Jefferies and BMO, which may withhold their consent in their sole discretion:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>Sell or Offer to Sell any Shares or Related Securities currently or hereafter owned either of record or beneficially (as defined in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c1a40d458cf465ca3749ee14018f457">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>enter into any Swap,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7cf6250369a44dc69328ef0985ad6539">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>make any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale of any Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus
                  supplement (or an amendment or supplement thereto) with respect to any such registration, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze040c46196f14c7c8012e7afa7756695">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>publicly announce any intention to do any of the foregoing.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</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>
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    <!--PROfilePageNumberReset%Num%2%A - %%-->
    <div style="line-height: 1.25;">The foregoing will not apply to the registration of the offer and sale of Shares, and the sale of Shares to you, in each case as contemplated by the Underwriting Agreement.&#160; In addition, the foregoing restrictions shall
      not apply to:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="margin-left: 36pt; line-height: 1.25;">(i) the transfer of Shares or Related Securities by gift, or by will or intestate succession to a Family Member or to a trust whose beneficiaries consist exclusively of one or more of the undersigned
      and/or a Family Member; (ii) (x) transfers or dispositions of Shares or Related Securities to any corporation, partnership, limited liability company or other legal entity, all of the beneficial ownership interests of which are held by the
      undersigned or any Family Member or (y) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, the transfer of Shares or Related Securities to another corporation, partnership, limited liability
      company, trust or other business entity that is a direct or indirect affiliate (as defined in Rule 405 promulgated under the Securities Act), or one or more limited partners, general partners, limited liability company members or stockholders or
      other equityholders of the undersigned, provided that, in each case, any such transfer or distribution shall not involve a disposition for value; and (iii) the transfer of Shares or Related Securities by operation of law, including pursuant to a
      domestic order or negotiated divorce settlement; provided, however, that in any such transfer or distribution pursuant to (i), (ii) or (iii) above, it shall be a condition to such transfer that:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>each donee, transferee or distributee executes and delivers to Jefferies and BMO an agreement in form and substance satisfactory to Jefferies and BMO stating that such donee, transferee or distributee is receiving and holding such
                  Shares and/or Related Securities subject to the provisions of this letter agreement and agrees not to Sell or Offer to Sell such Shares and/or Related Securities, engage in any Swap or engage in any other activities restricted under this
                  letter agreement except in accordance with this letter agreement (as if such donee, transferee or distributee had been an original signatory hereto), and</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z289952131bd84ed9b546fd5408f7d8c4">

            <tr>
              <td style="width: 54pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>prior to the expiration of the Lock-up Period, no public disclosure or filing under the Exchange Act by any party to the transfer (donor, donee, transferor or transferee, distributor or distributee) shall be required, or made
                  voluntarily, reporting a reduction in beneficial ownership of Shares or Related Securities in connection with such transfer or distribution.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Furthermore, notwithstanding the restrictions imposed by this letter agreement, the undersigned may:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="margin-left: 36pt; line-height: 1.25;">(i) exercise an option or other equity award to purchase Shares granted under any of the Company&#8217;s equity incentive plans or equity purchase plans described in the Prospectus (as defined in the
      Underwriting Agreement), whether for cash or by net exercise or &#8220;cashless&#8221; exercise, insofar as such option or other equity award is outstanding as of the date of the Prospectus, provided that the underlying Shares shall continue to be subject to the
      restrictions on transfer set forth in this letter agreement;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="margin-left: 36pt; line-height: 1.25;">(ii) exercise a convertible note to purchase Shares existing as of the date hereof and described in the Prospectus, <font style="font-style: italic;">provided</font> that the underlying Shares shall
      continue to be subject to the restrictions on transfer set forth in this letter agreement and <font style="font-style: italic;">provided further</font> that, if required, any public report or filing shall clearly indicate in the footnotes thereto
      that the filing relates to the exercise of a convertible note, that no Shares were sold by the reporting person and that Shares received upon exercise of the convertible note are subject to this letter 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="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">A - 2</font></div>
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    <div style="margin-left: 36pt; line-height: 1.25;">(iii) establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of Shares, <font style="font-style: italic;">provided</font> that, such plan does not provide for any
      transfers of Shares or Related Securities during the Lock-up Period and the entry into such plan is not publicly disclosed during the Lock-up Period;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="margin-left: 36pt; line-height: 1.25;">(iv) transfer or dispose of Shares acquired on the open market following the Offering, <font style="font-style: italic;">provided </font>that no public report or filing shall be required, or made
      voluntarily, in connection with such transfer or disposition during the Lock-Up Period;</div>
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    <div style="margin-left: 36pt; line-height: 1.25;">(v)&#160; transfer Shares to the Company as forfeitures to satisfy tax withholding obligations of the undersigned in connection with the vesting or exercise of equity awards by the undersigned pursuant to
      the Company&#8217;s equity incentive plans described in the Prospectus, insofar as such equity awards are outstanding as of the date of the Prospectus, <font style="font-style: italic;">provided</font> that, if required, any public report or filing shall
      clearly indicate in the footnotes thereto that the purpose of such transfer was to cover tax obligations of the undersigned in connection with such vesting or exercise; or</div>
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    <div style="margin-left: 36pt; line-height: 1.25;">(vi) pursuant to a bona fide third-party tender offer for all outstanding shares of the Company, merger, consolidation or other similar transaction made to all holders of the Company&#8217;s securities
      involving a change of control of the Company (including, without limitation, the entering into any lock-up, voting or similar agreement pursuant to which the undersigned may agree to transfer, sell, tender or otherwise dispose of Shares or other such
      securities in connection with such transaction, or vote any Shares or other such securities in favor of any such transaction), <font style="font-style: italic;">provided</font> that, in the event that such tender offer, merger, consolidation or
      other such transaction is not completed, such securities held by the undersigned shall remain subject to the provisions of this letter agreement.</div>
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    <div style="line-height: 1.25;">The undersigned also agrees and consents to the entry of stop transfer instructions with the Company&#8217;s transfer agent and registrar against the transfer of Shares and/or Related Securities held by the undersigned and the
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">With respect to the Offering only, the undersigned waives any registration rights relating to registration under the Securities Act of the offer and sale of any Shares and/or any Related Securities owned either of record
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The undersigned confirms that the undersigned has not, and has no knowledge that any Family Member has, directly or indirectly, taken any action designed to or that might reasonably be expected to cause or result in the
      stabilization or manipulation of the price of any security of the Company to facilitate the sale of the Shares.&#160; The undersigned will not, and will cause any Family Member not to take, directly or indirectly, any such action.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Whether or not the Offering occurs as currently contemplated or at all depends on market conditions and other factors.&#160; The Offering will only be made pursuant to the Underwriting Agreement, the terms of which are
      subject to negotiation between the Company and you.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">If (i) the Company, on the one hand, or Jefferies and BMO, on the other hand, notifies the other in writing that it does not intend to proceed with the Offering, (ii) the Company files an application to withdraw the
      registration statement related to the Offering, (iii) the Underwriting Agreement is not executed on or before February 29, 2020, or (iv) the Underwriting Agreement (other than the provisions thereof that survive termination) terminates or is
      terminated prior to the Closing Date, then in each case, this letter agreement shall terminate automatically, and without any action on the part of any other party, terminate and be of no further force and effect, and the undersigned shall
      automatically be released from the obligations under this letter agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">The undersigned hereby represents and warrants that the undersigned has full power, capacity and authority to enter into this letter agreement.&#160; This letter agreement is irrevocable and will be binding on the undersigned
      and the successors, heirs, personal representatives and assigns of the undersigned.</div>
    <div style="line-height: 1.25;"> <br>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">This letter agreement shall be governed by, and construed in accordance with, the laws of the State of New York.</div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> __________________________________<br>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;Signature</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">__________________________________<br>
      Printed Name of Person Signing</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-style: italic;">(Indicate capacity of person signing if </div>
    <div style="line-height: 1.25; font-style: italic;">signing as custodian or trustee, or on behalf </div>
    <div style="line-height: 1.25; font-style: italic;">of an entity)</div>
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    <div style="text-align: center; line-height: 1.25;"><font style="font-weight: bold;">Certain Defined Terms<br>
        <u>Used in Lock-up Agreement</u><br>
      </font><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">For purposes of the letter agreement to which this Annex A is attached and of which it is made a part:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Call Equivalent Position</font>&#8221;<font style="font-weight: bold;">&#160;</font>shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;<font style="font-weight: bold;">&#160;</font>shall mean the Securities Exchange Act of 1934, as amended.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Family Member</font>&#8221; shall mean the spouse of the undersigned, an immediate family member of the undersigned or an immediate family member of the undersigned&#8217;s spouse, in each case living in the
                  undersigned&#8217;s household or whose principal residence is the undersigned&#8217;s household (regardless of whether such spouse or family member may at the time be living elsewhere due to educational activities, health care treatment, military
                  service, temporary internship or employment or otherwise).&#160; &#8220;<font style="font-weight: bold;">Immediate family member</font>&#8221; as used above shall have the meaning set forth in Rule 16a-1(e) under the Exchange Act.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd63ca08d8c7d4c7298e603de76fda274">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Lock-up Period</font>&#8221; shall mean the period beginning on the date hereof and continuing through the close of trading on the date that is 90 days after the date of the Prospectus (as defined in the
                  Underwriting Agreement).</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Put Equivalent Position</font>&#8221; shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Related Securities</font>&#8221; shall mean any options or warrants or other rights to acquire Shares or any securities exchangeable or exercisable for or convertible into Shares, or to acquire other
                  securities or rights ultimately exchangeable or exercisable for or convertible into Shares.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b8b173fccbe462bb60a5dcb9e011f88">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Securities Act</font>&#8221; shall mean the Securities Act of 1933, as amended.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7e8337705ec349da9ab036531f05c8e2">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Sell or Offer to Sell</font>&#8221; shall mean to:</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z215f289ad38245d6975bdec558a1cbef">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8722;</td>
              <td style="width: auto; vertical-align: top;">
                <div>sell, offer to sell, contract to sell or lend,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8722;</td>
              <td style="width: auto; vertical-align: top;">
                <div>effect any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
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            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8722;</td>
              <td style="width: auto; vertical-align: top;">
                <div>pledge, hypothecate or grant any security interest in, or</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf15064b739724a3d936987350808c604">

            <tr>
              <td style="width: 72pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8722;</td>
              <td style="width: auto; vertical-align: top;">
                <div>in any other way transfer or dispose of,</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">in each case whether effected directly or indirectly.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za26e098ec0c44882a927aa15684451fc">

            <tr>
              <td style="width: 36pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
              <td style="width: auto; vertical-align: top;">
                <div>&#8220;<font style="font-weight: bold;">Swap</font>&#8221; shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part, the economic risk of ownership of Shares or Related Securities, regardless of whether
                  any such transaction is to be settled in securities, in cash or otherwise.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Capitalized terms not defined in this Annex A shall have the meanings given to them in the body of this lock-up 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: #000000; font-weight: normal; font-style: normal;">A - 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: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: right; line-height: 1.25; font-weight: bold;">Exhibit B</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Directors, Executive Officers and Others</u><br>
      <u>Signing Lock-up Agreement</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25; font-weight: bold;">Directors:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Moshe Arkin</div>
    <div style="line-height: 1.25;">Itai Arkin</div>
    <div style="line-height: 1.25;">Shmuel Ben Zvi</div>
    <div style="line-height: 1.25;">Yaffa Krindel</div>
    <div style="line-height: 1.25;">Hani Lerman</div>
    <div style="line-height: 1.25;">Ran Gottfried</div>
    <div style="line-height: 1.25;">Jerrold S. Gattegno</div>
    <div style="line-height: 1.25;">Jonathan B. Siegel</div>
    <div style="line-height: 1.25; font-weight: bold;"><br>
      Executive Officers:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Alon Seri-Levy</div>
    <div style="line-height: 1.25;">Gilad Mamlok</div>
    <div style="line-height: 1.25;">John Vieira</div>
    <div style="line-height: 1.25;">Ofer Toledano<br>
      Ofra Levy-Hacham</div>
    <div style="line-height: 1.25;">Nissim Bilman</div>
    <div style="line-height: 1.25;">Karine Neimann</div>
    <div style="line-height: 1.25;">Itzik Yosef</div>
    <div style="line-height: 1.25;">Dov Zamir</div>
    <div style="line-height: 1.25; font-weight: bold;"><br>
      Security holders:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">M. Arkin Dermatology Ltd.<br>
      <br style="line-height: 1.25;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-align: right; line-height: 1.25; font-weight: bold;">Exhibit C</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>Form of Warrant</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#8220;DTC&#8221;) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
      PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &amp; CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &amp;CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
      AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &amp; CO., HAS AN INTEREST HEREIN.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR&#8217;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL
      BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE WARRANT AGREEMENT REFERRED TO ON THE REVERSE HEREOF.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE WARRANT AGREEMENT (THE &#8220;WARRANT AGREEMENT&#8221;) DATED AS OF FEBRUARY 19, 2020 BETWEEN SOL-GEL
      TECHNOLOGIES LTD. AND AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC, SOLELY IN ITS CAPACITY AS WARRANT AGENT.&#160; BY ACCEPTING DELIVERY OF THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE, ANY TRANSFEREE SHALL BE DEEMED TO HAVE AGREED TO
      BE BOUND BY THE WARRANT AGREEMENT AS IF THE TRANSFEREE HAD EXECUTED AND DELIVERED THE WARRANT AGREEMENT.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">EXERCISABLE ON OR AFTER FEBRUARY 19, 2020<br>
      AND UNTIL 11:59 P.M. (NEW YORK TIME) ON THE EXPIRATION DATE</div>
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    <!--PROfilePageNumberReset%Num%2%C - %%-->
    <div style="text-align: right; line-height: 1.25;">CUSIP:&#160; M8694L111<br>
      Maturity Date:&#160; February 19, 2023<br>
      Warrants to Purchase ____________ Shares</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">No.&#160; _______________</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25;">Warrant Certificate<br>
      WARRANTS TO ACQUIRE ORDINARY SHARES OF SOL-GEL TECHNOLOGIES LTD.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">This Warrant Certificate certifies that CEDE &amp; CO., or registered assigns, is the registered holder of Warrants (the &#8220;<font style="font-weight: bold;">Warrants</font>&#8221;) to acquire from 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;), the aggregate number of fully paid and non-assessable ordinary shares, par value NIS 0.1 per share, of the Company
      (the &#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221;) specified above for consideration equal to the Exercise Price (as defined in the Warrant Agreement (as defined below)) per share of Ordinary Shares.&#160; The Exercise Price and number of
      shares of Ordinary Shares and/or type of securities or property issuable upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement.&#160; The Warrants evidenced by this Warrant
      Certificate shall be exercisable on or after February 19, 2020 and shall terminate and become void as of 11:59 P.M., New York time, on February 19, 2023 (the &#8220;<font style="font-weight: bold;">Expiration Date</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of warrants expiring on the Expiration Date entitling the Holder hereof to receive shares of Ordinary Shares, and
      is issued or to be issued pursuant to a Warrant Agreement dated February 19, 2020 (the &#8220;<font style="font-weight: bold;">Warrant Agreement</font>&#8221;), duly executed and delivered by the Company to American Stock Transfer &amp; Trust Company, LLC, as
      warrant agent (the &#8220;<font style="font-weight: bold;">Warrant Agent</font>&#8221;, which term includes any successor warrant agent under the Warrant Agreement), which Warrant Agreement is hereby incorporated by reference in and made a part of this
      instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the Holders (&#8220;<font style="font-weight: bold;">Holders</font>&#8221; meaning,
      from time to time, the registered holders of the warrants issued thereunder).&#160; To the extent any provisions of this Warrant Certificate conflicts with any provision of the Warrant Agreement, the provisions of the Warrant Agreement shall apply.&#160; A
      copy of the Warrant Agreement may be obtained by the Holder hereof upon written request to the Company at Sol-Gel Technologies Ltd., Golda Meir St., Weizmann Science Park, Ness Ziona 7403650 Israel, Attn:&#160; Gilad Mamlok.&#160; Capitalized terms not defined
      herein have the meanings ascribed thereto in the Warrant Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">The Warrants evidenced by this Warrant Certificate may be exercised, in whole or in part, at any time on or after February 19, 2020 and on or before the Expiration Date, in the manner and subject to
      the terms of the Warrant Agreement including, but not limited to, Section 2 thereof.&#160; Each exercise must be for a whole number of Warrant Shares.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">The Warrant Agreement provides that upon the occurrence of certain events the Exercise Price set forth in this Warrant Certificate may, subject to certain conditions, be adjusted, and that upon the
      occurrence of certain events the number of shares of Ordinary Shares and/or the type of securities or other property issuable upon the exercise of the Warrants evidenced by this Warrant Certificate shall be adjusted.&#160; No fractional shares of Ordinary
      Shares are to be issued upon the exercise of this Warrant, but rather the number of shares of Ordinary Shares to be issued shall be rounded down to the nearest whole number.</div>
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    <div style="text-indent: 36pt; line-height: 1.25;">If at any time from and after August 19, 2021, the simple average of the daily VWAP of the Company's Ordinary Shares on the Nasdaq Global Market (or other national stock exchange or market on which the
      Ordinary Shares are then listed or quoted) equals or exceeds $21.00 per share (which amount may be adjusted for certain capital events, such as stock splits, as described herein) for twenty (20) consecutive Trading Days (the "<font style="font-weight: bold;">Mandatory Exercise Measuring Period</font>"), then the Company shall have the right to require the Holder to exercise all or any portion of this Warrant still unexercised for a cash exercise, as designated in the
      Mandatory Exercise Notice on the Mandatory Exercise Date (each as defined below) into fully paid, validly issued and nonassessable Ordinary Shares in accordance with Section 2 of the Warrant Agreement at the Exercise Price as of the Mandatory
      Exercise Date (as defined below) (a "<font style="font-weight: bold;">Mandatory Exercise</font>"). The Company may exercise its right to require exercise by delivering within not more than five (5) Trading Days following the end of such Mandatory
      Exercise Measuring Period a written notice thereof by electronic mail to the Holder (the "<font style="font-weight: bold;">Mandatory Exercise Notice</font>" and the date that the Holder received such notice is referred to as the "<font style="font-weight: bold;">Mandatory Exercise Notice Date</font>"). The Mandatory Exercise Notice shall be irrevocable. The Mandatory Exercise Notice shall state (a) the Trading Day on which the Mandatory Exercise shall occur, which shall be the
      second (2nd) Trading Day following the Mandatory Exercise Notice Date (the "<font style="font-weight: bold;">Mandatory Exercise Date</font>") and (b) the aggregate number of Warrants which the Company has elected to be subject to such Mandatory
      Exercise from the Holder (the "<font style="font-weight: bold;">Mandatory Exercise Amount</font>").</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">Warrant Certificates, when surrendered at the office of the Warrant Agent by the registered Holder thereof in person or by such Holder&#8217;s legal representative or attorney duly appointed and authorized
      in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate
      the right to purchase a like number of Warrant Shares.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">Each taker and holder of this Warrant Certificate, by taking or holding the same, consents and agrees that the holder of this Warrant Certificate when duly endorsed in blank may be treated by the
      Company, the Warrant Agent and all other persons dealing with this Warrant Certificate as the absolute owner hereof for any purpose and as the person entitled to exercise the rights represented hereby or the person entitled to the transfer hereof on
      the register of the Company maintained by the Warrant Agent, any notice to the contrary notwithstanding, provided that until such transfer on such register, the Company and the Warrant Agent may treat the registered Holder hereof as the owner for all
      purposes.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">The Warrants evidenced by this Warrant Certificate do not entitle any Holder to any of the rights of a stockholder of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">This Warrant Certificate and the Warrant Agreement are subject to amendment as provided in the Warrant Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the Warrant Agent.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-style: italic;">[The remainder of this page has been left intentionally blank.]</div>
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    </div>
    <div style="text-indent: 36pt; line-height: 1.25;">IN WITNESS WHEREOF, the undersigned have caused this Global Warrant Certificate to be executed as of the date set forth below.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;"><font style="font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</font><br>
      as Warrant Agent</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
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            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">By:</td>
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                <div>____________________________<br>
                  Name:<br>
                  Title:</div>
              </td>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">DATED:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Countersigned:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">AMERICAN STOCK TRANSFER &amp; TRUST COMPANY, LLC,<br>
      as Warrant Agent</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">
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              <td style="width: 36pt; vertical-align: top; align: right;">By:</td>
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                <div>____________________________<br>
                  Name:<br>
                  Title:</div>
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<DOCUMENT>
<TYPE>EX-1.2
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<FILENAME>exhibit_1-2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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      <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>
    <div style="text-align: right; line-height: 1.25; font-weight: bold;"> <u>Exhibit 1.2</u><br>
    </div>
    <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;">SUBSCRIPTION AGREEMENT</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">This Subscription Agreement (this &#8220;<font style="font-weight: bold; font-style: italic;">Subscription</font>&#8221;) is dated as of February 13, 2020, by and between&#160;<font style="font-weight: bold; font-variant: small-caps;">Sol-Gel Technologies Ltd.</font>, a company limited by shares organized under the laws of the State of Israel (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), and&#160;<font style="font-weight: bold; font-variant: small-caps;">M. Arkin Dermatology Ltd.,&#160;</font>an Israeli company (the &#8220;<font style="font-weight: bold; font-style: italic;">Investor</font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">RECITALS</div>
    <div style="text-align: center; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">A.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company is contemplating a public offering (the &#8220;<font style="font-weight: bold; font-style: italic;">Public Offering</font>&#8221;)
      of ordinary shares of the Company, par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Ordinary Shares</font>&#8221;), and warrants to purchase ordinary shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Warrants</font>&#8221;
      and together with the Ordinary Shares, the &#8220;<font style="font-weight: bold; font-style: italic;">Securities</font>&#8221;) at a price of $10.99 per one Ordinary Share and a price of $0.01 for a Warrant to purchase 0.8 of an Ordinary Share (for a combined
      price of $11.00), and the Warrants are to have a term of three years and an exercise price of $14.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">B</font>. &#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company has determined that it is in best interest of the Company to issue Securities to the Investor in a private placement
      on the same terms as the investors are acquiring the Securities in the Public Offering, and the Investor desires to purchase from the Company the Securities as more fully described in this Subscription.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-weight: bold;">NOW, THEREFORE, IN CONSIDERATION</font>&#160;of the mutual covenants contained in this Subscription, and for other good and valuable consideration, the
      receipt and adequacy of which are hereby acknowledged, the Company and the Investor hereby agree as follows:</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Subscription</u>.</div>
    <div style="text-align: justify; 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;The Investor agrees to buy, and the Company agrees to sell and issue to the Investor, 454,628 Ordinary Shares and Warrants to purchase 363,702 Ordinary Shares for an
      aggregate purchase price of $4,999,998.74 (the &#8220;<font style="font-weight: bold; font-style: italic;">Subscription Amount</font>&#8221;) on the same terms as the investors are acquiring the Securities in the Public Offering, including the form and terms of
      the Warrants to be issued to such Investors.</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;The completion of the purchase and sale of the Ordinary Shares and the Warrants (the &#8220;<font style="font-weight: bold; font-style: italic;">Closing</font>&#8221;) shall take
      place at the offices of Latham Watkins LLP, located at 885 Third Avenue, New York, New York, or at such other location(s) or remotely by facsimile transmission or other electronic means as the parties may mutually agree, on the date specified by the
      Company. At the Closing, (i)&#160;the Investor shall pay the Subscription Amount by wire transfer of immediately available funds to the Company to such bank account or accounts as shall be designated by the Company and (ii)&#160;the Company shall cause the
      Ordinary Shares and the Warrants to be delivered to the Investor.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The closing of the transactions contemplated by this Subscription is subject to shareholder approval in accordance with the Israel Companies Law due to the status of the
      Investor as a controlling shareholder of the Company.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of the Company</u>. The Company represents and warrants as of the date hereof to the Investor as follows: (i) it has the full corporate power and authority
      to enter into this Subscription and to perform all of its obligations hereunder; (ii)&#160;this Subscription has been duly authorized and executed by, and when delivered in accordance with the terms hereof will constitute a valid and binding agreement of,
      the Company enforceable in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors generally or subject to general
      principles of equity; (iii)&#160;the execution and delivery of this Subscription and the consummation of the transactions contemplated hereby do not conflict with or result in a breach of the Company&#8217;s articles of association, as amended to date, or any
      other organizational documents; (iv)&#160;the Ordinary Shares, when issued and paid for in accordance with the terms of this Subscription, will be duly authorized, validly issued, fully paid and non-assessable; (v) the Ordinary Shares issuable upon
      exercise of the Warrants have been duly authorized for issuance and reserved for issuance pursuant to the terms of the Warrants, and when issued by the Company upon valid exercise of the Warrants and payment of the exercise price in connection
      therewith, will be validly issued, fully paid and non-assessable.</div>
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    <div style="text-align: justify; line-height: 1.25;">3.&#160; <u>Representations, Warranties and Acknowledgments of the Investor</u>.</div>
    <div style="text-align: justify; 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;The Investor hereby represents and warrants as of the date hereof to the Company as follows: (i)&#160;it has the full right, power and authority to enter into this
      Subscription and to perform all of its obligations hereunder; (ii)&#160;this Subscription has been duly authorized and executed by the Investor and, when delivered in accordance with the terms hereof, will constitute a valid and binding agreement of the
      Investor enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights and remedies of creditors generally or
      subject to general principles of equity; (iii)&#160;the execution and delivery of this Subscription and the consummation of the transactions contemplated hereby do not conflict with or result in a breach of the Investor&#8217;s governing or organizational
      documents; (iv)&#160; at the time the Investor was offered the Securities, it was, and at the date hereof it is, and on the date of the Closing it will be, an &#8220;accredited investor&#8221; as defined in Rule 501(a) under the Securities Act of 1933, as amended;
      (v) the Investor is knowledgeable, sophisticated and experienced in making, and is qualified to make, decisions with respect to investments in securities representing an investment decision like that involved in the purchase of the Securities; (vi)&#160;
      the Investor is not relying on the Company or any of its respective employees or agents with respect to the legal, tax, economic and related considerations of an investment in the Securities; and (vii)&#160;the Investor is satisfied that it has received
      adequate information with respect to all matters which it or its Advisors, if any, consider material to its decision to make an investment in the Securities.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">4.&#160; <u>Legend</u>.&#160;&#160; Until such time as determined in accordance with paragraph (b) below, the Securities and the Ordinary Shares issuable upon exercise of the Warrants will bear a restrictive
      legend in substantially the following form:</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
      REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (&#8220;THE SECURITIES ACT&#8221;).&#160; THESE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT,
      AS CONFIRMED BY AN OPINION OF UNITED STATES COUNSEL THAT IS SATISFACTORY TO THE COMPANY OR (2)&#160;PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE
      SECURITIES LAWS OF OTHER JURISDICTIONS.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">The Company shall cause the restrictive legend set forth above to be removed from the Securities and the Ordinary Shares issuable upon exercise of the Warrants if they are (i) resold in accordance
      with Rule 144 or another available exemption under the Securities Act following which such securities will not constitute restricted securities or control securities in the hands of the purchaser or transferee thereof, as confirmed by an opinion of
      United States counsel satisfactory to the Company or (ii) resold in reliance on an effective registration statement under the Securities Act</div>
    <div style="text-align: justify; line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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    <div style="text-align: justify; line-height: 1.25;">5.&#160; <u>Miscellaneous</u>.</div>
    <div style="text-align: justify; 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; This Subscription constitutes the entire understanding and agreement among the parties with respect to its subject matter, and there are no agreements or understandings
      with respect to the subject matter hereof which are not contained in this Subscription.</div>
    <div style="text-align: justify; text-indent: 36pt; 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;This Subscription may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when
      counterparts have been signed by each party and delivered to the other party hereto, it being understood that the parties need not sign the same counterpart. Execution may be made by delivery by facsimile or by e-mail delivery of a &#8220;.pdf&#8221; format data
      file.</div>
    <div style="text-align: justify; text-indent: 36pt; 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; The provisions of this Subscription are severable and, in the event that any court or officials of any regulatory agency of competent jurisdiction shall determine that
      any one or more of the provisions or part of the provisions contained in this Subscription shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
      other provision or part of a provision of this Subscription and this Subscription shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such
      provisions would be valid, legal and enforceable to the maximum extent possible, so long as such construction does not materially adversely affect the economic rights of either party hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; 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; All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent by a recognized
      overnight courier or sent via facsimile or by e-mail delivery and confirmed by letter, to the party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing:</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">To the Company: as set forth on the signature page hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">To the Investor: as set forth on the Investor&#8217;s signature page hereto.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">All notices hereunder shall be effective upon receipt by the party to which it is addressed.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;No provision of this Subscription may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and
      the Investor or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Subscription shall be deemed to be a continuing
      waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any
      such right.</div>
    <div style="text-align: justify; text-indent: 36pt; 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;This Subscription shall be governed by and interpreted in accordance with the laws of the State of New York for contracts to be wholly performed in such state and without
      giving effect to the principles thereof regarding the conflict of laws.</div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">By:</font>&#160; <font style="font-weight: bold;"><u>/s/ Gilad Mamlok</u></font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Name:</font> <font style="font-weight: bold;"><u>Gilad Mamlok</u></font></div>
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    <div style="text-align: justify; line-height: 1.25; font-weight: bold;">M. ARKIN DERMATOLOGY LTD.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">By:</font>&#160; <font style="font-weight: bold;"><u>/s/ Moshe Arkin</u></font></div>
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    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Name:</font><u> </u><font style="font-weight: bold;"><font style="font-weight: bold;"><u>Moshe Arkin</u></font></font></div>
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    <div style="text-align: center; line-height: 1.25; font-style: italic;">[Subscription Agreement dated February 13, 2020] <br>
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      <div><br>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>exhibit_5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left;">
  <head>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff">
  <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="text-align: right; text-indent: 318.95pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><u><font style="font-weight: bold;">Exhibit 5.1</font></u><br>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><img width="455" height="75" src="image0.jpg">
      <div style="text-align: right; line-height: 1.25; font-weight: bold;"><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 318.95pt; line-height: 1.25;"> <br>
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    <div style="text-align: right; text-indent: 318.95pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Tel Aviv,--- February 14, 2020</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;">7 Golda Meir St.</div>
    <div style="line-height: 1.25;">Weizman Science Park</div>
    <div style="line-height: 1.25;">Ness Ziona, 7403650</div>
    <div style="line-height: 1.25;">Israel</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;"><font style="font-weight: bold;">Re:</font>&#160;<font style="font-weight: bold;"><u>Sol-Gel Technologies Ltd.</u></font></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Ladies and Gentlemen:</div>
    <div style="background-color: #FFFFFF; line-height: 1.25;">
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      </div>
      <div style="text-align: justify; 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 of (i) an aggregate of 2,091,907 ordinary shares of the Company, par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold;">Offered Shares</font>&#8221;), and (ii) warrants to purchase up to 1,673,525
        ordinary shares of the Company, par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold;">Offered</font>&#160;<font style="font-weight: bold;">Warrants</font>&#8221;), with each Offered Share being sold together with an Offered Warrant to purchase
        0.80 of an ordinary share at a combined public offering price of $11.00 per ordinary share and accompanying warrant, pursuant to the terms of an underwriting agreement dated February 13, 2020 (the &#8220;<font style="font-weight: bold;">Underwriting
          Agreement</font>&#8221;) between the Company and Jefferies LLC and BMO Capital Markets Corp. as representatives of the several underwriters named therein (the &#8220;<font style="font-weight: bold;">Underwriters</font>&#8221;). The Offered Shares and the Offered
        Warrants are hereinafter collectively called the &#8220;<font style="font-weight: bold;">Offered Securities</font>&#8221;. The Offered Securities are being 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;<font style="font-weight: bold;">Securities Act</font>&#8221;), the related base prospectus which forms a part of the Registration Statement, and the prospectus supplement dated February 13, 2020, filed with the Commission on February 14, 2020, relating to the Offered
        Securities (the &#8220;<font style="font-weight: bold;">Prospectus Supplement</font>&#8221;).</div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">In connection therewith, we have examined and relied upon copies of the Registration Statement, the Prospectus Supplement, 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.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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="text-align: justify; text-indent: 28.35pt; line-height: 1.25;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">
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          <tr>
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              <div>&#160;</div>
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            <td style="width: 50.00%;">
              <div style="text-align: right;">&#160;<img src="image00001.jpg"></div>
            </td>
          </tr>

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    </div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;"> <br>
    </div>
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    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">Based upon the foregoing and in reliance thereon, we are of the opinion that (i) the Offered Securities to be sold to the Underwriters as described in the Registration Statement
      and the Prospectus Supplement have been duly authorized for issuance and, when issued and paid for in accordance with the terms of the Underwriting Agreement, will be validly issued, fully paid and non-assessable, and (ii) the ordinary shares of the
      Company, par value NIS 0.1 per share, underlying the Offered Warrants have been duly authorized for issuance, and upon payment for the Offered Warrants in accordance&#160;with the terms of the Underwriting Agreement, and when such ordinary shares are
      issued and delivered by the Company upon exercise of the Offered Warrants in accordance with their terms against receipt of the exercise price therefor, will be validly issued, fully paid and non-assessable.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25;">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 February14, 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;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 style="line-height: 1.25">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">Very truly yours,</div>
            <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
            <div style="text-align: justify; line-height: 1.25;">/s/ Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co.</div>
          </td>
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    <div style="line-height: 1.25">&#160;</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>5
<FILENAME>exhibit_5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: company
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<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="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 5.2</font></u><br>
      </div>
      <div> <br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="z621e27688e2a4a2bbb73368869da8be9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td rowspan="1" style="width: 50%;">&#160;</td>
              <td colspan="2" rowspan="1" style="text-align: left; vertical-align: bottom;">
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">53rd at Third</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">885 Third Avenue</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">New York, New York&#160; 10022-4834</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Tel: +1.212.906.1200&#160; Fax: +1.212.751.4864</div>
                <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">www.lw.com</div>
              </td>
            </tr>
            <tr>
              <td rowspan="3" style="width: 50%;" colspan="1">
                <div><img width="159" height="10" src="image00002.jpg">
                  <div style="text-align: left; line-height: 1.25;">
                    <div><br>
                    </div>
                    <div>
                      <div style="line-height: 1.25;">February 14, 2020</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;">Golda Meir St., Weizmann Science Park</div>
                      <div style="line-height: 1.25;">Ness Ziona 7403650 Israel</div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                      <div style="line-height: 1.25;"></div>
                      <div style="line-height: 1.25;"> <br>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
              <td colspan="2" rowspan="1">&#160;</td>
            </tr>
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                <div>
                  <div>
                    <div>
                      <div>
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                          <div>
                            <div>
                              <div>
                                <div>
                                  <div>
                                    <div>
                                      <div>
                                        <div>
                                          <div>
                                            <div>
                                              <div>
                                                <div>
                                                  <div>
                                                    <div>
                                                      <div>FIRM / AFFILIATE OFFICES&#160;</div>
                                                    </div>
                                                  </div>
                                                </div>
                                              </div>
                                            </div>
                                          </div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 6%;">
                <div>
                  <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">Beijing</font> </div>
                  <div style="text-align: left;"><font style="font-family: 'Times New Roman',Times,serif;">Boston</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <br>
                  </div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Brussels</font> </div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Century City</font><font style="font-family: 'Times New Roman',Times,serif;"></font></div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Chicago</font></div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"></font><font style="font-family: 'Times New Roman',Times,serif;">Dubai</font><font style="font-family: 'Times New Roman',Times,serif;"></font></div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">D&#252;sseldorf</font>&#160;</div>
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Frankfurt</font>
                    <div><font style="font-family: 'Times New Roman',Times,serif;">Hamburg</font>
                      <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Hong Kong</font>
                        <div><font style="font-family: 'Times New Roman',Times,serif;">Houston</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;</div>
                      </div>
                    </div>
                  </div>
                  <font style="font-family: 'Times New Roman',Times,serif;">London</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;
                  <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Los Angeles</font>&#160; &#160;&#160;&#160;</div>
                  <font style="font-family: 'Times New Roman',Times,serif;">Madrid</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Milan</div>
                </div>
              </td>
              <td colspan="1" style="width: 44%;">
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Moscow</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Munich</font><font style="font-family: 'Times New Roman',Times,serif;"> </font></div>
                <div style="text-align: left; line-height: 1.25;">
                  <div><font style="font-family: 'Times New Roman',Times,serif;">New York</font></div>
                  <div><font style="font-family: 'Times New Roman',Times,serif;">Orange</font> County</div>
                </div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Paris</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Riyadh</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">San Diego</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">San Francisco</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Seoul</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Shanghai</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Silicon </font><font style="font-family: 'Times New Roman',Times,serif;">Valley</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Singapore</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Tokyo</font></div>
                <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Washington, D.C.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; </div>
                <div style="text-align: left; line-height: 1.25;"> <br>
                </div>
              </td>
            </tr>

        </table>
      </div>
      <div> <br>
      </div>
      <div>
        <div style="line-height: 1.25;">Re:&#160; <u>Registration Statement on Form F-3 (No. 333-230564)</u>.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25;">Ladies and Gentlemen:</div>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
    </div>
    <div style="text-indent: 36pt; line-height: 1.25;">We have acted as special counsel to Sol-Gel Technologies Ltd., a company organized under the laws of the State of Israel (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), in
      connection with the proposed issuance of (i) 2,091,907 ordinary shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Shares</font>&#8221;), par value NIS 0.1 per share (the &#8220;<font style="font-weight: bold; font-style: italic;">Ordinary Shares</font>&#8221;)
      and (ii) warrants to purchase up to 1,673,525 Ordinary Shares (the &#8220;<font style="font-weight: bold; font-style: italic;">Warrants</font>&#8221;). The Shares and the Warrants are included in a registration statement on Form F-3 under the Securities Act of
      1933, as amended (the &#8220;<font style="font-weight: bold; font-style: italic;">Act</font>&#8221;), filed with the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) on April 10, 2019 (Registration
      No. 333&#8211;230564 ) (as amended, the &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;), a base prospectus dated April 12, 2019 (the &#8220;<font style="font-weight: bold; font-style: italic;">Base Prospectus</font>&#8221;) and a
      prospectus supplement dated February 13, 2020 filed with the Commission pursuant to Rule 424(b) under the Act (together with the Base Prospectus, the &#8220;<font style="font-weight: bold; font-style: italic;">Prospectus</font>&#8221;). The Shares and the
      Warrants are being sold pursuant to an underwriting agreement dated February 13, 2020 by and between Jefferies LLC and BMO Capital Markets LLC and the Company (the &#8220;<font style="font-weight: bold; font-style: italic;">Underwriting Agreement</font>&#8221;)
      and This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the Prospectus,
      other than as expressly stated herein with respect to the issue of the Warrants.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter.&#160; With your consent, we have relied upon certificates and other
      assurances of officers of the Company and others as to factual matters without having independently verified such factual matters.&#160; We are opining herein as to the internal laws of the State of New&#160;York and we express no opinion with respect to any
      other laws. Various issues pertaining to Israeli law are addressed in the opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &amp; Co. filed as an exhibit to the Registration Statement. We express no opinion with respect to those
      matters herein, and to the extent elements of those opinions are necessary to the conclusions expressed herein, we have, with your consent, assumed such elements.</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    <div style="text-indent: 36pt; line-height: 1.25;">Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Warrants shall have been duly registered on the records maintained by the
      Company for that purpose in the name or on behalf of the purchasers, and have been issued by the Company against payment therefor in the circumstances contemplated by the Underwriting Agreement, the Warrants will constitute the legal, valid and
      binding obligations of the Company, enforceable against the Company in accordance with their terms.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Our opinion is subject to: (i)&#160;the effect of bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and
      remedies of creditors; (ii)&#160;the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality,
      reasonableness, good faith and fair dealing, and the discretion of the court before which a proceeding is brought; (iii)&#160;we express no opinion as to (a)&#160;any provision for liquidated damages, monetary penalties or other economic remedies to the extent
      such provisions are deemed to constitute a penalty, (b)&#160;consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies, or judicial relief, (c)&#160;waivers of rights or defenses, (d)&#160;any provision requiring the payment of
      attorneys&#8217; fees, where such payment is contrary to law or public policy, (e)&#160;advance waivers of claims, defenses, rights granted by law, or notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law, or
      other procedural rights, (f)&#160;waivers of broadly or vaguely stated rights, (g)&#160;provisions for exclusivity, election or cumulation of rights or remedies, (h)&#160;provisions authorizing or validating conclusive or discretionary determinations, (i)&#160;proxies,
      powers and trusts, (j)&#160;provisions prohibiting, restricting, or requiring consent to assignment or transfer of any right or property, and (k)&#160;the severability, if invalid, of provisions to the foregoing effect.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">With your consent, we have assumed (a)&#160;that the Warrants have been or will be duly authorized, executed and delivered by the parties thereto, (b)&#160;that such securities constitute or
      will constitute legally valid and binding obligations of the parties thereto other than the Company, enforceable against each of them in accordance with their respective terms, and (c)&#160;that the status of the Warrants as legally valid and binding
      obligations of the parties will not be affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders, or (iii) failures to obtain required consents,
      approvals or authorizations from, or to make required registrations, declarations or filings with, governmental authorities.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25;">This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act.&#160;
      We consent to your filing this opinion as an exhibit to the Company&#8217;s Form 6-K dated February 14, 2020 and to the reference to our firm in the Prospectus under the heading &#8220;Legal Matters.&#8221;&#160; We further consent to the incorporation by reference of this
      letter and consent into any registration statement filed pursuant to Rule 462(b) with respect to the Shares and the Warrants. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under
      Section&#160;7 of the Act or the rules and regulations of the Commission thereunder.</div>
    <div style="line-height: 1.25; text-align: center;"><br>
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            </td>
            <td style="width: 50%;">
              <div>
                <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;">/s/ Latham &amp; Watkins LLP</div>
              </div>
            </td>
          </tr>

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      <div><br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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      <div style="line-height: 1.25; 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 99.1</font></u><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </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="text-align: center; line-height: 1.25; font-weight: bold;">Sol-Gel Announces Pricing of Public Offering of Ordinary Shares and Warrants to Purchase </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Ordinary Shares</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;">NESS ZIONA, Israel,&#160;February 13, 2020 - Sol-Gel Technologies, Ltd. (NASDAQ: SLGL) (&#8220;Sol-Gel&#8221; or the &#8220;Company&#8221;), &#160;a clinical-stage
        dermatology company focused on identifying, developing and commercializing branded and generic topical drug products for the treatment of skin diseases, today announced the pricing of its underwritten public offering (the &#8220;Offering&#8221;) of 2,091,907
        ordinary shares together with ordinary share warrants (the &#8220;warrants&#8221;) to purchase 1,673,525 ordinary shares. The ordinary shares and accompanying warrants are being sold together at a combined public offering price of $11.00 per ordinary share and
        accompanying warrant. Each warrant sold in the Offering will be exercisable for 0.80 of an ordinary share,&#160; and have an initial exercise price of $14.00 per share, subject to certain adjustments. The warrants will be immediately exercisable and
        will expire on February 19, 2023. All of the ordinary shares and accompanying warrants are being offered by Sol-Gel.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">Gross proceeds to the Company from the Offering, before deducting underwriting discounts and commissions and other offering expenses, and
        excluding the exercise of any warrants and the proceeds of the Private Placement, are expected to be approximately $23 million. The Offering is expected to close on or about February 19, 2020, subject to customary closing conditions.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">The Company intends to use the net proceeds from the Offering to fund pre-commercialization and launch activities for Epsolay&#174; and
        Twyneo&#174;, research and development activities and the remainder for working capital and other general corporate purposes.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">Jefferies LLC and BMO Capital Markets Corp. are acting as joint book-running managers for the Offering. Raymond James &amp; Associates,
        Inc. is acting as lead manager for the Offering and H.C. Wainwright &amp; Co., LLC is acting as co-manager for the Offering.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">In addition to the securities sold in the Offering, the Company announced that M. Arkin Dermatology Ltd., the controlling shareholder of
        the Company, has agreed to purchase 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares in a concurrent private placement (the &#8220;Private Placement&#8221;), exempt from the registration of the Securities Act of 1933, as amended,
        at a price equal to the public offering price of the ordinary shares and accompanying warrants in the Offering. The Private Placement is contingent on the closing of the Offering and the satisfaction of certain other conditions, including
        disinterested shareholder approval. The closing of the Offering is not contingent on the closing of the Private Placement.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">The Offering is being made only by means of a prospectus. A
          shelf registration statement was previously filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) and declared effective by the SEC on April 12, 2019. A prospectus supplement and accompanying prospectus relating to the Offering have been
          filed with the SEC and are available on the SEC&#8217;s website located at www.sec.gov. Before you invest, you should read the prospectus supplement and accompanying prospectus and other documents the Company has filed with the SEC for more complete
          information about the Company and this Offering. Copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained&#160; by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520
          Madison Avenue, New York, New York 10022, telephone: 1-877-547-6340 or by emailing <u>Prospectus_Department@jefferies.com</u>&#160;or by contacting BMO Capital Markets Corp, Attention:&#160;Equity Syndicate Department,&#160;3 Times Square, New York, New
          York 10036, telephone: 1-800-414-3627 or by emailing bmoprospectus@bmo.com.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor
        shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-weight: bold;">About Sol-Gel Technologies</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;">Sol-Gel is a clinical-stage dermatology company focused on identifying, developing and commercializing branded and generic topical drug
        products for the treatment of skin diseases. Sol-Gel&#8217;s current product candidate pipeline consists of branded product candidates that leverage its proprietary, silica-based microencapsulation technology platform, and several generic product
        candidates across multiple indications.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Forward-Looking Statements</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-style: italic;">This press release contains &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation
        Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as
        &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; or the negative of these terms or other similar expressions. These statements are based on information currently available to the
        Company or the Company&#8217;s current beliefs and expectations, including the Company&#8217;s statements regarding the completion, timing and size of the Offering of ordinary shares and accompanying warrants, the use of proceeds therefrom, and the completion,
        timing and size of the Private Placement, which are subject to risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of closing conditions related to the offering. The
        inclusion of forward-looking statements should not be regarded as a representation by the Company that any of its plans will be achieved.&#160; Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as
        of the date hereof, and except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements after the date of this press release to conform these statements to changes in the Company&#8217;s expectations or
        events or circumstances occurring after the date hereof. Further information regarding these and other risks is included under the heading &#8220;Risk Factors&#8221; in the Company&#8217;s periodic reports filed with the SEC, including the Company&#8217;s Annual Report on
        Form 20-F filed with the SEC on March 21, 2019 and other reports filed with the SEC which are available from the SEC&#8217;s website (<u>www.sec.gov</u>). All
        forward-looking statements are qualified in their entirety by this cautionary statement. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">For further information:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2edf08161e834ed4a65160e9a6394482" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25; font-weight: bold;">Sol-Gel Contact:</div>
          </td>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25; font-weight: bold;">U.S. Investor Contact:</div>
          </td>
          <td style="width: 58.93%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">Gilad Mamlok</div>
          </td>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">Chiara Russo</div>
          </td>
          <td style="width: 58.93%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">Chief Financial Officer</div>
          </td>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">Solebury Trout</div>
          </td>
          <td style="width: 58.93%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">+972-8-9313433</div>
          </td>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;">+1-617-221-9197</div>
          </td>
          <td style="width: 58.93%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 20.54%; vertical-align: middle;">&#160;</td>
          <td style="width: 20.54%; vertical-align: middle;">
            <div style="line-height: 1.25;"><u>crusso@soleburytrout.com</u></div>
          </td>
          <td style="width: 58.93%; vertical-align: middle;">&#160;</td>
        </tr>

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