<SEC-DOCUMENT>0001178913-23-000164.txt : 20230113
<SEC-HEADER>0001178913-23-000164.hdr.sgml : 20230113
<ACCEPTANCE-DATETIME>20230113160201
ACCESSION NUMBER:		0001178913-23-000164
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20230113
DATE AS OF CHANGE:		20230113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Chemomab Therapeutics Ltd.
		CENTRAL INDEX KEY:			0001534248
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				813676773
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-269218
		FILM NUMBER:		23528694

	BUSINESS ADDRESS:	
		STREET 1:		KIRYAT ATIDIM, BUILDING 7
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6158002
		BUSINESS PHONE:		972-77-331-0156

	MAIL ADDRESS:	
		STREET 1:		KIRYAT ATIDIM, BUILDING 7
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			6158002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Anchiano Therapeutics Ltd.
		DATE OF NAME CHANGE:	20180906

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BioCancell Ltd.
		DATE OF NAME CHANGE:	20111104
</SEC-HEADER>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">As filed with the Securities and Exchange Commission on January 13, 2023</div>
    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registration No. 333-</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">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-family: 'Times New Roman',Times,serif; font-weight: bold;">WASHINGTON, D.C. 20549</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;">CHEMOMAB THERAPEUTICS LTD.&#160;</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">2834</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Identification No.)</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Kiryat Atidim, Building 7&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Tel Aviv, 6158002,&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Israel&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;+972-77-331-0156&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive offices)</div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',serif; font-size: 8pt; font-weight: bold;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Chemomab Therapeutics, Inc.</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">One Kendall Square</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Building 1400E</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">Suite 14-105</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><br>
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      </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0);">(857) 259-4622</font></div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Name, address, including zip code, and telephone number, including area code, of agent for service)</div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: medium none;"></div>
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          <td style="width: 25.36%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Jesse F. Schumaker</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Wilson Sonsini Goodrich &amp; Rosati, P.C.</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">1881 9<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Street, Suite 110</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">(303) 256-5900</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">David S. Glatt</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Ronen Bezalel<br>
              Jonathan M. Nathan</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Matthew Rudolph<br>
              Meitar | Law Offices<br>
              16 Abba Hillel Rd.<br>
              Ramat Gan 5250608, Israel<br>
              +972 (3) 610-3100</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Ivan Blumenthal</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.<br>
              919 Third Avenue</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">New York, NY 10022</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">(212) 935-3000</div>
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          <td style="width: 24.34%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman PS Std','Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Chaim Friedland</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Ari Fried</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Gornitzky &amp; Co.</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Vitania Tel Aviv</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Tower</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">20 HaHarash Street</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Tel Aviv, 6761310,</font><font style="font-family: 'Times New Roman',Times,serif;"><br>
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              </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">+972-3-710-9191</font></div>
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
        <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"> </div>
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Approximate date of commencement of proposed sale to the public:</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">As soon as practicable after the effective date of this Registration Statement.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list
      the Securities Act registration statement number of the earlier effective registration statement for the same offering. &#9744;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act
      registration statement number of the earlier effective registration statement for the same offering. &#9744;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act
      registration statement number of the earlier effective registration statement for the same offering. &#9744;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or
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      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
        <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); margin-left: auto; margin-right: auto; border: medium none;"></div>
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          <td style="width: 59.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#9744;</div>
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          <td style="width: 21.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Accelerated filer</div>
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          <td style="width: 2.98%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#9744;</div>
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        <tr>
          <td style="width: 16.99%; vertical-align: middle;">&#160;</td>
          <td style="width: 59.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.98%; vertical-align: middle;">&#160;</td>
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          <td style="width: 16.99%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Non-accelerated filer</div>
          </td>
          <td style="width: 59.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#9746;</div>
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          <td style="width: 21.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Smaller reporting company</div>
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          <td style="width: 2.98%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#9746;</div>
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        <tr>
          <td style="width: 16.99%; vertical-align: middle;">&#160;</td>
          <td style="width: 59.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 21.01%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.98%; vertical-align: middle;">&#160;</td>
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        <tr>
          <td style="width: 16.99%; vertical-align: bottom;">&#160;</td>
          <td style="width: 59.01%; vertical-align: bottom;">&#160;</td>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Emerging growth company</div>
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          <td style="width: 2.98%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#9746;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
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    <div style="line-height: 1.25;">
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        <hr noshade="noshade" align="center" style="height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); text-align: center; margin-left: auto; margin-right: auto; border: medium none;"></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall
      file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such
      date as the Commission, acting pursuant to said Section 8(a), may determine.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(164, 31, 53); font-family: 'Times New Roman',Times,serif; font-weight: bold;">The information in this preliminary prospectus is not complete and may be changed. We may not sell these
      securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state
      where the offer or sale is not permitted.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(164, 31, 53); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Subject to Completion, dated January 13, 2023</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; color: rgb(255, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">PRELIMINARY PROSPECTUS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><img width="261" height="71" src="image1.jpg"></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Chemomab Therapeutics Ltd.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 11pt; font-weight: bold;">
      <div style="line-height: 1.25; font-size: 10pt;">
        <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">American Depositary Shares</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representing&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Ordinary Shares</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We are offering &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; American Depositary Shares (&#8220;ADS&#8221;), each representing twenty (20) of our ordinary shares, no par
      value per share.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Our ADSs are listed on The Nasdaq Capital Market under the symbol &#8220;CMMB.&#8221;&#160; On January 12, 2023, the last reported sale price of our ADSs
      on The Nasdaq Capital Market was $2.17 per ADS.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We are an &#8220;emerging growth company&#8221; and a &#8220;smaller reporting company&#8221; as defined under U.S. federal securities laws
      and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Investing in our ADSs involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 7 of this prospectus to
      read about factors you should consider before buying our ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z69e5ae22181947809462390779b6c16d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 83.2%; vertical-align: bottom;"><br>
          </td>
          <td style="width: 8.37%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Per ADS</div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom;"><br>
          </td>
          <td style="width: 7.65%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 83.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">Public offering price</div>
          </td>
          <td style="width: 8.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 7.65%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
        </tr>
        <tr>
          <td style="width: 83.2%; vertical-align: bottom;">
            <div style="text-align: justify; line-height: 1.25;">Underwriting discounts and commissions<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="width: 8.37%; vertical-align: bottom;">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 7.65%; vertical-align: bottom;">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
        </tr>
        <tr>
          <td style="width: 83.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">Proceeds, before expenses, to us</div>
          </td>
          <td style="width: 8.37%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
          <td style="width: 0.78%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 7.65%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">$</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z4d8a6b699bb04cf4b7375f98cc68c170" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">(1)</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">See &#8220;Underwriting&#8221; beginning on page 42 of this prospectus for a description of the compensation payable to the underwriters.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
      these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We have granted the underwriters a 30-day option to purchase up to&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160;&#160; additional ADSs from us solely to cover
      over-allotments, if any.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The underwriters expect to deliver the ADSs on or about&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; , 2023.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Sole Book-Running Manager</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">Oppenheimer &amp; Co.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Co-Managers</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zae6ae360db8c47829f507874e3e88691" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">
              <div style="line-height: 1.25;">A.G.P./Alliance Global Partners</div>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Aegis Capital Corp.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The date of this prospectus is&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; , 2023.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
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    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">TABLE OF CONTENTS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z089eabf9b20e45608fdd3feaef25c081" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 96.04%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3.96%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Page</div>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#PROSPECTUSSUMMARY">PROSPECTUS SUMMARY</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">1<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#THEOFFERING">THE OFFERING</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">6<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#RISKFACTORS">RISK FACTORS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">7<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#FORWARD-LOOKINGSTATEMENTS">FORWARD-LOOKING STATEMENTS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">10<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#USEOFPROCEEDS">USE OF PROCEEDS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">11<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#CAPITALIZATION">CAPITALIZATION</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">12<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#DILUTION">DILUTION</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">13<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#DIVIDENDPOLICY">DIVIDEND POLICY</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">14<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#EXECUTIVECOMPENSATION">EXECUTIVE COMPENSATION</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">15<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#SECURITYOWNERSHIPOFCERTAI">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">22<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#DESCRIPTIONOFSHARECAPITAL">DESCRIPTION OF SHARE CAPITAL</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">24<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#DESCRIPTIONOFSECURITIESWE">DESCRIPTION OF SECURITIES WE ARE OFFERING</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">29<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#MATERIALTAXCONSIDERATIONS">MATERIAL TAX CONSIDERATIONS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">35<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#UNDERWRITING">UNDERWRITING</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">42<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#LEGALMATTERS">LEGAL MATTERS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">47<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#EXPERTS">EXPERTS</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">47<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#ENFORCEMENTOFCIVILLIABILI">ENFORCEMENT OF CIVIL LIABILITIES</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">48<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#WHEREYOUCANFINDMOREINFORM">WHERE YOU CAN FIND MORE INFORMATION</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">49<br>
          </td>
        </tr>
        <tr>
          <td style="width: 96.04%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 238);"><a href="#INCORPORATIONBYREFERENCE">INCORPORATION BY REFERENCE</a></div>
          </td>
          <td nowrap="nowrap" style="width: 3.96%; vertical-align: bottom; text-align: center;">49<br>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">You should rely only on the information contained in this prospectus. Neither we nor the underwriters have authorized anyone to provide
      any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We and the underwriters take no responsibility for, and
      can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the ADSs offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The
      information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of ADSs. Our business, financial condition, results of operations and prospects may
      have changed since that date.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For investors outside the United States: We have not, and the underwriters have not, done anything that would permit this offering or
      possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about,
      and observe any restrictions relating to, the offering of the ADSs and the distribution of this prospectus outside the United States.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We use our trademarks and our logo in this prospectus. This prospectus also includes trademarks, tradenames and service marks that are
      the property of other organizations. Solely for convenience, trademarks and tradenames referred to in this prospectus appear without the &#174; and &#8482; symbols, but those references are not intended to indicate, in any way, that we will not assert, to the
      fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trademarks and tradenames.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">ii</font></div>
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        <div>&#160;</div>
        <div>
          <div style="text-align: center; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">PROSPECTUS SUMMARY</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-style: italic;">This summary highlights, and is qualified in its entirety by, the more detailed information contained in other parts of this
            prospectus, including any applicable free writing prospectus and the documents incorporated by reference herein. This summary does not contain all of the information that may be important to you in making your investment decision. You should
            read this entire prospectus carefully, especially the &#8220;Risk Factors&#8221; section beginning on page 7 and our financial statements and the related notes incorporated by reference herein, before deciding to invest in our ADSs. As used in this
            prospectus, unless the context otherwise requires, references to &#8220;Chemomab Therapeutics Ltd.&#8221;, &#8220;Chemomab,&#8221; the &#8220;Company,&#8221; &#8220;us,&#8221; &#8220;we&#8221; and &#8220;our&#8221; refer to Chemomab Therapeutics Ltd., an Israeli company and its consolidated subsidiaries; however,
            with respect to the presentation of financial results for historical periods that preceded the Merger (as defined below), these terms refer to the financial results of the Company&#8217;s wholly owned subsidiary, Chemomab Ltd. (the &#8220;Subsidiary&#8221;),
            which was the accounting acquirer in the Merger. References to the &#8220;Merger&#8221; refer to the merger involving Anchiano Therapeutics Ltd., or Anchiano, and the Subsidiary, whereby a wholly owned subsidiary of Anchiano merged with and into the
            Subsidiary, with the Subsidiary surviving as a wholly owned subsidiary of Anchiano. Upon consummation of the Merger on March 16, 2021, Anchiano changed its name to &#8220;Chemomab Therapeutics Ltd.&#8221; and the business conducted by the Subsidiary became
            primarily the business conducted by the Company.</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">Company Overview</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">Chemomab is a clinical-stage biotechnology company focused on the discovery and development of innovative therapeutics for
            fibrotic and inflammatory diseases with high unmet needs. Based on the unique and pivotal role of the soluble protein CCL24 in promoting fibrosis and inflammation, Chemomab developed CM-101, a monoclonal antibody designed to bind and block
            CCL24 activity. CM-101 has demonstrated the potential to treat multiple severe and life-threatening fibrotic and inflammatory diseases.</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">Chemomab has pioneered the therapeutic targeting of CCL24, a chemokine that promotes various types of cellular processes that
            regulate inflammatory and fibrotic activities through the CCR3 receptor. The chemokine is expressed in various types of cells, including immune cells, endothelial cells and epithelial cells. We have developed a novel CCL24 inhibiting product
            candidate with dual anti-fibrotic and anti-inflammatory activity that modulates the complex interplay of both of these inflammatory and fibrotic mechanisms, which drive abnormal states of fibrosis and clinical fibrotic diseases. This innovative
            approach is being developed for difficult to treat rare diseases, also known as orphan indications or diseases, such as primary sclerosing cholangitis, or PSC, and systemic sclerosis, or SSc, for which patients have no established disease
            modifying or standard of care treatment options.</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">CM-101, our lead clinical product candidate, is a first-in-class humanized monoclonal antibody that attenuates the basic
            function of the soluble chemokine CCL24, also known as eotaxin-2, as a regulator of major inflammatory and fibrotic pathways. We have demonstrated that CM-101 interferes with the underlying biology of inflammation and fibrosis through a novel
            and differentiated mechanism of action. Based on these findings, we are actively advancing CM-101 in Phase 2 clinical studies directed toward two distinct clinical indications that include patients with liver or skin, and/or lung fibrosis. We
            are currently conducting a Phase 2 clinical study in PSC, a rare obstructive and cholestatic liver disease. The study is actively recruiting patients in the U.S., Europe and Israel and is being expanded by adding clinical sites, an additional
            high dose arm (20mg/kg) as well as an open label extension. We had earlier proposed to add both low and high dose arms to the study but the recent encouraging results reported from our Phase 2 liver fibrosis trial in NASH patients, dosed at
            5mg/kg, along the positive Phase 1b data we previously reported in non-alcoholic fibrotic liver disease (NAFLD) patients dosed at 5mg/kg and 2,5mg/kg, are seen as providing us sufficient data on the performance of the lower dose to drop it from
            the current trial, which is focusing on the 10mg/kg and 20g/kg doses. We believe this change will facilitate timely conduct and completion of the trial. If regulators in the future do not agree that the existing low dose data are sufficient, we
            always have the option to add a lower dose group as part of the Phase 3 clinical program.</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">We are also planning to open a Phase 2 clinical trial in SSc in the first quarter of 2023. The trial in SSc, a rare autoimmune
            rheumatic disease characterized by fibrosis in the skin and lung and other organs, will focus on establishing biological and clinical proof of concept in this patient population. Although our primary focus is on these two rare indications, as
            we noted, an additional Phase 2 clinical study in patients with liver fibrosis due to non-alcoholic steatohepatitis, or NASH has recently been completed.&#160; This trial provided safety and pharmacokinetic (PK) data and is informative in
            determining whether the company advances the development of its current subcutaneous formulation of CM-101. Additionally, the trial measured a number of biomarkers that may be relevant to the potential activity of CM-101 in other
            fibro-inflammatory conditions. We recently reported results from this trial, which showed that the trial met its primary endpoint of safety and tolerability, and that CM-101 demonstrated encouraging activity in secondary endpoints that include
            a range of liver fibrosis biomarkers and physiologic assessments.</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; color: rgb(0, 0, 0);">Fibrosis is the abnormal and excessive accumulation of collagen and extracellular matrix, the non-cellular component in all tissues and organs, which
            provides structural and biochemical support to surrounding cells. When present in excessive amounts, collagen and extracellular matrix lead to scarring and thickening of connective tissues, affecting tissue properties and potentially leading to
            organ dysfunction and failure. Fibrosis can occur in many different tissues, including lung, liver, kidney, muscle, skin, and the gastrointestinal tract, resulting in a wide array of progressive fibrotic conditions. Fibrosis and inflammation
            are intrinsically linked. While a healthy inflammatory response is necessary for efficient tissue repair; after disease or injury, an excessive, uncontrolled inflammatory response can lead to tissue fibrosis that in turn can further stimulate
            inflammatory processes in a fibro-inflammatory vicious cycle.</div>
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        <div>&#160;</div>
        <div>
          <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">Risks Associated with Our Business</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Our business is subject to numerous risks and uncertainties that you should consider before investing in our company. These risks are described more
            fully in the section titled &#8220;Risk Factors&#8221; in this prospectus as well as in our Annual Report on Form 10-K for the year ended December 31, 2021 and our subsequent Quarterly Reports on Form 10-Q. These risks include, but are not limited to, the
            following:</div>
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                  <div>We have incurred significant losses since inception and anticipate that we will continue to incur increasing levels of operating losses over the next several&#160;years and for the foreseeable future. We are unable to predict the extent
                    of any future losses or when we will become profitable, if at all.<font style="color: rgb(0, 0, 0);">&#160;</font>Even if we become profitable, we may not be able to sustain or increase our profitability on a quarterly or annual basis.</div>
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                  <div>We have a limited operating history and funding, which may make it difficult to evaluate our prospects and likelihood of success.</div>
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          </table>
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                  <div>Our business is highly dependent on the success of our lead product candidate, CM-101, and any other product candidates that we advance into clinical studies. All of our programs will require significant additional clinical
                    development.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Our&#160;central objective is to design and develop targeted treatments for inflammation and fibrosis with an initial focus on the antagonism of CCL24 signaling, which is known to regulate fibrotic and inflammatory processes. While
                    several studies are currently underway, our approach in the area of fibrotic diseases is novel and unproven and may not result in marketable products.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The successful completion of clinical studies is a prerequisite to submitting a marketing application to the FDA and similar marketing applications to comparable foreign regulatory authorities, for each product candidate and,
                    consequently, the ultimate approval and commercial marketing of any product candidates. We may experience negative or inconclusive results, which may result in us deciding, or regulators requiring us, to conduct additional clinical
                    studies or trials or abandon some or all of its product development programs, which could have a material adverse effect on our business.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                  <div>We may encounter difficulties enrolling patients in our clinical studies, including due to the ongoing COVID-19 pandemic, or other public health emergencies and related clinical development activities could be delayed or otherwise
                    adversely affected.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Our ongoing and future clinical studies may reveal significant adverse events or immunogenicity related responses and may result in a safety profile that could delay or prevent regulatory approval or market acceptance of our product
                    candidate.</div>
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          </table>
          <div style="line-height: 1.25;">&#160;</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for CM-101 or any other product
                    candidates, our business will be substantially harmed.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                </td>
                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>If we do not achieve our projected development and commercialization goals in the timeframes we announce and expect, the commercialization of our product candidates may be delayed and our business will be harmed.</div>
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          <div style="line-height: 1.25;">&#160;</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than us.</div>
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                <td style="width: 17.85pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>We have been granted Orphan Drug Designation for CM-101 in connection with three indications and may seek Orphan Drug Designation for other indications or product candidates, and we may be unable to maintain the benefits associated
                    with Orphan Drug Designation, including the potential for market exclusivity, and may not receive Orphan Drug Designation for other indications or for its other product candidates.</div>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>We expect to experience significant growth in the number of our employees and the scope of our operations, particularly in the areas of product candidate development, regulatory affairs and sales and marketing. We will therefore need
                    to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.</div>
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                  <div>If we are unable to protect our patents or other proprietary rights, or if we infringe the patents or other proprietary rights of others, our competitiveness and business prospects may be materially damaged. In addition, changes in
                    patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.</div>
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                  <div>Risks related to our operations in Israel could materially adversely impact our business, financial condition and results of operations.</div>
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                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Holders of ADSs are not treated as holders of our ordinary shares.</div>
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          <div style="line-height: 1.25;">
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                  <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div>
                      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Holders of ADSs may not have the same voting rights as the holders of our ordinary shares and may not receive voting materials in time to
                        be able to exercise their right to vote.</div>
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            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25;">
              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div>
                        <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Holders of our ADSs may be subject to limitations on the transfer of their ADSs and the withdrawal of the underlying ordinary shares.</div>
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            <div style="line-height: 1.25;">&#160;</div>
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25;">
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                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div>
                          <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">We are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement, or to
                            terminate the deposit agreement, without the prior consent of the ADS holders.</div>
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              <div style="line-height: 1.25;">&#160;
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                        <div>
                          <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">
                            <div style="line-height: 1.25;">ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.</div>
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                <div> <br>
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                          <div>
                            <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">
                              <div style="line-height: 1.25;">
                                <div>
                                  <div style="line-height: 1.25; font-family: 'Times New Roman';">We presently anticipate that we will be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences
                                    to U.S. Holders of our ordinary shares.</div>
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                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div>Our principal executive offices are located in Israel and certain of our product candidates may be manufactured at third-party facilities located in Europe. In addition, our business strategy includes potentially expanding
                    internationally if any of its product candidates receives regulatory approval. A variety of risks associated with operating internationally could materially adversely affect our business.</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.25;">&#160;</div>
        </div>
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        <div>&#160;</div>
        <div>
          <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">Recent Developments</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Report Top-Line Results from CM-101 Phase 2a Liver Fibrosis Biomarker Trial in NASH Patients</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25;">
            <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">On January 3, 2023, we reported positive top-line results from our Phase 2a liver fibrosis biomarker trial of CM-101 in NASH patients. This trial was
              primarily designed to assess a subcutaneous formulation of CM-101 and to evaluate the drug&#8217;s impact on liver fibrosis biomarkers relevant to both NASH and the fibro-inflammatory conditions that represent the focus for the company, such as PSC
              and SSc. The trial met its primary endpoint of safety and tolerability, and CM-101 demonstrated encouraging activity in secondary endpoints that include a range of liver fibrosis biomarkers and physiologic assessments measured at baseline and
              at week 20.</div>
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
          </div>
          <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The randomized, placebo-controlled trial enrolled 23 NASH patients with stage F1c, F2 and F3 disease who were randomized to receive either CM-101 or
            placebo. Patients received&#160; a dose of&#160; 5 mg/kg of study drug administered by subcutaneous (SC) injection once every two weeks, for a treatment period of 16 weeks. Key findings of the CM-101 Phase 2a trial included the following.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">CM-101 appeared to be safe and well tolerated when administered subcutaneously. Most reported adverse events observed were mild, with one unrelated serious adverse event reported. No significant injection
                    site reactions were reported and no anti-drug antibodies were detected.</div>
                </td>
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          </table>
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          </div>
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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">CM-101 administered subcutaneously demonstrated favorable pharmacokinetics and target engagement profiles as expected, and were similar to what the company has previously reported.</div>
                </td>
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          </table>
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          </div>
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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">CM-101-treated patients showed greater improvements than the placebo group in a number of liver fibrosis-related biomarkers, including ProC-3, ProC-4, ProC-18, TIMP-1 and ELF.</div>
                </td>
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          </table>
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          </div>
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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">A majority of CM-101-treated patients showed improvements in multiple liver fibrosis-related biomarkers&#8212;almost 60% of CM-101 patients were &#8220;multiple responders&#8221;, responding in at least three biomarkers at
                    week 20, compared to no patients in the placebo group.</div>
                </td>
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          </table>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">CM-101-treated patients with higher CCL24 levels at baseline showed greater reductions in fibrosis-related biomarkers than patients with lower levels of CCL24 at baseline. More CM-101-treated patients
                    with higher CCL24 levels also were &#8220;multiple responders&#8221;, responding in three or more of the fibrosis-related biomarkers, compared to patients with lower CCL24 levels at baseline.&#160; These findings further add to the growing body of
                    evidence validating the role of CCL24 in the pathophysiology of fibrotic liver disease.</div>
                </td>
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          </table>
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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">A higher proportion of patients in the CM-101-treated group showed improvement in a physiologic measure of liver stiffness as compared to placebo (reduction of at least one grade of fibrosis score as
                    assessed by the non-invasive elastography method known as FibroScan<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>).</div>
                </td>
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          </table>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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                </td>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">After completion of the study, the unblinded data showed that patients in the CM-101-treated group had higher baseline levels of fibrosis compared to placebo patients. The impact of this difference on the
                    results, if any, is unknown.</div>
                </td>
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          </table>
          <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="line-height: 1.25;">
            <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;We believe that the data from this trial provide important insights in support of the CM-101 development program, including the favorable safety and
              tolerability of CM-101 in patients with serious liver disease, confirmation of early signs of biomarker activity that are relevant for a number of fibro-inflammatory disorders, and support for the tolerability and pharmacokinetic data needed
              to assess next steps in the development of our SC formulation<font style="font-style: italic;">.</font></div>
          </div>
          <div style="line-height: 1.25;">
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Results Reported for Clinical Study of CM-101 in Patients with COVID-19-Derived Lung Damage</div>
          </div>
          <div style="line-height: 1.25;">
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
            <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; color: rgb(0, 0, 0);">On November 9, 2022, positive clinical data from an investigator-initiated clinical study assessing CM-101 activity and safety in hospitalized
              patients with severe lung injury derived from COVID-19 was presented at the 2022 Union Conference, an international conference on lung health. Some of the mechanisms underlying lung inflammation resulting from COVID-19 infection are similar
              to those seen in chronic diseases involving lung inflammation and fibrosis. The objective of the study was to evaluate the drug&#8217;s safety and activity in hospitalized COVID-19 patients with severe pneumonia, including its impact on biomarkers
              related to lung inflammation that are also relevant in SSc.<font style="font-weight: bold;">&#160;</font>The open label, single arm trial enrolled 16 hospitalized adult COVID-19 patients with severe respiratory involvement. All patients were
              receiving standard of care therapy. All were treated with a single 10mg/kg intravenous dose of CM-101 on the first day of the study and followed for 30 days.</div>
            <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; color: rgb(0, 0, 0);"> <br>
            </div>
          </div>
        </div>
      </div>
    </div>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
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          <div>&#160;
            <div style="line-height: 1.25;">
              <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; color: rgb(0, 0, 0);">Administration of CM-101 to this acutely ill patient population appeared safe and was well tolerated. CM-101 exposures and target engagement
                profiles were similar to what our researchers have seen in previous clinical studies of CM-101. Importantly, rapid reductions in serum biomarkers of lung inflammation, fibrogenesis and neutrophil activity were observed post-treatment with
                CM-101.<font style="font-weight: bold;">&#160;</font>Overall, this study confirmed and extended the safety and tolerability profile of CM-101 and demonstrated clinically relevant changes in biomarkers associated with lung inflammation and
                fibrogenesis, further supporting CM-101&#8217;s anti-inflammatory and anti-fibrotic effects.<font style="font-weight: bold;">&#160;</font>Moreover, we believe that these results add to the data suggesting that CM-101 has the potential to attenuate
                lung inflammation and fibrosis, further strengthening the rationale for treating SSc patients with this drug. These new clinical data also contribute to a growing body of evidence demonstrating CM-101&#8217;s anti-fibrotic and anti-inflammatory
                effects in varied organs including the lung, liver and skin.</div>
            </div>
            <div style="line-height: 1.25;">
              <div style="line-height: 1.25;"><br style="line-height: 1.25;">
              </div>
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">New Executive Appointments</div>
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
            </div>
            <div style="line-height: 1.25;">
              <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; color: rgb(0, 0, 0);">On August 29, 2022, Christina Crater, MD, joined us as our Vice President of Clinical Development. Dr. Crater has an extensive background in
                medical affairs and clinical trial design and execution across a broad range of therapeutic indications, Dr. Crater has served as a medical monitor, safety physician, therapeutic expert and study director in all phases of clinical
                development. Her career spans working in-house at pharmaceutical and biotechnology firms, and at major clinical research organizations (CROs). Previously Dr. Crater was a Senior Clinical Trial Physician at Bristol-Myers Squibb, and she
                served in senior clinical development roles with PRA Health Sciences and PAREXEL International. Earlier in her career, Dr. Crater worked as an internal medicine physician. She received an MD degree from the University of Tennessee and holds
                a BS from Rhodes College.</div>
              <div style="line-height: 1.25;"><br style="line-height: 1.25;">
              </div>
              <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; color: rgb(0, 0, 0);">On November 14, 2022, Matthew Frankel, MD, MBA joined us as our Chief Medical Officer and Vice President of Drug Development. Dr. Frankel brings a
                wealth of experience across all aspects of clinical development and medical affairs, along with a strong track record in helping to bring biologic and small molecule drugs to market for both rare and chronic diseases. Before joining us. Dr.
                Frankel served as Vice President, Clinical Development and Medical Affairs, Specialty Pharma at Boehringer Ingelheim, where he developed new drugs for oncology, immunology, pulmonary, and central nervous system diseases. Previously Dr.
                Frankel was Vice President &amp; Head, Immunology and Dermatology Medical Unit at Novartis, where he oversaw medical affairs and late phase clinical development for Cosentyx<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>, Ilaris<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>, and Zortress<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>.&#160; At the
                Sandoz unit of Novartis, Dr. Frankel led the medical affairs organization supporting the biopharmaceutical, biosimilar and generics businesses for launches including Kerydin<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>, Glatopa<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> and Zarxio<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>. Earlier
                in his career, Dr. Frankel held clinical development leadership roles across geographies and therapeutic diseases at Reata, Fibrogen, Abbott Labs, and Schering Plough. Dr. Frankel received a BA degree from Vassar College, an MD degree from
                the University of California School of Medicine, Los Angeles and an MBA from the J. L. Kellogg Graduate School of Management at Northwestern University.&#160; He is board certified in internal medicine. Dr. Frankel replaced interim Chief Medical
                Officer David Weiner, MD, who has continued in the role of Strategic Advisor to Chemomab.</div>
              <div style="line-height: 1.25;"><br style="line-height: 1.25;">
              </div>
              <div style="text-align: justify; text-indent: 37.5pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">On November 21, 2022, Mitchell L. Jones, MD, PhD,
                  joined us as our Vice President of Corporate Development &amp; Strategy. Dr. Jones brings more than 15 years of leadership experience in biopharmaceutical research, clinical development, corporate strategy and entrepreneurship,
                  organizational development and team-building, technology transfer and licensing and acquisitions.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Dr. Jones formerly was Vice President Clinical Discovery and Development at Finch Therapeutics, where he contributed to a successful IPO and helped oversee the clinical development of novel therapeutics for inflammatory
                  bowel disease and cancer. Previously Dr. Jones was Vice President of Translational and Clinical Development at Biora Therapeutics, formerly Progenity, developing clinical program strategy and overseeing development of its novel drug
                  delivery technologies. Earlier, Dr. Jones managed the successful trade sale of the technology platform and assets of Interface Biosciences. Dr. Jones also founded Micropharma, where he served as Head of R&amp;D, concluded major licensing
                  agreements and managed the company&#8217;s half billion-dollar acquisition. Dr. Jones is the author or co-author of numerous scientific abstracts, proceedings and publications and an inventor on almost 200 filed or granted patents. He received
                  his MD, PhD, master&#8217;s in biomedical engineering and BS degrees from McGill University in Canada.</font></div>
            </div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="text-align: justify; margin-right: 0.75pt; line-height: 1.25; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">The Repurchase Arrangement</div>
            <div style="line-height: 1.25;">&#160;</div>
            <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">As
                previously reported in&#160; our Registration Statement on Form S-4 (File No. 333-252070), filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) on January 13, 2021 and declared effective by the SEC on February 10, 2021, the
                Subsidiary filed an application with the Israel Tax Authority for a tax ruling (the &#8220;Tax Ruling&#8221;) in connection with the Merger, pursuant to which certain of the Subsidiary&#8217;s shareholders were entitled to defer an immediate Israeli tax
                liability resulting from the exchange of shares that otherwise would have been deemed a sale. The deferral of the aforementioned tax liability is set to lapse on March 16, 2023, which is the two-year anniversary of the closing date of the
                Merger. Dr. Adi Mor, co-founder of the Subsidiary and both our Chief Scientific Officer and a Class III director, and Professor Kobi George, co-founder of the Subsidiary (together with Dr. Adi Mor, the &#8220;Co-Founders&#8221;), will be required to
                pay a substantial tax liability to the Israeli Tax Authority upon the expiration date of the deferral period. In order to pay this tax liability, the Co-Founders had to sell part of their holdings in the Company. </font><font style="font-family: 'Times New Roman',Times,serif;">In light of the foregoing, Chemomab elected to enter into a share purchase agreement (the &#8220;Repurchase Arrangement&#8221;) with the Co-Founders whereby we agreed, subject to the requisite court
                approval required under Section 303(a) of the Israeli Companies Law, 5759-1999 (the &#8220;Companies Law&#8221;), which we received on November 14, 2022, to repurchase up to 582,023 of our ADSs owned by the Co-Founders, for consideration not to exceed
                an aggregate amount of $2,500,000, depending on the market price of the ADSs at the time of any repurchase. Accordingly, on November 16, 2022, we repurchased the entire amount of 582,023 ADSs from the Co-Founders at a weighted average price
                of $2.0848 and for total consideration of approximately $1,213,400.</font></div>
          </div>
          <div>&#160;</div>
        </div>
      </div>
      <br>
    </div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;
      <div style="border: #000000 2px solid; padding: 5px; width: 99%;">
        <div>&#160;
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">
            <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">We do not expect any change in our cash runway as a result of the Repurchase Arrangement. Our current cash, cash equivalents and
              short-term bank deposits are expected to last through the end of 2023.&#160;Based on our planned use of the net proceeds from this offering and our existing cash, cash equivalents and short-term bank deposits, this financing will enable us to
              advance our clinical development programs for PSC and SSc. We are likely to need to secure additional financing to complete those programs which are projected to have topline readouts in the second half of 2024. We continue to manage our cash
              runway and believe additional capital will be available when required.</div>
          </div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">Corporate Information</div>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-align: justify; text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">We were incorporated on September 22, 2011, under the laws of the State of Israel. In March 2021, in connection with the Merger,
            we changed our name from Anchiano Therapeutics Ltd. to Chemomab Therapeutics Ltd. Our principal executive offices are located at Kiryat Atidim, Building 7, Tel Aviv, Israel 6158002, and our phone number is +972-77-331-0156. Our website is: <font style="font-style: italic;">www.chemomab.com.</font> The information contained on, or that can be accessed through, our website is not incorporated by reference into this prospectus and should not be considered to be part of this prospectus.
            We have included our website address as an inactive textual reference only.</div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Implications of Being an Emerging Growth Company and a Smaller Reporting Company</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; color: rgb(0, 0, 0);">We are an &#8220;emerging growth company&#8221; as defined in the Jumpstart Our Business Startups Act of 2012, as amended, or the JOBS Act. We will remain an
            emerging growth company until the earliest to occur of: the last day of the fiscal year in which we have more than $1.235 billion in annual revenue; the date we qualify as a &#8220;large accelerated filer,&#8221; with at least $700 million of equity
            securities held by non-affiliates; the issuance, in any three-year period, by us of more than $1.0 billion in non-convertible debt securities; and the last day of the fiscal year ending after the fifth anniversary of our initial public
            offering. As a result of this status, we have taken advantage of reduced reporting requirements in this prospectus and may elect to take advantage of other reduced reporting requirements in our future filings with the SEC. In particular, in
            this prospectus, we have provided only two years of audited financial statements and have not included all of the executive compensation related information that would be required if we were not an emerging growth company. In addition, the JOBS
            Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards, delaying the adoption of these accounting standards until they would apply to private
            companies. We have elected to use this extended transition period to enable us to comply with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date we (i) are no
            longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our financial statements may not be comparable to companies that comply with the new or
            revised accounting standards as of public company effective dates.</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; color: rgb(0, 0, 0);">To the extent that we continue to qualify as a &#8220;smaller reporting company,&#8221; as such term is defined in Rule 12b-2 under the Securities Exchange Act of
            1934, after we cease to qualify as an emerging growth company, we will continue to be permitted to make certain reduced disclosures in our periodic reports and other documents that we file with the SEC. Specifically, as a smaller reporting
            company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form&#160;10-K&#160;and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations
            regarding executive compensation. We will continue to be a smaller reporting company if either (i)&#160;the market value of our stock held by&#160;non-affiliates&#160;is less than $250&#160;million or (ii)&#160;our annual revenue is less than $100&#160;million during the
            most recently completed fiscal year and the market value of our stock held by&#160;non-affiliates&#160;is less than $700&#160;million.</div>
        </div>
        <div>&#160;</div>
      </div>
    </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
      <div style="border: #000000 2px solid; padding: 5px; width: 99%;">
        <div>&#160;
          <div style="text-align: center; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-weight: bold;">THE OFFERING</div>
          <div style="line-height: 1.25;"><br 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: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Securities offered by us</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Up to&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ADSs,</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">each representing twenty (20) ordinary shares, no par value per share.</font></div>
                </td>
              </tr>

          </table>
          <div style="margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">The ADSs</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">The underwriters will deliver American Depositary Shares (ADSs) representing our ordinary shares. Each ADS represents twenty of our ordinary shares, no par value per share.</div>
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);"> <br>
                  </div>
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">As an ADS holder, you will not be treated as one of our shareholders and you will not have shareholder rights. The depositary, The Bank of New York Mellon, will be the holder of the
                    ordinary shares underlying the ADSs. You will have the rights of an ADS holder or beneficial owner (as applicable) as provided in the deposit agreement among us, the depositary and holders and beneficial owners of ADSs from time to
                    time. To better understand the terms of the ADSs, see &#8220;Description of Securities We Are Offering.&#8221; We also encourage you to read the deposit agreement, the form of which is filed as an exhibit to the registration statement of which this
                    prospectus forms a part.</div>
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);"> <br>
                  </div>
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">You may turn in the ADSs to the depositary in exchange for ordinary shares. The depositary will charge you fees for any exchange.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 38%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 62%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">ADSs outstanding prior to this offering</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ADSs.</div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">ADSs outstanding after this offering</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;ADSs.</div>
                </td>
              </tr>
              <tr>
                <td style="width: 38%; vertical-align: top;">&#160;</td>
                <td style="width: 62%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Option to purchase additional ADSs</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">The underwriters have a 30-day option to purchase up to an additional&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; ADSs.</div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                  <div style="line-height: 1.25;"><font style="line-height: 1.25;">&#160;</font></div>
                </td>
              </tr>

          </table>
          <div style="margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">&#160;</div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Use of proceeds</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">We estimate the net proceeds from this offering will be approximately $ &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , after deducting estimated underwriting discounts and commissions and estimated offering
                    expenses payable by us. We intend to use the net proceeds from this offering for continued clinical development of our product candidates, research activities, and for other general corporate purposes. See &#8220;Use of Proceeds&#8221; on page 11
                    of this prospectus.</div>
                </td>
              </tr>

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

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Risk factors</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">See &#8220;Risk Factors&#8221; beginning on page 7 for a discussion of factors you should carefully consider before deciding to invest in our securities.</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.25;"><br 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: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">ADS Depositary</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">The Bank of New York Mellon.</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.25;"><br 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: rgb(0, 0, 0);">

              <tr>
                <td style="width: 38%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Nasdaq Capital Market Symbol</div>
                </td>
                <td style="width: 62%; vertical-align: top;">
                  <div style="line-height: 1.25; color: rgb(0, 0, 0);">Our ADSs are listed on The Nasdaq Capital Market under the symbol &#8220;CMMB.&#8221;</div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.25;">&#160;</div>
          <div style="text-indent: 35.25pt; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">&#160; The number of shares of our ADSs to be outstanding after this offering is based on 11,450,770 ADSs outstanding as of September 30, 2022, and does
            not account for:</div>
          <div style="margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25;">&#160;</div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

              <tr>
                <td style="width: 0.58%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#9679;</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="line-height: 1.25;"><font style="color: rgb(0, 0, 0);">1,731,937</font> ADSs issuable upon the exercise of outstanding options to purchase ADSs, at a weighted average exercise price of $6.39 per ADS;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 96%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#9679;</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="line-height: 1.25;">an aggregate of <font style="color: rgb(0, 0, 0);">143,521</font> ADSs reserved for future issuance under the Chemomab Ltd. 2015 Share Incentive Plan (the &#8220;2015 Plan&#8221;), which was assumed by the Company
                    upon effectiveness of the Merger, and the 2017 Equity-Based Incentive Plan (the &#8220;2017 Plan&#8221; and together with the 2015 Plan, the &#8220;Share Incentive Plans&#8221;), as of September 30, 2022, as well as any automatic increases in the number of
                    ADSs reserved for future issuance under this plan;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 96%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;">&#160;</td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#9679;</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">261,929</font><font style="font-family: 'Times New Roman',Times,serif;"> ADSs issuable
                      upon the exercise of outstanding warrants to purchase ADSs at a weighted average exercise price of $<font style="color: rgb(0, 0, 0);">17.35088</font> per ADS, which warrants are expected to remain outstanding at the consummation of
                      this offering; and</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 96%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 0.58%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#160;</div>
                </td>
                <td style="width: 3%; vertical-align: top;">
                  <div style="line-height: 1.25;">&#9679;</div>
                </td>
                <td style="width: 96%; vertical-align: top;">
                  <div style="line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">582,023 </font><font style="font-family: 'Times New Roman',Times,serif;">ADSs
                      repurchased by the Company in November 2022.</font></div>
                </td>
              </tr>

          </table>
          <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160; Except as otherwise indicated, all information in this prospectus assumes no exercise by the underwriters of their option to purchase additional ADSs.</div>
        </div>
        <div>&#160;</div>
      </div>
    </div>
    <div style="text-align: center; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="THEOFFERING"><!--Anchor--></a><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="RISKFACTORS"><!--Anchor--></a>RISK FACTORS</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">Investing in our ADSs involve a high degree
        of risk. You should carefully consider the following risk factors, in addition to the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2021 and in subsequent Quarterly Reports on Form 10-Q, as well as all of
        the other information contained in this prospectus</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic; color: rgb(0, 0, 0);">and the information
        incorporated by reference in this prospectus, before deciding to invest in our ADSs. </font><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Our business, financial condition, results of operations or prospects could
        be materially and adversely affected if any of these risks occurs, and as a result, the market price of our ADSs could decline and you could lose all or part of your investment. Our actual results could differ materially and adversely from those
        anticipated in any forward-looking statements in this prospectus as a result of certain factors, including those set forth below. See &#8220;Forward-Looking Statements.&#8221;</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Risks Related to This Offering</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">If you purchase our ADSs in this offering, you will incur immediate and substantial dilution in the book value of
      your ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The public offering price of our ADSs will be substantially higher than the net tangible book value per share of our ADSs. Therefore, if
      you purchase ADSs in this offering, you will pay a price per ADS that substantially exceeds our net tangible book value per ADS after this offering. To the extent that outstanding options and warrants are exercised, you will incur further dilution.
      Based on the public offering price of $ &#160; &#160; &#160; &#160; &#160;&#160; per ADS, you will experience immediate dilution of $ &#160; &#160; &#160; &#160; &#160;&#160; per ADS, representing the difference between our as adjusted net tangible book value per ADS after giving effect to this offering and
      the public offering price. In addition, purchasers of ADSs in this offering will have contributed approximately &#160; &#160; &#160; &#160; &#160; % of the aggregate price paid by all purchasers of our ADSs but will own only approximately &#160; &#160; &#160; &#160; &#160; % of our ADSs outstanding
      after this offering.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">You may experience future dilution as a result of future equity offerings.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">In order to raise additional capital, we expect to offer in the future additional ADSs or other securities convertible into or
      exchangeable for our ADSs. We cannot assure you that we will be able to sell ADSs or other securities in any other offering at a price per share that is equal to or greater than the price per ADS paid by investors in this offering, and investors
      purchasing shares or other securities in the future could have rights superior to existing shareholders. The price per ADS at which we sell additional ADSs or other securities convertible into or exchangeable for our ADSs in future transactions may
      be higher or lower than the price per ADS in this offering.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">We have broad discretion to determine how to use the funds raised in this offering, and may use them in ways that
      may not enhance our operating results or the price of our ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Our management will have broad discretion over the use of proceeds from this offering, and we could spend the proceeds from this
      offering in ways our ADS holders may not agree with or that do not yield a favorable return, if at all. We intend to use the net proceeds from this offering for continued clinical development of our product candidates,&#160;research activities, and for
      other general corporate purposes. However, our use of these proceeds may differ substantially from our current plans. If we do not invest or apply the proceeds of this offering in ways that improve our operating results, we may fail to achieve
      expected financial results, which could cause our ADS price to decline.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">The trading price of our ADSs has been highly volatile, and purchasers of our ADSs could incur substantial losses.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The trading price of our ADSs has been highly volatile, particularly over the last year. For example, on January 11, 2022, the closing
      price of our ADSs was $6.98 per ADS and on December 7, 2022, it was $1.90 per ADS. This volatility may affect the price at which you are able to sell ADSs, and the sale of our ADSs in this offering could adversely affect the price of our ADSs. Our
      ADS price is likely to continue to be volatile and subject to significant price and volume fluctuations in response to market and economic factors that are beyond our control. As a result, you may not be able to sell your ADSs at or above the price
      at which you purchase them. In addition, while the stock market in general has experienced high volatility, biotechnology companies in particular have experienced extreme price and volume fluctuations that have often been unrelated or
      disproportionate to operating performance. Broad market and industry factors may negatively affect the market price of our ADSs, regardless of our actual operating performance.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">We have not paid dividends in the past and do not expect to pay dividends in the future, and, as a result, any
      return on investment may be limited to the value of our ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We have never paid dividends and do not anticipate paying dividends in the foreseeable future. The payment of dividends will depend on
      our earnings, capital requirements, financial condition, prospects and other factors our board of directors may deem relevant. If we do not pay dividends, our ADSs may be less valuable because a return on your investment will only occur if our ADS
      price appreciates and you sell our ADS thereafter. In addition, the Companies Law imposes restrictions on our ability to declare and pay dividends. See &#8220;Description of Share Capital &#8212; Dividend and Liquidation Rights&#8221; for additional information. The
      payment of dividends may be subject to Israeli withholding taxes. See &#8220;Material Tax Considerations &#8212;Israeli Taxation&#8221; for additional information.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">If we fail to continue to meet all applicable Nasdaq Capital Market requirements, Nasdaq may delist our ADSs, which
      could have an adverse impact on the liquidity and market price of our ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Our ADSs are currently listed on The Nasdaq Capital Market, which has qualitative and quantitative listing criteria. If we are unable to
      meet any of the Nasdaq listing requirements in the future, including, for example, if the closing bid price for our ADSs falls below $1.00 per share for 30 consecutive trading days, Nasdaq could determine to delist our ADSs, which could adversely
      affect the market liquidity of our ADS and the market price of our ADSs could decrease. Such delisting could also adversely affect our ability to obtain financing for the continuation of our operations and could result in the loss of confidence by
      investors, customers and employees.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Holders of ADSs are not treated as holders of our ordinary shares.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Holders of ADSs are not treated as holders of our ordinary shares, unless they withdraw the ordinary shares underlying their ADSs in
      accordance with the deposit agreement and applicable laws and regulations. The depositary is the holder of the ordinary shares underlying our ADSs. Holders of ADSs therefore do not have any rights as holders of our ordinary shares, other than the
      rights that they have pursuant to the deposit agreement.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">You may not have the same voting rights as the holders of our ordinary shares and may not receive voting materials
      in time to be able to exercise your right to vote.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Except as described in the deposit agreement, holders of the ADSs will not be able to exercise voting rights attaching to the ordinary
      shares represented by the ADSs. If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders&#8217; meeting and send or make voting materials available to you. Those
      materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. We cannot guarantee that ADS holders will receive the voting materials in time to ensure that they can instruct the depositary to
      vote the ordinary shares underlying their ADSs. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the laws of Israel and the provisions of our
      articles of association or similar documents, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit your voting instructions, you can still
      send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Otherwise, ADS holders will not be able to exercise their right to vote, unless they withdraw the ordinary shares underlying the ADSs
      they hold. However, ADS holders may not know about the meeting far enough in advance to withdraw those ordinary shares. In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to
      vote as instructed. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your right to vote
      and there may be nothing you can do if your ordinary shares are not voted as you requested.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Holders of our ADSs may be subject to limitations on the transfer of their ADSs and the withdrawal of the underlying
      ordinary shares.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ADSs are transferable on the books of the depositary. However, the depositary may refuse to deliver ADSs or register transfers of ADSs
      when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think it advisable to do so. These limitations on transfer may have a material adverse effect on the value of our ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">We are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such
      agreement, or to terminate the deposit agreement, without the prior consent of the ADS holders.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We are entitled to amend the deposit agreement and to change the rights of the ADS holders under the terms of such agreement without the
      prior consent of the ADS holders. We and the depositary may agree to amend the deposit agreement in any way we decide is necessary or advantageous to us or to the depositary. Amendments may reflect, among other things, operational changes in the ADS
      program, legal developments affecting ADSs or changes in the terms of our business relationship with the depositary. If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for
      registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary notifies ADS holders of the amendment. At
      the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended. If we make an amendment to the deposit agreement that is
      disadvantageous to ADS holders or terminate the deposit agreement, the ADS holders may choose to sell their ADSs or surrender their ADSs and become direct holders of the underlying ordinary shares, but they will have no right to any compensation
      whatsoever.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">ADSs holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which
      could result in less favorable outcomes to the plaintiff(s) in any such action.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by law, holders
      and beneficial owners of ADSs irrevocably waive the right to a jury trial of any claim they may have against us or the depositary arising out of or relating to the ADSs or the deposit agreement.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the deposit agreement
      with a jury trial. If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and
      federal law. We believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which governs the deposit agreement. In determining whether to enforce a contractual
      pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If any holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the
      deposit agreement or the ADSs, including claims under federal securities laws, such holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us
      or the depositary. If a lawsuit is brought against us or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may
      result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action, depending on, among other things, the nature of the claims, the judge or justice hearing such
      claims, and the venue of the hearing.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">No condition, stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs or
      by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated thereunder.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">We presently anticipate that we will be classified as a passive foreign investment company, which could result in
      adverse U.S. federal income tax consequences to U.S. Holders of our ordinary shares.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">We would be classified as a passive foreign investment company, or PFIC, for any taxable year if, after the application of certain look-through
        rules, either: (i) 75% or more of our gross income for such year is &#8220;passive income&#8221; (as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended, or the Code), or (ii) 50% or more of the value of our assets (generally
        determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. Passive income generally includes, among other things, rents, dividends, interest, royalties,
        gains from the disposition of passive assets, and gains from commodities and securities transactions. For purposes of this test, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any
        other corporation of which we own, directly or indirectly, at least 25% (by value) of the stock. Based on the nature, composition and value of our income, operations and assets currently and in the future, we presently anticipate that we will be a
        PFIC for United States federal income tax purposes for the current taxable year and in the foreseeable future. See &#8220;<font style="font-style: italic;">Certain Material U.S. Federal Income Tax Consequences &#8212; Passive Foreign Investment Company
          Consequences</font>.&#8221;</div>
    </div>
    <br>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="FORWARD-LOOKINGSTATEMENTS"><!--Anchor--></a>FORWARD-LOOKING STATEMENTS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: center; line-height: 1.25;">&#160;<font style="font-weight: bold; color: rgb(0, 0, 0);">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA</font></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">This prospectus and the information incorporated by reference in this prospectus contain forward-looking statements within the meaning of Section 27A of the
        Securities Act, and Section 21E of the Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;) that involve substantial risks and uncertainties. Although our forward-looking statements reflect the good faith judgment of our management, these
        statements can only be based on facts and factors currently known by us. Consequently, these forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from results and
        outcomes discussed in the forward-looking statements. These forward-looking statements speak only as of the date of this prospectus and are subject to a number of risks, uncertainties and assumptions described in the section titled &#8220;Risk Factors&#8221;
        and elsewhere in this prospectus.&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">All statements other than present and historical facts and conditions contained in this prospectus, and the
        information incorporated by reference in this prospectus, including statements regarding our future results of operations and financial positions, business strategy, plans and our objectives for future operations, are forward-looking statements.
        The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;ongoing,&#8221; &#8220;objective,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;predict,&#8221; &#8220;should,&#8221; &#8220;will&#8221; and &#8220;would,&#8221; or the negative of these and similar expressions identify
        forward-looking statements.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We cannot assure you that the forward-looking statements in this prospectus and the information incorporated by
        reference in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should
        not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements,
        whether as a result of new information, future events or otherwise, except as required by law.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">You should read this prospectus and the information incorporated by reference in this prospectus completely and with the understanding that our actual future
        results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">This prospectus and the information incorporated by reference in this prospectus may contain market data and industry forecasts that were obtained from
        industry publications. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. While we believe the market position, market opportunity and market size information included in
        this prospectus and the information incorporated by reference in this prospectus is generally reliable, we have not independently verified any third-party information and cannot guarantee its accuracy and completeness.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="USEOFPROCEEDS"><!--Anchor--></a>USE OF PROCEEDS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We estimate that the net proceeds from this offering will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , assuming a public offering price of
      $2.17 per ADS, which was the last reported sale price per share of our ADSs on The Nasdaq Capital Market on January 12, 2023, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We currently expect to use the net proceeds from this offering for continued clinical development of our product candidates,&#160;research
      activities, and for other general corporate purposes. We have not determined the amount of net proceeds to be used specifically for the foregoing purposes. This expected use of the net proceeds from this offering represents our intentions based upon
      our current plans and business conditions. Amounts and timing of our actual expenditures will depend upon a number of factors, including our sales, marketing and commercialization efforts, regulatory approval and demand for our product candidates,
      operating costs, among other factors. Accordingly, our management will have flexibility in applying the net proceeds from this offering. An investor will not have the opportunity to evaluate the economic, financial or other information on which we
      base our decisions on how to use the proceeds.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pending use of the net proceeds, we intend to invest any proceeds in a variety of capital preservation instruments, including short-term
      deposits and interest-bearing instruments.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">Based on our planned use of the net proceeds from this offering and our existing cash, cash equivalents and short-term bank deposits, we
        estimate that this financing will enable us to advance our clinical development programs for PSC and SSc. We are likely to need to secure additional financing to complete those programs which are projected to have topline readouts in the second
        half of 2024. We continue to manage our cash runway and believe additional capital will be available when required. We have based this estimate on assumptions that may prove to be incorrect, and we could use our available capital resources sooner
        than we currently expect. In any event, we will require additional funding to complete the clinical development of, and commercialize, our future therapeutic candidates. We may satisfy our future cash needs through the sale of equity securities,
        debt financings, working capital lines of credit, corporate collaborations or license agreements, grant funding, interest income earned on invested cash balances or a combination of one or more of these sources.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="CAPITALIZATION"><!--Anchor--></a>CAPITALIZATION</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">The following table sets forth our cash, cash equivalents and short-term bank deposits, and our capitalization as of September 30, 2022:</div>
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze85fbc95d50b4377a72c41c890491e5f" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 2%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 1%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">on an actual basis; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z3c31986a5bea4b3f9da7bb8270fc8e34" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 2%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 1%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">on an as adjusted basis to give effect to the sale of&#160; &#160; &#160; &#160;&#160; ADSs in this offering, at a public offering price of $&#160; &#160; &#160;&#160; per ADS, and after deducting the estimated
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The pro forma as-adjusted information below is illustrative only and our capitalization following the completion of this offering is
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">As Adjusted</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom;" colspan="6">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 76%; padding-bottom: 4px;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell">
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);" colspan="1" class="cftnumcell"><br>
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          <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%; padding-bottom: 4px;" colspan="1" class="cftfncell">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Shareholders&#8217; equity</div>
          </td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 30pt; line-height: 1.25; color: rgb(0, 0, 0);">Ordinary Shares, no par value - Authorized: 650,000,000 shares as of September 30, 2022</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#8212;</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-indent: -10pt; margin-left: 30pt; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">Issued and outstanding: 229,015,402 shares issued and outstanding actual;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; shares issued and outstanding as adjusted</div>
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          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Additional paid-in capital</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">100,171</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" class="cftnumcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Accumulated deficit</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">(55,547</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">
            <div style="text-indent: -10pt; margin-left: 20pt; line-height: 1.25; color: rgb(0, 0, 0);">Total shareholders&#8217; equity</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">44,624</div>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftcurrcell">$</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1" class="cftnumcell"><br>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Total liabilities and shareholders&#8217;
                equity</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font></div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">50,219</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">$</td>
          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell"><br>
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          <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 0.75pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">The information above is based on 11,450,770 ADSs outstanding as of September 30, 2022, and does not account for the following:</div>
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    <div style="text-align: justify; margin-right: 0.75pt; margin-left: 0.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z40bc8a0c2db24988821c64299be960a7" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
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          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1,731,937</font><font style="font-family: 'Times New Roman',Times,serif;">
                ADSs issuable upon the exercise of outstanding options to purchase ADSs, at a weighted average exercise price of $6.39 per ADS;</font></div>
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        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
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            <div style="text-align: justify; line-height: 1.25;">&#160;an aggregate of <font style="color: rgb(0, 0, 0);">143,521</font> ADSs reserved for future issuance under our Share Incentive Plans, as of <font style="color: rgb(0, 0, 0);">&#160; &#160; &#160; &#160;&#160; </font>,
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        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
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            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">261,929</font><font style="font-family: 'Times New Roman',Times,serif;">
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        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
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          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">582,023 </font><font style="font-family: 'Times New Roman',Times,serif;">ADSs















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          </td>
        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
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          <td style="width: 96%; vertical-align: top;">
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          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">To the extent that options and warrants outstanding as of&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; , 2023<font style="color: rgb(0, 0, 0);"> may be exercised, investors purchasing our securities in this offering may experience further dilution.</font></font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;"><a name="DILUTION"><!--Anchor--></a>DILUTION</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">If you invest in our ADSs in this offering, your ownership interest will be immediately diluted to the extent of the difference between the public offering
        price per ADS and the as adjusted net tangible book value per ADS after this offering. Net tangible book value per ADS is calculated by subtracting our total liabilities from our total tangible assets, which is total assets, and dividing this
        amount by the number of ADSs outstanding. Our net tangible book value as of September 30, 2022 was approximately $44.6 million, or $3.90 per ADS.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">After giving effect to the sale of&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ADSs in this offering at a public offering price of $&#160; &#160; &#160; &#160; per ADS, and after deducting commissions and
        other estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2022 would have been approximately $&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; million, or $&#160; &#160; &#160;&#160; per ADS. This amount represents an immediate dilution in the net
        tangible book value of $&#160; &#160; &#160; &#160; per ADS to our existing shareholders and an immediate increase in net tangible book value of $&#160; &#160; &#160; &#160;&#160; per ADS to new investors purchasing ADSs in this offering. The following table illustrates this per ADS dilution:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" class="cfttable" id="z1c0815330bdc4973990b6039bc8f472d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Assumed offering price per ADS</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Net tangible book value per ADS as of September 30, 2022</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">3.90</div>
          </td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 76%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Net dilution&#160; in net tangible book value per ADS attributable to existing shareholders</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">$</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 76%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">As adjusted net tangible book value per ADS after this offering</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 76%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Net increase in net tangible book value per ADS to new investors in this offering</div>
          </td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" class="cftguttercell" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" class="cftcurrcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td valign="bottom" class="cftnumcell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" class="cftfncell" colspan="1" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The table above assumes for illustrative purposes that an aggregate of&#160; &#160; &#160; &#160; &#160; ADSs are sold at a price of $&#160; &#160; &#160; per ADS and for aggregate gross proceeds
        of approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; .</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;">
        <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">The information above is based on 11,051,312 ADSs outstanding as of&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160; , 2023, and does not account for the following:</div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zaab47abc4ea2455ab8333e2a386d1a88" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">1,731,937</font><font style="font-family: 'Times New Roman',Times,serif;">
                ADSs issuable upon the exercise of outstanding options to purchase ADSs, at a weighted average exercise price of $6.39 per ADS;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;an aggregate of <font style="color: rgb(0, 0, 0);">143,521</font> ADSs reserved for future issuance under our Share Incentive Plans, as of <font style="color: rgb(0, 0, 0);">&#160; &#160; &#160; &#160;&#160; </font>,
              2023, as well as any automatic increases in the number of ADSs reserved for future issuance under the 2017 Plan; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">261,929</font><font style="font-family: 'Times New Roman',Times,serif;">
                ADSs issuable upon the exercise of outstanding warrants to purchase ADSs at a weighted average exercise price of $<font style="color: rgb(0, 0, 0);">17.35088</font> per ADS, which warrants are expected to remain outstanding at the
                consummation of this offering.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">582,023 </font><font style="font-family: 'Times New Roman',Times,serif;">ADSs















                repurchased by the Company.</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 0.58%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#9679;</div>
          </td>
          <td style="width: 96%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Up to&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; ADSs issuable upon any exercise by the underwriters of their option to purchase additional ADSs.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">To the extent that additional ADSs are issued pursuant to the foregoing, investors purchasing our ADSs in this offering will experience further dilution. In addition, we may
        offer other securities in other offerings due to market conditions or strategic considerations. To the extent we issue such securities, you may experience further dilution.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">13</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="DIVIDENDPOLICY"><!--Anchor--></a>DIVIDEND POLICY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We have never declared nor paid any cash dividends on our ADSs or ordinary shares. We currently intend to retain any future earnings and
      do not expect to pay any dividends in the foreseeable future. Any future determination to declare cash dividends will be made at the discretion of our Board of Directors, subject to applicable laws, and will depend on a number of factors, including
      our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and other factors that our Board of Directors may deem relevant. In addition, the Companies Law imposes restrictions on our
      ability to declare and pay dividends. See &#8220;Description of Share Capital &#8212; Dividend and Liquidation Rights&#8221; for additional information. The payment of dividends may be subject to Israeli withholding taxes. See &#8220;Material Tax Considerations &#8212;Israeli
      Taxation&#8221; for additional information.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">14</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="EXECUTIVECOMPENSATION"><!--Anchor--></a>EXECUTIVE COMPENSATION</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Summary Compensation Table</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The table and summary below outlines the compensation granted to individuals who served in the role of chief
      executive officer during the previous fiscal year and our three most highly compensated executive officers with respect to the year ended December 31, 2022. For purposes of the table and the summary below, &#8220;compensation&#8221; includes base salary,
      bonuses, equity-based compensation, retirement or termination payments, benefits and perquisites such as car, phone and social benefits and any undertaking to provide such compensation.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z5a0505944c90461eb4be824186ba2e52" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 38%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: left;">Name and Principal Position</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Year</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Salary (1) ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Bonus (2) ($)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Option <br>
              Awards (3) ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">All Other </div>
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Compensation (4) ($) <br>
            </div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Total ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Dale Pfost</div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2021</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">182,557</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">300,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">22,868</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;505,425</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Chief Executive Officer and Chairman</font><font style="font-family: 'Times New Roman',Times,serif;"> (5)</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2022</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">600,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);"><br>
            </div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">300,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">1,500,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">75,160</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">2,475,160</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Adi Mor</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2021</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">248,547</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">167,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">8,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">64,453</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">488,000</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Chief Scientific Officer, Director and Previous Chief Executive Officer </font><font style="font-family: 'Times New Roman',Times,serif;">(6)</font></div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2022</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">298,470</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">120,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">16,926</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">435,396</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Donald Marvin</div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2021</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">88,276</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">102,390</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">11,590</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">202,256</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Chief Financial Officer, Executive Vice President and Chief Operating
                Officer</font><font style="font-family: 'Times New Roman',Times,serif;"> (7)</font></div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2022</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">460,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">207,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">660,252</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">60,397</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">1,387,649</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Sigal Fattal</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">2021</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">155,079</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">122,000</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">616,000</div>
          </td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 13.04%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">8,952</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">874,002</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Previous Interim Chief Financial Officer</font><font style="font-family: 'Times New Roman',Times,serif;"> (8)</font></div>
          </td>
          <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 13.04%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 7.59%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(1) Salary includes gross salary.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(2) Bonuses disclosed under row &#8220;2021&#8221; relate to bonuses accrued in 2021 and paid in 2021 and 2022. Bonuses disclosed under &#8220;2022&#8221;
      represent target bonuses for 2022 (the information&#160; is not final and based on certain estimates due to the fact that the Company has not yet determined actual bonuses for 2022).</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(3) Represents the equity-based compensation expenses recorded in our consolidated financial statements for the years ended December
      31, 2021 and 2022, based on the options&#8217; fair value on the grant date, calculated in accordance with applicable accounting guidance for equity-based compensation. For a discussion of the assumptions used in reaching this valuation, see Note 8C to our
      consolidated financial statements filed with our Annual Report on Form 10-K for the year ended December 31, 2021 incorporated by reference in this prospectus.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(4) Represents payments by us of social benefits on behalf of the officer. Such benefits may include, to the extent applicable,
      payments, contributions and/or allocations for risk insurance (e.g., life, or work disability insurance), payments for social security, vacation, medical insurance and benefits, and other benefits and perquisites consistent with our policies.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(5) Dr. Dale Pfost&#8217;s terms of compensation were approved by the Company&#8217;s shareholders on October 25, 2021, which includes an annual
      base salary of $600,000. Dr. Pfost&#8217;s compensation data set forth in the above table is pro-rated to reflect time served as the Company&#8217;s chief executive officer in 2021.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(6) In addition to her current positions of Chief Scientific Officer and a member of our Board, Dr. Adi Mor previously served as our
      Chief Executive Officer, and resigned from such role concurrent with the commencement of Dr. Dale Pfost&#8217;s service as our Chief Executive Officer on October 25, 2021.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(7) Mr. Donald Marvin&#8217;s employment with the Company commenced on November 4, 2021, which include an annual base salary of $460,000.
      The compensation data set forth in the above table is pro-rated to reflect time served as the Company&#8217;s Chief Financial Officer, Executive Vice President and Chief Operating Officer in 2021.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(8)&#160; Ms. Sigal Fattal previously served as our interim Chief Financial Officer, and resigned from such role concurrent with the
      commencement of Mr. Marvin&#8217;s service as our Chief Financial Officer on November 8, 2021.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">15</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Outstanding Equity Awards at Fiscal Year-End</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The table below outlines the options to purchase ADSs held by our named executive officers outstanding as of December 31, 2022.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zbdc467bd430140c1bfbcb648ea896afd" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td rowspan="1" style="width: 45.4%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td rowspan="1" style="width: 2.14%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td rowspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="11">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option awards</div>
          </td>
          <td nowrap="nowrap" rowspan="1" style="width: 0.32%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 45.4%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold; text-align: left;">Name</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Number of securities<br>
              underlying<br>
              unexercised options<br>
              (#) exercisable</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom; text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Number of<br>
              securities<br>
              underlying<br>
              unexercised options<br>
              (#)<br>
              unexercsiable</div>
          </td>
          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom; text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option<br>
              exercise<br>
              price ($)</div>
          </td>
          <td style="width: 2.01%; vertical-align: bottom; text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.51%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option expiration<br>
              date</div>
          </td>
          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 45.4%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Dale Pfost,&#160;<font style="font-style: italic;">Chief Executive Officer and Chairman of the Board</font></div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">133,977</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">325,376</div>
          </td>
          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup>&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">10.05</div>
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          <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">October 25, 2031</div>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
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          <td style="width: 45.4%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 2.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10.51%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        <tr>
          <td style="width: 45.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Adi Mor,&#160;<font style="font-style: italic;">Chief Scientific Officer, Director and Previous Chief Executive Officer</font></div>
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          <td style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <br>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">1.49</div>
          </td>
          <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">March 15, 2028</div>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 45.4%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2.01%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.51%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        <tr>
          <td style="width: 45.4%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Donald Marvin,&#160;<font style="font-style: italic;">Chief Financial Officer, Executive Vice President and Chief Operating Officer</font>&#160;</div>
          </td>
          <td style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">53,320</div>
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          <td nowrap="nowrap" style="width: 2.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">143,555</div>
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          <td nowrap="nowrap" style="width: 2.08%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup>&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">9.77</div>
          </td>
          <td style="width: 2.01%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.51%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">November 8, 2031</div>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 0.32%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(1) The options granted to Dr. Pfost vest and become exercisable over a period of four (4) years with one quarter (1/4) of the
        options vesting on October 25, 2022, the first anniversary of the grant date, and the remainder in equal amounts over the ensuing 36 monthly periods, subject to Dr. Pfost&#8217;s continued service.</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;&#160; </div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(2) The options granted to Mr. Marvin vest and become exercisable over a period of four (4) years, with one quarter (1/4) of the
        options vesting on November 8, 2022, the first anniversary of the grant date, and the remainder in equal amounts over the ensuing 36 monthly periods, subject to Mr. Marvin&#8217;s continued service.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Employment Agreements</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Employment Agreement with Dr. Dale Pfost, our Chief Executive Officer</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">On September 1,&#160;2021, the Company&#8217;s board of directors approved the appointment of Dr. Dale Pfost as Chief Executive Officer of the Company, and on October
        25, 2021, the shareholders of the Company approved the terms of employment of Dr. Pfost, pursuant to an Executive Employment Agreement entered into between Dr. Pfost and Chemomab Therapeutics Inc., the Company&#8217;s wholly owned subsidiary. In
        accordance with terms of Dr. Pfost&#8217;s employment agreement, Dr. Pfost receives: (i) an annual base salary of $600,000 (the &#8220;Base Salary&#8221;); (ii) an initial target annual cash incentive bonus of 50% of the Base Salary and an additional potential bonus
        of 10% of the Base Salary based on Dr. Pfost&#8217;s achievement of certain predetermined goals, which shall be determined at the discretion of the Company&#8217;s board of directors; (iii) options to purchase&#160;459,353 ADSs of the Company (the &#8221;Options&#8221;),
        constituting 3.5% of the outstanding and issued ADSs of the Company (on a fully diluted basis) which will vest over a period of four (4) years with one quarter (1/4) of the Options vesting on the first anniversary of the grant date and the
        remainder in equal amounts over the ensuing 36 monthly periods, unless such options have been cancelled in accordance with the terms and conditions of the 2015 Plan (as defined below); (iv) a one-time signing bonus in an amount of $80,000; (v) a
        one-time bonus in an amount of $80,000 upon the establishment of a new office in the United State and Dr. Pfost&#8217;s domiciling in the location of the new office, which will be payable within 15 days of such domiciling; (vi) 25 days of paid time off
        (&#8220;PTO&#8221;) per year, capped at 50 days of accrued PTO; and (vii) certain severance benefits payable in the event that the Company terminates Dr. Pfost&#8217;s employment without Cause (as defined in the employment agreement), provided that the total amount
        of the cash portion of severance benefits will not exceed two hundred percent (200%) of Dr. Pfost&#8217;s annual base salary at the rate in effect on the date of termination.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Additionally, in the event of termination of Dr. Pfost&#8217;s employment without Cause (as defined therein) as the result of a merger or sale of all or
        substantially all of the Company&#8217;s capital stock or assets, (i.e. a change in control of the Company), vesting of all unvested Options will accelerate and all unvested Options will immediately vest and become exercisable. Furthermore, in the event
        of termination of Dr. Pfost&#8217;s employment without Cause, other than as a result of a merger or sale of all or substantially all of the Company&#8217;s capital stock or assets (i.e. a change in control of the Company) or if Dr. Pfost terminates his
        employment for Good Reason (as defined in the employment agreement): (a) any time-based Options then outstanding and due to vest on the twelve (12) month anniversary of Dr. Pfost&#8217;s employment commencement date will accelerate and become exercisable
        if Dr. Pfost has been employed by the Company at such time for six (6) months or more but less than twelve (12) months; and (b) all time-based Options then outstanding will accelerate and become exercisable if Dr. Pfost has been employed by the
        Company at such time for twelve (12) months or longer.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">
        <div style="line-height: 1.25;">
          <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The foregoing description of Dr. Pfost&#8217;s employment agreement is qualified in its entirety by reference to the full text of the employment agreement, a copy of which is filed
            as Exhibit 10.9 hereto.</div>
        </div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">16</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);"><br>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Employment Agreement with Dr. Adi Mor, our Chief Scientific Officer (and former
          Chief Executive Officer</font><font style="font-family: 'Times New Roman',Times,serif;">)</font></div>
      <font style="font-family: 'Times New Roman',Times,serif;"> </font>
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify; line-height: 1.25; text-indent: 36pt;">Dr. Adi Mor provides services to the Company pursuant to the terms of a consulting agreement among Dr. Mor, an Israeli company co-owned by Dr. Mor, and the Subsidiary, dated
          April 18, 2022 (the &#8220;Consulting Agreement&#8221;). &#160;Pursuant to the terms of the Consulting Agreement, Dr. Mor is entitled to a gross monthly payment, an annual performance bonus, subject to her meeting certain performance milestones, as to be
          determined by our board of directors on an annual basis, and certain other benefits.&#160; Dr. Mor&#8217;s current monthly payment and annual performance bonus target were set and approved by the Company&#8217;s shareholders as described below. &#160;In addition, Dr.
          Mor is entitled to other benefits that are provided for by Israeli law or that are customary for senior executives in Israel, including reimbursement for reasonable expenses incurred in connection with her services and payment for variable and
          fixed costs of a car. The Consulting Agreement is terminable by either party upon 60 days prior written notice, and contains customary provisions regarding noncompetition, confidentiality of information, and assignment of inventions.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25; text-indent: 36pt;">As required under Israeli law, the terms of Dr. Mor&#8217;s Consulting Agreement with the Subsidiary were approved by the board of directors and presented to the shareholders for
          approval.&#160; At the annual meeting of our shareholders that took place on June 7, 2022, our shareholders approved for following terms of employment for Dr. Mor: (a) an increase to her base gross monthly salary from 67,500 NIS (approximately
          $21,090) (plus social benefits) to 74,250 NIS (approximately $23,200), (plus social benefits) which represents an increase of 6,750 NIS (approximately $2,110), effective as of March 7, 2022; (b) an increase in her 2021 gross annual bonus from
          $100,000 to $110,250, an increase of approximately 10%; and (c) an increase in her annual gross target bonus opportunity from $100,000 to 45% of Dr. Mor&#8217;s annual gross payment, effective as of January 1, 2022.&#160; In lieu of the monthly salary
          payment of 74,250 NIS (plus social benefits), as approved by the shareholders, Dr. Mor receives the equivalent amount in the form of a monthly payment equal to 98,730 NIS under the Consulting Agreement.</div>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25; text-indent: 36pt;">The foregoing description of the Consulting Agreement is qualified in its entirety by reference to the full text of the consulting agreement, a copy of which is filed as
          Exhibit 10.11 hereto.</div>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Employment Agreement with Mr. Donald Marvin, our Chief Financial Officer, Executive Vice President and Chief Operating Officer</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <font style="font-family: 'Times New Roman',Times,serif;"> </font>
    <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"> </font>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> On November 8, 2021, Chemomab Therapeutics Inc. entered into an Executive Employment Agreement with Mr. Donald
        Marvin. In accordance with his employment agreement, Mr. Marvin receives an annual base salary of $460,000, and is a part of the Company&#8217;s bonus program with a yearly bonus potential of 45% of his base annual base salary, which bonus will be based
        on the achievement of mutually agreeable objectives to be determined by Mr. Marvin and the Chief Executive Officer of the Company. Additionally, in accordance with his employment agreement, Mr. Marvin received (i) 1.5% of the outstanding equity of
        the Company, which exercise price is based on the average of Company&#8217;s ADS market value over the 30 calendar days preceding November 8, 2021, and vesting over four years, (ii) an additional 0.5% of the outstanding equity of the Company for the
        achievement of strategic goals as agreed upon with the Compensation Committee and approved by the Board of Directors, (iii) a $25,000 signing bonus, and (iv) a 12-month initial severance package, which will increase by one month every two years
        that Mr. Marvin is employed by the Company, provided however that such amount does not exceed 18 months.<br>
        <div>
          <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);"> <br>
          </div>
          <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Additionally, in the event of termination of Mr. Marvin&#8217;s employment without Cause as the result of a merger or sale of all or substantially all of the Company&#8217;s capital
            stock or assets, (i.e. a change in control of the Company), vesting of all unvested Options will accelerate and all unvested Options will immediately vest and become exercisable. Furthermore, in the event of termination of Mr. Marvin&#8217;s
            employment without Cause, other than as a result of a merger or sale of all or substantially all of the Company&#8217;s capital stock or assets (i.e. a change in control of the Company) or if Mr. Marvin terminates his employment for Good Reason (as
            defined in the employment agreement): (a) any time-based Options then outstanding and due to vest on the twelve (12) month anniversary of Mr. Marvin&#8217;s employment commencement date will accelerate and become exercisable if Mr. Marvin has been
            employed by the Company at such time for six (6) months or more but less than twelve (12) months; and (b) all time-based Options due to vest on or before December 31 of the year in which termination occurs then outstanding will accelerate and
            become exercisable if Mr. Marvin has been employed by the Company at such time for twelve (12) months or longer.</div>
          <div style="line-height: 1.25;">
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
          </div>
          <div style="line-height: 1.25;">
            <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The foregoing description of Mr. Marvin&#8217;s employment agreement is qualified in its entirety by reference to the full text of the employment agreement, a copy of which is
              filed as Exhibit 10.10 hereto.</div>
            <div style="line-height: 1.25;"><br style="line-height: 1.25;">
            </div>
          </div>
        </div>
        <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">17</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Director Compensation Table</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160; The table below outlines compensation earned by our non-executive directors for the fiscal year ended
      December 31, 2022, including fees earned in cash and options awarded for services provided as a director:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z55d286785f23426d84d9da762e0e004d" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 56.1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Name</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Fees earned or paid<br>
              in cash ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option<br>
              awards ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 56.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Nissim Darvish</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">47,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">76,000 (1)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">123,000</div>
          </td>
          <td style="width: 0.39%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.1%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Jill Quigley</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">23,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">15,000 (2)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">38,000</div>
          </td>
          <td style="width: 0.39%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Alan Moses</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">43,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">76,000 (3)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">119,000</div>
          </td>
          <td style="width: 0.39%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.1%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Claude Nicaise</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">47,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">76,000 (4)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle;">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle;">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">123,000</div>
          </td>
          <td style="width: 0.39%; vertical-align: middle;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 56.1%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Neil Cohen</div>
          </td>
          <td style="width: 2.2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">47,000</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">76,000 (5)</div>
          </td>
          <td nowrap="nowrap" style="width: 2.2%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.22%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">123,000</div>
          </td>
          <td style="width: 0.39%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.1%; vertical-align: middle; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(1) (i) 11,884 of the options granted to Dr. Darvish vest and become exercisable in equal monthly installments over a 36 month period
      commencing on March 16, 2021, and (ii) 6,820 options vest and become exercisableon March 16, 2023, subject to Dr. Darvish&#8217;s continued service. Additional 10,123 options have fully vested.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(2) The options granted to Ms. Quigley vest and become exercisable&#160;in equal monthly installments over a 36 month period commencing on
      June 16, 2022, subject to Ms. Quigley&#8217;s continued service.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(3)&#160; (i) 11,884 of the options granted to Dr. Moses vest and become in equal monthly installments over a 36 month period commencing on
      March 16, 2021, and (ii) 6,820 of the options granted to Dr. Moses vest and become exercisable on March 16, 2023, subject to Dr. Moses&#8217; continued service.</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(4) (i) 11,884 of the options granted to Dr. Nicaise vest and become in equal monthly installments over a 36 month period commencing
      on March 16, 2021, and (ii) 6,820 of the options granted to Dr. Nicaise vest and become exercisable on March 16, 2023, subject to Dr. Nicaise's continued service.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">(5) (i) 11,884 of the options granted to Mr. Cohen vest and become exercisable in equal monthly installments over a 36 month period
      commencing on March 16, 2021, (ii) 6,820 options vest and become exercisable on March 16, 2023, and (iii) 688 options vest and become exercisable over a period of three (3) years with one quarter (1/4) of the options vesting on July 16, 2021, the
      first anniversary of the grant date, and the remainder in equal amounts over the ensuing 24 monthly periods commencing on October 16, 2021, subject to Mr. Cohen&#8217;s continued service.<br>
      <div><br>
      </div>
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Director Compensation</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">We have adopted a Compensation Policy regarding the terms of office and employment of its &#8220;office holders&#8221; (as defined in the Israeli Companies Law,
        5759-1999), including cash compensation, equity-based awards, releases from liability, indemnification and insurance, severance and other benefits. Chemomab compensates its directors and senior management team in accordance with the recommendation
        of its compensation committee and, generally, subject to the approval of our Board and shareholders. That compensation will generally need to be consistent with the terms of our Compensation Policy, which will require periodic approval, in
        accordance with the requirements of the Companies Law.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">In addition to the Compensation Policy, on March 15, 2021, our shareholders approved certain actual compensation terms applicable to our current and
        future directors (the &#8220;Director Compensation Package&#8221;), pursuant to which (and among other terms) (i) our non-employee directors are entitled to receive an annual option grant of up to 0.05% of the Company&#8217;s share capital on a fully diluted basis,
        (ii) the chairman of our Board is entitled to receive an annual option grant of up to 0.2% of the Company&#8217;s share capital on a fully diluted basis and (iii) our non-employee directors are entitled to receive an annual cash fee of $35,000. The
        Director Compensation Policy implements terms for actual equity compensation that will be granted to directors on a regular basis and determines the annual cash fee that may be paid to non-employee directors. In accordance with the Companies Law,
        equity grants to our directors that are within the limitations of the Director Compensation Package require the approval of our compensation committee and Board, but not our shareholders, while any contemplated compensation made in excess of the
        Director Compensation Package will require the approval of our shareholders. Furthermore, any such compensation, including the annual cash fee payable to our non-employee directors, must be limited to the framework of the Director Compensation
        Package.</div>
      <div style="line-height: 1.25">&#160;</div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">18</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Outstanding Equity Awards at Fiscal Year End</div>
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;"> <br>
      </div>
      <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">
        <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: normal;">The table below outlines options to purchase ADSs held by our non-employee directors
          outstanding as of December 31, 2022.</div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z9871b9c0559b4b7dbe9d1cbede2622be" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 44.85%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font></div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="12">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option awards</div>
          </td>
          <td style="width: 1.17%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.85%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Name</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Number of ADSs<br>
              underlying<br>
              unexercised options<br>
              (#) exercisable</div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 11.48%;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Number of<br>
              ADSs<br>
              underlying<br>
              unexercised options<br>
              (#)<br>
              unexercsiable</div>
          </td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option<br>
              exercise<br>
              price ($)</div>
          </td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; padding-bottom: 2px;"> <br>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.48%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Option expiration<br>
              date</div>
          </td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 44.85%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          </td>
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          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 44.85%; vertical-align: top;">
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,932</div>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">4,952</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">27.26</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">April 19, 2031</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: top; background-color: rgb(204, 238, 255);">
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          <td colspan="1" style="width: 1%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,820</div>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">3.53</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom;">&#160;</td>
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,932</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">4,952</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">27.26</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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        <tr>
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,820</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">3.53</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,932</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">4,952</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">27.26</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,820</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Neil Cohen</div>
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          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">173</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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        <tr>
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          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">4,952</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">27.26</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
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          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
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        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
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          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6,820</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">3.53</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">March 7, 2032</div>
          </td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.85%; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;"><br>
          </td>
          <td style="width: 0.58%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 44.85%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Jill Quigley</div>
          </td>
          <td colspan="1" style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">2,273</div>
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          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">11,367</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">3.25</div>
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          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);"><br>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">June 16, 2032</div>
          </td>
          <td nowrap="nowrap" style="width: 1.17%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Equity Incentive Plans</div>
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">We maintain (i) the 2011 Share Option Plan (the &#8220;2011 Plan&#8221;), (ii) the 2017 Plan and (iii) the 2015 Plan, which was assumed by our company from the
        Subsidiary upon the effectiveness of the Merger. At that time, outstanding options under the 2015 Plan became exercisable for such number of ADSs of our company (formerly known as Anchiano Therapeutics Ltd.) as was determined based on the exchange
        ratio in the Merger Agreement, with a reciprocal adjustment to exercise price. As of December 31, 2022, a total of 1,422,153 of our ADSs were reserved for issuance under the 2015 Plan, of which 172,276 ADSs had been issued pursuant to previous
        exercises options, and 1,173,037 ADSs&#160;were issuable under outstanding options. Of such outstanding options, options to purchase 592,975 ADSs had vested and were exercisable as of that date, with a weighted average exercise price of $5.74 per ADS.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">As of December 31, 2022, a total of</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">625,581 of our ADSs were reserved for issuance under the 2017 Plan, of which</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">558,900 ADSs&#160;were issuable under outstanding options. Of such outstanding options, options to purchase
          15,663 ADSs had vested and were exercisable as of that date, with a weighted average exercise price of $8.62 per ADS. No ADSs had been issued pursuant to previous exercises options</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">2011 Plan</div>
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">On December 19, 2011, our board of directors adopted the 2011 Plan to allocate options to purchase our ordinary shares to our directors, officers, employees
        and consultants, and those of our affiliated companies (as such term is defined under the 2011 Plan), or the Grantees. The 2011 Plan is administered by our board of directors or a committee that was designated by our board of directors for such
        purpose (the &#8220;Administrator&#8221;).</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Under the 2011 Plan, we may grant options to purchase ordinary shares (&#8220;Options&#8221;), under four tracks: (i) Approved 102 capital gains Options through a
        trustee, which was approved by the Israeli Tax Authority in accordance with Section 102(a) of the Israeli Income Tax Ordinance (&#8220;ITO&#8221;), and granted under the tax track set forth in Section 102(b)(2) of the ITO, or the Approved 102 Capital Gains
        Options. The holding period under this tax track is 24 months from the date of allocation of Options to the trustee or such period as may be determined in any amendment of Section 102 of the ITO, or any applicable tax ruling or guidelines; (ii)
        Approved 102 Earned Income Options through a trustee, granted under the tax track set forth is Section 102(b)(1) of the ITO, or the Approved 102 Earned Income Options. The holding period under this tax track is 12 months from the date of allocation
        of Options to the trustee or such period as may be determined in any amendment of Section 102 of the ITO; (iii) Unapproved 102 Options (the Options will not be allocated through a trustee and will not be subject to a holding period), or the
        Unapproved 102 Options; and (iv) 3(i) Options (the Options will not be subject to a holding period). These Options shall be subject to taxation pursuant to Section 3(i) of the ITO, or Section 3(i).</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">19</font></div>
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      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Options pursuant to the first three tax tracks (under Section 102 of the ITO) can be granted to our employees and directors and the grant of Options under
        Section 3(i) can be granted to our consultants and controlling shareholders (a controlling shareholder is defined under the Section 102 of the ITO is a person who holds, directly or indirectly, alone or together with a &#8220;relative,&#8221; (i) the right to
        at least 10% of the company&#8217;s issued capital or 10% of the voting power; (ii) the right to hold at least 10% of the company&#8217;s issued capital or 10% of the voting power, or the right to purchase such rights; (iii) the right to receive at least 10%
        of the company&#8217;s profits; or (iv) the right to appoint a company&#8217;s director). Grantees who are not Israeli residents may be granted options that are subject to the applicable tax laws in their respective jurisdictions.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">We determine, in our sole discretion, under which of the first three tax tracks above the Options are granted and we notify the Grantee in a grant letter, as
        to the elected tax track. As mentioned above, consultants and controlling shareholders can only be granted Section 3(i) Options.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The number of ordinary shares authorized to be issued under the 2011 Plan will be proportionately adjusted for any increase or decrease in the number of
        ordinary shares issued as a result of a distribution of bonus shares, change in our capitalization (split, combination, reclassification of the shares or other capital change), or issuance of rights to purchase ordinary shares or payment of a
        dividend. We will not allocate fractions of ordinary shares and the number of ordinary shares shall be rounded up to the closest number of ordinary shares.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Unless otherwise determined by the Administrator, the exercise price of an Option granted under the 2011 Plan will be the average of the market price of the
        Company&#8217;s ordinary shares during the 22 business days prior to the date on which our board of directors authorized the grant of Options; provided, however, that such exercise price cannot be lower than the market price at the close of the trading
        day at which it was granted by our board of directors. The exercise price will be specified in the grant letter every Grantee received from us in which the Grantee notifies of the decision to grant him/her Options under the 2011 Plan.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Unless otherwise determined by the Administrator, the Options granted under the 2011 Plan will become vested and may be exercised in 16 equal portions of
        6.25% of the total number of Options, at the end of each quarter following the day the Options were granted. Unless otherwise determined by our board of directors, the Options may be exercised for ten years following the date of grant, unless
        terminated earlier, and as long as the Grantee is employed by the Company (or by an affiliated company), or provides service to the Company (or an affiliated company).</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The Administrator may, in its absolute discretion, accelerate the time at which Options granted under the 2011 Plan or any portion of which will vest.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Unless otherwise determined by the Administrator, in the event that the Grantee&#8217;s employment was terminated, not for Cause (as defined in the 2011 Plan), the
        Grantee may exercise that portion of the Options that had vested as of the date of such termination until the end of the specified term in the grant letter or the 2011 Plan. The portion of the Options that had not vested at such date, will be
        forfeited and can be re-granted according to the terms of the 2011 Plan.</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">2015 Plan</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">In November 2015, the Subsidiary&#8217;s board of directors adopted, and its shareholders subsequently approved, the 2015 Plan. The 2015 Plan provides for the
        grant of options, restricted shares, restricted share units and other share-based awards to the Subsidiary&#8217;s (following the Merger, the Company&#8217;s) and its subsidiaries&#8217; and affiliates&#8217; directors, employees, officers, consultants, advisors, and any
        other person whose services are considered valuable to Chemomab or its affiliates. Any such grants are intended to incentivize the foregoing persons to continue as service providers, to increase their efforts on Chemomab&#8217;s behalf or on behalf of
        its subsidiaries or affiliates, and to promote the success of its business.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The 2015 Plan is administered by Chemomab&#8217;s board of directors or by a committee designated by the board of directors, which determines, subject to Israeli
        law, the grantees of awards and the terms of the grant, including, exercise prices, vesting schedules, acceleration of vesting and the other matters necessary in the administration of the 2015 Plan. The 2015 Plan enables Chemomab to issue awards
        under various tax regimes, including, without limitation, pursuant to Section 102 of the Israeli Income Tax Ordinance, or the Ordinance, and under Section 3(i) of the Ordinance and Section 422 of the United States Internal Revenue Code of 1986, as
        amended, or the Code.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The 2015 Plan provides that options granted to Chemomab&#8217;s employees, directors and officers who are not controlling shareholders and who are considered
        Israeli residents are intended to qualify for special tax treatment under the &#8220;capital gain track&#8221; provisions of Section 102(b) of the Ordinance. Chemomab&#8217;s Israeli non-employee service providers and controlling shareholders may only be granted
        options under Section 3(i) of the Ordinance, which does not provide for similar tax benefits.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">20</font></div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Options granted under the 2015 Plan to U.S. residents may qualify as &#8220;incentive stock options&#8221; within the meaning of Section 422 of the Code, or may be
        non-qualified. The exercise price for &#8220;incentive stock options&#8221; must not be less than the fair market value on the date on which an option is granted, or 110% of the fair market value if the option holder holds more than 10% of Chemomab&#8217;s share
        capital.&#160;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Options and other awards granted under the 2015 Plan generally vest over four years commencing on the date of grant, such that 25% vests on the first
        anniversary of the date of grant and an additional 6.25% vests at the end of each subsequent calendar quarter over the course of the next three years, provided that the participant remains continuously employed or engaged by Chemomab.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Options, other than certain incentive share options, that are not exercised within ten years from the grant date expire, unless otherwise determined by
        Chemomab&#8217;s board of directors or its designated committee, as applicable. Share options that qualify as &#8220;incentive stock options&#8221; and are granted to a person holding more than 10% of Chemomab&#8217;s voting power will expire within five years from the
        date of the grant. In the event of the death of a grantee while employed by or performing service for Chemomab or its subsidiary or within three months after the date of the employee&#8217;s termination, or the termination of a grantee&#8217;s employment or
        services for reasons of disability, the grantee, or in the case of death, his or her legal successor, may exercise options or other awards that have vested prior to termination within a period of one year from the date of disability or death. If
        Chemomab terminates a grantee&#8217;s employment or service for cause, all of the grantee&#8217;s vested and unvested options or other awards will expire on the date of termination. If a grantee&#8217;s employment or service is terminated for any other reason, the
        grantee may generally exercise his or her vested options or other award within three months of the date of termination. Any expired or unvested options return to the pool and become available for reissuance. From time to time, Chemomab may consider
        issuing options with slightly different terms or accelerating, extending or otherwise modifying options in accordance with applicable law and regulation and the terms of the 2015 Plan.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">In the event of a merger or consolidation of Chemomab, or a sale of all, or substantially all, of Chemomab&#8217;s shares or assets or other transaction having a
        similar effect on Chemomab, then without the consent of the option holder, Chemomab&#8217;s board of directors or its designated committee, as applicable, may, but is not required, to (i) cause any outstanding award to be assumed or an equivalent award
        to be substituted by such successor corporation, or (ii) in case the successor corporation does not assume or substitute the award (a) provide the grantee with the option to exercise the award as to all or part of the shares or (b) cancel the
        options and pay in cash an amount determined by the board of directors or the committee as fair in the circumstances. Notwithstanding the foregoing, Chemomab&#8217;s board of directors or its designated committee may upon such event amend, modify or
        terminate the terms of any award, including conferring the right to purchase any other security or asset that the board of directors or the committee shall deem, in good faith, appropriate.&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The 2015 plan was assumed by our company from the Subsidiary upon the effectiveness of the Merger.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">2017 Plan</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">On February 22, 2017, our board of directors adopted the 2017 Plan to allocate a variety of share-based awards to our directors, officers, employees,
        consultants, advisors and service providers, and those of our affiliates (companies that control us, are controlled by us or are under common control with us) (the &#8220;Participants&#8221;). The 2017 Plan is currently administered by our board of directors,
        and may be administered by a committee designated by our board of directors for such purpose.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Under the 2017 Plan, we may grant options to purchase ordinary shares or ADSs, restricted shares or ADSs, restricted share units and other awards based on
        our ordinary shares, all of which are referred to as Awards. We may grant Awards under the same four tracks as described above with respect to the 2011 Plan, subject to the same conditions as apply for the 2011 Plan. In addition, we may grant
        incentive stock options and nonqualified stock options to Participants who are residents of the United States, and we may grant awards to Participants who are residents of other countries that comply with the laws of those jurisdictions.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The number of ordinary shares authorized to be issued under the 2017 Plan will be proportionately adjusted for any increase or decrease in the number of
        ordinary shares issued as a result of a distribution of bonus shares, change in our capitalization (split, combination, reclassification of the shares or other capital change), issuance of rights to purchase ordinary shares or payment of a
        dividend. We will not allocate fractions of ordinary shares and the number of ordinary shares shall be rounded down to the closest number of ordinary shares.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">21</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="SECURITYOWNERSHIPOFCERTAI"><!--Anchor--></a>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The following table sets forth information, as of January 5, 2023, regarding beneficial ownership of our ordinary shares represented by
      ADSs:</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z742d3fa9e1bf4f138f3205f1a378a61e" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">each person who is known by us to own beneficially more than 5% of our ordinary shares;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">each director;</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">each executive officer; and</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 8%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">all of our directors and executive officers collectively.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: 25.5pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 25.5pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The percentages of ordinary shares beneficially owned are reported on the basis of regulations of the SEC
      governing the determination of beneficial ownership of securities. Under the rules of the SEC, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or to direct the
      voting of the security, or investment power, which includes the power to dispose of or to direct the disposition of the security.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 25.5pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Unless otherwise noted, the address of each director and current and former executive officer of Chemomab is
      Kiryat Atidim, Building 7, Tel Aviv, Israel 6158002.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z11e7828e674f4365bd86b5a7d82e7532" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 74.45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">NAME OF BENEFICIAL OWNER</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 11%;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Beneficial</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Ownership (ADSs)</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Percentage of</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">ADSs Beneficially</div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0);">Owned</font><font style="font-family: 'Times New Roman',Times,serif;">&#8224;</font></div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-style: italic;">5% and Greater Shareholders</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255); width: 11%;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="vertical-align: top; background-color: rgb(204, 238, 255);" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">OrbiMed Israel (1)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">2,270,091</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">20.5</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">The Centillion Fund(2)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">661,370</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6.0</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Rivendell Investments 2017-9(3)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">1,131,563</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">10.2</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">% </div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Kobi George(4)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">747,445</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6.7</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Apeiron Group(5)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">770,388</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6.9</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-style: italic;">Directors and Executive Officers</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Dale Pfost (6)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">155,617</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25;">1.4</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">% <br>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Donald Marvin (7)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">63,523</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25;">*<br>
            </div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">% <br>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Adi Mor (8)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">747,445</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">6.7</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Neil Cohen (9)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">18,165</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25;">*</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Nissim Darvish (10)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">18,915</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25;">*</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Alan Moses (11)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">7,592</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25;">*</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Claude Nicaise (12)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">7,592</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: top;">
            <div style="text-align: right; line-height: 1.25;">*</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Jill Quigley (13)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">2,652</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.64%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25;">*</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Matthew Frankel</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 11%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 0.52%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10.64%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 74.45%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">All current executive officers and directors as a group (9 persons)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">1,021,501</div>
          </td>
          <td nowrap="nowrap" style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">8.9</div>
          </td>
          <td nowrap="nowrap" style="width: 1.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">% <br>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',serif;">
      <div style="line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">&#8224; Percentage ownership based on 11,051,312 ADSs outstanding as of January 5, 2023</div>
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">* Less than one percent (1%)</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z16cceb11b4b1483a875b0bb8ea6f7455" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Pursuant to a Schedule 13D/A filed with the SEC by OrbiMed Israel BioFund GP Limited Partnership (&#8220;OrbiMed BioFund&#8221;) and OrbiMed Israel GP Ltd. (&#8220;OrbiMed GP&#8221;, and together with OrbiMed BioFund, &#8220;OrbiMed
              Israel&#8221;) on January 5, 2023, such amount consists of (i) 2,241,274 ADSs and (ii) 28,817 ADSs issuable upon the exercise of warrants to purchase ADSs. OrbiMed GP, a company that acts as general partner of certain limited partnerships, is the
              general partner of OrbiMed BioFund, which is the general partner of OrbiMed Israel Partners Limited Partnership, which is the entity that holds the foregoing securities.&#160;The address of OrbiMed Israel is 89 Medinat HaYehudim St., Build E, 11th
              Floor, Herzliya 46766 Israel.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zba84143736554b2ea598f897552ffd52" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">The address of Centillion Fund, Inc. is 10 Manoel Street, Castries, Saint Lucia.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zddcf5ca9095141c3a10e7182bbc4941b" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">
              <div style="text-align: left; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">
                <div style="line-height: 1.25; color: #000000;">Represents 1,108,509 ADSs, representing 22,170,180 ordinary shares, held by Rivendell Investments 2017-9 LLC, or Rivendell, as reported by Rivendell on Schedule 13G filed with the SEC on March
                  26, 2021, and 23,054 ADSs, representing 461,080 Ordinary Shares, issuable upon the exercise of warrants. Rivendell is the shareholder of record. Peter Thiel is the beneficial owner of Rivendell and has sole voting and investment power
                  over the securities held by Rivendell. The address of Rivendell is 1209 Orange Street, Wilmington, Delaware 19801.</div>
              </div>
            </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">22</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb11f14d7715f4644b58e465a8b802ef2" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Consists of (i) 257,247 ADSs owned directly by Dr. George, (ii) 324,775 ADSs owned by Dr. Adi Mor (Dr. George&#8217;s spouse), (iii) 33,725 options to purchase 33,725 ADSs of the Company issued directly to Dr.
              George, issuable upon the exercise of options, and (iv) 131,698 options to purchase 131,698 ADSs of the Company, issued to Dr. Mor, (Dr. George&#8217;s spouse), as reported by Dr. Adi Mor on Schedule 13D/A filed with the SEC on November 17, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z022afc4e620148618eb0f12a3e60b1f7" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">The Apeiron Group consists of (i) Apeiron SICAV Ltd. - Presight Capital Fund One, of which owns 438,993 ADSs, (ii) Apeiron Presight Capital Fund II, LP, of which owns 288,170 ADSs and 28,817 ADSs issuable upon
              the exercise of warrants and (iii) Apeiron Investment Group Ltd., of which owns 14,408 ADSs issuable upon the exercise of warrants. Each of Fabian Hansen and Christian Angermayer may be deemed to share voting and investment power with respect
              to the ADSs held by the Apeiron Group.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z6deea02d22a5481bbebf06fea5620ecf" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(6)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Includes 2,500 ADSs of the Company and 153,117 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof as reported by Dr. Dale Pfost on Form 4 filed with the SEC on March 15,
              2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zcabb9ae3d96943a586ba57b5a6fd4e87" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(7)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Includes 2,000 ADSs of the Company and 61,523 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof as reported by Mr. Donald Marvin on Form 4 filed with the SEC on June
              21, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z92eaed0097454b5bbafa49815f074055" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(8)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Consists of (i) 324,775 ADSs owned directly by Dr. Mor, (ii) 257,247 ADSs owned by Dr. George, (Dr. Mor&#8217;s spouse), (iii) 131,698 ADSs issued to Dr. Mor, issuable upon the exercise of options within 60 days of
              the date hereof, and (iv) 33,725 options to purchase 33,725 ADSs of the Company issued to Dr. George, (Dr. Mor&#8217;s spouse) issuable upon the exercise of options within 60 days of the date hereof, as reported by Dr. Adi Mor on Schedule 13D/A
              filed with the SEC on November 17, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z72fc38af2243417985666165fefa7590" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(9)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Includes 10,000 ADSs of the Company, and 8,165 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof, as reported by Mr. Neil Cohen on Form 4 filed with the SEC on November
              11, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zf23e4be051394f1a970e17fef5142dd8" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(10)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Includes 1,200 ADSs of the Company, and 17,715 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof, as reported by Dr. Nissim Darvish on Form 4 filed with the SEC on
              March 14, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="za09f76fe2eda43068338b23f3257e9b3" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(11)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Represents 7,592 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof, as reported by Dr. Alan Moses on Form 4 filed with the SEC on March 9, 2022.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zaa8f683b03d64125811f26338f992bab" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(12)</td>
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            <div style="font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Represents</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">7,592 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof, as reported by Dr. Claude Nicaise on Form 4 filed with the SEC on March 9, 2022.</font></div>
          </td>
        </tr>

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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(13)</td>
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            <div style="font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">Represents</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">2,652 ADSs of the Company issuable upon the exercise of options within 60 days of the date hereof, as reported by Ms. Jill Quigley on Form 4 filed with the SEC on June 16, 2022.</font></div>
          </td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">23</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="DESCRIPTIONOFSHARECAPITAL"><!--Anchor--></a>DESCRIPTION OF SHARE CAPITAL</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The following descriptions of our share capital and provisions of our amended and restated articles of association
      are summaries and are qualified by reference to our amended and restated articles of association, a copy of which is filed as Exhibit 3.1 hereto.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Registration Number and Purposes of the Company</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We are registered with the Israeli Registrar of Companies. Our registration number is 51-4672625.&#160;Our affairs are
      governed by our amended and restated articles of association, applicable Israeli law and the Companies Law. Our purpose as set forth in our amended and restated articles of association is to engage in any lawful act or activity.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Voting Rights</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">All ordinary shares have identical voting and other rights in all respects.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Transfer of Shares</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our fully paid ordinary shares are issued in registered form and may be freely transferred under our amended and
      restated articles of association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules&#160;of the Nasdaq Capital Market. The ownership or voting of our ordinary shares by non-residents of Israel is not
      restricted in any way by our amended and restated articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that are, have been, or will be, in a state of war with Israel.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Election of Directors</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under our amended and restated articles of association, our board of directors must consist of not less than three
      (3)&#160;but no more than eleven (11) directors. Pursuant to our amended and restated articles of association, each of our directors will be appointed by a simple majority vote of holders of our ordinary shares, participating and voting at an annual
      general meeting of our shareholders, provided that (i)&#160;in the event of a contested election, the method of calculation of the votes and the manner in which the resolutions will be presented to our shareholders at the general meeting shall be
      determined by our board of directors in its discretion, and (ii)&#160;in the event that our board of directors does not or is unable to make a determination on such matter, then the directors will be elected by a majority of the voting power represented
      at the general meeting in person or by proxy and voting on the election of directors, provided that if the number of such nominees exceeds the number of directors to be elected, then as among such nominees the election shall be by a plurality of the
      votes cast. In addition, our directors are divided into three classes, one class being elected each year at the annual general meeting of our shareholders, and shall serve on our board of directors until the third annual general meeting following
      such election or re-election or until they are removed by a vote of 65% of the total voting power of our shareholders at a general meeting of our shareholders or upon the occurrence of certain events, in accordance with the Companies Law and our
      amended and restated articles of association. In addition, our amended and restated articles of association provide that vacancies on our board of directors may be filled by a vote of a simple majority of directors then in office. Any director so
      appointed will hold office until the next annual general meeting of our shareholders for the election of the class of directors in respect of which the vacancy was created, or in the case of a vacancy due to the number of directors being less than
      the maximum number of directors stated in our amended and restated articles of association, until the next annual general meeting of our shareholders for the election of the class of directors to which such director was assigned by our board of
      directors.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Dividend and Liquidation Rights</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We may declare a dividend to be paid to the holders of our ordinary shares in proportion to their respective
      shareholdings. Under the Companies Law, dividend distributions are determined by the board of directors and do not require the approval of the shareholders of a company unless the company&#8217;s articles of association provide otherwise. Our amended and
      restated articles of association do not require shareholder approval of a dividend distribution and provide that dividend distributions may be determined by our board of directors.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law, the distribution amount is limited to the greater of retained earnings or earnings
      generated over the previous two years, according to our then last reviewed or audited financial statements (less the amount of previously distributed dividends, if not reduced from the earnings), provided that the end of the period to which the
      financial statements relate is not more than six months prior to the date of the distribution. If we do not meet such criteria, then we may distribute dividends only with court approval. In each case, we are only permitted to distribute a dividend if
      our board of directors and, if applicable, the court determines that there is no reasonable concern that payment of the dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">24</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to
      the holders of our ordinary shares in proportion to their shareholdings. This right, as well as the right to receive dividends, may be affected by the grant of preferential dividend or distribution rights to the holders of a class of shares with
      preferential rights that may be authorized in the future.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exchange Controls</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">There are currently no Israeli currency control restrictions on remittances of dividends on our ordinary shares,
      proceeds from the sale of the ordinary shares or interest or other payments to non-residents of Israel, except for shareholders who are subjects of countries that are, have been, or will be, in a state of war with Israel.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Shareholder Meetings</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under Israeli law, we are required to hold an annual general meeting of our shareholders once every calendar year
      and no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to in our amended and restated articles of association as special general meetings. Our
      board of directors may call special general meetings of our shareholders whenever it sees fit, at such time and place, within or outside of Israel, as it may determine. In addition, the Companies Law provides that our board of directors is required
      to convene a special general meeting of our shareholders upon the written request of (i)&#160;any two or more of our directors, (ii)&#160;one-quarter or more of the serving members of our board of directors or (iii)&#160;one or more shareholders holding, in the
      aggregate, either (a)&#160;5% or more of our outstanding issued shares and 1% or more of our outstanding voting power or (b)&#160;5% or more of our outstanding voting power.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under Israeli law, one or more shareholders holding at least 1% of the voting rights at the general meeting of the
      shareholders may request that the board of directors include a matter in the agenda of a general meeting of the shareholders to be convened in the future, provided that it is appropriate to discuss such a matter at the general meeting. Our amended
      and restated articles of association contain procedural guidelines and disclosure items with respect to the submission of shareholder proposals for general meetings.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Subject to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to
      participate and vote at general meetings of shareholders are the shareholders of record on a date to be decided by the board of directors, which, as a company listed on an exchange outside Israel, may be between four and 40 days prior to the date of
      the meeting. Furthermore, the Companies Law requires that resolutions regarding the following matters must be passed at a general meeting of shareholders:</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <div style="text-align: center; line-height: 1.25;">&#8226;</div>
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            <div style="text-align: justify; line-height: 1.25;">amendments to our amended and restated articles of association;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td style="width: 90.82%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">appointment, terms of service or and termination of service of our auditors;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25;">appointment of directors, including external directors (if applicable);</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td colspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 3.18%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#8226;</div>
          </td>
          <td style="width: 90.82%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">approval of certain related party transactions;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z42fd7a5da5cc49f5a29c97e4b1a8842a" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td style="width: 3.18%; vertical-align: top;">
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          <td style="width: 90.82%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">increases or reductions of our authorized share capital;</div>
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    <div style="text-align: center; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <td colspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 3.18%; vertical-align: top;">
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          <td style="width: 90.82%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">a merger; and</div>
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        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8992dc8c530c4cd08bedac0cb79811b4" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td colspan="1" style="width: 6%; vertical-align: top;">&#160;</td>
          <td style="width: 3.18%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">&#8226;</div>
          </td>
          <td style="width: 90.82%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">the exercise of our board of directors&#8217; powers by a general meeting, if our board of directors is unable to exercise its powers and the exercise of any of its powers is required for our
              proper management.</div>
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        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Companies Law requires that a notice of any annual general meeting or special general meeting be provided to
      shareholders at least 21 days prior to the meeting and if the agenda of the meeting includes, among other things, the appointment or removal of directors, the approval of transactions with office holders or interested or related parties, or an
      approval of a merger, notice must be provided at least 35 days prior to the meeting. Under the Companies Law, shareholders are not permitted to take action by way of written consent in lieu of a meeting.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Quorum</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to our amended and restated articles of association, holders of our ordinary shares have one vote for each
      ordinary share held on all matters submitted to a vote before the shareholders at a general meeting of shareholders. The quorum required for our general meetings of shareholders consists of at least two shareholders present in person or by proxy who
      hold or represent between them at least 33&#8531;% of the total outstanding voting rights, provided, however, that with respect to any general meeting that was convened pursuant to a resolution adopted by the board of directors and which at the time of
      such general meeting we qualify as a &#8220;foreign private issuer,&#8221; the requisite quorum shall consist of two or more shareholders present in person or by proxy who hold or represent between them at least 25% of the total outstanding voting rights. The
      requisite quorum shall be present within half an hour of the time fixed for the commencement of the general meeting. A general meeting adjourned for lack of a quorum shall be adjourned either to the same day in the next week, at the same time and
      place, to such day and at such time and place as indicated in the notice to such meeting, or to such day and at such time and place as the chairperson of the meeting shall determine. At the reconvened meeting, any number of shareholders present in
      person or by proxy shall constitute a quorum, unless a meeting was called pursuant to a request by our shareholders, in which case the quorum required is one or more shareholders, present in person or by proxy and holding the number of shares
      required to call the meeting as described above.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">25</font></div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Vote Requirements</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our amended and restated articles of association provide that all resolutions of our shareholders require a simple
      majority vote, unless otherwise required by the Companies Law or by our amended and restated articles of association. Under the Companies Law, certain actions require the approval of a special majority, including: (i)&#160;an extraordinary transaction
      with a controlling shareholder or in which the controlling shareholder has a personal interest, (ii)&#160;the terms of employment or other engagement of a controlling shareholder of the company or a controlling shareholder&#8217;s relative (even if such terms
      are not extraordinary) and (iii)&#160;certain compensation-related matters described above under &#8220;Management&#8212;Compensation Committee&#8212;Compensation Policy under the Companies Law.&#8221; Under our amended and restated articles of association, the alteration of the
      rights, privileges, preferences or obligations of any class of our shares (to the extent there are classes other than ordinary shares) requires the approval of a simple majority of the class so affected (or such other percentage of the relevant class
      that may be set forth in the governing documents relevant to such class), in addition to a majority of all classes of shares voting together as a single class at a shareholder meeting.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under our amended and restated articles of association, the approval of the holders of at least 65% of the total
      voting power of our shareholders is generally required to remove any of our directors from office, to amend the provision requiring the approval of at least 65% of the total voting power of our shareholders to remove any of our directors from office,
      or certain other provisions regarding our staggered board, shareholder proposals, the size of our board and plurality voting in contested elections. Another exception to the simple majority vote requirement is a resolution for the voluntary winding
      up, or an approval of a scheme of arrangement or reorganization, of the company pursuant to Section&#160;350 of the Companies Law, which requires the approval of holders holding at least 75% of the voting rights represented at the meeting and voting on
      the resolution.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Access to Corporate Records</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under the Companies Law, all shareholders generally have the right to review minutes of our general meetings, our
      shareholder register (including with respect to material shareholders), our articles of association, our financial statements, other documents as provided in the Companies Law and any document we are required by law to file publicly with the Israeli
      Registrar of Companies or the Israeli Securities Authority. Any shareholder who specifies the purpose of its request may request to review any document in our possession that relates to any action or transaction with a related party which requires
      shareholder approval under the Companies Law. We may deny a request to review a document if we determine that the request was not made in good faith, that the document contains a trade secret or a patent or that the document&#8217;s disclosure may
      otherwise impair our interests.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Acquisitions under Israeli Law</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Full Tender Offer</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A person wishing to acquire shares of a public Israeli company who would, as a result, hold over 90% of the target
      company&#8217;s voting rights or the target company&#8217;s issued and outstanding share capital (or of a class thereof), is required by the Companies Law to make a tender offer to all of the company&#8217;s shareholders for the purchase of all of the issued and
      outstanding shares of the company (or the applicable class). In general, if (a)&#160;the shareholders who do not accept the offer hold less than 5% of the issued and outstanding share capital of the company (or the applicable class) and the shareholders
      who accept the offer constitute a majority of the offerees that do not have a personal interest in the acceptance of the tender offer or (b)&#160;the shareholders who did not accept the tender offer hold less than 2% of the issued and outstanding share
      capital of the company (or of the applicable class), all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation of law. A shareholder who had its shares so transferred may petition an Israeli court within
      six months from the date of acceptance of the full tender offer, regardless of whether such shareholder agreed to the offer, to determine whether the tender offer was for less than fair value and whether the fair value should be paid as determined by
      the court. However, an offeror may provide in the offer that a shareholder who accepted the offer will not be entitled to petition the court for appraisal rights as described in the preceding sentence, as long as the offeror and the company disclosed
      the information required by law in connection with the full tender offer. If the full tender offer was not accepted, the acquirer may not acquire shares of the company that will increase its holdings to more than 90% of the company&#8217;s voting rights or
      the company&#8217;s issued and outstanding share capital (or of the applicable class) from shareholders who accepted the tender offer. Shares purchased in contradiction to the full tender offer rules&#160;under the Companies Law will have no rights and will
      become dormant shares.</div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">26</font></div>
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    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Special Tender Offer</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Companies Law provides that, subject to certain exceptions, an acquisition of shares of an Israeli public
      company must be made by means of a special tender offer if, as a result of the acquisition, the purchaser would become a holder of 25% or more of the voting rights in the company. This requirement does not apply if there is already another holder of
      25% or more of the voting rights in the company. Similarly, the Companies Law provides that an acquisition of shares of an Israeli public company must be made by means of a special tender offer if, as a result of the acquisition, the purchaser would
      become a holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds more than 45% of the voting rights in the company. These requirements do not apply if (i)&#160;the acquisition occurs in the
      context of a private placement by the company that received shareholder approval as a private placement whose purpose is to give the purchaser 25% or more of the voting rights in the company, if there is no person who holds 25% or more of the voting
      rights in the company or as a private placement whose purpose is to give the purchaser 45% of the voting rights in the company, if there is no person who holds 45% of the voting rights in the company, (ii)&#160;the acquisition was from a shareholder
      holding 25% or more of the voting rights in the company and resulted in the purchaser becoming a holder of 25% or more of the voting rights in the company, or (iii)&#160;the acquisition was from a shareholder holding more than 45% of the voting rights in
      the company and resulted in the purchaser becoming a holder of more than 45% of the voting rights in the company. in general, a special tender offer must be extended to all shareholders of a company. A special tender offer may be consummated only if
      (i)&#160;at least 5% of the voting power attached to the company&#8217;s outstanding shares will be acquired by the offeror and (ii)&#160;the number of shares tendered in the offer exceeds the number of shares whose holders objected to the offer (excluding the
      purchaser, its controlling shareholders, holders of 25% or more of the voting rights in the company and any person having a personal interest in the acceptance of the tender offer, or anyone on their behalf, including any such person&#8217;s relatives and
      entities under their control).</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In the event that a special tender offer is made, a company&#8217;s board of directors is required to express its opinion
      on the advisability of the offer, or may abstain from expressing any opinion if it is unable to do so, provided that it gives the reasons for its abstention. The board of directors shall also disclose any personal interest that any of the directors
      has with respect to the special tender offer or in connection therewith. An office holder in a target company who, in his or her capacity as an office holder, performs an action the purpose of which is to cause the failure of an existing or
      foreseeable special tender offer or to impair the chances of its acceptance, is liable to the potential purchaser and shareholders for damages, unless such office holder acted in good faith and had reasonable grounds to believe he or she was acting
      for the benefit of the company. However, office holders of the target company may negotiate with the potential purchaser in order to improve the terms of the special tender offer, and may further negotiate with third parties in order to obtain a
      competing offer.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If a special tender offer is accepted, then shareholders who did not respond to or that had objected the offer may
      accept the offer within four days of the last day set for the acceptance of the offer and they will be considered to have accepted the offer from the first day it was made.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In the event that a special tender offer is accepted, then the purchaser or any person or entity controlling it or
      under common control with the purchaser or such controlling person or entity at the time of the offer may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company for
      a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special tender offer.&#160;Shares purchased in contradiction to the special tender offer rules&#160;under
      the Companies Law will have no rights and will become dormant shares.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Merger</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Companies Law permits merger transactions if approved by each party&#8217;s board of directors and, unless certain
      conditions described under the Companies Law are met, a simple majority of the outstanding shares of each party to the merger that are represented and voting on the merger. The board of directors of a merging company is required pursuant to the
      Companies Law to discuss and determine whether in its opinion there exists a reasonable concern that as a result of a proposed merger, the surviving company will not be able to satisfy its obligations towards its creditors, such determination taking
      into account the financial condition of the merging companies. If the board of directors determines that such a concern exists, it may not approve a proposed merger. Following the approval of the board of directors of each of the merging companies,
      the boards of directors must jointly prepare a merger proposal for submission to the Israeli Registrar of Companies.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">For purposes of the shareholder vote of a merging company whose shares are held by the other merging company, or by
      a person or entity holding 25% or more of the voting rights at the general meeting of shareholders of the other merging company, or by a person or entity holding the right to appoint 25% or more of the directors of the other merging company, unless a
      court rules&#160;otherwise, the merger will not be deemed approved if a majority of the shares voted on the matter at the general meeting of shareholders (excluding abstentions) that are held by shareholders other than the other party to the merger, or by
      any person or entity who holds 25% or more of the voting rights of the other party or the right to appoint 25% or more of the directors of the other party, or any one on their behalf including their relatives or corporations controlled by any of
      them, vote against the merger. In addition, if the non-surviving entity of the merger has more than one class of shares, the merger must be approved by each class of shareholders. If the transaction would have been approved but for the separate
      approval of each class or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the request of holders of at least 25% of the voting rights of a company, if the court holds that the merger is
      fair and reasonable, taking into account the valuation of the merging companies and the consideration offered to the shareholders. If a merger is with a company&#8217;s controlling shareholder or if the controlling shareholder has a personal interest in
      the merger, then the merger is instead subject to the same special majority approval that governs all extraordinary transactions with controlling shareholders.</div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">27</font></div>
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    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under the Companies Law, each merging company must deliver to its secured creditors the merger proposal and inform
      its unsecured creditors of the merger proposal and its content. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern that, as a result
      of the merger, the surviving company will be unable to satisfy the obligations of the surviving company, and may further give instructions to secure the rights of creditors.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In addition, a merger may not be completed unless at least 50 days have passed from the date that a proposal for
      approval of the merger is filed with the Israeli Registrar of Companies and 30 days from the date that shareholder approval of both merging companies is obtained.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Anti-Takeover Measures</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Companies Law allows us to create and issue shares having rights different from those attached to our ordinary
      shares, including shares providing certain preferred rights with respect to voting, distributions or other matters and shares having preemptive rights. As of the date of this prospectus, no preferred shares are authorized under our amended and
      restated articles of association. In the future, if we do authorize, create and issue a specific class of preferred shares, such class of shares, depending on the specific rights that may be attached to it, may have the ability to frustrate or
      prevent a takeover or otherwise prevent our shareholders from realizing a potential premium over the market value of their ordinary shares. The authorization and designation of a class of preferred shares will require an amendment to our amended and
      restated articles of association, which requires the prior approval of the holders of a majority of the voting power attached to our issued and outstanding shares at a general meeting of our shareholders. The convening of the meeting, the
      shareholders entitled to participate and the vote required to be obtained at such a meeting will be subject to the requirements set forth in the Companies Law and our amended articles of association, as described above in &#8220;&#8212;Shareholder Meetings.&#8221; In
      addition, as disclosed under &#8220;&#8212;Election of Directors,&#8221; we have a classified board structure, which effectively limits the ability of any investor or potential investor or group of investors or potential investors to gain immediate control of our
      board of directors.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Borrowing Powers</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Companies Law and our amended and restated articles of association, our board of directors may
      exercise all powers and take all actions that are not required under law or under our amended and restated articles of association to be exercised or taken by our shareholders, including the power to borrow money for company purposes.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Changes in Capital</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our amended and restated articles of association enable us to increase or reduce our share capital. Any such
      changes are subject to Israeli law and must be approved by a resolution duly passed by our shareholders at a general meeting of shareholders. In addition, transactions that have the effect of reducing capital, such as the declaration and payment of
      dividends in the absence of sufficient retained earnings or profits, require the approval of both our board of directors and an Israeli court.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Exclusive Forum</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our amended and restated articles of association provide that unless we consent in writing to the selection of an
      alternative forum, the United States District Court for the Southern District of New York shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act and/or the Exchange Act. Our
      amended and restated articles of association also provide that unless we consent in writing to the selection of an alternative forum, the competent courts in Tel Aviv,&#160;Israel shall be the exclusive forum for any derivative action or proceeding
      brought on behalf of the Company, any action asserting a breach of a fiduciary duty owed by any of our directors, officers or other employees to the Company or our shareholders or any action asserting a claim arising pursuant to any provision of the
      Companies Law or the Israeli Securities Law.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Transfer Agent and Registrar</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The transfer agent and registrar for our ordinary shares and ADSs is Computershare. Its address is 1290 Avenue of
      the Americas, 9th Floor, New York, NY 10104, and its telephone number is (212) 805-7100.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Listing</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our ADSs are listed on the Nasdaq Capital Market under the symbol &#8220;CMMB.&#8221;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">28</font></div>
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="DESCRIPTIONOFSECURITIESWE"><!--Anchor--></a>DESCRIPTION OF SECURITIES WE ARE OFFERING</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">ADSs</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The Bank of New York Mellon, as depositary, will register and deliver the ADSs. Each ADS represents twenty (20)
      ordinary shares (or a right to receive twenty (20) ordinary shares). Each ADS will also represent any other securities, cash or other property which may be held by the depositary. The depositary&#8217;s office at which our ADSs will be administered and its
      principal executive office are located at 240 Greenwich Street, New York, New&#160;York&#160;10286.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">You may hold ADSs either (A)&#160;directly (i)&#160;by having an ADR, which is a certificate evidencing a specific number of
      ADSs, registered in your name or (ii)&#160;by having uncertificated ADSs registered in your name or (B)&#160;indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in
      DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold our ADSs indirectly, you must rely on the procedures of your broker or other financial
      institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Registered holders of uncertificated ADSs will receive statements from the depositary confirming their holdings.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights.
      Israeli law governs shareholder rights. The depositary will be the holder of the ordinary shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement among us, the depositary, ADS holders and all
      other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the depositary. New York law governs the deposit agreement and our ADSs.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The following is a summary of the material provisions of the deposit agreement. For more complete information, you
      should read the entire deposit agreement and the form of ADR. For directions on how to obtain copies of those documents see &#8220;<font style="font-style: italic;">Where You Can Find More Information</font>.&#8221;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Dividends and Other Distributions</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How will you receive dividends and other distributions on the shares?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary has agreed to pay or distribute to ADS holders the cash dividends or other distributions it or the
      custodian receives on ordinary shares or other deposited securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs represent.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Cash.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;The depositary will convert any cash dividend or other cash distribution we pay on the ordinary shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars to the United States. If
        that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign
        currency it cannot convert for the account of our ADS holders who have not been paid. It will not invest the foreign currency and it will not be liable for any interest.</font></div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Before making a distribution, any withholding taxes or other governmental charges that must be paid will be
      deducted. See &#8220;Taxation and Government Programs.&#8221; It will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the
      foreign currency, you may lose some or all of the value of the distribution.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Shares.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;The depositary may distribute additional ADSs representing any ordinary shares we distribute as a dividend or free distribution. The depositary will only distribute whole ADSs. It will sell ordinary shares which
        would require it to deliver a fraction of an ADS (or ADSs representing those ordinary shares) and distribute the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will
        also represent the new shares. The depositary may sell a portion of the distributed ordinary shares (or ADSs representing those ordinary shares) sufficient to pay its fees and expenses in connection with that distribution.</font></div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Rights to purchase additional shares.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;If we offer holders of our securities any rights to subscribe for additional ordinary shares or any other rights, the depositary may (i)&#160;exercise those rights on behalf of ADS holders,
        (ii)&#160;distribute those rights to ADS holders or (iii)&#160;sell those rights and distribute the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those
        things, it will allow the rights to lapse.&#160;<font style="font-style: italic;">In that case, you will receive no value for them.</font>&#160;The depositary will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the
        depositary that it is legal to do so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of ordinary shares, new ADSs representing the new ordinary
        shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of
        rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.</font></div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">29</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Other Distributions.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the distribution in that way,
        the depositary will have a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly
        distributed property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may sell a
        portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders,
        and the securities distributed may be subject to restrictions on transfer.</font></div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available
      to any ADS holders. We have no obligation to register ADSs, ordinary shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of ADSs, shares, rights or anything else
      to ADS holders. This means that you may not receive the distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Deposit, Withdrawal and Cancellation</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How are ADSs issued?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary will deliver ADSs if you or your broker deposits ordinary shares or evidence of rights to receive
      ordinary shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names you request and will
      deliver our ADSs to or upon the order of the person or persons that made the deposit.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How can ADS holders withdraw the deposited securities?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">You may surrender your ADSs for the purpose of withdrawal at the depositary&#8217;s office. Upon payment of its fees and
      expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will deliver the ordinary shares and any other deposited securities underlying our ADSs to the ADS holder or a person the ADS holder designates
      at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require
      delivery of a fraction of a deposited share or other securities. The depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How do ADS holders interchange between certificated ADSs and uncertificated ADSs?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">You may surrender your ADR to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The
      depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Alternatively, upon receipt by the depositary of a proper instruction from a registered holder
      of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Voting Rights</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How do you vote?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ADS holders may instruct the depositary how to vote the number of deposited ordinary shares their ADSs represent.
      If we request the depositary to solicit your voting instructions (and we are not required to do so), the depositary will notify you of a shareholders&#8217; meeting and send or make voting materials available to you. Those materials will describe the
      matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical, subject to the
      laws of Israel and the provisions of our articles of association or similar documents, to vote or to have its agents vote the ordinary shares or other deposited securities as instructed by ADS holders. If we do not request the depositary to solicit
      your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you instruct, but it is not required to do so.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">Except by instructing the depositary as
        described above, you won&#8217;t be able to exercise voting rights unless you surrender your ADSs and withdraw the ordinary shares. However, you may not know about the meeting enough in advance to withdraw the ordinary shares.</font><font style="font-family: 'Times New Roman',Times,serif;">&#160;In any event, the depositary will not exercise any discretion in voting deposited securities and it will only vote or attempt to vote as instructed.</font></div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">30</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We cannot assure you that you will receive the voting materials in time to ensure that you can instruct the
      depositary to vote your shares. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that you may not be able to exercise your
      right to vote and there may be nothing you can do if your ordinary shares are not voted as you requested.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In order to give you a reasonable opportunity to instruct the Depositary as to the exercise of voting rights
      relating to Deposited Securities, if we request the Depositary to act, we agree to give the Depositary notice of any such meeting and details concerning the matters to be voted upon at least 45&#160;days in advance of the meeting date.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Fees and Expenses</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z04cdb83039b746df8c9817355bd75fa3" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 40.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Persons depositing or withdrawing ordinary shares or ADS holders must pay</div>
          </td>
          <td style="width: 4.09%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">For</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Issuance of ADSs, including issuances resulting from a distribution of ordinary shares or rights or other property Cancellation of ADSs for the purpose of withdrawal, including if the deposit
              agreement terminates</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">$.05 (or less) per ADS</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any cash distribution to ADS holders</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">A fee equivalent to the fee that would be payable if securities distributed to you had been ordinary shares and the ordinary shares had been deposited for issuance of ADSs</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">$.05 (or less) per ADS per calendar year</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Depositary services</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z8fc80b39efba4552b4d9de1f25efce76" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 40.73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Persons depositing or withdrawing ordinary shares or ADS holders must pay</div>
          </td>
          <td style="width: 4.09%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">For</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; line-height: 1.25; font-weight: bold;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Registration or transfer fees</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Transfer and registration of ordinary shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw ordinary shares</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Expenses of the depositary</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement)</div>
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
            <div style="text-align: justify; line-height: 1.25;">Converting foreign currency to U.S. dollars</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">As necessary</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td nowrap="nowrap" style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40.73%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Any charges incurred by the depositary or its agents for servicing the deposited securities</div>
          </td>
          <td style="width: 4.09%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
          <td nowrap="nowrap" style="width: 54.6%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">As necessary</div>
          </td>
          <td style="width: 0.58%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">&#8203;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary collects its fees for delivery and surrender of ADSs directly from investors depositing ordinary
      shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of
      distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for
      them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally
      refuse to provide fee-attracting services until its fees for those services are paid.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">From time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising
      out of establishment and maintenance of our ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties under the deposit agreement, the
      depositary may use brokers, dealers, foreign currency or other service providers that are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">31</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary may convert foreign currency itself or through any of its affiliates and, in those cases, acts as
      principal for its own account and not as an agent, fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads that it will retain for its own account. The revenue is based on, among other
      things, the difference between the exchange rate assigned to the currency conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its own account. The
      depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be
      determined will be most favorable to ADS holders, subject to its obligations under the deposit agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Payment of Taxes</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">You will be responsible for any taxes or other governmental charges payable on your ADSs or on the deposited
      securities represented by any of your ADSs. The depositary may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until such taxes or other charges are paid. It may apply payments
      owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs to reflect the
      sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary will not tender deposited securities in any voluntary tender or exchange offer unless instructed to
      do by an ADS holder surrendering ADSs and subject to any conditions or procedures the depositary may establish.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If deposited securities are redeemed for cash in a transaction that is mandatory for the depositary as a holder of
      deposited securities, the depositary will call for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If there is any change in the deposited securities such as a subdivision, combination or other reclassification, or
      any merger, consolidation, recapitalization or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities, the depositary will hold those
      replacement securities as deposited securities under the deposit agreement. However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS holders or
      for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender of our ADSs.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If there is a replacement of the deposited securities and the depositary will continue to hold the replacement
      securities, the depositary may distribute new ADSs representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If there are no deposited securities underlying ADSs, including if the deposited securities are cancelled, or if
      the deposited securities underlying ADSs have become apparently worthless, the depositary may call for surrender or of those ADSs or cancel those ADSs upon notice to the ADS holders.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amendment and Termination</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How may the deposit agreement be amended?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We may agree with the depositary to amend the deposit agreement and the ADRs without your consent for any reason.
      If an amendment adds or increases fees or charges, except for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items, or prejudices a substantial right of ADS
      holders, it will not become effective for outstanding ADSs until 30&#160;days after the depositary notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs, to agree to the
      amendment and to be bound by the ADRs and the deposit agreement as amended.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">How may the deposit agreement be terminated?</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary will initiate termination of the deposit agreement if we instruct it to do so. The depositary may
      initiate termination of the deposit agreement if:</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdd7d878bfd394e8da2632c63c44559cd" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">90&#160;days have passed since the depositary told us it wants to resign but a successor depositary has not been appointed and
                accepted its appointment;</div>
            </td>
          </tr>

      </table>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">32</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3ba005b7252e4e75b8967c6d7c038cdc" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">we delist our ADSs from an exchange on which they were listed and do not list our ADSs on another exchange within a
                reasonable time;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5cb852e20c2a44fc96390ad6b65d113f" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">we appear to be insolvent or enter insolvency proceedings;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za95ef5595939458389d015c3b2d106ca" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">all or substantially all the value of the deposited securities has been distributed either in cash or in the form of
                securities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z41f15047140744fe956d1745b6a74231" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">there are no deposited securities underlying our ADSs or the underlying deposited securities have become apparently
                worthless; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z0b6022c5d8e14f198ec999d8fe29180d" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">there has been a replacement of deposited securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If the deposit agreement will terminate, the depositary will notify ADS holders at least 90&#160;days before the
      termination date. At any time after the termination date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding under the deposit agreement,
      unsegregated and without liability for interest, for the pro&#160;rata benefit of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.</div>
    <div style="text-align: justify; text-indent: 18pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">After the termination date and before the depositary sells, ADS holders can still surrender their ADSs and receive
      delivery of deposited securities, except that the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind if it would interfere with the selling process.
      The depositary may refuse to accept a surrender for the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities, but, after the termination
      date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties
      under the deposit agreement except as described in this paragraph.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Limitations on Obligations and Liability</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Limits on our obligations and the obligations of the depositary; Limits on liability to holders of ADSs</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The deposit agreement expressly limits our obligations and the obligations of the depositary. It also limits our
      liability and the liability of the depositary. We and the depositary:</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcd8f375a107446fe8be8960b9f955c90" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">are only obligated to take the actions specifically set forth in the deposit agreement without negligence or bad faith and
                the depositary will not be a fiduciary or have any fiduciary duty to holders of ADSs;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7b405395cd3e4f6eada765594096f36e" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
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            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">are not liable if we are or it is prevented or delayed by law or circumstances beyond our or its control from performing our
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">are not liable if we exercise or it exercises discretion permitted under the deposit agreement;</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">are not liable for the inability of any holder of ADSs to benefit from any distribution on deposited securities that is not
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">have no obligation to become involved in a lawsuit or other proceeding related to our ADSs or the deposit agreement on your
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">are not liable for the acts or omissions of any securities depository, clearing agency or settlement system;</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zaf2cde2189624bdabd568449c3320fde" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">may rely upon any documents we believe or it believes in good faith to be genuine and to have been signed or presented by
                the proper person; and</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zdf4a775752c54e45a72e0ef1eada689c" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">the depositary has no duty to make any determinations or provide any information as to our status, or any liability for any
                tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs or liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit reduced rate of withholdings or refund of
                amounts withheld in respect of tax or any other tax benefit.</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In the deposit agreement, we and the depositary agree to indemnify each other under certain circumstances.</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <br>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Requirements for Depositary Actions</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Before the depositary will deliver or register a transfer of ADSs, make a distribution on ADSs, or permit
      withdrawal of shares, the depositary may require:</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">payment of stock transfer or other taxes or other governmental charges and transfer or registration fees charged by third
                parties for the transfer of any ordinary shares or other deposited securities;</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">satisfactory proof of the identity and genuineness of any signature or other information it deems necessary; and</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z256c43b61b3948f39eca5cd9e6fdcc64" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">compliance with regulations it may establish, from time to time, consistent with the deposit agreement, including
                presentation of transfer documents.</div>
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      </table>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary may refuse to deliver ADSs or register transfers of ADSs when the transfer books of the depositary
      or our transfer books are closed or at any time if the depositary or we think it advisable to do so.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Your Right to Receive the Ordinary Shares Underlying your ADSs</div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">ADS holders have the right to cancel their ADSs and withdraw the underlying ordinary shares at any time except:</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">when temporary delays arise because: (i)&#160;the depositary has closed its transfer books or we have closed our transfer books;
                (ii)&#160;the transfer of ordinary shares is blocked to permit voting at a shareholders&#8217; meeting; or (iii)&#160;we are paying a dividend on our shares;</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z48101b2ab166447eb1ec893b00f32b80" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
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              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">when you owe money to pay fees, taxes and similar charges; or</div>
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      </table>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div>
      <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7fffd14b76f94113970e9d36651a6797" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

          <tr style="vertical-align: top;">
            <td style="width: 36pt;">&#160;</td>
            <td style="vertical-align: top; width: 27pt;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#8226;</div>
            </td>
            <td style="align: left; vertical-align: top; width: auto;">
              <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that apply to ADSs
                or to the withdrawal of ordinary shares or other deposited securities.</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">This right of withdrawal may not be limited by any other provision of the deposit agreement.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Direct Registration System</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In the deposit agreement, all parties to the deposit agreement acknowledge that the Direct Registration System, or
      DRS, and Profile Modification System, or Profile, will apply to our ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and
      a DTC participant. Profile is a feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs to DTC or its nominee and to deliver
      those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior authorization from the ADS holder to register that transfer.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In connection with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties to
      the deposit agreement understand that the depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has
      the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary&#8217;s reliance on and compliance with instructions received by
      the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute negligence or bad faith on the part of the depositary.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Shareholder Communications; Inspection of Register of Holders of ADSs</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The depositary will make available for your inspection at its office all communications that it receives from us as
      a holder of deposited securities that we make generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. You have a
      right to inspect the register of holders of ADSs, but not for the purpose of contacting those holders about a matter unrelated to our business or our ADSs.</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Jury Trial Waiver</div>
    <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The deposit agreement provides that, to the extent permitted by law, ADS holders waive the right to a jury trial of
      any claim they may have against us or the depositary arising out of or relating to our shares, our ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary opposed a jury trial demand based on
      the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable case law.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="MATERIALTAXCONSIDERATIONS"><!--Anchor--></a>MATERIAL TAX CONSIDERATIONS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The following is a brief summary of certain material tax consequences concerning the ownership and disposition of our securities by purchasers or holders of
        our securities. Because parts of this discussion are based on new or existing tax or other legislation that has not been subject to judicial or administrative interpretation, there can be no assurance that the views expressed herein will be
        accepted by the tax or other authorities in question. The summary below does not address all of the tax consequences that may be relevant to all purchasers or holders of our securities in light of each purchaser&#8217;s or holder&#8217;s particular
        circumstances and specific tax treatment. For example, the summary below does not address the tax treatment of residents of Israel and traders in securities who are subject to special tax regimes. As individual circumstances may differ, holders of
        our securities should consult their own tax advisors as to United States, Israeli or other tax consequences of the purchase, ownership and disposition of our securities. The discussion below is subject to change, including due to amendments under
        Israeli law or changes to the applicable judicial or administrative interpretations of Israeli law, which change could affect the accuracy of the tax consequences described below. This discussion is not intended, nor should it be construed, as
        legal or professional tax advice and it is not exhaustive of all possible tax considerations. Each investor should consult his or her own tax or legal advisor.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Israeli Taxation</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Taxation of Capital Gains Applicable to Non-Israeli Shareholders</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">
        <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">The Israeli Income Tax Ordinance [New Version], 5721-1961 (the &#8220;Tax Ordinance&#8221;) generally imposes a capital gains tax on the sale of capital
          assets by non-Israeli tax residents if those assets (i) are located in Israel, (ii) are shares or a right to shares in an Israeli resident corporation, including securities traded on the Tel Aviv Stock Exchange (the &#8220;TASE&#8221;), on a recognized stock
          exchange outside Israel (such as Nasdaq) or on a regulated market (which includes a system through which securities are traded pursuant to rules prescribed by the competent authority in the relevant jurisdiction) in or outside Israel, or (iii)
          represent, directly or indirectly, rights to assets located in Israel, unless a specific exemption is available or unless a tax treaty between Israel and the shareholder&#8217;s country of residence provides otherwise. The Tax Ordinance distinguishes
          between real capital gain and inflationary surplus. The inflationary surplus is a portion of the total capital gain equivalent to the increase of the relevant asset&#8217;s tax basis attributable to an increase in the Israeli consumer price index or,
          in certain circumstances, a foreign currency exchange rate, between the date of purchase and the date of disposition. Inflationary surplus is not currently subject to tax in Israel. The real capital gain is the excess of the total capital gain
          over the inflationary surplus. The capital gains tax rate applicable to individuals upon the sale of such securities is 25%, or 30% with respect to an individual who meets the definition of a &#8216;Substantial Shareholder&#8217; on the date of the sale of
          the securities or at any time during the 12 month-period preceding such date (or claims a deduction for interest and linkage differences expenses in connection with the purchase and holding of such shares). A &#8216;Substantial Shareholder&#8217; is defined
          as a person who, either alone or together with another person who collaborates with such person on a permanent basis, holds, directly or indirectly, at least 10% of any of the &#8220;means of control&#8221; of a company (including, among other things, the
          right to receive profits of the company, voting rights, the right to receive the company&#8217;s liquidation proceeds and the right to appoint a director). With respect to corporate investors, the capital gains tax rate is equal to the corporate tax
          rate (23% in 2023).</div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Notwithstanding the foregoing, dealers in securities in Israel whose gains from selling or otherwise disposing of the shares or ADSs are deemed to be
        business income are taxed at regular tax rates applicable to business income (a corporate tax rate for a corporation and a marginal tax rate of up to 47% for an individual in 2023, excluding excess tax as discussed below) unless contrary provisions
        in a relevant tax treaty applies.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Generally, a non-Israeli resident (whether an individual or a corporation) who derives capital gains from the sale of shares or ADSs in an Israeli resident
        company purchased upon or after the registration of the shares on the TASE or on a regulated market outside of Israel (such as Nasdaq) may be generally be exempt from Israeli capital gains tax, provided, among other things, that the capital gain
        derived from the sale&#160; of shares or ADSs was not attributed to a permanent establishment that the non-Israeli tax resident investor maintains in Israel.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">However, non-Israeli resident &#8220;body of persons&#8221; (as defined under the Tax Ordinance, which includes corporate
        entities, partnerships and other entities) will not be entitled to the foregoing exemption if Israeli residents, whether directly or indirectly: (i) hold more than 25% of any of the means of control in such non-Israeli entity or (ii) are the
        beneficiaries of, or are entitled to, 25% or more of the revenues or profits of such non-Israeli entity, whether directly or indirectly. Such exemption is not applicable to a person whose gains from selling or otherwise disposing of the shares or
        ADSs are deemed to be business income. In addition, a sale of shares by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax treaty.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
        <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">In addition, persons paying consideration for shares or ADSs, including purchasers of shares or ADSs, Israeli securities dealers effecting a
          transaction, or a financial institution through which securities being sold are held, are generally required to withhold Israeli tax at source upon the sale of publicly traded securities at a rate of 25% for individuals and at the corporate tax
          rate (23% in 2023) for corporations, regardless of whether such holder is liable for or exempt from Israeli capital gains tax on such sale. Holders may be required to demonstrate that they are exempt from tax on their capital gains by providing a
          valid certificate from the Israel Tax Authority allowing for an exemption from withholding tax at source at the time of sale. Specifically, in transactions involving a sale of all of the shares of an Israeli resident company, in the form of a
          merger or otherwise, the Israel Tax Authority may require from securityholders who are not liable for Israeli tax to sign declarations in forms specified by this authority or obtain a specific exemption from the Israel Tax Authority to confirm
          their status as a non-Israeli resident for tax purposes, and, in the absence of such declarations or exemptions, may require the purchaser of the shares to withhold Israeli taxes at source.</div>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">35</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Income Taxes on Dividend Distribution to Non-Israeli Shareholders</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Non-Israeli residents (whether individuals or corporations) are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary
        shares at the rate of 25%, unless relief is provided under the provisions of an applicable tax treaty between Israel and the shareholder&#8217;s country of residence (provided that a certificate from the Israel Tax Authority allowing for a reduced
        withholding tax rate or a tax exemption is obtained in advance). With respect to a person who is a Substantial Shareholder (as defined above) at the time of receiving the dividend or on any time during the preceding 12 months, the applicable tax
        rate is 30%.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">In principle, non-Israeli residents (whether individuals or corporations) are generally subject to Israeli withholding tax on the receipt of dividends paid
        on publicly traded shares at the rate of 25% and at the rate of 30% on dividends paid to Substantial Shareholders. However, so long as the shares are registered with a Nominee Company, which is a company incorporated to be a holder of record and
        distribution agent of publicly traded or other securities in accordance with the Israeli Securities Law, 5728-1968, the dividends are generally subject to Israeli withholding tax at a rate of 25% (whether or not the recipient is a Substantial
        Shareholder), unless a reduced rate is provided under an applicable tax treaty (provided that a certificate from the Israel Tax Authority allowing for a reduced withholding tax rate is obtained in advance).</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">The distribution of dividends to non-Israeli residents
          (either individuals or corporations) from income derived from a company&#8217;s Approved Enterprises or Benefited Enterprises (as such terms are defined under the </font><font style="font-family: 'Times New Roman',Times,serif;">Israeli Law for the
          Encouragement of Capital Investments, 5719-1959), </font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">during the applicable </font><font style="font-family: 'Times New Roman',Times,serif;">benefits period is
          subject to withholding tax at a rate of 15%, and 20% if the dividend is distributed from income attributed to a Preferred Enterprise, a Special Preferred Enterprise, Preferred Technological Enterprise or Special Preferred Technological Enterprise
          (as</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);"> such terms are defined under the </font><font style="font-family: 'Times New Roman',Times,serif;">Israeli Law for the Encouragement of Capital Investments,
          5719-1959),&#160;</font><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">subject to the receipt in advance of a valid certificate from the Israel Tax Authority allowing for such reduced tax rates, or such lower rate as
          may be provided under an applicable tax treaty (provided that a certificate from the Israel Tax Authority allowing for a reduced withholding tax rate is obtained in advance). We cannot assure you that we will designate the profits that we may
          distribute in a way that will reduce shareholders&#8217; tax liability.</font></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">A non-resident of Israel who has dividend and/or capital income derived from or accrued in Israel, from which the full amount of tax was withheld, is
        generally exempt from the duty to file tax returns in Israel in respect of such income, provided that: (i) such income was not derived from a business conducted in Israel by the taxpayer; (ii) the taxpayer has no other taxable sources of income in
        Israel with respect to which a tax return is required to be filed; and (iii) the taxpayer is not obligated to pay Excess Tax (as further explained below).</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">U.S.- Israel Tax Treaty</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The Convention between the Government of the State of Israel and the Government of the United States of America with Respect to Taxes on Income (the
        &#8220;Treaty&#8221;) is generally effective as of January 1, 1995. Under the Treaty, the maximum Israeli withholding tax on dividends paid to a holder of our ordinary shares who is a Treaty U.S. Resident (as defined below) is generally 25%. However,
        generally, for dividends not generated by an Approved Enterprise, Benefited Enterprise or Preferred Enterprises and paid to a U.S. corporation holding 10% or more of the outstanding voting capital throughout the tax year in which the dividend is
        distributed as well as during the previous tax year, the maximum rate of Israeli withholding tax is generally 12.5%, provided that not more than 25% of the gross income of the Israeli resident paying corporation for such preceding year consists of
        certain types of dividends and interest. Notwithstanding the foregoing, dividends distributed from income attributed to an Approved Enterprise are not entitled to such reduction under such tax treaty but are subject to withholding tax at the rate
        of 15% for such a U.S. corporate shareholder, provided that the conditions related to the holding of 10% of our voting capital and to our gross income for the previous year (as set forth in the previous sentence) are met. The aforementioned rates
        under the Treaty would not apply if the dividend income is derived through a permanent establishment of the Treaty U.S. Resident in Israel.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Pursuant to the Treaty, the sale, exchange or disposition of our ordinary shares or ADSs by a person who
        qualifies as a resident of the United States within the meaning of the Treaty that holds the shares or ADSs as a capital asset, and who is entitled to claim the benefits afforded to such residents under the Treaty a (&#8220;Treaty U.S. Resident&#8221;)
        generally will not be subject to the Israeli capital gains tax unless,&#160;<font style="font-style: italic;">inter alia</font>: (i) such Treaty U.S. Resident holds, directly or indirectly, shares or ADSs representing 10% or&#160; more of the voting power of
        the Company during any part of the 12-month period preceding such sale, exchange or disposition subject to certain conditions; (ii) the capital gain arising from such sale, exchange or disposition can be attributable to a permanent establishment of
        the holder maintained in Israel, under certain terms; (iii) such U.S. resident is an individual and was present in Israel for a period or periods aggregating to 183 days or more during the relevant taxable year; (iv) the capital gains arising from
        such sale, exchange or disposition is attributed to real estate located in Israel, or (v) the capital gain arising from such sale, exchange or disposition is attributed to royalties.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">36</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">As noted above, a sale, exchange or disposition of our ordinary shares or ADSs by a Treaty U.S. Resident who
        holds, directly or indirectly, shares representing 10% or more of the voting power of the Company at any time during such preceding 12-month period would not be exempt under the Treaty from such Israeli tax; however, under the Treaty, a Treaty U.S.
        Resident may be permitted to claim a credit for such taxes against U.S. federal income tax imposed on any gain from such sale, exchange or disposition, under the circumstances and subject to the limitations specified in the Treaty and U.S. domestic
        law.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Excess Tax</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Individuals (whether Israeli or non-Israeli tax residents) who are subject to tax in Israel are also subject to an additional tax at a rate of 3% on their
        annual income exceeding NIS 698,280 for 2023, which amount is linked to the annual change in the Israeli Consumer Price Index, including, but not limited to, dividends, interest and capital gain.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Certain Material U.S. Federal Income Tax Consequences</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">General</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our ordinary shares by U.S.
        Holders (as defined below). This discussion applies to U.S. Holders that purchase ordinary shares pursuant to this offering and hold such ordinary shares as capital assets within the meaning of Section 1221 of the Code. This discussion is based on
        the Code, U.S. Treasury regulations promulgated thereunder and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does
        not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as banks,
        financial institutions, insurance companies, broker-dealers and traders in securities, commodities or currencies, persons that generally mark their securities to market for U.S. federal income tax purposes, tax-exempt entities, retirement plans,
        individual retirement accounts or other tax deferred accounts, regulated investment companies, real estate investment trusts, certain former citizens or residents of the United States, persons who hold ordinary shares as part of a &#8220;straddle,&#8221;
        &#8220;hedge,&#8221; &#8220;conversion transaction,&#8221; &#8220;synthetic security&#8221; or integrated investment, persons who received their ordinary shares as compensatory payments, persons that have a &#8220;functional currency&#8221; other than the U.S. dollar, persons that own or are
        treated for tax purposes as owning directly, indirectly or through attribution 10% or more of our shares by vote or value, persons who are subject to special tax accounting under Section 451(b) of the Code, corporations that accumulate earnings to
        avoid U.S. federal income tax, partnerships and other pass-through entities and arrangements that are classified as partnerships for U.S. federal income tax purposes, and investors in such pass-through entities, holders receiving or holding
        ordinary shares in connection with the performance of services, and any holders that are not U.S. Holders). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift or alternative
        minimum tax consequences.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">As used in this discussion, the term &#8220;U.S. Holder&#8221; means a beneficial owner of ordinary shares that is, for U.S. federal income tax purposes, (1) an
        individual who is a citizen or resident of the United States, (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the
        District of Columbia, (3) an estate the income of which is subject to U.S. federal income tax regardless of its source or (4) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its
        administration and one or more United States persons have the authority to control all of its substantial decisions or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax
        purposes.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds ordinary shares, the U.S. federal income tax consequences
        relating to an investment in the ordinary shares will depend in part upon the status and activities of such entity or arrangement and the particular partner. Any such entity or arrangement should consult its own tax advisor regarding the U.S.
        federal income tax consequences applicable to it and its partners of the purchase, ownership and disposition of ordinary shares.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Persons considering an investment in ordinary shares should consult their own tax advisors as to the particular tax consequences
        applicable to them relating to the purchase, ownership and disposition of ordinary shares, including the applicability of U.S. federal, state and local tax laws and non-U.S. tax laws.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Passive Foreign Investment Company Consequences</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In general, a corporation organized outside the United States will be treated as a PFIC, for any taxable year in which either (1) at
        least 75% of its gross income is &#8220;passive income&#8221;, the PFIC income test, or (2) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income, the
        PFIC asset test. Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for
        the production of passive income generally include cash, even if held as working capital or raised in a public offering, marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S.
        corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">37</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
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      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Our status as a PFIC will depend on the nature and composition of our income and the nature, composition and value of our assets
        (which may be determined based on the fair market value of each asset, with the value of goodwill and going concern value being determined in large part by reference to the market value of our ADSs, which may be volatile). Based upon the value of
        our assets, including any goodwill and the nature and composition of our income, we believe that we were classified as a PFIC for the taxable year ended December 31, 2021. Furthermore, we presently anticipate that we will be classified as a PFIC
        for the current taxable year ending December 31, 2022 based upon the expected value of our assets, including goodwill, and the expected nature and composition of our income and assets. Our status as a PFIC is a fact-intensive determination made on
        an annual basis after the end of each taxable year. Even if we determine that we are not a PFIC for a taxable year, there can be no assurance that the IRS will agree with our conclusion and that the IRS would not successfully challenge our
        position. Our U.S. counsel expresses no opinion with respect to our PFIC status for any period.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Subject to the discussion below relating to the making of a QEF election or a mark-to-market election by a U.S. Holder, if we are a
        PFIC in any taxable year during which a U.S. Holder owns ordinary shares, the U.S. Holder could be liable for additional taxes and interest charges under the &#8220;PFIC excess distribution regime&#8221; upon (1) a distribution paid during a taxable year that
        is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder&#8217;s holding period for the ordinary shares, and (2) any gain recognized on a sale, exchange or other disposition,
        including a pledge, of the ordinary shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S.
        Holder&#8217;s holding period for ordinary shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be
        taxed as ordinary income earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable
        year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If we are a PFIC for any year during which a U.S. Holder holds ordinary shares, we must generally continue to be treated as a PFIC by
        that holder for all succeeding years during which the U.S. Holder holds the ordinary shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a &#8220;deemed sale&#8221; election with respect to the ordinary shares. If the
        election is made, the U.S. Holder will be deemed to sell the ordinary shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed
        under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder&#8217;s ordinary shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If we are a PFIC for any taxable year during which a U.S. Holder holds ordinary shares and one of our non-U.S. corporate subsidiaries
        is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the
        lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Each U.S. Holder is advised to consult its tax advisors regarding
        the application of the PFIC rules to our non-U.S. subsidiaries.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In general, if we are determined to be a PFIC, a U.S. Holder may avoid application of the PFIC tax consequences described above in
        respect to our ordinary shares by making a timely QEF election (if eligible to do so) to include in income its pro rata share of our net capital gains (as long-term capital gain) and other earnings and profits (as ordinary income), on a current
        basis, in each case whether or not distributed, in the taxable year of the U.S. Holder in which or with which our taxable year ends. A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed income
        inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge. It should be noted that dividends paid by a PFIC would generally not qualify for the preferred capital gains rates discussed above. The QEF
        election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A U.S. Holder generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive
        Foreign Investment Company or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S. federal income tax return for the tax year to which the election relates. Retroactive QEF
        elections generally may be made only by filing a protective statement with such return and if certain other conditions are met or with the consent of the IRS. U.S. Holders should consult their own tax advisors regarding the availability and tax
        consequences of a retroactive QEF election under their particular circumstances.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">38</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In order to comply with the requirements of a QEF election, a U.S. Holder must receive a PFIC annual information statement from us. If
        we determine we are a PFIC for any taxable year, we will endeavor to provide to a U.S. Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF
        election. However, there is no assurance that we will have timely knowledge of our status as a PFIC in the future or of the required information to be provided.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">If a U.S. Holder has made a QEF election with respect to our Class A ordinary shares, and the special tax and interest charge rules do
        not apply to such shares (because of a timely QEF election for our first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) such shares), any gain recognized on the sale of our Class A ordinary shares generally will be
        taxable as capital gain and no interest charge will be imposed under the PFIC rules. As discussed above, U.S. Holders of a QEF are currently taxed on their pro rata shares of its earnings and profits, whether or not distributed. In such case, a
        subsequent distribution of such earnings and profits that were previously included in income generally should not be taxable as a dividend to such U.S. Holders. The tax basis of a U.S. Holder&#8217;s shares in a QEF will be increased by amounts that are
        included in income, and decreased by amounts distributed but not taxed as dividends, under the above rules.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Although a determination as to our PFIC status will be made annually, an initial determination that our company is a PFIC will
        generally apply for subsequent years to a U.S. Holder who held our ordinary shares while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent years. A U.S. Holder who makes the QEF election discussed above for our
        first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect to such shares. In addition, such U.S. Holder
        will not be subject to the QEF inclusion regime with respect to our ordinary shares for any taxable year of us that ends within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the QEF election is not
        effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds our ordinary shares, the PFIC rules discussed above will continue to apply to such ordinary shares unless the holder makes a &#8220;deemed sale&#8221; election under the
        PFIC rules. If the U.S. Holder makes such a deemed sale election, the U.S. Holder may thereafter make a QEF election. The deemed sale election creates a deemed sale of such ordinary shares at their fair market value. The gain recognized by the
        deemed sale election attributable to the pre-QEF election period will be subject to the special tax and interest charge rules treating the gain as an excess distribution under the general PFIC rules described above. As a result of the deemed sale
        election, the U.S. Holder will have a new basis and holding period in the ordinary shares for purposes of the PFIC rules. U.S. Holders are urged to consult their tax advisors as to the application of the rules governing purging elections to their
        particular circumstances.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Alternatively, if we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions
        or gain recognized on ordinary shares if such U.S. Holder makes a valid &#8220;mark-to-market&#8221; election for our ordinary shares. A mark-to-market election is available to a U.S. Holder only for &#8220;marketable stock.&#8221; Our ordinary shares will be marketable
        stock as long as they remain listed on The Nasdaq Capital Market and are regularly traded, other than in de minimis quantities, on at least 15 days during each calendar quarter. If a mark-to-market election is in effect, a U.S. Holder generally
        would take into account, as ordinary income for each taxable year of the U.S. holder, the excess of the fair market value of ordinary shares held at the end of such taxable year over the adjusted tax basis of such ordinary shares. The U.S. Holder
        would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such ordinary shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously
        included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder&#8217;s tax basis in ordinary shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any
        gain from a sale, exchange or other disposition of ordinary shares in any taxable year in which we are a PFIC would be treated as ordinary income and any loss from such sale, exchange or other disposition would be treated first as ordinary loss (to
        the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A mark-to-market election will not apply to ordinary shares for any taxable year during which we are not a PFIC, but will remain in
        effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any non-U.S. subsidiaries that we may organize or acquire in the future. Accordingly, a U.S. Holder may continue to be subject to tax
        under the PFIC excess distribution regime with respect to any lower-tier PFICs that we may organize or acquire in the future notwithstanding the U.S. Holder&#8217;s mark-to-market election for the ordinary shares.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Each U.S. person that is an investor of a PFIC is generally required to file an annual information return on IRS Form 8621 containing
        such information as the U.S. Treasury Department may require. The failure to file IRS Form 8621 could result in the imposition of penalties and the extension of the statute of limitations with respect to U.S. federal income tax.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged
        to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership and disposition of ordinary shares, the consequences to them of an investment in a PFIC, any elections available with respect to the ordinary
        shares and the IRS information reporting obligations with respect to the purchase, ownership and disposition of ordinary shares of a PFIC.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">39</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Distributions</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Subject to the discussion above under &#8220;&#8212;Passive Foreign Investment Company Consequences,&#8221; a U.S. Holder that receives a distribution
        with respect to ordinary shares generally will be required to include the gross amount of such distribution (before reduction for any Israeli withholding taxes withheld therefrom) in gross income as a dividend when actually or constructively
        received to the extent of the U.S. Holder&#8217;s pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend
        because it exceeds the U.S. Holder&#8217;s pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder&#8217;s ordinary
        shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder&#8217;s ordinary shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income
        tax principles, U.S. Holders should expect all distributions to be reported to them as dividends. Such dividends will not be eligible for the &#8220;dividends received&#8221; deduction generally allowed to corporate shareholders with respect to dividends
        received from U.S. corporations.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Dividends paid to non-corporate U.S. Holders by a &#8220;qualified foreign corporation&#8221; are eligible for taxation at a reduced capital gains rate rather than the
        marginal tax rates generally applicable to ordinary income provided that certain requirements are met. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under &#8220;&#8212;Passive
        Foreign Investment Company Consequences&#8221;), we will not be treated as a qualified foreign corporation, and therefore the reduced capital gains tax rate described above will not apply. Each U.S. Holder is advised to consult its tax advisors regarding
        the availability of the reduced tax rate on dividends with regard to its particular circumstances.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">A non-United States corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding
        taxable year) generally will be considered to be a qualified foreign corporation (a) if it is eligible for the benefits of a comprehensive tax treaty with the United States which the Secretary of Treasury of the United States determines is
        satisfactory for purposes of this provision and which includes an exchange of information provision, or (b) with respect to any dividend it pays on ordinary shares that are readily tradable on an established securities market in the United States.
        We believe that we qualify as a resident of Israel for purposes of, and are eligible for the benefits of, the Treaty, although there can be no assurance in this regard. Further, the IRS has determined that the Treaty is satisfactory for purposes of
        the qualified dividend rules and that it includes an exchange of information provision. Therefore, subject to the discussion above under &#8220;&#8212;Passive Foreign Investment Company Consequences,&#8221; if the Treaty is applicable, such dividends will generally
        be &#8220;qualified dividend income&#8221; in the hands of individual U.S. Holders, provided that certain conditions are met.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Distributions on ordinary shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit
        purposes and generally will constitute passive category income. Subject to applicable limitations, some of which vary depending upon a U.S. Holder&#8217;s particular circumstances, Israeli income taxes withheld from dividends on our ADSs at a rate not
        exceeding the rate provided by the Treaty (assuming such U.S. Holder is eligible for the benefits of the Treaty) will be creditable against the U.S. Holder&#8217;s U.S. federal income tax liability. The rules governing foreign tax credits are complex and
        U.S. Holders should consult their tax advisers regarding the creditability of foreign taxes in their particular circumstances. In lieu of claiming a foreign tax credit, U.S. Holders may, at their election, deduct foreign taxes, including any
        Israeli income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the
        taxable year.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Sale, Exchange or Other Disposition of Ordinary Shares</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Subject to the discussion above under &#8220;&#8212;Passive Foreign Investment Company Consequences,&#8221; a U.S. Holder generally will recognize capital gain or loss for
        U.S. federal income tax purposes upon the sale, exchange or other disposition of ordinary shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market value of any property
        received) on the sale, exchange or other disposition and such U.S. Holder&#8217;s adjusted tax basis in the ordinary shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or
        long-term capital loss if, on the date of sale, exchange or other disposition, the ordinary shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at
        ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of ordinary shares will generally be gain or loss from sources within the United States for U.S.
        foreign tax credit purposes.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">40</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Disposition of Foreign Currency</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">U.S. Holders are urged to consult their tax advisors regarding the tax consequences of receiving, converting or disposing of any non-U.S. currency received
        as dividends on ordinary shares or on the sale or retirement of ordinary shares.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Medicare Tax</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Certain U.S. Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a
        portion of their net investment income, which may include their gross dividend income and net gains from the disposition of ordinary shares. If you are a United States person that is an individual, estate or trust, you are encouraged to consult
        your tax advisors regarding the applicability of this tax to your income and gains in respect of your investment in ordinary shares.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Information Reporting and Backup Withholding</div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in ordinary shares, including,
        among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under &#8220;Passive Foreign Investment Company Consequences,&#8221; each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain
        information. U.S. Holders paying more than $100,000 for ordinary shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S.
        Holder that fails to comply with the required information reporting.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">Dividends on and proceeds from the sale or other disposition of ordinary shares may be reported to the IRS unless the U.S. Holder establishes a basis for
        exemption. Backup withholding (currently at a rate of 24%) may apply to amounts subject to reporting if the holder (1) fails to provide an accurate United States taxpayer identification number or otherwise establish a basis for exemption, or (2) is
        described in certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules. Backup withholding is not an additional tax. Any amounts
        withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder&#8217;s U.S. federal income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; color: rgb(0, 0, 0);">U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO IT OF AN
        INVESTMENT IN ORDINARY SHARES IN LIGHT OF THE INVESTOR&#8217;S OWN CIRCUMSTANCES.</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">41</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="UNDERWRITING"><!--Anchor--></a>UNDERWRITING</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We entered into an underwriting agreement with the underwriters named below on&#160; &#160; &#160; , 2023. Oppenheimer &amp; Co. Inc. is acting as the representative of
      the underwriters. The underwriting agreement provides for the purchase of a specific number of ADSs. The underwriters&#8217; obligations are several, which means that each underwriter is required to purchase a specified number of ADSs, but is not
      responsible for the commitment of any other underwriter to purchase ADSs. Subject to the terms and conditions of the underwriting agreement, each underwriter has severally agreed to purchase the number of ADSs set forth opposite its name below:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd269202c1ba9466081f3c23a6f714e72" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 88%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Underwriter</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 9.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Number of<br>
              Firm ADSs<br>
              to be Purchased</div>
          </td>
          <td style="width: 1%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Oppenheimer &amp; Co. Inc.</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 9.27%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 88%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Alliance Global Partners</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">&#160;</td>
          <td style="width: 9.27%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 88%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Aegis Capital Corporation</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 9.27%; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 88%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Total</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 9.27%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The underwriters have agreed to purchase all of the ADSs offered by this prospectus (other than those covered by the over-allotment option described
      below), if any are purchased.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The ADSs offered hereby are expected to be ready for delivery on or about&#160; &#160; &#160; , 2023 against payment in immediately available funds.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The underwriters are offering the ADSs subject to various conditions and may reject all or part of any order. The representative of the underwriters has
      advised us that the underwriters propose initially to offer the ADSs to the public at the public offering price set forth on the cover page of this prospectus and to dealers at a price less a concession not in excess of&#160; &#160; &#160;&#160; per ADS to brokers and
      dealers. After the ADSs are released for sale to the public, the representative may change the offering price, the concession, and other selling terms at various times.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The following table provides information regarding the amount of the discounts and commissions to be paid to the underwriters by us, before expenses:</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z76f976a1d60b45cd84b4c0f1be55ada7" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 66%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Per<br>
              ADS</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total Without<br>
              Exercise of<br>
              Underwriters&#8217;<br>
              Option</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total With Full<br>
              Exercise of<br>
              Underwriters&#8217;<br>
              Option</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Public offering price</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Underwriting discounts and commissions(1)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 66%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Proceeds, before expenses, to us</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td nowrap="nowrap" style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#8203;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;</font></div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(1) We have agreed to pay the underwriters a commission of 6.5% of the
        gross proceeds of this offering.</font></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We estimate that our total expenses of the offering, excluding the estimated underwriting discounts and commissions, will be approximately $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ,
      which includes the fees and expenses for which we have agreed to reimburse the underwriters, including fees and expenses of their counsel, up to a maximum aggregate amount of $100,000.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We have granted an option to the underwriters, exercisable for 30&#160;days after the date of this prospectus, to purchase up to&#160; &#160; &#160;&#160; additional ADSs at the
      public offering price, less underwriting discounts and commissions. If the underwriters exercise all or part of this option, they will purchase ADSs covered by the option at the public offering price that appears on the cover page of this prospectus,
      less applicable underwriting discounts and commissions. If this option is exercised in full, the total price to the public will be $&#160; &#160;&#160; , and the total proceeds to us, before expenses, will be $&#160; &#160;&#160; . If the underwriters exercise this option, each
      underwriter will be obligated, subject to the conditions contained in the underwriting agreement, to purchase a number of additional ADSs proportionate to that underwriter&#8217;s amount reflected in the above table.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">42</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We have agreed to a 60-day &#8220;lock-up,&#8221; and our officers and directors have agreed to a 90-day &#8220;lock-up,&#8221; with respect to our ordinary shares, ADSs and other
      of our securities that we or they beneficially own, including securities that are convertible into ordinary shares or ADSs and securities that are exchangeable for or exercisable into ordinary shares or ADSs. This means that, subject to certain
      exceptions, for a period of 60 or 90&#160;days, as applicable, following the date of this prospectus, we and such persons may not offer, sell, pledge or otherwise dispose of these securities without the prior written consent of Oppenheimer &amp; Co. Inc.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Rules of the SEC may limit the ability of the underwriters to bid for or purchase ADSs before the distribution of the ADSs is completed. However, the
      underwriters may engage in the following activities in accordance with the rules:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z777bddc25a3942abb14a61a02abfb13a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Stabilizing transactions&#8201;&#8212;&#8201;The representative may make bids or purchases for the purpose of pegging, fixing or maintaining the price of the ADSs, so long as stabilizing bids do not exceed a specified maximum.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z0aee685df89346de9039aa7b821a9afd" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Syndicate covering transactions&#8201;&#8212;&#8201;The underwriters may sell more ADSs in connection with this offering than the number of ADSs that they have committed to purchase. This over-allotment creates a short position
              for the underwriters. This short sales position may involve either &#8220;covered&#8221; short sales or &#8220;naked&#8221; short sales. Covered short sales are short sales made in an amount not greater than the underwriters&#8217; over-allotment option to purchase
              additional ADSs, if applicable. The underwriters may close out any covered short position either by exercising their over-allotment option, if applicable, or by purchasing ADSs in the open market. To determine how they will close the covered
              short position, the underwriters will consider, among other things, the price of ADSs available for purchase in the open market, as compared to the price at which they may purchase ADSs through the over-allotment option, if applicable. Naked
              short sales are short sales in excess of the over-allotment option, if applicable. The underwriters must close out any naked short position by purchasing ADSs in the open market. A naked short position is more likely to be created if the
              underwriters are concerned that, in the open market after pricing, there may be downward pressure on the price of the ADSs that could adversely affect investors who purchase ADSs in this offering.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z85070ac7983e421dba5fbb1f07bbfc2d" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Penalty bids&#8201;&#8212;&#8201;If the representative purchases ADSs in the open market in a stabilizing transaction or syndicate covering transaction, it may reclaim a selling concession from the underwriters and selling group
              members who sold those ADSs as part of this offering.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z6f4cbc41cc75480b855638ea4d4f8a57" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Passive market making&#8201;&#8212;&#8201;Market makers in the ADSs who are underwriters or prospective underwriters may make bids for or purchases of ADSs, subject to limitations, until the time, if ever, at which a stabilizing
              bid is made.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Similar to other purchase transactions, the underwriters&#8217; purchases to cover the syndicate short sales or to stabilize the market price of our ADSs may
      have the effect of raising or maintaining the market price of our ADSs or preventing or mitigating a decline in the market price of our ADSs. As a result, the price of the ADSs may be higher than the price that might otherwise exist in the open
      market. The imposition of a penalty bid might also have an effect on the price of the ADSs if it discourages resales of the ADSs.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the price of the
      ADSs. These transactions may occur on Nasdaq or otherwise. If such transactions are commenced, they may be discontinued without notice at any time.</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The underwriters and certain of their affiliates are full service financial institutions engaged in various activities, which may include securities
      trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Some of the underwriters and certain of their affiliates may in the future
      engage in investment banking and other commercial dealings in the ordinary course of business with us and our affiliates, for which they may in the future receive customary fees, commissions and expenses.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and
      actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve
      securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and
      may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">43</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Electronic Delivery of Prospectus</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">A prospectus in electronic format may be delivered to potential investors by one or more of the underwriters participating in this offering. The prospectus
      in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on any underwriter&#8217;s website and any information contained in any other website maintained by an
      underwriter is not part of this prospectus or the registration statement of which this prospectus forms a part.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Notice to Non-U.S. Investors</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Belgium</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The offering is exclusively conducted under applicable private placement exemptions and therefore it has not been and will not be notified to, and this
      document or any other offering material relating to the securities has not been and will not be approved by, the Belgian Banking, Finance and Insurance Commission (&#8220;Commission bancaire, financi&#232;re et des assurances/Commissie voor het Bank, Financie
      en Assurantiewezen&#8221;). Any representation to the contrary is unlawful.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The underwriter has undertaken not to offer sell, resell, transfer or deliver directly or indirectly, any securities, or to take any steps
      relating/ancillary thereto, and not to distribute or publish this document or any other material relating to the securities or to the offering in a manner which would be construed as: (a)&#160;a public offering under the Belgian Royal Decree of 7
      July&#160;1999 on the public character of financial transactions; or (b)&#160;an offering of securities to the public under Directive 2003/71/EC which triggers an obligation to publish a prospectus in Belgium. Any action contrary to these restrictions will
      cause the recipient and the company to be in violation of the Belgian securities laws.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Canada</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">This document constitutes an &#8220;exempt offering document&#8221; as defined in and for the purposes of applicable Canadian securities laws. No prospectus has been
      filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the securities described herein (the &#8220;Securities&#8221;). No securities commission or similar regulatory authority in Canada has
      reviewed or in any way passed upon this document or on the merits of the Securities and any representation to the contrary is an offence.</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Canadian investors are advised that this document has been prepared in reliance on section 3A.3 of National Instrument 33-105 Underwriting Conflicts (&#8220;NI
      33-105&#8221;). Pursuant to section 3A.3 of NI 33-105, this document is exempt from the requirement to provide investors with certain conflicts of interest disclosure pertaining to &#8220;connected issuer&#8221; and/or &#8220;related issuer&#8221; relationships as would otherwise
      be required pursuant to subsection 2.1(1) of NI 33-105.</div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Resale Restrictions</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The offer and sale of the securities in Canada is being made on a private placement basis only and is exempt from the requirement to prepare and file a
      prospectus under applicable Canadian securities laws. Any resale of Securities acquired by a Canadian investor in this offering must be made in accordance with applicable Canadian securities laws, which may vary depending on the relevant
      jurisdiction, and which may require resales to be made in accordance with Canadian prospectus requirements, a statutory exemption from the prospectus requirements, in a transaction exempt from the prospectus requirements or otherwise under a
      discretionary exemption from the prospectus requirements granted by the applicable local Canadian securities regulatory authority. These resale restrictions may under certain circumstances apply to resales of the Securities outside of Canada.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Representations of Purchasers</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Each Canadian investor who purchases the Securities will be deemed to have represented to the issuer and to each dealer from whom a purchase confirmation
      is received, as applicable, that the investor (i)&#160;is purchasing as principal, or is deemed to be purchasing as principal in accordance with applicable Canadian securities laws, for investment only and not with a view to resale or redistribution;
      (ii)&#160;is an &#8220;accredited investor&#8221; as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions (&#8220;NI 45-106&#8221;) or, in Ontario, as such term is defined in section 73.3(1) of the Securities Act (Ontario); and (iii)&#160;is a
      &#8220;permitted client&#8221; as such term is defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">44</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Taxation and Eligibility for Investment</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Any discussion of taxation and related matters contained in this document does not purport to be a comprehensive description of all of the tax
      considerations that may be relevant to a Canadian investor when deciding to purchase the Securities and, in particular, does not address any Canadian tax considerations. No representation or warranty is hereby made as to the tax consequences to a
      resident, or deemed resident, of Canada of an investment in the Securities or with respect to the eligibility of the Securities for investment by such investor under relevant Canadian federal and provincial legislation and regulations.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Rights of Action for Damages or Rescission</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Securities legislation in certain of the Canadian jurisdictions provides certain purchasers of securities pursuant to an offering memorandum, including
      where the distribution involves an &#8220;eligible foreign security&#8221; as such term is defined in Ontario Securities Commission Rule&#160;45-501&#160;<font style="font-style: italic;">Ontario Prospectus and Registration Exemptions</font>&#160;and in Multilateral Instrument
      45-107&#160;<font style="font-style: italic;">Listing Representation and Statutory Rights of Action Disclosure Exemptions</font>, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where
      the offering memorandum, or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a &#8220;misrepresentation&#8221; as defined under applicable Canadian securities laws. These remedies, or notice with respect to
      these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed under, and are subject to limitations and defenses under, applicable Canadian securities legislation. In addition, these remedies
      are in addition to and without derogation from any other right or remedy available at law to the investor.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic;">Language of Documents</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Upon receipt of this document, each Canadian investor hereby confirms that it has expressly requested that all documents evidencing or relating in any way
      to the sale of the securities described herein (including for greater certainty any purchase confirmation or any notice) be drawn up in the English language only.&#160;<font style="font-style: italic;">Par la r&#233;ception de ce document, chaque</font>&#160;investisseur&#160;<font style="font-style: italic;">canadien confirme par les pr&#233;sentes qu&#8217;il a express&#233;ment exig&#233; que tous les documents faisant foi ou se rapportant de quelque mani&#232;re que ce soit &#224; la vente des valeurs mobili&#232;res d&#233;crites aux pr&#233;sentes (incluant, pour
        plus de certitude, toute confirmation d&#8217;achat ou tout avis) soient r&#233;dig&#233;s en anglais seulement.</font></div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">France</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Neither this prospectus nor any other offering material relating to the securities has been submitted to the clearance procedures of the Autorit&#233; des
      march&#233;s financiers in France. The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material relating to the securities has been
      or will be: (a)&#160;released, issued, distributed or caused to be released, issued or distributed to the public in France; or (b)&#160;used in connection with any offer for subscription or sale of the securities to the public in France. Such offers, sales and
      distributions will be made in France only: (i)&#160;to qualified investors (investisseurs qualifi&#233;s) and/or to a restricted circle of investors (cercle restreint d&#8217;investisseurs), in each case investing for their own account, all as defined in and in
      accordance with Articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code mon&#233;taire et financier; (ii)&#160;to investment services providers authorised to engage in portfolio management on behalf of third parties; or
      (iii)&#160;in a transaction that, in accordance with article L.411-2-II-1&#176; -or-2&#176; -or 3&#176; of the French Code mon&#233;taire et financier and article 211-2 of the General Regulations (R&#232;glement G&#233;n&#233;ral) of the Autorit&#233; des march&#233;s financiers, does not constitute
      a public offer (appel public &#224; l&#8217;&#233;pargne). Such ADSs may be resold only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French Code mon&#233;taire et financier.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Israel</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The securities offered hereunder may not be offered or sold to the public in Israel absent the publication of a prospectus that has been approved by the
      Israel Securities Authority (the &#8220;ISA&#8221;). This document does not constitute a prospectus under the Israeli Securities Law, 5728-1968 (the &#8220;Israeli Securities Law&#8221;), and has not been filed with or approved by the ISA and the securities offered
      hereunder have not been registered for sale in Israel. In Israel, this document is being distributed only to, and is directed only at, and any offer of the securities hereunder is directed only at, (i) a limited number of persons in accordance with
      the Israeli Securities Law and (ii) investors listed in the first addendum to the Israeli Securities Law (the &#8220;Addendum&#8221;), consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers,
      investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and &#8220;qualified individuals,&#8221; each as defined in the Addendum (as it may be amended from time to time),
      collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to
      submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">45</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Italy</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The offering of the securities offered hereby in Italy has not been registered with the Commissione Nazionale per la Societ&#224; e la Borsa (&#8220;CONSOB&#8221;) pursuant
      to Italian securities legislation and, accordingly, the securities offered hereby cannot be offered, sold or delivered in the Republic of Italy (&#8220;Italy&#8221;) nor may any copy of this prospectus or any other document relating to the ADSs offered hereby be
      distributed in Italy other than to professional investors (operatori qualificati) as defined in Article&#160;31, second paragraph, of CONSOB Regulation&#160;No. 11522 of 1 July, 1998 as subsequently amended. Any offer, sale or delivery of the securities
      offered hereby or distribution of copies of this prospectus or any other document relating to the securities offered hereby in Italy must be made:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z54522a803ffd404aab85eabacd630945" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">by an investment firm, bank or intermediary permitted to conduct such activities in Italy in accordance with Legislative Decree No. 58 of 24 February&#160;1998 and Legislative Decree No. 385 of 1 September&#160;1993 (the
              &#8220;Banking Act&#8221;);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z99b3d0a664344a519e0f39096b3d1066" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">in compliance with Article&#160;129 of the Banking Act and the implementing guidelines of the Bank of Italy; and</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z349c2d0eb5c846d492eee609dbc35d31" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">in compliance with any other applicable laws and regulations and other possible requirements or limitations which may be imposed by Italian authorities.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Sweden</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">This prospectus has not been nor will it be registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly,
      this prospectus may not be made available, nor may the securities offered hereunder be marketed and offered for sale in Sweden, other than under circumstances which are deemed not to require a prospectus under the Financial Instruments Trading Act
      (1991: 980).</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Switzerland</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">The securities offered pursuant to this prospectus will not be offered, directly or indirectly, to the public in Switzerland and this prospectus does not
      constitute a public offering prospectus as that term is understood pursuant to art. 652a or art. 1156 of the Swiss Federal Code of Obligations. The company has not applied for a listing of the securities being offered pursuant to this prospectus on
      the SWX Swiss Exchange or on any other regulated securities market, and consequently, the information presented in this prospectus does not necessarily comply with the information standards set out in the relevant listing rules. The securities being
      offered pursuant to this prospectus have not been registered with the Swiss Federal Banking Commission as foreign investment funds, and the investor protection afforded to acquirers of investment fund certificates does not extend to acquirers of
      securities.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Investors are advised to contact their legal, financial or tax advisers to obtain an independent assessment of the financial and tax consequences of an
      investment in securities.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">United Kingdom/Germany/Norway/The Netherlands</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a &#8220;Relevant Member State&#8221;) an offer to
      the public of any ADSs which are the subject of the offering contemplated by this prospectus may not be made in that Relevant Member State other than the offers contemplated in this prospectus in name(s) of Member State(s) where prospectus will be
      approved or passported for the purposes of a non-exempt offer once this prospectus has been approved by the competent authority in such Member State and published and passported in accordance with the Prospectus Directive as implemented in name(s) of
      relevant Member State(s) except that an offer to the public in that Relevant Member State of any ADSs may be made at any time under the following exemptions under the Prospectus Directive, if they have been implemented in that Relevant Member State:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zd6f16e10e26d4ed6b04d7e73ec606b91" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">to legal entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">to any legal entity which has two or more of (1)&#160;an average of at least 250 employees during the last financial year; (2)&#160;a total balance sheet of more than &#8364;43,000,000 and (3)&#160;an annual net turnover of more
              than &#8364;50,000,000, as shown in its last annual or consolidated accounts;</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z3354b17fa9894e668d2cc5b3ef4f2f86" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(c)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">by the representative to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive); or</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4e331ce4b3654079bde9c7326cee0066" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(d)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">in any other circumstances falling within Article&#160;3(2) of the Prospectus Directive, provided that no such offer of ADSs shall result in a requirement for the publication by the company or any underwriter of a
              prospectus pursuant to Article&#160;3 of the Prospectus Directive.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">For the purposes of this provision, the expression an &#8220;offer to the public&#8221; in relation to any ADSs in any Relevant Member State means the communication in
      any form and by any means of sufficient information on the terms of the offer and any ADSs to be offered so as to enable an investor to decide to purchase any ADSs, as the same may be varied in that Member State by any measure implementing the
      Prospectus Directive in that Member State and the expression &#8220;Prospectus Directive&#8221; means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
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    <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Each underwriter has represented, warranted and agreed that:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
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        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the
              Financial Services and Markets Act 2000 (the FSMA)) received by it in connection with the issue or sale of any ADSs in circumstances in which section 21(1) of the FSMA does not apply to the company; and</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="zd30356e23fca4368b41e291edb68f60a" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(b)</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">it has complied with and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the ADSs in, from or otherwise involving the United Kingdom.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">46</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="LEGALMATTERS"><!--Anchor--></a>LEGAL MATTERS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: rgb(0, 0, 0);">Certain legal matters as to United States law in connection with this offering will be passed upon for us by
        Wilson Sonsini Goodrich&#160;&amp; Rosati, P.C., Boulder, Colorado.&#160;</font>The validity of the securities and other matters of Israeli law will be passed upon for us by Meitar | Law Offices, Ramat Gan, Israel. Certain matters of Israeli law will be
      passed upon for the underwriters by Gornitzky &amp; Co., Tel Aviv, Israel. Certain matters of U.S. federal law will be passed upon for the underwriters by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., New York, New York.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="EXPERTS"><!--Anchor--></a>EXPERTS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The consolidated financial statements of Chemomab Therapeutics Ltd. as of December 31, 2021 and 2020, and for each of the years in the
      two-year period ended December 31, 2021, have been incorporated by reference herein in reliance upon the report of Somekh Chaikin, member firm of KPMG International, independent registered public accounting firm incorporated by reference herein, and
      upon the authority of said firm as experts in accounting and auditing.</div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">47</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="ENFORCEMENTOFCIVILLIABILI"><!--Anchor--></a>ENFORCEMENT OF CIVIL LIABILITIES</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Chemomab <font style="color: rgb(0, 0, 0);">is incorporated under the laws of the State of Israel. Not all of our directors or
          officers are residents of the United States. Most of our assets and those of our&#160;non-U.S.&#160;directors and officers are located outside the United States. Service of process upon us and upon our&#160;non-U.S.&#160;resident directors and officers and the
          Israeli experts named in this prospectus may be difficult to obtain within the United States.</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">We have irrevocably appointed </font><font style="font-family: 'Times New Roman',Times,serif;">Chemomab Therapeutics<font style="color: rgb(0, 0, 0);">, Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court arising out of this offering
            or any purchase or sale of securities in connection with this offering. The address of our agent is One Kendall Square, Building 1400E, Suite 14-105, Cambridge, MA 02139.</font></font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">We have been informed by our legal counsel in Israel, Meitar | Law Offices, that it may be difficult to assert
        claims under U.S. securities laws in original actions instituted in Israel or obtain a judgment based on the civil liability provisions of U.S. federal securities laws. Israeli courts may refuse to hear a claim based on an alleged violation of U.S.
        securities laws against us or our&#160;non-U.S.&#160;officers or directors reasoning that Israeli court is not the most appropriate forum to hear such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law
        and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact by expert witnesses which can be a time-consuming and costly process. Certain matters of procedure may
        also be governed by Israeli law. There is little binding case law in Israel addressing the matters described above. Israeli courts might not enforce judgments rendered outside Israel, which may make it difficult to collect on judgments rendered
        against us or our&#160;non-U.S.&#160;officers and directors.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Subject to specified time limitations, legal procedures and certain exceptions, Israeli courts may enforce a
        U.S. judgment in a civil matter which is&#160;non-appealable,&#160;including judgements based on the civil liability provisions of the Securities Act and the Exchange Act and including a monetary or compensatory judgment in a&#160;non-civil&#160;matter, provided that,
        among other things:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
      <div style="line-height: 1.25;">
        <table cellspacing="0" cellpadding="0" border="0" id="z4233ed471b174ca9ba675df6ead5bcb1" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

            <tr>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="text-align: center;">&#8226;</div>
              </td>
              <td style="width: 94%;">
                <div>
                  <div style="text-align: justify; line-height: 1.25;">the judgment was rendered by a court which was, according to the laws of the state of the court, competent to render the judgment;</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 94%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="text-align: center;">&#8226;</div>
              </td>
              <td style="width: 94%;">
                <div>
                  <div style="text-align: justify; line-height: 1.25;">the obligation imposed by the judgment is enforceable according to the rules relating to the enforceability of judgments in Israel and the substance of the judgment is not contrary to
                    public policy; and</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="text-align: center;">&#160;</div>
              </td>
              <td style="width: 94%;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 3%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%;">
                <div style="text-align: center;">&#8226;</div>
              </td>
              <td style="width: 94%;">
                <div>
                  <div style="text-align: justify; line-height: 1.25;">the judgment is executory in the state in which it was given.</div>
                </div>
              </td>
            </tr>

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        <br>
        <div style="text-align: justify; text-indent: 24.5pt; line-height: 1.25; color: rgb(0, 0, 0);">Even if these conditions are met, an Israeli court may not declare a foreign civil judgment enforceable if:</div>
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      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
        <div style="line-height: 1.25; color: rgb(0, 0, 0);">
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; color: rgb(0, 0, 0); width: 100%;">

              <tr>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div style="text-align: center;">&#8226;</div>
                </td>
                <td style="width: 94%;">
                  <div>
                    <div style="text-align: justify; line-height: 1.25;">the judgment was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases);</div>
                  </div>
                </td>
              </tr>
              <tr>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div style="text-align: center;">&#160;</div>
                </td>
                <td style="width: 94%;">
                  <div>&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="width: 3%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 3%;">
                  <div style="text-align: center;">&#8226;</div>
                </td>
                <td style="width: 94%;">
                  <div>
                    <div style="text-align: justify; line-height: 1.25;">the enforcement of the judgment is likely to prejudice the sovereignty or security of the State of Israel;</div>
                  </div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 94%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#8226;</td>
                <td rowspan="1" style="width: 94%;">
                  <div style="text-align: justify; line-height: 1.25;">the judgment was obtained by fraud;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 94%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#8226;</td>
                <td rowspan="1" style="width: 94%;">
                  <div style="text-align: justify; line-height: 1.25;">the opportunity given to the defendant to bring its arguments and evidence before the court was not reasonable in the opinion of the Israeli court;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 94%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#8226;</td>
                <td rowspan="1" style="width: 94%;">
                  <div style="text-align: justify; line-height: 1.25;">the judgment was rendered by a court not competent to render it according to the laws of private international law as they apply in Israel;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 94%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#8226;</td>
                <td rowspan="1" style="width: 94%;">
                  <div style="text-align: justify; line-height: 1.25;">the judgment is contradictory to another judgment that was given in the same matter between the same parties and that is still valid; or</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#160;</td>
                <td rowspan="1" style="width: 94%;">&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 3%;">&#160;</td>
                <td rowspan="1" style="width: 3%; text-align: center;">&#8226;</td>
                <td rowspan="1" style="width: 94%;">
                  <div style="text-align: justify; line-height: 1.25;">at the time the action was brought in the foreign court, a lawsuit in the same matter and between the same parties was pending before a court or tribunal in Israel.</div>
                </td>
              </tr>

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        </div>
        <div style="line-height: 1.25; color: rgb(0, 0, 0);">
          <div style="line-height: 1.25;">
            <div style="text-indent: 24.5pt; line-height: 1.25; color: rgb(0, 0, 0);">&#160;
              <div style="text-indent: 24.5pt; line-height: 1.25; color: rgb(0, 0, 0);">If a foreign judgment is enforced by an Israeli court, it generally will be payable in Israeli currency, which can then be converted into&#160;non-Israeli&#160;currency and
                transferred out of Israel. The usual practice in an action before an Israeli court to recover an amount in a&#160;non-Israeli&#160;currency is for the Israeli court to issue a judgment for the equivalent amount in Israeli currency at the rate of
                exchange in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending collection, the amount of the judgment of an Israeli court stated in Israeli currency ordinarily will be linked to the
                Israeli consumer price index plus interest at the annual statutory rate set by Israeli regulators prevailing at the time. Judgment creditors must bear the risk of unfavorable exchange rates.</div>
            </div>
          </div>
        </div>
      </div>
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);"> <br>
      </div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">48</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="WHEREYOUCANFINDMOREINFORM"><!--Anchor--></a>WHERE YOU CAN FIND MORE INFORMATION</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We are subject to the informational requirements of the Exchange Act and in accordance therewith file annual, quarterly and current
      reports, proxy statements and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the
      SEC&#8217;s website is www.sec.gov.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">We make available free of charge on or through our website at www.chemomab.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current
      reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with or otherwise furnish it to the SEC.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the
      registration statement or the exhibits and schedules filed therewith or the documents incorporated by reference herein. For further information about us and the ADSs offered hereby, we refer you to the registration statement and the exhibits and
      schedules filed thereto and to the documents incorporated by reference herein. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement or to a
      document incorporated by reference herein are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement or a
      document incorporated by reference herein. You can obtain a copy of the registration statement, at prescribed rates, from the SEC at the address listed above, or for free at www.sec.gov. The registration statement and the documents referred to below
      under &#8220;Incorporation by Reference&#8221; are also available on our website, www.chemomab.com.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The information contained on, or accessible through, our website does not form a part of this prospectus and is not incorporated by
      reference herein or therein.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="INCORPORATIONBYREFERENCE"><!--Anchor--></a>INCORPORATION BY REFERENCE</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The SEC&#8217;s rules allow us to &#8220;incorporate by reference&#8221; information into this prospectus, which means that we can disclose important
      information to you by referring you to another document filed separately with the SEC. The information incorporated by reference is deemed to be part of this prospectus, and subsequent information that we file with the SEC will automatically update
      and supersede that information. Any statement contained in this prospectus or a previously filed document incorporated by reference will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained
      in this prospectus or a subsequently filed document incorporated by reference modifies or replaces that statement.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">This prospectus incorporates by reference the documents set forth below that have previously been filed with the SEC:</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za79c92c617474ba8a1ce1053736d5dde" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
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          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">The Registrant&#8217;s Annual Report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1534248/000117891322001304/zk2227534.htm">Form 10-K</a> for the fiscal year
              ended December 31, 2021, filed with the SEC on March 30, 2022 (the &#8220;Annual Report&#8221;);</div>
          </td>
        </tr>

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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z25f8e299c1c44d2d857d4279d4f813a4" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td style="width: 3%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">The Company&#8217;s Quarterly Reports on Form 10-Q for the quarter ended <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322001919/0001178913-22-001919-index.htm"> March 31, 2022</a>, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322001919/0001178913-22-001919-index.htm">May 12, 2022</a>, for the quarter ended <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891321002696/0001178913-21-002696-index.htm">June 30, 2022</a>, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891321002696/0001178913-21-002696-index.htm">August 12, 2022</a>, and for the quarter ended <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322003931/0001178913-22-003931-index.htm">September 30, 2022</a>, filed with the SEC on <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322003931/0001178913-22-003931-index.htm">November 10, 2022</a>;</div>
          </td>
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    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">The Company&#8217;s Current Reports on Form 8-K, as filed with the SEC on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1534248/000117891322000575/form8k.htm">February
















                11, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322001896/0001178913-22-001896-index.htm">May 12, 2022</a> (excluding information furnished pursuant to Item 2.02), <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1534248/000117891322002261/form8k.htm">June 1, 2022</a>, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1534248/000117891322002314/form8k.htm"> June 8, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322002410/0001178913-22-002410-index.htm">June 21, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322003072/0001178913-22-003072-index.htm">August
                12, 2022</a> (excluding information furnished pursuant to Item 2.02), <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322004019/0001178913-22-004019-index.htm">November 14, 2022</a>, <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1534248/000117891322004061/zk2228768.htm">November 16, 2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322004189/0001178913-22-004189-index.htm">November 29,
                2022</a>, <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891323000010/0001178913-23-000010-index.htm">January 3, 2023</a> and <a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891323000147/0001178913-23-000147-index.htm">January 11, 2023</a>;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z22eab6fddaed469396fbf86229a603e9" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: middle;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">The description of our share capital, which is set forth in exhibit 4.1 of our Annual Report, and as may be further updated or amended in any amendment or report filed
              for such purpose; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: middle;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">All other reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), since the end of the fiscal year
              covered by the Annual Report.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">All filings filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act of 1934 after the date of the initial filing
      of the registration statement of which this prospectus forms a part and prior to the termination of the offering (excluding information furnished pursuant to Items 2.02 and 7.01 of Form 8-K) shall also be deemed to be incorporated by reference into
      this prospectus.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">You should rely only on the information incorporated by reference or provided in this prospectus. We have not authorized anyone else to
      provide you with different information. Any statement contained in a document incorporated by reference into this prospectus will be deemed to be modified or superseded for the purposes of this prospectus to the extent that a later statement
      contained in this prospectus or in any other document incorporated by reference into this prospectus modifies or supersedes the earlier statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to
      constitute a part of this prospectus. You should not assume that the information in this prospectus is accurate as of any date other than the date of this prospectus or the date of the documents incorporated by reference in this prospectus.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0);">We will provide without charge to each person to whom a copy of
        this prospectus is delivered, upon written or oral request, a copy of any or all of the reports or documents that have been incorporated by reference in this prospectus but not delivered with this prospectus (other than an exhibit to these filings,
        unless we have specifically incorporated that exhibit by reference in this prospectus). Any such request should be addressed to us at: Kiryat Atidim, Building 7, Tel Aviv 6158002, Israel, Attention: Donald Marvin, Chief Financial Officer, or made
        by phone at +972-77-331-0156. You may also access the documents incorporated by reference in this prospectus through our website at www.chemomab.com. Except for the specific incorporated documents listed above, no information available on or
        through our website shall be deemed to be incorporated in this prospectus or the registration statement of which it forms a part</font><font style="font-family: 'Times New Roman',Times,serif;">. You may also access any of the documents incorporated
        by reference in this prospectus by visiting <font style="font-style: italic;">www.chemomab.com</font>, or our investor relations website is <font style="font-style: italic;">www.investors.chemomab.com</font>. The information on either of these
        websites, however, is not, and should not be deemed to be, a part of this prospectus.</font></div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">49</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><img width="260" height="73" src="image2.jpg"></div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">American Depositary Shares</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Representing&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; Ordinary Shares</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROSPECTUS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Sole Book-Running Manager</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 16pt;">Oppenheimer &amp; Co.</div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: italic; font-weight: bold;">Co-Managers</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z04c12edeceed486ea1b3cc2e475e9bbb" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">
              <div style="line-height: 1.25; font-weight: bold;">
                <div style="line-height: 1.25;">A.G.P./Alliance Global Partners</div>
              </div>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Aegis Capital Corp.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <br>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">, 2023</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Through and including &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 2023 (the 25th day after the date of this prospectus), all dealers
      effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer&#8217;s obligation to deliver a prospectus when acting as an underwriter and with respect to
      an unsold allotment or subscription.</div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PART II</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">INFORMATION NOT REQUIRED IN PROSPECTUS</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Item 13. Other Expenses of Issuance and Distribution.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following table sets forth the fees and expenses in connection with the issuance and distribution of the securities being registered
      (excluding the underwriting discount). Except for the Securities and Exchange Commission registration fee and the FINRA filing fee, all amounts are estimates.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zc4a43b7461ac433fafabf2b2a69ce08b" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 90.73%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td rowspan="1" colspan="2" style="width: 2%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Amount Paid<br>
              or to be Paid</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">SEC registration fee</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">2,535</div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">FINRA filing fee</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top;">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">2,500</div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Legal fees and expenses</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Accounting fees and expenses</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top;">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Printing expenses</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top;">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Transfer agent fees and expenses</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top;">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Miscellaneous</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: bottom;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 8.69%; vertical-align: top; text-align: right;">&#160;</td>
          <td style="width: 0.58%; vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 90.73%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">Total</div>
          </td>
          <td nowrap="nowrap" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">$</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); text-align: right;">* </div>
          </td>
          <td nowrap="nowrap" style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">*To be filed by amendment</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 14. Indemnification of Directors and Officers.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under the Israeli Companies Law, 5759-1999, or the Companies Law, a company may not exculpate an office holder
        from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability, in whole or in part, for damages caused as a result of a breach of duty of care but only if a provision authorizing
        such exculpation is included in its articles of association. Our amended and restated articles of association contain such a provision.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">An Israeli company may indemnify an office holder in respect of certain liabilities either in advance of an
        event or following an event provided that a provision authorizing such indemnification is inserted in its articles of association. Our amended and restated articles of association contain such a provision. An undertaking provided in advance by an
        Israeli company to indemnify an office holder with respect to a financial liability imposed on him or her in favor of another person pursuant to a judgment, settlement or arbitrator&#8217;s award approved by a court must be limited to events which in the
        opinion of the Board of Directors can be foreseen based on the company&#8217;s activities when the undertaking to indemnify is given, and to an amount or a criteria determined by the Board of Directors as reasonable under the circumstances, and such
        undertaking must detail the abovementioned events and amount or criteria.</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0);">In addition, a company may indemnify an office holder against the following liabilities incurred for acts performed as an office holder:</div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb64b6c33df3444f48fde9cce308d2a50" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#8226;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">reasonable litigation expenses, including attorneys&#8217; fees, incurred by the office holder as a result of an investigation or proceeding instituted against him or her by an
              authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability, such as a criminal
              penalty (as defined in the Companies Law), was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an
              offense that does not require proof of criminal intent or in connection with a monetary sanction;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">reasonable litigation expenses, including attorneys&#8217; fees, incurred by the office holder or imposed by a court (i) in proceedings instituted against him or her by the
              company, on its behalf or by a third party, or (ii) in connection with criminal proceedings in which the office holder was acquitted, or (iii) as a result of a conviction for a crime that does not require proof of criminal intent;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">a financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator&#8217;s award approved by a court. However, if an undertaking to
              indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company&#8217;s activities when the
              undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events and amount or criteria; and</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 3%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">expenses, including reasonable litigation expenses and legal fees, incurred by an office holder in relation to an administrative proceeding instituted against such office
              holder, or certain compensation payments made to an injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">II - 1</font></div>
        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">An Israeli company may insure a director or officer against the following liabilities incurred for acts
        performed as a director or officer:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z8a781e83fe514e6eafa82923d6f43258" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">a breach of duty of care to the company or to a third party, including a breach arising out of the negligent conduct of an office holder;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">a breach of duty of loyalty to the company, provided the director or officer acted in good faith and had a reasonable basis to believe that the act would not prejudice
              the interests of the company;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">financial liabilities imposed on the office holder for the benefit of a third party;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">financial liabilities imposed in an administrative proceeding on the office holder in favor of a third party harmed by a breach, pursuant to certain provisions of the
              Israeli Securities Law; and</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 94%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">expenses, including reasonable litigation expenses and legal fees, incurred by the office holder as a result of an administrative proceeding instituted against him or
              her, pursuant to certain provisions of the Israeli Securities Law.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">An Israeli company may not, however, indemnify or insure an office holder against any of the following:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z23a8804e0ec045d3b7a8ae6996410121" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">a breach of duty of loyalty, except to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the
              company;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">an act or omission committed with intent to derive unlawful personal benefit; or</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 3%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 3%; vertical-align: top;">&#8226;</td>
          <td style="width: 94%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">a fine, monetary sanction, penalty or forfeit levied against the office holder.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: justify; text-indent: 28.35pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Under the Companies Law, exculpation, indemnification and insurance of office holders must be approved by our
        compensation committee, our Board of Directors and, in certain circumstances, by our shareholders. We have obtained directors&#8217; and officers&#8217; liability insurance for the benefit of our office holders and intend to continue to maintain such coverage
        and pay all premiums thereunder to the fullest extent permitted by the Companies Law. In addition, we have entered into indemnification agreements with each of our directors providing them with indemnification for liabilities or expenses incurred
        as a result of acts performed by them in their capacity as our, or our subsidiaries&#8217;, directors and officers. This indemnification is limited both in terms of amount and coverage and it covers certain amounts regarding administrative proceedings
        insurable or indemnifiable under the Companies Law and our amended and restated articles of association. In the opinion of the U.S. Securities and Exchange Commission, however, indemnification of directors and office holders for liabilities arising
        under the U.S.&#160;Securities Act of 1933, as amended, or the&#160;Securities Act, is against public policy and therefore unenforceable.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 15. Recent Sales of Unregistered Securities</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The following is a summary of transactions during the preceding three fiscal years involving sales of our securities that were not
      registered under the Securities Act:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="text-indent: 36pt; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;">In connection with the Merger, on March 15, 2021, the Company entered into Securities Purchase Agreements with certain purchasers, pursuant to
        which the Company agreed to sell approximately USD $45.5 million of its ADSs in a private placement transaction (&#8220;The Private Placement&#8221;). The Private Placement closed on March 22, 2021, at which time the Company sold to the purchasers 2,619,270
        ADSs together with warrants to purchase up to 261,929 ADSs at an exercise price of USD $17.35088 per ADS. The warrants will expire five years from the date of issuance, and if exercised in full, will provide to the Company proceeds of approximately
        USD $4.5 million.</div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">II - 2</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 16. Exhibits and Financial Statement Schedules.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(a) Exhibits</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zbc1b7b5b75514b399c1d3fa5b32b6d1f" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 10.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; font-weight: bold;">Exhibit No.</div>
          </td>
          <td style="width: 1.17%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="line-height: 1.25; font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;">1.1**</div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">Form of Underwriting Agreement</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921037294/tm219877d1_ex3-1.htm">3.1</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921037294/tm219877d1_ex3-1.htm">Amended and Restated Articles of Association (incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s current
                report on Form 8-K filed with the SEC on March 17, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_4-1.htm">4.1*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_4-1.htm">Form of Deposit Agreement between Chemomab Therapeutics Ltd. (f/k/a Anchiano
                Therapeutics Ltd.), the Bank of New York Mellon as Depositary, and owners and holders from time to time of ADSs issued by the Company, dated February 14, 2019</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">5.1**</div>
          </td>
          <td style="width: 1.17%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">Opinion of Meitar | Law Offices, Israeli counsel to the registrant</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;">5.2**</div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;">Opinion of Wilson Sonsini Goodrich&#160;&amp; Rosati, P.C., U.S. counsel to the registrant</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921019580/tm211883-4_s4a.htm#tANF">10.1+</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921019580/tm211883-4_s4a.htm#tANF">Form of Indemnification Agreement (incorporated by reference to Exhibit 10.7 of the
                Company&#8217;s Amendment No. 1 to its Registration Statement on Form S-4 filed with the Securities and Exchange Commission on February 10, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322001304/exhibit_10-2.htm">10.2+</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000117891322001304/exhibit_10-2.htm">Compensation Policy for Officers and Directors (incorporated by reference to Exhibit 10.2 to the Registrant&#8217;s annual
                report on Form 10-K filed with the SEC on March 30, 2022)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000114420419000925/tv507924_ex10-6.htm">10.3+</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000114420419000925/tv507924_ex10-6.htm">2011 Incentive Plan for Employees, Officers and Consultants (previously filed as Exhibit 10.6
                of our Registration Statement on Form F-1 (File No. 333-229155) as filed with the SEC on January 7, 2019 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000114420419000925/tv507924_ex10-8.htm">10.4+</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000114420419000925/tv507924_ex10-8.htm">2017 Equity-Based Incentive Plan (previously filed as Exhibit 10.8 of our Registration
                Statement on Form F-1 (File No. 333-229155) as filed with the SEC on January 7, 2019 and incorporated by reference herein)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-4.htm">10.5+</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-4.htm">Chemomab Ltd. 2015 Share Incentive Plan (incorporated by reference to Exhibit 10.4 to the
                Registrant&#8217;s registration statement on Form S-4 (SEC file number 333- 252070), filed with the SEC on January 13, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-8.htm">10.6&#8734;</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-8.htm">Tel-Aviv Souraski Medical Center (TASMC) License Agreement between Chemomab Ltd. and the
                Medical Research, Infrastructure, Health Services Fund of the Tel Aviv Souraski Medical Center., dated December 1, 2011, as amended on May 9, 2013 (incorporated by reference to Exhibit 10.8 of the Company&#8217;s Amendment No. 1 to its
                Registration Statement on Form S-4 filed with the Securities and Exchange Commission on February 10, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-9.htm">10.7&#8734;</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921003702/tm211883d2_ex10-9.htm">CMC Collaboration Agreement between Chemomab Ltd. and CMC ICOS Biologics, Inc., dated June
                7, 2015 (incorporated by reference to Exhibit 10.9 of the Company&#8217;s Amendment No. 1 to its Registration Statement on Form S-4 filed with the Securities and Exchange Commission on February 10, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921058967/tm2114615d1_ex1-2.htm">10.8</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="https://www.sec.gov/Archives/edgar/data/1534248/000110465921058967/tm2114615d1_ex1-2.htm">Controlled Equity Offering SM Sales Agreement, dated April 30, 2021, by and between the
                Company and Cantor Fitzgerald &amp; Co. (incorporated by reference to Exhibit 1.2 of the Company&#8217;s Registration Statement on Form S-3 filed with the Securities and Exchange Commission on April 30, 2021)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_10-9.htm">10.9*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_10-9.htm">Employment Agreement, dated September 1, 2021, by and between Chemomab Therapeutics,
                Inc. and Dale Pfost</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_10-10.htm">10.10*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_10-10.htm">Employment Agreement, dated November 8, 2021, by and between Chemomab Therapeutics,
                Inc. and Donald Marvin</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_10-11.htm">10.11*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;">&#160;</td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;">
              <div style="text-align: left; line-height: 1.25; color: #000000; font-family: 'Times New Roman', serif;"><a href="exhibit_10-11.htm">Consulting Agreement, dated
                  April 18, 2022, by and between Chemomab Ltd. and Dr. Adi Mor</a></div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_21-1.htm">21.1*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_21-1.htm">List of Subsidiaries</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_23-1.htm">23.1*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="text-align: justify; line-height: 1.25;"><a href="exhibit_23-1.htm">Consent of Somekh Chaikin, member firm of KPMG International, independent registered
                public accounting firm</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;">23.2**</div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;">Consent of Meitar | Law Offices, Israeli counsel to the registrant (included in Exhibit 5.1)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;">23.3**</div>
          </td>
          <td style="width: 1.17%; vertical-align: top;">
            <div style="line-height: 1.25;">&#160;</div>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="line-height: 1.25;">Consent of Opinion of Wilson Sonsini Goodrich&#160;&amp; Rosati, P.C., U.S. counsel to the registrant (included in Exhibit 5.2)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; line-height: 1.25;"><a href="#POWEROFATTORNEY">24.1*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top; background-color: rgb(204, 238, 255);"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="line-height: 1.25;"><a href="#POWEROFATTORNEY">Power of Attorney (included in the signature page of the Registration Statement)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.31%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25;"><a href="exhibit_107.htm">107*</a></div>
          </td>
          <td style="width: 1.17%; vertical-align: top;"> <br>
          </td>
          <td style="width: 88.52%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="exhibit_107.htm">Filing Fee Table</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="line-height: 1.25;">*&#160;&#160; Filed herewith</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="line-height: 1.25;">** To be filed by amendment</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif;">+&#160;&#160; Indicates management contract or compensatory plan</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="line-height: 1.25; font-family: 'Times New Roman',serif;"><font style="font-family: 'Times New Roman',Times,serif;">&#8734; &#160; Portions of this Exhibit (indicated with [***]) have been omitted as the Registrant has determined that (i) the
                omitted information is not material and (ii) the omitted information would likely cause competitive harm to the Registrant if publicly disclosed</font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(b) Financial Statement Schedules</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">All financial statement schedules have been omitted because they are not required or because the required information is given in the financial statements
      or notes to those statements.</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">II - 3</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 17. Undertakings.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Insofar as indemnification for liabilities arising under the&#160;Securities Act&#160;may be permitted to directors, officers and controlling persons of the
      registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the&#160;Securities Act&#160;and is, therefore, unenforceable. In the
      event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or
      proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a
      court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the&#160;Securities Act&#160;and will be governed by the final adjudication of such issue.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">The undersigned registrant hereby undertakes:</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="ze58cf3c8caba424abe5dcd7e451e2062" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="z3acd78a1c34f45a0affac6736ac22835" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To include any prospectus required by Section 10(a)(3) of the Securities Act;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zb0822f269d404c9e94715e68a09c3c46" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">b.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
              in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered)
              and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
              than a 20% change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zff7dd01e9a7545baad50d98f7b5d8902" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</div>
            <div> <br>
            </div>
            <div>
              <div style="line-height: 1.25;">provided, however, that paragraphs (1)(a), (b) and (c) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed
                with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule
                424(b) that is part of the registration statement.</div>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3b9544aaca9a42d98ff2dc1b9464e606" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>That, for the purpose of determining any liability under the&#160;Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
              securities at that time shall be deemed to be the initial bona fide offering thereof.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zf481978a39114d62b0fb2309992b9b85" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zb192991fefc04b1d910f2aefe5c1c3d7" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>That, for the purpose of determining liability under the&#160;Securities Act&#160;to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying
              on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after <font style="color: rgb(0, 0, 0);">effectiveness.
                Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
                prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part
                of the registration statement or made in any such document immediately prior to such date of first use.</font></div>
          </td>
        </tr>

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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zd392bd3d5d5a44c794bb66446e1a12b5" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td style="width: 18pt; vertical-align: top;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">That, for the purpose of determining liability of the registrant under the&#160;Securities Act&#160;to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary
              offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
              of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be
      filed pursuant to Rule 424;</div>
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    </div>
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          <td style="width: 18pt; vertical-align: top;">a.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;</div>
          </td>
        </tr>

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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
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          <td style="width: 54pt;"><br>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned
              registrant; and</div>
          </td>
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    </div>
    <table cellspacing="0" cellpadding="0" id="zb86e3ddcca944dd88d92b14f4357b604" class="DSPFListTable" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

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          <td style="width: 54pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">c.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</div>
          </td>
        </tr>

    </table>
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    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-family: 'Times New Roman',Times,serif; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;" class="BRPFPageNumber">II - 4</font></div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">SIGNATURES</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this registration statement to be signed on its
      behalf by the undersigned, thereunto duly authorized, in the City of Tel-Aviv, Israel, on January 13, 2023.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
          <td style="width: 50%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="2">
            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">CHEMOMAB THERAPEUTICS LTD.</div>
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        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: middle;">&#160;</td>
          <td style="width: 2.98%; vertical-align: middle;">&#160;</td>
          <td style="vertical-align: middle;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: bottom;">&#160;</td>
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            <div style="text-indent: -10pt; margin-left: 10pt; line-height: 1.25; color: rgb(0, 0, 0);">By:</div>
          </td>
          <td style="width: 47.02%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Dale Pfost </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 2.98%; vertical-align: top;">&#160;</td>
          <td nowrap="nowrap" style="width: 47.02%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Dale Pfost</div>
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        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 2.98%; vertical-align: top;">&#160;</td>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Chairman of the Board,</div>
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><a name="POWEROFATTORNEY"><!--Anchor--></a> POWER OF ATTORNEY</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">KNOW BY ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Dale Pfost and Donald Marvin and each of
      them, his or her true and lawful attorney-in-fact and agents with full and several power of substitution, for him or her and his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective
      amendments) to this registration statement, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them
      full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all
      that said attorney-in-fact and agents or any of them, or their substitutes, may lawfully do or cause to be done.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Pursuant to the requirements of the Securities Act of 1933, as amended, this registration statement has been signed below by the following persons on
      behalf of the registrant in the capacities and on the dates indicated.</div>
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        <tr>
          <td style="width: 32%; vertical-align: middle;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
          <td style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 32%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Signature</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Title</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Date</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Dale Pfost</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Chairman of the Board and</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Chief Executive Officer</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">January 13, 2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Dale Pfost</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(Principal Executive Officer)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Donald Marvin</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Chief Financial Officer, Executive Vice President and Chief Operating Officer</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">January 13, 2023</div>
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          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Donald Marvin</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(Principal Financial and Accounting Officer)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Adi Mor</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Director</div>
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          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">January 13, 2023</div>
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          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Adi Mor</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">/s/ Nissim Darvish</td>
          <td style="width: 2%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Director</div>
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          <td style="width: 2%; vertical-align: top;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="line-height: 1.25; color: rgb(0, 0, 0);">January 13, 2023</div>
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          </td>
        </tr>
        <tr>
          <td style="width: 32%; vertical-align: bottom;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">Nissim Darvish</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
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        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.9.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Deposited Securities</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">3</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.10.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Disseminate</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">3</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.11.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Dollars</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.12.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">DTC</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.13.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Foreign Registrar</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.14.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Holder</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.15.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Insolvency Event</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.16.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Owner</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">4</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.17.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Receipts</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.18.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Registrar</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
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        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Replacement</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.20.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Restricted Securities</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.21.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Securities Act of 1933</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.22.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">5</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.23.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">SWIFT</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">6</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 1.24.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Termination Option Event</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">6</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"></td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in">ARTICLE 2.</td>
        <td style="text-align: justify; text-indent: 0in">FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">6</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.1.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Form of Receipts; Registration and Transferability of American Depositary Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">6</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.2.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Deposit of Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">7</td>
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        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.3.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Delivery of American Depositary Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">8</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.4.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated American Depositary Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">8</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.5.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Surrender of American Depositary Shares and Withdrawal of Deposited Securities</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">9</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.6.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Limitations on Delivery, Transfer and Surrender of American Depositary Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">10</td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
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      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in; width: 19%">SECTION 2.7.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in; width: 71%">Lost Receipts, etc.</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom; width: 10%">11</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.8.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Cancellation and Destruction of Surrendered Receipts</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">12</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 2.9.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">DTC Direct Registration System and Profile Modification System</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">12</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom"></td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in">ARTICLE 3.</td>
        <td style="text-align: justify; text-indent: 0in">CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">12</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 3.1.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Filing Proofs, Certificates and Other Information</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">12</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 3.2.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Liability of Owner for Taxes</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">13</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 3.3.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Warranties on Deposit of Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">13</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 3.4.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Disclosure of Interests</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">14</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">&#160;</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in">ARTICLE 4.</td>
        <td style="text-align: justify; text-indent: 0in">THE DEPOSITED SECURITIES</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">14</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.1.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Cash Distributions</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">14</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.2.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Distributions Other Than Cash, Shares or Rights</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">15</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.3.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Distributions in Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">16</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.4.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Rights</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">17</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.5.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Conversion of Foreign Currency</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">18</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.6.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Fixing of Record Date</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">19</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.7.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Voting of Deposited Shares</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">20</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.8.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">20</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.9.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Reports</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">22</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.10.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Lists of Owners</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">22</td>
      </tr>
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        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 4.11.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Withholding</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">22</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: justify; text-indent: 0in">&#160;</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">&#160;</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in">ARTICLE 5.</td>
        <td style="text-align: justify; text-indent: 0in">THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">23</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.1.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Maintenance of Office and Transfer Books by the Depositary</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">23</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.2.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Prevention or Delay of Performance by the Company or the Depositary</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">24</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.3.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Obligations of the Depositary and the Company</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">25</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.4.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Resignation and Removal of the Depositary</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">26</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.5.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">The Custodians</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">27</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.6.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Notices and Reports</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">27</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.7.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Distribution of Additional Shares, Rights, etc.</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">28</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.8.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Indemnification</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">29</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.9.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Charges of Depositary</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">29</td>
      </tr>
      <tr style="vertical-align: top; background-color: White">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.10.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Retention of Depositary Documents</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">30</td>
      </tr>
      <tr style="vertical-align: top; background-color: rgb(204,238,255)">
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.375in">SECTION 5.11.</td>
        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Exclusivity</td>
        <td style="text-align: right; text-indent: 0in; vertical-align: bottom">31</td>
      </tr>

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        <td style="text-align: justify; text-indent: 0in; padding-left: 0.25in">Termination</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">DEPOSIT AGREEMENT dated as of February 14, 2019 among ANCHIANO THERAPEUTICS LTD., a company incorporated under the laws of Israel (herein called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Company desires to provide, as set forth in this Deposit Agreement, for the deposit of Shares (as hereinafter defined) of the Company
    from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and delivery of American
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties hereto as follows:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The following definitions shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &#8220;<u>American Depositary Shares</u>&#8221; shall mean the securities created under this Deposit Agreement representing rights with respect to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &#8220;<u>Commission</u>&#8221; shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &#8220;<u>Deposited Securities</u>&#8221; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &#8220;<u>Foreign Registrar</u>&#8221; shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">An &#8220;<u>Insolvency Event</u>&#8221; occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution of
    bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the
    appointment of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part of its property or makes an assignment for the benefit of creditors, or if the Company admits its inability to
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    the Company, (iii) otherwise would require registration under the Securities Act of 1933 in connection with the public offer thereof in the United States or (iv) are subject to other restrictions on sale or deposit under the laws of Israel, a
    shareholder agreement or the articles of association or similar document of the Company.</p>
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    any other reclassification or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company, the term &#8220;Shares&#8221; shall thereafter also mean the successor securities resulting from such change
    in nominal value, split-up or consolidation or such other reclassification or such exchange or conversion.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The term &#8220;<u>SWIFT</u>&#8221; shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Definitive Receipts shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
    and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual
    signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the
    Registrar or a co-registrar. The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in
    this Deposit Agreement and all registrations of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a proper officer of the Depositary shall, subject to the other
    provisions of this paragraph, bind the Depositary, even if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Receipts and statements confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or
    recitals or modifications not inconsistent with the provisions of this Deposit Agreement as may reasonably be required by the Company or the Depositary, or required to comply with any applicable law or regulations thereunder or with the rules and
    regulations of any securities exchange upon which American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts and American
    Depositary Shares are subject by reason of the date of issuance of the underlying Deposited Securities or otherwise. The Depositary shall notify the Company as promptly as practicable if it imposes any legends, recitals or modifications under this
    paragraph.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be
    transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The
    Depositary, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
    notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to the terms and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit
    Agreement by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory to the Custodian.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in
    accordance with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order American Depositary Shares representing those deposited
    Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence
    satisfactory to the Depositary that any necessary approval for the transfer or deposit has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other instrument satisfactory to the Depositary,
    that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in
    respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">At the request and risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive
    certificates for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those Share certificates to the Custodian for deposit under this Deposit Agreement.</p>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall refuse, and shall instruct the Custodian to refuse, to accept Shares for deposit if the Depositary has received a notice from
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited
    under this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign
    Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian or its nominee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Deposited Securities shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other
    documents or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon receiving a
    notice of a deposit from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall, without unreasonable delay, deliver,
    to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the delivery of those
    American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. <u>However</u>, the Depositary shall deliver only whole numbers
    of American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated
      and Uncertificated American Depositary Shares.</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary, subject to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its
    transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
    of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9), and, in either case,
    duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person
    entitled thereto.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary, subject to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of
    effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the
    Receipt or Receipts surrendered.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
    Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon
    receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American
    Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and
    combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with applicable laws and other requirements by Owners
    or persons entitled to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary. The Depositary shall notify the Company if it appoints a co-transfer agent under this paragraph.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Surrender of American Depositary Shares and Withdrawal of Deposited Securities.</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee of
    the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities, and subject to the terms
    and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount of Deposited
    Securities at the time represented by those American Depositary Shares, <u>but not</u> any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that kind will be delivered or paid on
    the scheduled payment date to the Owner as of that record date), <u>and except that</u> the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the extent it would require delivery of a
    fraction of a Deposited Security. That delivery shall be made, as provided in this Section, without unreasonable delay.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As a condition of accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may
    require (i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii) that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to
    cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Thereupon, the Depositary shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this
    Deposit Agreement and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities
    represented by the surrendered American Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction by cable (including SWIFT) or facsimile transmission.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be
    made at the Custodian&#8217;s office, <u>except that</u>, at the request, risk and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of that Owner, the Depositary shall direct the
    Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares
    to the Depositary for delivery at the Depositary&#8217;s Office or to another address specified in the order received from the surrendering Owner.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Limitations on Delivery, Transfer and Surrender of American Depositary Shares.</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As a condition precedent to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any
    Receipt or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary
    Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being
    deposited or withdrawn) and payment of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any
    regulations the Depositary may establish consistent with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the
    registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the
    Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
    provision of this Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended,
    subject only to (i) temporary delays caused by closing of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders&#8217; meeting, or the payment of
    dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted
    Securities or for which the Depositary has received written instructions from the Company that the deposit of those Shares would violate applicable law or regulation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lost Receipts, etc.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a Receipt is mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that
    Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in
    substitution for that destroyed, lost or stolen Receipt. <u>However</u>, before the Depositary will deliver American Depositary Shares in uncertificated form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen
    Receipt, the Owner must (a) file with the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other
    reasonable requirements imposed by the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Cancellation and Destruction of Surrendered Receipts.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 2.9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>DTC Direct Registration System and Profile Modification System.</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the provisions of Section 2.4, the parties acknowledge that DTC&#8217;s Direct Registration System (&#8220;<u>DRS</u>&#8221;) and Profile
    Modification System (&#8220;<u>Profile</u>&#8221;) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding
    of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to
    register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
    that transfer.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
    claiming to be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial
    Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree that the Depositary&#8217;s reliance on and compliance with instructions received by the Depositary
    through the DRS/Profile system and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 74.8pt; text-align: justify; text-indent: -74.8pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Filing Proofs, Certificates and Other Information.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such
    proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and
    warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the
    delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon the reasonable written request and at the expense of the Company, the Depositary shall, as promptly as practicable, provide to the Company
    copies or originals, if necessary or appropriate, of any proofs of citizenship or residence, taxpayer status, exchange control approval, information, certificate or other representations and warranties that the Depositary receives under this Section
    3.1 from the Owner or Holder or any person presenting Shares for deposit, to the extent that disclosure is permitted under applicable law. Each Owner and Holder agrees to provide any information reasonably requested by the Company or the Depositary
    pursuant to this Section 3.1. Neither the Company nor the Depositary is responsible for monitoring the Owners&#8217; or the Holders&#8217; compliance with applicable laws and regulations or their legal right to acquire Shares or American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Liability of Owner for Taxes.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American
    Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those American
    Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment is made, and may
    withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares and apply those dividends or other distributions
    or the net proceeds of any sale of that kind in payment of that tax or other governmental charge <u>but</u>, even after a sale of that kind, the Owner of those American Depositary Shares shall remain liable for any deficiency. The Depositary shall
    distribute any net proceeds of a sale made under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1. If the number of Shares represented by each American Depositary Share
    decreases as a result of a sale of Deposited Securities under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell
    American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 3.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Warranties on Deposit of Shares.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Every person depositing Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate
    therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is duly
    authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under this Section shall survive the deposit of Shares
    and delivery of American Depositary Shares.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the Company
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    all information known to it in response to a request made pursuant to this Section.&#160; Each Holder&#160;consents to the disclosure by the Depositary and the Owner or any other Holder through which it holds American Depositary Shares, directly or indirectly,
    of all information responsive to a request made pursuant to this Section relating to&#160;that Holder that is known to that Owner or other Holder.&#160; The Depositary agrees to use reasonable efforts&#160;to comply with written instructions requesting that the
    Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses it receives in response to that request. The Depositary may charge the Company a fee and its expenses for complying with requests
    under this Section 3.4.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As of the date of this Deposit Agreement, each Owner and Holder agrees, if it instructs the Depositary to exercise voting rights with respect to
    Deposited Shares, that it will comply with any applicable Israeli law requiring it to, inter alia, disclose any personal interest it might have in the matter on the agenda of the general meeting. The Company undertakes no obligations to update this
    Section to reflect changes in law that occur after the date of this Deposit Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the
    provisions of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Section&#160;5.9) to the Owners entitled thereto, in proportion to the
    number of American Depositary Shares representing those Deposited Securities held by them respectively; <u>provided</u>, <u>however</u>, that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend
    or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those Deposited Securities shall be reduced accordingly. <u>However</u>, the
    Depositary will not pay any Owner a fraction of one cent, but will round each Owner&#8217;s entitlement to the nearest whole cent.</p>
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    agency. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent to file necessary reports with governmental agencies.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary
    Shares, the Depositary may, after consultation with the Company to the extent practicable, require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it
    is also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that kind shall be a <u>Termination Option Event</u>.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to the provisions of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section
    4.1, 4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled thereto, after
    deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner
    that the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares representing the securities received); <u>provided</u>, <u>however</u>, that if in the opinion of the Depositary
    such distribution cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account of taxes or other
    governmental charges or that securities received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems such distribution not to be lawful and feasible, the Depositary may, after
    consultation with the Company to the extent practicable, adopt such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
    property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the
    conditions set forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does not require registration under the
    Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If a distribution under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying
    American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American
    Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a <u>Termination Option Event</u>.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever the Depositary receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the
    Depositary may and, if so requested in writing by the Company, shall, deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited Securities held by them respectively, an aggregate
    number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of this Deposit Agreement with respect to the deposit of Shares and issuance of American
    Depositary Shares, including withholding of any tax or governmental charge as provided in Section 4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public or private sale, an amount
    of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount
    of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to the extent that
    additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented
    thereby.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other
    securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners in any manner the
    Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any
    securities under the Securities Act of 1933.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
    and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
    Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in
    writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not
    exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
    conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
    to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall
    (i) deposit the purchased Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that
    Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is
    satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.</p>
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    conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
    be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner.</p>
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    number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners
    because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.</p>
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    Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under this Section 4.4.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
    securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States,
    the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon
    an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars
    incurred by the Depositary as provided in Section&#160;5.9.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
    reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
    period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
    accounts of, the Owners entitled to receive the same.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the
    Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold
    that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.</p>
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    agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account.&#160; The revenue is based on, among other things, the difference between the
    exchange rate assigned to the currency conversion made under this Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account.&#160; The Depositary makes no representation that the
    exchange rate used or obtained in any currency conversion under this Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
    subject to the Depositary&#8217;s obligations under Section 5.3. The methodology used to determine exchange rates used in currency conversions is available upon request.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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    securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will
    be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge
    against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall fix a record
    date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or other
    distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting or (iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or
    (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement, the Owners on a record date fixed
    by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares
    held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as the case may be.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt of notice from the Company of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
    requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate&#160;to the Owners a notice, the form of which shall be prepared by the Depositary and approved by the Company, that shall contain (i)&#160;the information
    contained in the notice of meeting received by the Depositary, (ii)&#160;a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Israeli law and of the articles of
    association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in
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    the Depositary, as of that record date, received on or before any&#160;Instruction&#160;Cutoff&#160;Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable, to
    vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that attaches
    to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    time&#160;to&#160;enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares, if
    the Company will request the Depositary to Disseminate a notice under&#160;paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to
    holders of Shares in connection with the meeting not less than 45 days prior to the meeting date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
    offer made to holders of Deposited Securities (a &#8220;<u>Voluntary Offer</u>&#8221;), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &#8220;<u>Redemption</u>&#8221;), the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed
    to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them
    that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those converted American
    Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called
    American Depositary Shares in accordance with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1). If the Redemption affects less than all the Deposited Securities, the Depositary shall
    call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall allocate
    the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption, <u>except that</u> the allocations may be adjusted so that
    no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and
    binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a &#8220;<u>Replacement</u>&#8221;), the
    Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this Deposit Agreement, the new securities or other property delivered to it in that Replacement. <u>However</u>,
    the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under this Deposit Agreement because those new Deposited Securities may
    not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been
    Redeemed under paragraph (b) above. A Replacement shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of
    Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares
    and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    or the Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners,
    and that condition shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation
    material, received from the Company which are both (a)&#160;received by the Depositary as the holder of the Deposited Securities and (b)&#160;made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
    and communications, including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the Commission.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 4.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Lists of Owners.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Upon written request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names,
    addresses and American Depositary Share holdings of all Owners.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is
    subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the
    amounts and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion
    to the number of American Depositary Shares held by them respectively.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the
    fees and costs associated with using services of that kind, are not provided under, and are outside the scope of, this Deposit Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
    affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
    received by it.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall, to the extent required by U.S. law, report to the Owners any taxes or governmental charges withheld from or paid out of a
    distribution on Deposited Securities by it, the Custodian or, to the extent such information is received from the Company, the Company.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 5.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Maintenance of Office and Transfer Books by the Depositary.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Until termination of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and delivery,
    registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary shall keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners at the
    Depositary&#8217;s Office during regular business hours, <u>provided</u> that such inspection is not for the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter related to this
    Deposit Agreement or the American Depositary Shares.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Depositary may close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
    duties under this Deposit Agreement.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">If any American Depositary Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company shall have the right, at all reasonable times, to inspect the transfer and registration records of the Depositary relating to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of
    the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal
    acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other
    systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform,
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    company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to the Company an instrument in writing accepting its appointment under this Deposit Agreement. If the Depositary receives
    notice from the Company that a successor depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company, shall deliver to its successor a register listing all the Owners and their
    respective holdings of outstanding American Depositary Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions specified in the preceding sentence (i) the successor shall become
    the Depositary and shall have all the rights and shall assume all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary and shall be discharged and released from all obligations
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    Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is
    resigning and, upon the effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly as practicable after receiving that notice, appoint a substitute custodian or custodians, each
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    will effect a change of the name or legal structure of the Company, or that effects or will effect a change to the Shares, the Company shall notify the Depositary and the Custodian of that action or decision as soon as it is lawful and practical to
    give that notice.&#160; The notice shall be in English and shall include all details that the Company is required to include in any notice to any governmental or regulatory authority or securities exchange or is required to make available generally to
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    Commission, and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications which are made generally available by the Company to holders of its Shares. If requested in writing by the
    Company, the Depositary will Disseminate, at the Company&#8217;s expense, those notices, reports and communications to all Owners or otherwise make them available to Owners in a manner that the Company specifies as substantially equivalent to the manner in
    which those communications are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary Shares are listed. The Company will timely provide the Depositary with the quantity of
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    States from purchasing securities and may instruct the Depositary not to accept certain Shares reasonably identified in such instruction for deposit for such period of time following the issuance of such additional securities or to adopt such other
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    harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the reasonable fees and expenses of counsel) that may arise out of or in connection with (a)
    any registration with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement
    and the American Depositary Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or their respective directors, employees, agents and affiliates, except for any liability or expense
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    Custodian, as the case may be, furnished in writing by the Depositary to the Company expressly for use in any registration statement, proxy statement, prospectus or preliminary prospectus or any other offering documents relating to the American
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    whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a
    delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares
    generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such
    cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of
    $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05
    or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant
    to Section 4.2 or of rights pursuant to Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to
    above which would have been charged as a result of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the
    Depositary to Owners, (8) in addition to any fee charged under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any
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    shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one
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    times permitted by the laws or regulations governing the Depositary, unless the Company requests that such papers be retained for a longer period or turned over to the Company or to a successor depositary.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Each of the Company and the Depositary shall provide to the other, as promptly as practicable, information from its records or otherwise available
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The form of the Receipts and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the
    Company and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges, registration
    fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares
    until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold
    American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by this Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of
    Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that change of ratio. In no event
    shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</p>
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    Agreement to ensure compliance therewith, the Company and the Depositary may amend this Deposit Agreement at any time in accordance with such changed laws, rules and regulations. Such amendment to this Deposit Agreement in such circumstances may become
    effective before a notice of such amendment or supplement is given to Owners or within any other period of time as required for compliance with such laws, rules or regulations.</p>
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    this Deposit Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4,
    (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of
    termination to the Owners of all American Depositary Shares then outstanding setting a date for termination (the &#8220;<u>Termination Date</u>&#8221;), which shall be at least 90 days after the date of that notice, and this Deposit Agreement shall terminate on
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may
    thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain
    outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, <u>except</u>
    (i) to account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance
    with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in paragraph (d) below.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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    and other distributions pertaining to Deposited Securities (that have not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American
    Depositary Shares (after payment or upon deduction, in each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms
    and conditions of this Deposit Agreement and any applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the
    Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the
    requested withdrawal would interfere with its efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the
    Depositary may discontinue the registration of transfers of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further
    acts under this Deposit Agreement except as provided in this Section.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 7.1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts; Signatures.</u></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Deposit Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall
    constitute one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be open to inspection by any Owner or Holder during regular business hours.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any manual signature on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic
    Signatures in Global and National Commerce Act, 15 U.S.C. &#167; 7001, <i>et. seq</i>., shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to
    the contrary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Deposit Agreement is for the exclusive benefit of the Company, the Depositary, the Owners and the Holders and their respective successors and
    shall not be deemed to give any legal or equitable right, remedy or claim whatsoever to any other person.</p>
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    in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that Receipt shall in no way be affected, prejudiced or disturbed thereby.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Owners and Holders from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this
    Deposit Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any and all notices to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by
    domestic first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, <u>provided</u> that receipt of the facsimile transmission or email has been
    confirmed by the recipient, addressed to Anchiano Therapeutics Ltd., 1/3 High-Tech Village, Givat Ram, Jerusalem, Israel, Attention: Jonathan Burgin, or any other place to which the Company may have transferred its principal office with notice to the
    Depositary, with a copy to Mayer Brown LLP, 1221 Avenue of the Americas, New York, New York 10020, Attention: Anna T. Pinedo.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Any and all notices to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally
    delivered or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 240 Greenwich
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Deposit Agreement and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 215.05pt">&#160;</p>
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        <td colspan="2" style="text-align: justify">ANCHIANO THERAPEUTICS LTD.</td>
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        <td style="text-align: justify">&#160;</td>
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        <td colspan="2" style="padding-left: 9pt; text-align: justify">as Depositary</td>
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        <td colspan="2" style="text-align: left">&#160;&#160;&#160;Name:&#160;&#160;&#160;Robert Goad</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 215.05pt">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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      <tr style="vertical-align: top">
        <td style="width: 50%; text-align: justify">&#160;</td>
        <td style="width: 50%; text-align: justify">AMERICAN DEPOSITARY SHARES</td>
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      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: justify">(Each American Depositary Share represents</td>
      </tr>
      <tr style="vertical-align: top">
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: justify">five deposited Shares)</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE BANK OF NEW YORK MELLON</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR ORDINARY SHARES OF</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANCHIANO THERAPEUTICS LTD.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(INCORPORATED UNDER THE LAWS OF ISRAEL)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Bank of New York Mellon, as depositary (hereinafter called the &#8220;Depositary&#8221;), hereby certifies that_________________________________________, or
    registered assigns IS THE OWNER OF _____________________________</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN DEPOSITARY SHARES</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">representing deposited ordinary shares (herein called &#8220;Shares&#8221;) of Anchiano Therapeutics Ltd., incorporated under the laws of Israel (herein called the &#8220;<u>Company</u>&#8221;).

    At the date hereof, each American Depositary Share represents five Shares deposited or subject to deposit under the Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the &#8220;<u>Custodian</u>&#8221;) that,
    as of the date of the Deposit Agreement, was Bank Leumi and Bank Hapoalim located in Israel. The Depositary's Office and its principal executive office are located at 240 Greenwich Street, New York, N.Y. 10286.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THE DEPOSITARY'S OFFICE ADDRESS IS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">240 GREENWICH STREET, NEW YORK, N.Y. 10286</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">1.</td>
        <td>THE DEPOSIT AGREEMENT.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This American Depositary Receipt is one of an issue (herein called &#8220;<u>Receipts</u>&#8221;), all issued and to be issued upon the terms and conditions
    set forth in the Deposit Agreement dated as of February 14, 2019 (herein called the &#8220;<u>Deposit Agreement</u>&#8221;) among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder, each of
    whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in
    respect of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of those Shares and held thereunder (those Shares, securities, property, and cash are herein called &#8220;<u>Deposited
      Securities</u>&#8221;). Copies of the Deposit Agreement are on file at the Depositary's Office in New York City and at the office of the Custodian.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The statements made on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and
    subject to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0.5in; text-align: left">2.</td>
        <td>SURRENDER OF AMERICAN DEPOSITARY SHARES AND WITHDRAWAL OF SHARES.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon surrender of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented thereby and payment of the fee
    of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited
    Securities, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that
    Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, <u>but not</u> any money or other property as to which a record date for distribution to Owners has passed (since money or other property of that
    kind will be delivered or paid on the scheduled payment date to the Owner as of that record date), <u>and except that</u> the Depositary shall not be required to accept surrender of American Depositary Shares for the purpose of withdrawal to the
    extent it would require delivery of a fraction of a Deposited Security. The Depositary shall direct the Custodian with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for giving that direction by
    cable (including SWIFT) or facsimile transmission. If Deposited Securities are delivered physically upon surrender of American Depositary Shares for the purpose of withdrawal, that delivery will be made at the Custodian&#8217;s office, <u>except that</u>,
    at the request, risk and expense of the surrendering Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate or certificates, if applicable, and
    other proper documents of title, if any, for, the Deposited Securities represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary&#8217;s Office or to another address specified in the order received from the
    surrendering Owner.</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
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        <td style="width: 0.5in; text-align: left">3.</td>
        <td>REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary, subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its
    transfer books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
    of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of that Agreement),
    and, in either case, duly stamped as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall deliver the transferred American Depositary Shares to or upon the order
    of the person entitled thereto.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary, subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of
    effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the
    Receipt or Receipts surrendered.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
    Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon
    receipt of a proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.9 of the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging
    for certificated American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number of certificated American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of
    any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American
    Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares
    being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance with any
    regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The delivery of American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the
    registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the
    Depositary are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any
    provision of the Deposit Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be
    suspended subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection with voting at a shareholders&#8217; meeting, or the payment
    of dividends, (ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. The
    Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">4.</td>
        <td>LIABILITY OF OWNER FOR TAXES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any tax or other governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American
    Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit Agreement applies, that tax or other governmental charge shall be payable by the Owner
    of those American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until that payment
    is made, and may withhold any dividends or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may apply those dividends
    or other distributions or the net proceeds of any sale of that kind in payment of that tax or other governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall distribute any net
    proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented by
    each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser
    number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to
    them.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">5.</td>
        <td>WARRANTIES ON DEPOSIT OF SHARES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Every person depositing Shares under the Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate
    therefor, if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights of the holders of outstanding securities of the Company and that the person making that deposit is duly
    authorized so to do. Every depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall
    survive the deposit of Shares and delivery of American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">6.</td>
        <td>FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any person presenting Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian
    such proof of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and
    warranties, as the Depositary may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares, the distribution of any dividend or other distribution or of the proceeds thereof or the
    delivery of any Deposited Securities until that proof or other information is filed or those certificates are executed or those representations and warranties are made. As conditions of accepting Shares for deposit, the Depositary may require (i) any
    certification required by the Depositary or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written order of, the person or persons stated in that order,
    the number of American Depositary Shares representing those Deposited Shares, (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in the name of the Depositary, a
    Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental body in each applicable jurisdiction and (v) an agreement or assignment, or other
    instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been
    recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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    <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">7.</td>
        <td>CHARGES OF DEPOSITARY.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or
    to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a
    delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect for the registration of
    transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals
    hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to Section
    4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American
    Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to
    Sections 4.1 through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or
    sell those rights on behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of the deposit of such securities under the
    Deposit Agreement (for purposes of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per
    American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of the Depositary's or Custodian&#8217;s agents or
    the agents of the Depositary's or Custodian&#8217;s agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set by the Depositary in accordance with Section 4.6
    of the Deposit Agreement and shall be payable at the sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be
    distributed, to Owners that are obligated to pay those fees.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of
    establishment and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit
    Agreement, the Depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned by or affiliated with the Depositary and that may earn or share fees, spreads or commissions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">8.</td>
        <td>DISCLOSURE OF INTERESTS.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When required in order to comply with applicable laws and regulations or the articles of association or similar document of the Company, the
    Company may from time to time request each Owner and Holder to provide to the Depositary information relating to: (a) the capacity in which it holds American Depositary Shares, (b) the identity of any Holders or other persons or entities then or
    previously interested in those American Depositary Shares and the nature of those interests and (c) any other matter where disclosure of such matter is required for that compliance. Each Owner and Holder agrees to provide all information known to it in
    response to a request made pursuant to Section 3.4 of the Deposit Agreement. Each Holder consents to the disclosure by the Depositary and the Owner or other Holder through which it holds American Depositary Shares, directly or indirectly, of all
    information responsive to a request made pursuant to that Section relating to that Holder that is known to that Owner or other Holder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of the Deposit Agreement, each Owner and Holder agrees, if it instructs the Depositary to exercise voting rights with respect to
    Deposited Shares, that it will comply with any applicable Israeli law requiring it to, inter alia, disclose any personal interest it might have in the matter on the agenda of the general meeting. The Company undertakes no obligations to update this
    Section to reflect changes in law that occur after the date of the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <!-- Field: Page; Sequence: 48; Value: 1 -->
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    <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font-size: 10pt">

        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">9.</td>
        <td>TITLE TO AMERICAN DEPOSITARY SHARES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is a condition of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding
    the same, consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of
    the State of New York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary, notwithstanding any notice to the contrary, may
    treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other
    purposes, and neither the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American Depositary Shares, but only to the Owner.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">10.</td>
        <td>VALIDITY OF RECEIPT.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Receipt shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt
    shall have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature
    of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">11.</td>
        <td>REPORTS; INSPECTION OF TRANSFER BOOKS.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with
    the Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system or at public reference facilities maintained by the Commission in Washington, D.C.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary will make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy
    soliciting material, received from the Company which are both (a)&#160;received by the Depositary as the holder of the Deposited Securities and (b)&#160;made generally available to the holders of those Deposited Securities by the Company. The Company shall
    furnish reports and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary in English, to the extent such materials are required to be translated into English pursuant to any
    regulations of the Commission.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary will keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which shall be open
    for inspection by the Owners at the Depositary&#8217;s Office during regular business hours, <u>provided</u> that such inspection shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of
    the Company or a matter related to the Deposit Agreement or the American Depositary Shares.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
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    </table>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">12.</td>
        <td>DIVIDENDS AND DISTRIBUTIONS.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Depositary receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of
    receipt thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other
    cash distribution into Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article&#160;7 hereof and Section&#160;5.9 of the Deposit Agreement) to the Owners entitled thereto; <u>provided</u>, <u>however</u>,
    that if the Custodian or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American
    Depositary Shares representing those Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares, the
    Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition
    of making that cash distribution. A distribution of that kind shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the provisions of Section&#160;4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a
    distribution described in Section&#160;4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary will cause the securities or property received by it to be
    distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing that
    distribution (which may be a distribution of depositary shares representing the securities received); <u>provided</u>, <u>however</u>, that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of
    Receipts entitled thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable for the purpose of effecting such
    distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided
    in Article&#160;7 hereof and Section&#160;5.9 of the Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the Deposit Agreement. The Depositary may withhold any distribution of securities
    under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an
    amount of securities or other property it would otherwise distribute under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under Section 4.2 of the Deposit Agreement would represent a
    return of all of substantially all the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender of
    American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making that distribution. A distribution of that kind shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></td>
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        </tr>

    </table>
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  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Depositary receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to the
    Owners entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of
    Shares and issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article
    7 hereof and Section 5.9 of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary Shares representing those Shares) sufficient to pay its fees and expenses in respect of that
    distribution). In lieu of delivering fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those Shares) and distribute the net
    proceeds, all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If and to the extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each
    American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented thereby.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company declares a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other
    securities or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary may, after consultation with the Company, make that right of election available for exercise by Owners any manner the
    Depositary considers to be lawful and practical. As a condition of making a distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not require registration of any
    securities under the Securities Act of 1933.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Depositary determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is
    subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the
    amounts and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in
    proportion to the number of American Depositary Shares held by them respectively.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></td>
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        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Owner and Holder agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, employees, agents and
    affiliates for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit
    received by it. Services for Owners and Holders that may permit them to obtain reduced rates of tax withholding at source or reclaim excess tax withheld, and the fees and costs associated with using services of that kind, are not provided under, and
    are outside the scope of, the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13.</td>
        <td>RIGHTS.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If rights are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company
    and the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights. The Depositary may, to the extent deemed by it to be lawful and practical (i) if requested in writing by the
    Company, grant to all or certain Owners rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares representing those securities to Owners, (ii) if requested in
    writing by the Company, deliver the rights to or to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled to those proceeds. To the extent rights are not
    exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary shall permit the rights to lapse unexercised.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the
    conditions and procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities
    to be received upon the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall
    (i) deposit the purchased Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver or cause the purchased Shares or other securities to be delivered to or to the order of that
    Owner. The Depositary will not act under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act of 1933 or the Depositary has received an opinion of United States counsel that is
    satisfactory to it to the effect that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
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    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the
    conditions and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can
    be delivered and (ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary will deliver those rights as requested by that Owner.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the
    number of American Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were sold, upon an averaged or other practical basis without regard to any distinctions among such Owners
    because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Payment or deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of
    the expenses of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds under Section 4.4 of that Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Depositary shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or
    exercise rights on behalf of Owners in general or any Owner in particular, or to sell rights.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14.</td>
        <td>CONVERSION OF FOREIGN CURRENCY.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever the Depositary or the Custodian receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale
    of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
    States, the Depositary shall convert or cause to be converted by sale or in any other manner that it may determine that foreign currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be
    made upon an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into
    Dollars incurred by the Depositary as provided in Section&#160;5.9 of the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a conversion of foreign currency or the repatriation or distribution of Dollars can be effected only with the approval or license of any
    government or agency thereof, the Depositary may, but will not be required to, file an application for that approval or license.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></td>
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    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Depositary determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a
    reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable
    period as determined by the Depositary, the Depositary may distribute the foreign currency received by the Depositary to, or in its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective
    accounts of, the Owners entitled to receive the same.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any conversion of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the
    Depositary may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold
    that balance uninvested and without liability for interest thereon for the account of, the Owners entitled thereto.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
    agent, advisor, broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own account.&#160; The revenue is based on, among other things, the difference between the
    exchange rate assigned to the currency conversion made under the Deposit Agreement and the rate that the Depositary or its affiliate receives when buying or selling foreign currency for its own account.&#160; The Depositary makes no representation that the
    exchange rate used or obtained in any currency conversion under the Deposit Agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined will be the most favorable to Owners,
    subject to the Depositary&#8217;s obligations under Section 5.3 of that Agreement. The methodology used to determine exchange rates used in currency conversions is available upon request.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15.</td>
        <td>RECORD DATES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Whenever a cash dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other
    securities are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or
    issuance of that kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or
    whenever the Depositary will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary otherwise finds it necessary
    or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall be entitled
    to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting, (iii) who shall be responsible for that fee or charge or (iv) for any
    other purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5 of the Deposit Agreement and to the other terms
    and conditions of the Deposit Agreement, the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend or other distribution or those rights or the net proceeds
    of sale thereof in proportion to the number of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was fixed, or be responsible for that fee or charge, as
    the case may be.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></td>
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        </tr>

    </table>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16.</td>
        <td>VOTING OF DEPOSITED SHARES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon receipt of notice from the Company of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if
    requested in writing by the Company, the Depositary shall, as soon as practicable thereafter, Disseminate to the Owners a notice, the form of which shall be prepared by the Depositary and approved by the Company, that shall contain (i) the information
    contained in the notice of meeting received by the Depositary, (ii) a statement that the Owners as of the close of business on a specified record date will be entitled, subject to any applicable provision of Israeli law and of the articles of
    association or similar documents of the Company, to instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective American Depositary Shares, (iii) a statement as to the manner in
    which those instructions may be given and (iv) the last date on which the Depositary will accept instructions (the &#8220;Instruction Cutoff Date&#8221;).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Upon the written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified
    by the Depositary, as of that record date, received on or before any Instruction Cutoff Date established by the Depositary, the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, endeavor, in so far as practicable,
    to vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions set forth in that request. The Depositary shall not vote or attempt to exercise the right to vote that
    attaches to the deposited Shares other than in accordance with instructions given by Owners and received by the Depositary.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There can be no assurance that Owners generally or any Owner in particular will receive the notice described in paragraph (a) above
    in time to enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In order to give Owners a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Shares,
    if the Company will request the Depositary to Disseminate a notice under paragraph (a) above, the Company shall give the Depositary notice of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to
    holders of Shares in connection with the meeting not less than 45 days prior to the meeting date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17.</td>
        <td>TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Depositary shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar
    offer made to holders of Deposited Securities (a &#8220;<u>Voluntary Offer</u>&#8221;), except when instructed in writing to do so by an Owner surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in
    a transaction that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &#8220;<u>Redemption</u>&#8221;), the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been
    redeemed to the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C)
    notifying them that the called American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption and those net proceeds shall be the Deposited Securities to which Owners of those
    converted American Depositary Shares shall be entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and (iii) distribute the money received upon that Redemption to the Owners
    entitled to it upon surrender by them of called American Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1 of that Agreement). If
    the Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into
    a right to receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately
    prior to the Redemption, <u>except that</u> the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a <u>Termination
      Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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        </tr>

    </table>
  </div>
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    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Depositary is notified of or there occurs any change in nominal value or any subdivision, combination or any other
    reclassification of the Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and
    binding on the Depositary as a holder of Deposited Securities and, as a result, securities or other property have been or will be delivered in exchange, conversion, replacement or in lieu of, Deposited Securities (a &#8220;<u>Replacement</u>&#8221;), the
    Depositary shall, if required, surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit Agreement, the new securities or other property delivered to it in that Replacement. <u>However</u>,
    the Depositary may elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those new Deposited Securities under the Deposit Agreement because those new Deposited Securities may
    not be distributed to Owners without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms as it deems proper and proceed as if those new Deposited Securities had been
    Redeemed under paragraph (b) above. A Replacement shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In the case of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary
    may call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities and the number of those new Deposited Securities represented by each American Depositary Share. If the number of
    Shares represented by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares
    and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If there are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled,
    or the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and
    that condition shall be a <u>Termination Option Event</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">18.</td>
        <td>LIABILITY OF THE COMPANY AND DEPOSITARY.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Depositary nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any
    Owner or Holder:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) if by reason of (A) any provision of any present or future law or regulation or other act of the government of the United States, any State of
    the United States or any other state or jurisdiction, or of any governmental or regulatory authority or stock exchange; (B) (in the case of the Depositary only) any provision, present or future, of the articles of association or similar document of the
    Company, or by reason of any provision of any securities issued or distributed by the Company, or any offering or distribution thereof; or (C) any event or circumstance, whether natural or caused by a person or persons, that is beyond the ability of
    the Depositary or the Company, as the case may be, to prevent or counteract by reasonable care or effort (including, but not limited to earthquakes, floods, severe storms, fires, explosions, war, terrorism, civil unrest, labor disputes or criminal
    acts; interruptions or malfunctions of utility services, Internet or other communications lines or systems; unauthorized access to or attacks on computer systems or websites; or other failures or malfunctions of computer hardware or software or other
    systems or equipment), the Depositary or the Company is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform,
    any act or thing that, by the terms of the Deposit Agreement or the Deposited Securities, it is provided shall be done or performed;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) for any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the
    Depositary to take, or not take, any action that the Deposit Agreement provides the Depositary may take);</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made available to
    holders of Deposited Securities but is not, under the terms of the Deposit Agreement, made available to Owners or Holders; or</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iv) for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Where, by the terms of a distribution to which Section 4.1, 4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section 4.4 of
    that Agreement applies, or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose of that distribution or offering on behalf of Owners and make the net proceeds available to Owners,
    then the Depositary shall not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither the Company nor the Depositary assumes any obligation or shall be subject to any liability under the Deposit Agreement to Owners or
    Holders, except that they agree to perform their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be a fiduciary or have any fiduciary duty to Owners or Holders. The Depositary shall
    not be subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect
    of any Deposited Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or
    information from legal counsel, accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or information. Each of the Depositary and the Company may
    rely, and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary shall not be liable for any acts or
    omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
    issue out of which such potential liability arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or omissions of any securities depository,
    clearing agency or settlement system in connection with or arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall not be responsible for any
    failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect of any such vote. The Depositary shall have no duty to make any determination or provide any information as to
    the tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares. The Depositary shall not be liable for the inability or failure of an Owner
    or Holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit. No disclaimer of liability under the United States federal securities laws is intended by any
    provision of the Deposit Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <tr style="vertical-align: top; text-align: left">
          <td style="width: 33%">&#160;</td>
          <td style="width: 34%; text-align: center">A-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td>
          <td style="width: 33%">&#160;</td>
        </tr>

    </table>
  </div>
  <div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">
    <p style="margin: 0pt">&#160;</p>
  </div>
  <!-- Field: /Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">19.</td>
        <td>RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Depositary may at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the
    Company, to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by 120 days&#8217; prior written notice of that
    removal, to become effective upon the later of (i) the 120th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The
    Depositary in its discretion may at any time appoint a substitute or additional custodian or custodians.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">20.</td>
        <td>AMENDMENT.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The form of the Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
    Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment that would impose or increase any fees or charges (other than taxes and other governmental charges,
    registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing right of Owners, shall, however, not become effective as to outstanding American
    Depositary Shares until the expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by
    continuing to hold American Depositary Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness of an amendment to the form of Receipt, including a change
    in the number of Shares represented by each American Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of American Depositary Shares to effect that change of
    ratio. In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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        <td>TERMINATION OF DEPOSIT AGREEMENT.</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of
    the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of
    that Agreement, (ii) an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur. If termination of the Deposit Agreement is initiated, the Depositary shall Disseminate a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;After the Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At any time after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and
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    outstanding, and those Owners will be general creditors of the Depositary with respect to those net proceeds and that other cash. After making that sale, the Depositary shall be discharged from all obligations under the Deposit Agreement, except (i) to
    account for the net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the
    terms and conditions of the Deposit Agreement and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act as provided in paragraph (d) below.</p>
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    Securities (that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in
    each case, of the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any
    applicable taxes or governmental charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the Termination Date, (i) the Depositary may refuse to accept surrenders of American
    Depositary Shares for the purpose of withdrawal of Deposited Securities (that have not been sold) or reverse previously accepted surrenders of that kind that have not settled if in its judgment the requested withdrawal would interfere with its efforts
    to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers
    of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need not give any further notices or perform any further acts under the Deposit Agreement except as provided in
    Section 6.2 of that Agreement.</p>
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        <td>DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.</td>
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    (&#8220;<u>DRS</u>&#8221;) and Profile Modification System (&#8220;<u>Profile</u>&#8221;) apply to the American Depositary Shares upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of
    uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary
    Shares, to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior
    authorization from the Owner to register that transfer.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is
    claiming to be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above has the actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial
    Code). For the avoidance of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile. The parties agree that the Depositary&#8217;s reliance on and compliance with instructions
    received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.</p>
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        <td style="width: 0.5in; text-align: left">23.</td>
        <td>APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has (i) appointed Anchiano Therapeutics, Inc., which currently maintains an office at One Kendall Square, Building 600, Suite 6-106,
    Cambridge, Massachusetts 02139, United States of America, as the Company's authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities, the American Depositary Shares, the
    Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that service of process upon said authorized
    agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">EACH PARTY TO THE DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
    PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE
    AMERICAN DEPOSITARY SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it,
    any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of
    process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
    at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the
    Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such relief and enforcement.</p>
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<TYPE>EX-10.9
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<DESCRIPTION>EXHIBIT 10.9
<TEXT>
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      <div style="line-height: 1.25; text-align: right;"><u><font style="font-weight: bold;">Exhibit 10.9</font></u><br style="line-height: 1.25;">
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      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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    <div style="text-align: center; line-height: 1.25;">EXECUTIVE EMPLOYMENT AGREEMENT</div>
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    <div style="text-align: justify; line-height: 1.25;">THIS EXECUTIVE EMPLOYMENT AGREEMENT (this &#8220;Agreement&#8221;) is entered between Chemomab Therapeutics, Inc. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), a Delaware corporation, and Dale Pfost
      (the &#8220;<font style="font-weight: bold;">Executive</font>&#8221;), as of September 1, 2021 (the &#8220;<font style="font-weight: bold;">Effective Date</font>&#8221;).&#160; The Company is a wholly-owned subsidiary of Chemomab Therapeutics Ltd., an Israeli company and the
      parent company of the Company (the &#8220;<font style="font-weight: bold;">Parent</font>&#8221;), whose American Depositary Shares (&#8220;<font style="font-weight: bold;">ADSs</font>&#8221;) are listed for trading on the Nasdaq Stock Market.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in Section 14 below and as provided elsewhere herein. In
      consideration of the mutual promises, terms, provisions and conditions set forth in this Agreement, the Company and the Executive agree as follows:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">1. <u>Employment</u>. Subject to, and as a condition subsequent of, the approval of the shareholders of Parent, the Company agrees to employ the Executive and the Executive agrees to serve as the
      Chief Executive Officer (&#8220;<font style="font-weight: bold;">CEO</font>&#8221;) of the Company.&#160; Executive&#8217;s term of employment will commence as of September 1, 2021 or such other date as the Company and the Executive may agree (the &#8220;<font style="font-weight: bold;">Commencement Date</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">2. <u>Term</u>. This Agreement will continue in effect until terminated in accordance with Section 5 hereof. The term of this Agreement is hereafter referred to as &#8220;<font style="font-weight: bold;">Term</font>&#8221;.

      While the Term of this Agreement begins on the date hereof, the term of Executive&#8217;s employment is subject to, and will begin following, the approval of this Agreement by the shareholders of Parent.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">3. <u>Capacity and Performance</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) The Executive shall be employed by the Company on a full-time basis in the exempt position of CEO.&#160; The Executive shall report to the Board of Directors of the Company (the &#8220;<font style="font-weight: bold;">Company Board</font>&#8221;).&#160; The Executive shall perform such duties and responsibilities on behalf of the Company and its Affiliates as may be designated from time to time by the Company Board. In addition, and without
      further compensation, the Executive shall serve on the Company Board, the Board of Directors of Parent (the &#8220;<font style="font-weight: bold;">Parent Board</font>&#8221;), and as the CEO of Parent as and when elected to such position by the Parent Board.&#160;&#160;
      After the current Chairman of the Parent Board and Company Board steps down (but no later than June 30, 2022), Executive shall serve as the Chairman of the Parent Board and Company Board or shall have the right to identify a candidate to serve as the
      Chairman of the Parent Board and Company Board, subject, in each case, to the Executive&#8217;s nomination&#160; (or the nomination of the candidate identified by the Executive) as a director by the nominating and corporate governance committee of the Parent
      Board (if then applicable) and the Company Board, and election by the Company&#8217;s shareholders, pursuant to the Parent&#8217;s articles of association, the Israeli Companies Law, 5759-1999 and the listing rules of the Nasdaq Stock Market.&#160;&#160;
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    <div style="text-align: justify; line-height: 1.25;">(b) The Executive shall devote the Executive&#8217;s best efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company and its Affiliates and to the
      discharge of the Executive&#8217;s duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental, academic, civic or charitable position, whether paid or
      unpaid, without the prior approval of the Company Board, to be granted or withheld in the Company Board&#8217;s reasonable determination.&#160; Notwithstanding the foregoing, with advance notice to the Company Board, Executive may hold positions on up to three
      (3) boards of directors at any time, subject to Board approval and so long as the Board determines that (i) this commitment does not interfere with the performance of the Executive&#8217;s duties for the Company, and (ii) the companies or institutions for
      which the Executive serves as a director are not competitive with, and do not conflict with the business or scientific pursuits of the Company.&#160; Pursuant to the foregoing sentence, the Company grants its approval of the Executive&#8217;s serving on the
      boards of Axosim, Inc., Ancilia Biosciences, and The JMB Companies.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">4. <u>Compensation and Benefits</u>. As compensation for all services performed by the Executive on behalf of the Company and its Affiliates, and subject to performance of the Executive&#8217;s duties and
      of the obligations of the Executive to the Company and its Affiliates, the Company will pay the following compensation and provide the following benefits to Executive:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) <u>Base Salary</u>. The Company shall pay the Executive a base salary at the initial gross annual rate of six hundred thousand dollars ($600,000.00), payable in accordance with the payroll
      practices of the Company and, subject to Executive&#8217;s right to resign for Good Reason pursuant to Section 5(e)(i), subject to adjustment by the Company Board, in its sole discretion (the &#8220;<font style="font-weight: bold;">Base Salary</font>&#8221;).</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b)&#160; <u>Incentive and Bonus Compensation</u>. The Executive shall be entitled to participate in the Company&#8217;s annual cash incentive program in accordance with the terms thereof, as such program or
      terms may be modified or amended by the Company from time to time. The Executive&#8217;s initial target annual cash incentive bonus is fifty percent (50%) of the Base Salary (gross) .&#160; The Executive will be eligible for an additional potential bonus of ten
      percent (10%) of the Base Salary (gross), based on the Executive&#8217;s achievement of additional goals to be determined by the Compensation Committee of the Company Board after consultation with Executive, and subject to the approval of the Company
      Board.&#160; The actual bonus, if any, will be determined by the Company Board. Subject to Executive&#8217;s right to resign for Good Reason pursuant to Section 5(e)(i), the Executive&#8217;s targets may be modified by the Company Board from time to time in its
      discretion.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) <u>Stock Options</u>.&#160; Subject to the approval of the Parent Board, the Executive will be granted an option to purchase up to 459,353 ADSs (the &#8220;<font style="font-weight: bold;">Option Shares</font>&#8221;),

      which the Company represents and warrants constitutes 3.5% of the number of ADSs of Parent issued and outstanding on a fully-diluted basis as of the Effective Date (including the Option Shares). This option will vest over a four year period, with 25%
      vesting on the first anniversary of the grant date and the remainder in equal amounts over the next 36 monthly periods. This option will be governed by the terms of the Parent&#8217;s 2015 Share Incentive Plan as amended from time to time (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;), and any award agreement thereunder.&#160; &#160; The option will be subject to accelerated vesting upon a Merger/Sale, as defined in Section 14.2.1 of the Plan, other than a Merger/Sale in which a majority of the
      shares or other equity interests of the surviving entity are held by the shareholders of the Parent or its Affiliates immediately prior to such Merger/Sale.</div>
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    <div style="text-align: justify; line-height: 1.25;">In addition, the Executive may be periodically granted performance-based equity awards including, but not limited to, awards based on the closing of financing rounds, acquisitions and/or licensing
      transactions and for other performance-based success.&#160; Assessment of the Executive&#8217;s potential qualification for additional grants shall be made by the Parent Board not less than annually.&#160; In making determinations as to whether to award additional
      grants, the Parent Board may consider, in its sole discretion, market-appropriate and situation-appropriate circumstances and developments, such as the dilutive effect of events such as future financings and the Parent compensation policy .</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(d)&#160; <u>Signing Bonus</u>. The Company will pay the Executive a one-time signing bonus in the gross amount of eighty thousand dollars ($80,000.00), payable on the next regular payroll date following
      the Commencement Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(e)&#160; <u>New Office Bonus</u>. The Company will pay the Executive a one-time bonus in the gross amount of eighty thousand dollars ($80,000.00) (the &#8220;<font style="font-weight: bold;">New Office Bonus</font>&#8221;)

      upon the establishment of a new office in the United States and the Executive&#8217;s domiciling in the location of the new office (the &#8220;<font style="font-weight: bold;">New Office</font>&#8221;), payable on the next regular payroll date following Executive&#8217;s
      establishment of the New Office and domiciling in the location of the New Office (the &#8220;<font style="font-weight: bold;">New Office Bonus Conditions</font>&#8221;).&#160; To be eligible for the New Office Bonus, New Office Bonus Conditions must have been
      satisfied within nine (9) months of the Commencement Date (unless mutually agreed that the New Office should be established at a later date, in which case the date for satisfying New Office Bonus Conditions will be extended the later date), and
      Executive must be an employee in good standing of the Company at the time of the establishment of the New Office.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(f) <u>Paid Time Off</u>. During the Term hereof, the Executive shall be entitled to accrue twenty-five (25) days of paid time off (&#8220;<font style="font-weight: bold;">PTO</font>&#8221;) per year, accruing
      at the rate of 2 and 1/25 days per month.&#160; Paid time off is inclusive of sick days.&#160; Executive may take PTO at such times and intervals as the Executive shall determine, subject to the business needs of the Company.&#160; Accrued but unused PTO will roll
      over to successive years, provided that if the Executive accrues fifty (50) days of PTO (the &#8220;<font style="font-weight: bold;">Ceiling</font>&#8221;), PTO will cease to accrue until the Executive shall have taken PTO and the accrual is again below the
      Ceiling.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(g) <u>Other Employee Benefits</u>. During the Term hereof and subject to any contribution therefor generally required of employees (including executives) of the Company, the Executive shall be
      entitled to participate in any and all employee benefit plans from time to time in effect for senior employees of the Company.&#160; The Executive&#8217;s participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally
      applicable Company policies and (iii) the discretion of the Company Board, Committee or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or terminate its employee benefit plans
      at any time as it, in its sole judgment, determines to be appropriate.&#160; Until such time as the Company shall have established a group medical insurance plan, the Company will increase the Executive&#8217;s compensation in an amount to be agreed, including
      tax equalization.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(h) <u>Business Expenses</u>. The Company shall pay or reimburse the Executive for all reasonable, customary and necessary business expenses incurred or paid by the Executive in the performance of
      the Executive&#8217;s duties and responsibilities, subject to the Company&#8217;s expense policy, to be updated within (3) months following the Commencement Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(i)&#160; <u>Tax Consultation</u>.&#160; In the event Executive is or is likely to be subject to payment of income tax under Israeli law, the Company will, at its expense, provide Executive with the services
      of a tax consultant to advise the Executive on the 1995 U.S. &#8211; Israel Convention With Respect to Taxes on Income.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">5. <u>Termination of Employment and Severance Benefits</u>. The Executive&#8217;s employment shall continue until terminated in accordance with this Section 5:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) Death. In the event of the Executive&#8217;s death during the Term, the Company shall pay to the Executive&#8217;s designated beneficiary or, if no beneficiary has been designated by the Executive, to the
      Executive&#8217;s estate, any earned and unpaid Base Salary and accrued but unused PTO through the date of the Executive&#8217;s death, together with all compensation and benefits payable to Executive based on his participation in any compensation or benefit
      plan, program or arrangement through the date of termination, and all vested options may be exercised in accordance with and to the extent permitted under the applicable award agreement and the Plan (the &#8220;<font style="font-weight: bold;">Final
        Compensation</font>&#8221;). For the avoidance of doubt, Final Compensation does not include incentive compensation.&#160; Upon payment of the Final Compensation, the Company shall have no further obligation or liability to the Executive or Executive&#8217;s
      designated beneficiary or estate.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b) Disability.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(i) In the event that the Executive becomes disabled and, as a result, is unable to perform the essential functions of Executive&#8217;s duties and responsibilities, with or without a reasonable
      accommodation, for more than&#160; sixty (60) business days (which need not be consecutive) during any twelve (12)-month period (a &#8220;<font style="font-weight: bold;">Disability</font>&#8221;), the Company may terminate the Executive&#8217;s employment hereunder, ten
      (10) days after the Company gives notice to Executive of Executive&#8217;s termination on account of Executive&#8217;s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date, provided that
      Executive has not returned to the full time performance of Executive&#8217;s duties prior to such date,</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(ii) The Company Board may designate another employee to act in the Executive&#8217;s place during any period of the Executive&#8217;s disability.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(iii) If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform substantially all of the Executive&#8217;s duties and responsibilities hereunder,
      the Executive may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive&#8217;s duly appointed guardian, if any, has no reasonable objection to determine
      whether the Executive is so disabled. Such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company&#8217;s determination
      of the issue shall be binding on the Executive.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(iv) In the event the Company terminates the Executive&#8217;s employment hereunder due to Disability, the Company shall pay to the Executive any Final Compensation due to the Executive. The Company shall
      have no further obligation or liability to the Executive.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(v)&#160; Nothing in this Section shall be construed to waive the Executive&#8217;s rights, if any, under applicable state, federal or local law including, without limitation, the Family and Medical Leave Act
      of 1993, 29 U.S.C. &#167;2601 et seq. (if applicable) and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 et seq.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) <u>By the Company for Cause</u>. The Company may terminate the Executive&#8217;s employment hereunder for Cause (as defined below) at any time upon notice to the Executive setting forth in reasonable
      detail the nature of such Cause. The following, as determined by vote of a majority of the Company Board (provided that Executive shall abstain from any such determination and Executive&#8217;s presence at the meeting in respect thereof shall not count
      towards a quorum in such meeting), shall constitute &#8220;Cause&#8221; for termination:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(i) the Executive&#8217;s misappropriation or use for non-business purposes of funds or property (whether tangible or intangible) of the Company or its Affiliates;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(ii) any violation of the Executive&#8217;s fiduciary duties to the Company or its Affiliates;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty, or fraud that would reasonably be expected to result in material
      injury or reputational harm to the Company or its Affiliates;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iv) a violation by the Executive of one of the Company&#8217;s material policies established by the Company in good faith which has not been cured as set forth below, including, but not
      limited to, the Company&#8217;s anti-discrimination and anti-harassment policies and the Company&#8217;s anti-corruption policies;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(v) conduct by the Executive constituting gross negligence or misconduct in connection with the performance of the Executive&#8217;s duties which causes or is reasonably likely to cause
      material harm to the Company or its Affiliates which has not been cured as set forth below;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vi) nonperformance by the Executive of the Executive&#8217;s material duties (other than by reason of the Executive&#8217;s physical or mental illness, incapacity or disability) which, to the
      extent it is curable by the Executive, is not cured within ten (10) days after written notice thereof is given to the Executive by the Company Board (or, if such nonperformance cannot be cured within ten (10) days, failure to materially commence cure
      within such 10-day period);</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vi) the Executive&#8217;s failure to comply with the lawful instructions of the Company Board, which failure has not been cured within ten (10) days following written notice from the
      Company Board;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vii) a breach by the Executive of a material provision of this Agreement or any other agreement between the Company or an Affiliate and the Executive, which breach has not been
      cured&#160;within ten (10) days following written notice from the Company Board; or</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(viii) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to
      cooperate, which failure has not been cured within ten (10) days following written notice from the Company Board, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
      inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">Upon the giving of notice of termination of the Executive&#8217;s employment hereunder for Cause, the Company shall have no further obligation or liability to the Executive, other than payment of any Final
      Compensation due to the Executive.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(d) <u>By the Company Without Cause</u>. The Company may terminate the Executive&#8217;s employment with the Company without Cause at any time upon five (5) days&#8217; notice to the Executive&#160;unless the
      Company specifies a later date, in which case, termination shall be effective as of such later date; provided that the Company may set a termination date (the &#8220;<font style="font-weight: bold;">Separation Date</font>&#8221;) at any time between the date of
      notice and the end of the five (5) day period, so long as Executive receives compensation through the required notice period. In the event of such termination (which shall not, for the avoidance of doubt, include a termination of employment by reason
      of the Executive&#8217;s death or disability), in addition to any Final Compensation due to the Executive, subject to Section 6 below, the Company shall pay to the Executive the following (the &#8220;<font style="font-weight: bold;">Severance Benefits</font>&#8221;),
      provided that the total amount of the cash portion of Severance Benefits will not exceed two hundred percent (200%) of the Executive&#8217;s Base Salary at the rate in effect on the date of termination:</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(i) the Company will pay the Executive an amount equal to the Base Salary, at the rate in effect on the date of termination, for a period of twelve (12) months following the date
      of termination (the &#8220;<font style="font-weight: bold;">Severance Period</font>&#8221;).&#160; The Severance Period will be extended for one (1) month for each year of employment after twelve (12) months up to a maximum Severance Period of twenty-four (24)
      months.&#160; The foregoing payment will be paid in equal installments on the Company&#8217;s usually payroll dates over the six (6) month period following the Separation Date, except in the case of a termination in connection with a Merger/Sale, in which case
      such payment shall be made in a single, undiscounted, lump sum payment within thirty days following the date of termination of the Executive&#8217;s employment or at the close of the transaction, whichever is earlier.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(ii) the Company will pay the Executive an amount equal to the full premium cost of the Executive&#8217;s participation in the Company&#8217;s group medical plans pursuant to the federal law
      known as COBRA, provided that the Executive is entitled to continue such participation under applicable law and plan terms and timely and properly elects to receive COBRA continuation coverage, during the Severance Period.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iii) the Company will pay to the Executive the portion of the bonus based on the Executive&#8217;s achievement, as of the termination date, of milestones and achievements, as determined
      by the Company Board or the compensation committee thereof; except in the case of a termination in connection with a Merger/Sale, in which case the Company will pay to the Executive an amount equal to a pro-rata portion (based on the number of months
      elapsed between the commencement of the Company&#8217;s fiscal year and the date of the termination of the Executive&#8217;s employment due to a Merger/Sale) of the maximum target incentive and bonus compensation that would have been payable to Executive in
      accordance with Section 4(b) above if the Executive&#8217;s employment continued through to the end of the then-current fiscal year.&#160; The pro rata bonus payment will be made together with and on the same schedule as the payment of the Base Salary portion
      of the Severance Benefits.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(A) if Executive&#8217;s termination without Cause is the result of a Merger/Sale, the Parent Board will accelerate the vesting of any time-based stock option awards;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25;">&#160;(B) if Executive&#8217;s termination without Cause occurs outside the context of a Merger/Sale, or if Executive terminates the employment relationship for Good
      Reason, the Parent Board will approve acceleration of any time-based stock option awards as follows:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(I)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Executive has been employed by the Company for six (6) months or more but less than twelve (12) months, the Parent Board will approve
      acceleration of any time-based stock options due to vest on the 12-month anniversary of the Commencement Date;</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 108pt; line-height: 1.25;">(II)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Executive has been employed by the Company for twelve (12) months or longer, the Parent Board will approve the acceleration of vesting of all time-based stock
      option awards.</div>
    <div style="line-height: 1.25">&#160;</div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(e)&#160;&#160; By the Executive. The Executive may terminate Executive&#8217;s employment hereunder at any time for any reason, including but not limited to, Good Reason.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(i) For purposes of this Agreement, &#8220;<font style="font-weight: bold;">Good Reason</font>&#8221; means (A) the&#160; diminution of Executive&#8217;s position with the Company (including status,
      offices, titles, and reporting requirements, authority, material duties, or material responsibilities as provided in this Agreement, or any other action by the Company which results in a material diminution in Executive&#8217;s position, authority,
      material duties, or material responsibilities); (B) a diminution in Executive&#8217;s Base Salary (as it may be increased from time to time) (other than consistent with a temporary across-the-board diminution of the base salary of all officers of the
      Company) or target bonus percentages (for purposes of clarity, any downward adjustment of Executive&#8217;s Base Salary pursuant to Section 4(a) and/or change in eligibility for the annual incentive bonuses pursuant to Section 4(b) shall be cause for Good
      Reason resignation); (C) following Executive&#8217;s relocation to the New Office location, a change in the geographic location(s) at which Executive provides services to the Company which would increase Executive&#8217;s commute by fifty (50) miles or more; or
      (D) the material, uncured breach of this Agreement by the Company. The Executive shall notify the Company Board in writing upon the first occurrence of the Good Reason condition, and the Company shall have a period of sixty (60) in which to remedy
      such condition. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ii) In the event of termination by the Executive without Good Reason, the Company shall pay the Final Compensation.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(iii) In the event of termination by the Executive for Good Reason, in addition to any Final Compensation due to the Executive, subject to Section 6 below, the Company shall pay to
      the Executive the Severance<font style="font-weight: bold;">&#160;</font>Benefits.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">6. <u>Effect of Termination</u>. The provisions of this Section 6 shall apply to termination of the Executive&#8217;s employment for any reason.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) The payments and benefits described in Section 5 shall constitute the only payments and benefits the Executive is entitled to receive from the Company in connection with a termination of the
      Executive&#8217;s employment. In order to receive any Severance Benefits, the Executive must first execute, deliver to the Company, and not revoke a timely and effective separation agreement that includes a customary general release and waiver in favor of
      the Company in a form reasonably acceptable to the Company and restrictive covenants that remain in force for the greater of (i) one year following the termination of the Executive&#8217;s employment and (ii) the Severance Period during which the Executive
      is receiving payments pursuant to Section 5 hereof.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable fully to accomplish the purposes of such provision, including without limitation the
      obligations of the Executive under this Section 6 and Sections 7, 8 and 9 hereof. The obligation of the Company to provide Severance Benefits is expressly conditioned upon the Executive&#8217;s continued full performance of the Executive&#8217;s obligations
      under Sections 7, 8 and 9 hereof and under any separation agreement. The Executive recognizes that, except as expressly provided in Section 5, no compensation will be earned by, or in any way owing to, the Executive after termination of employment.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) Effective as of the date the Executive&#8217;s employment terminates, the Executive will be deemed to have resigned from any and all positions and offices that the Executive holds with the Company or
      any of its Affiliates, without any further action required.&#160; The Executive agrees to sign and return to the Company such documents confirming such resignations and provide such information in connection with such resignations as the Company or any of
      its Affiliates may reasonably require.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">7. <u>Confidential Information</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive has developed and may develop Confidential Information for the
      Company or its Affiliates and that the Executive has learned and may learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of the Company and its Affiliates for protecting
      Confidential Information and shall never disclose to any Person (except as required by applicable law or for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates), or use for the Executive&#8217;s own
      benefit or gain, any Confidential Information obtained by the Executive incident to the Executive&#8217;s employment or other association with the Company or any of its Affiliates. The Executive understands that the restriction shall continue to apply
      after the Executive&#8217;s employment terminates, regardless of the reason for such termination. Nothing in this Agreement limits, restricts or in any other way affects the Executive&#8217;s communicating with any governmental agency or entity, or communicating
      with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity. The Executive cannot be held criminally or civilly liable under any federal or state trade secret law for
      disclosing a trade secret (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (2) in a complaint
      or other document filed under seal in a lawsuit or other proceeding. Notwithstanding this immunity from liability, the Executive may be held liable if the Executive unlawfully accesses trade secrets by unauthorized means.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b) All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in part,
      thereof (the &#8220;<font style="font-weight: bold;">Documents</font>&#8221;), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates. The Executive shall safeguard all Documents and shall surrender
      to the Company at the time the Executive&#8217;s employment terminates, or at such earlier time or times as the Company Board or its designee may specify, all Documents then in the Executive&#8217;s possession or control. The Executive also agrees that, upon
      request of any duly authorized officer of the Company, the Executive shall disclose all passwords and passcodes necessary or desirable to obtain access to, or that would assist in obtaining access to, any information which the Executive has
      password-protected on any computer equipment, network or system of the Company or any of its Affiliates.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) The Executive acknowledges and agrees that all Confidential Information and proprietary materials that are provided by the Company to the Executive under this Agreement are and shall remain the
      exclusive property of the Company or the third party entrusting such Confidential Information or proprietary materials to the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">8. <u>Restricted Activities</u>. As a condition to and in consideration of the Executive&#8217;s continued employment and the terms and conditions of this Agreement, including the Severance Benefits and
      the grant of options, the Executive agrees that the following restrictions on the Executive&#8217;s activities during and after the Executive&#8217;s employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the
      Company and its Affiliates:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) While the Executive is employed by the Company or any Affiliate of the Company, and for the greater of (i) twelve (12) months after the Executive&#8217;s employment terminates or (ii) the Severance
      Period (the &#8220;<font style="font-weight: bold;">Non-Competition Period</font>&#8221;), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or
      any of its Affiliates in any geographic area in which the Company or any of its Affiliates does business or is actively planning to do business during the Executive&#8217;s employment, or with respect to the portion of the Non-Competition Period that
      follows the termination of the Executive&#8217;s employment, at the time the Executive&#8217;s employment terminates (the &#8220;<font style="font-weight: bold;">Restricted Area</font>&#8221;) or undertake any planning for any business competitive with the Company or any of
      its Affiliates in the Restricted Area. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any biotech company in the field of inflammation and fibrosis therapies (the &#8220;<font style="font-weight: bold;">Restricted Field</font>&#8221;), within the Restricted Area.&#160; During the Non-Competition Period, except as required for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates, the Executive further
      agrees not to work for or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person that is engaged in any business in the Restricted Field. The foregoing shall
      not prohibit the Executive&#8217;s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
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    <div style="text-align: justify; line-height: 1.25;">(b) The Executive agrees that, during the Executive&#8217;s employment with the Company or any Affiliate of the Company, except with the consent of the Company Board, the Executive will not undertake any
      outside activity, whether or not competitive with the business of the Company or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with the Executive&#8217;s duties and obligations to the Company or any of its
      Affiliates.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) The Executive further agrees that while the Executive is employed by the Company or any Affiliate of the Company and for the greater of (i) twelve (12) months after the Executive&#8217;s employment
      terminates or (ii) the Severance Period (the &#8220;<font style="font-weight: bold;">Non-Solicitation Period</font> &#8220;), except as required for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates, the
      Executive will not, directly or indirectly solicit for employment or hire any employee of the Company or any of its Affiliates, assist in such solicitating or hiring, encourage any such employee to terminate such employee&#8217;s relationship with the
      Company or any of its Affiliates or solicit or encourage any customer or vendor of the Company or any of its Affiliates to terminate its relationship with them, or, in the case of a customer, to conduct with any Person any business or activity which
      such customer conducts or could conduct with the Company or any of its Affiliates. These restrictions shall apply (y) only with respect to those Persons who are or have been a customer or employee of the Company or any of its Affiliates at any time
      within the immediately preceding one-year period.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">9. <u>Assignment of Rights to Intellectual Property</u>. The Executive shall promptly and fully disclose, if the Executive has not done so already, all Intellectual Property to the Company. The
      Executive shall maintain adequate records (whether written, electronic, or otherwise) to document the Intellectual Property, including without limitation the conception and reduction to practice of all inventions, and shall make such records
      available to the Company upon request. The Company shall have sole ownership of all Intellectual Property and all such records with respect thereto. The Executive hereby assigns, conveys, and grants to the Company (or as otherwise directed by the
      Company) , and agrees to assign, convey and grant to the Company (or as otherwise directed by the Company) , all of the Executive&#8217;s right, title, and interest in and to the Intellectual Property and any and all patents, patent applications, and
      copyrights relating to the Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution
      and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual
      Property. The Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered &#8220;work made for hire &#8220;&#160;&#160; and shall, upon creation, be owned exclusively by
      the Company.</div>
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    <div style="text-align: justify; line-height: 1.25;">The Executive represents that the attached Exhibit A contains a complete list of all inventions, copyrightable works, tangible materials, and other intellectual property that the Executive (either
      alone or jointly with others) conceived, developed, discovered, created, or reduced to practice prior to the Executive&#8217;s employment with the Company (the &#8220;Prior IP&#8221;). The Prior IP is not assigned to the Company under this Agreement, except to the
      extent that the Executive expressly assigns such Prior IP to the Company under the terms of a separate written instrument. If no Prior IP is listed on Exhibit A , the Executive represents that no Prior IP exists. The Executive recognizes that the
      protection of the Intellectual Property of the Company against unauthorized disclosure and use is of critical importance to the Company, and therefore, the Executive agrees to use the Executive&#8217;s best efforts and exercise utmost diligence to protect
      and safeguard the Intellectual Property of the Company and its Affiliates, if any, and, except as may be expressly required by the Company in connection with the Executive&#8217;s performance of the Executive&#8217;s obligations to the Company under this
      Agreement, the Executive shall not, either during the Term of this Agreement or thereafter, directly or indirectly, use for the Executive&#8217;s own benefit or for the benefit of another, or disclose to another, any of such Intellectual Property.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">10. <u>Notification Requirement</u>. Until the conclusion of the Non-Competition Period the Executive shall give notice to the Company of each new business activity the Executive plans to undertake,
      at least one (1) month prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of the Executive&#8217;s business relationship(s) and position(s) with such Person.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">11. <u>Enforcement of Covenants</u>. The Executive acknowledges that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed
      upon Executive pursuant to Sections 7 and 8 hereof. The Executive agrees that said restraints are necessary for the reasonable and proper protection of the goodwill, Confidential Information and other legitimate interests of the Company and its
      Affiliates and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further acknowledges that, were the Executive to breach any of the covenants contained in Sections
      7 or 8 hereof, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or
      threatened breach by the Executive of any of said covenants, without having to post bond, together with an award of its attorneys&#8217; fees incurred in connection with securing any relief hereunder. The parties further agree that, in the event that any
      provision of Section 7 or 8 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision
      shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. The Executive agrees that the Non-Competition Period and Non-Solicitation Period shall be tolled, and shall not run, during any period of time in which
      the Executive is in violation of the terms thereof, in order that the Company and its Affiliates shall have all of the agreed-upon temporal protection recited herein. Each of the Company&#8217;s Affiliates shall have the right to enforce all of the
      Executive&#8217;s obligations to that Affiliate under this Agreement, including without limitation pursuant to Section 7 or 8 hereof. No breach of any provision of this Agreement by the Company, or any other claimed breach of contract or violation of law,
      or change in the nature or scope of the Executive&#8217;s employment or other relationship with the Company or any of its Affiliates, shall operate to extinguish the Executive&#8217;s obligation to comply with Sections 7 and 8 hereof.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
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    </div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">12. <u>Conflicting Agreements</u>. The Executive hereby represents and warrants that the execution of this Agreement and the performance of the Executive&#8217;s obligations hereunder will not breach or
      be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants, or any other obligations under any court order, judgment or
      decree, that would affect the performance of the Executive&#8217;s obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party&#8217;s consent.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">13. <u>Reimbursement of Counsel Fees</u>. The Company will reimburse the Executive for the reasonable legal fees incurred by the Executive&#8217;s counsel in the review of this Agreement, up to a maximum
      amount of seven thousand five hundred dollars ($7,500), subject to the Executive&#8217;s delivery of invoices in accordance with the Company&#8217;s expense policy.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">14. <u>Definitions</u>. For purposes of this Agreement, the following definitions apply:</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a) &#8220;<font style="font-weight: bold;">Affiliate</font>&#8220; means any Person or entity directly or indirectly controlling, controlled by or under common control with the Company, where control may be by
      either management authority or equity interest.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b) &#8220;<font style="font-weight: bold;">Confidential Information</font>&#8221; means any and all information of the Company and its Affiliates that is not generally known by the public. Confidential
      Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Company&#8217;s research and development, (iii) the
      costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, and (iv) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those
      relationships. Confidential Information also includes comparable information that the Company or any of its Affiliates have received belonging to others or which was received by the Company or any of its Affiliates with any understanding that it
      would not be disclosed.</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(c) &#8220;<font style="font-weight: bold;">Intellectual Property</font>&#8220; means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable
      or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during the
      Executive&#8217;s employment and during the period of twelve (12) months immediately following termination of the Executive&#8217;s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(d) &#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization, other than the Company
      or any of its Affiliates.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">15. <u>Withholding</u>. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">16. <u>Assignment</u>. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of
      the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge into, an
      Affiliate or any other Person or transfer all or substantially all of its properties, stock or assets to an Affiliate or any other Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their
      respective successors, executors, administrators, heirs and permitted assigns.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">17. <u>Severability</u>. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
      Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and
      enforceable to the fullest extent permitted by law.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">18. <u>Waiver</u>. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or
      obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">19. <u>Notices</u>. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person or deposited in
      the United States mail, postage prepaid, registered or certified, and addressed to the Executive at the Executive&#8217;s last known personal address on the books of the Company or, in the case of the Company, at its principal place of business, or to such
      other address as either party may specify by notice to the other actually received.</div>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">20. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect
      to the terms and conditions of the Executive&#8217;s employment, excluding any obligations with respect to the securities of the Company or the grant of any stock options, all of which shall remain in full force and effect in accordance with their terms;
      provided, however, that this Agreement shall not supersede any effective assignment of any invention or other intellectual property to the Company or any of its Affiliates in effect on the Effective Date and shall not constitute a waiver by the
      Company or any of its Affiliates of any right that any of them now has or may now have under any agreement imposing obligations on the Executive with respect to confidentiality, non-competition, non-solicitation of employees, customers or independent
      contractors or like obligations.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">21. <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an authorized representative of the Company.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">22. <u>Headings</u>. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">23. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">24. <u>Governing Law; Arbitration</u>.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(a)&#160; This is a contract and shall be construed and enforced under and be governed in all respects by the laws of the State of Louisiana, without regard to the conflict of laws principles thereof.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">(b) Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#8217;s employment or the termination of that employment shall, to
      the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (&#8220;AAA&#8221;) in New Orleans, Louisiana in
      accordance with the Employment Arbitration Rules and Mediation Procedures of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators.&#160; To the greatest extent permitted by law and the AAA, Company
      and the Executive shall each pay one-half of the arbitration fees for any such arbitration including, but not limited to, AAA administrative fees and costs, and arbitrator fees. The Company and the Executive are each responsible for their own
      attorney&#8217;s fees. The Executive understands that the Executive may only bring such claims in the Executive&#8217;s individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative proceeding.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-align: justify; line-height: 1.25;">25. <u>Consent to Jurisdiction</u>.&#160; To the extent that any court action is permitted consistent with or to enforce this Agreement, the parties hereby consent to the exclusive jurisdiction of the
      appropriate State or federal courts sitting in Orleans Paris, Louisiana.&#160; Accordingly, with respect to any such court action, the parties: (a) submits to the personal jurisdiction of such courts; (b) consent to service of process; and (c) waive any
      other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.</div>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">26. <u>Whistleblower Notice</u>. Pursuant to 18 USC &#167; 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in
      confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other
      proceeding, if such filing is made under seal. Accordingly, the Parties to this Agreement have the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting
      or investigating a suspected violation of law. The Parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">27. <u>Conditions</u>.&#160; Notwithstanding anything to the contrary herein, the effectiveness of this Agreement shall be conditioned on (i) the Executive&#8217;s satisfactory completion of reference and background checks, if so
      requested by the Company, and (ii) the Executive&#8217;s submission of satisfactory proof of the Executive&#8217;s legal authorization to work in the United States.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">28. <u>Acknowledgement</u>. The Executive acknowledges that the Company has advised the Executive to consult an attorney before signing this Agreement.&#160; The Executive has carefully read this Agreement and understands
      and agrees to all of the provisions in this Agreement.</div>
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    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the Effective Date.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">COMPANY:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; &#160; CHEMOMAB THERAPEUTICS, INC.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="text-indent: 108pt; line-height: 1.25;">Signed:<u> /s/ Adi Mor</u></div>
    <div style="text-indent: 108pt; line-height: 1.25;">Name:&#160;&#160; Adi Mor</div>
    <div style="text-indent: 108pt; line-height: 1.25;">Title:&#160; Chief Executive Officer</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">EXECUTIVE:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; DALE PFOST</div>
    <div style="line-height: 1.25;"> <br>
    </div>
    <div style="text-indent: 108pt; line-height: 1.25;">Signed:&#160; <u>/s/ Dale Pfost</u></div>
    <div style="text-indent: 108pt; line-height: 1.25;"><u> <br>
      </u></div>
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<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>4
<FILENAME>exhibit_10-10.htm
<DESCRIPTION>EXHIBIT 10.10
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        <div style="line-height: 1.25; text-align: right;"><u><font style="font-weight: bold;">Exhibit 10.10</font></u><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25;">EXECUTIVE EMPLOYMENT AGREEMENT</div>
      <br>
      <div style="text-align: justify; margin-right: 7.8pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">THIS EXECUTIVE EMPLOYMENT AGREEMENT (this &#8220;Agreement&#8221;) is entered between Chemomab<font style="font-family: 'Times New Roman', Times, serif;">&#160;</font>Therapeutics, Inc. (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Company</font>&#8221;), a Delaware corporation, and <font style="font-family: 'Times New Roman', Times, serif;">Donald
          Marvin</font> (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Executive</font>&#8221;), as<font style="font-family: 'Times New Roman', Times, serif;"> of November 8</font>, 2021 (the &#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Effective Date</font>&#8221;).<font style="font-family: 'Times New Roman', Times, serif;"> The Company is a wholly-owned subsidiary of Chemomab Therapeutics Ltd., an Israeli company and the parent
          company of the Company (the </font>&#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Parent</font>&#8221;), whose American Depositary Shares (&#8220;<font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">ADSs</font>&#8221;)


        are listed for trading on t<font style="font-family: 'Times New Roman', Times, serif;">he Nasdaq Stock Market.</font></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 8pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in
        Section 14 below and as provided elsewhere herein. In consideration of the mutual promises, terms, provisions and conditions set forth in this Agreement, the Company and the Executive agree as follows: </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">1. <u>Employment</u>. The Company agrees to employ the Executive and the Executive agrees to serve as the Executive Vice President, Chief Financial Officer and Chief Operating Officer (&#8220;<font style="font-weight: bold;">CFO-COO</font>&#8221;) of the Company. Executive&#8217;s term of employment will commence on November 1, 2021 or such other date as the Company and the Executive may agree (the &#8220;<font style="font-weight: bold;">Commencement Date</font>&#8221;).&#160;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">
        <div>2.&#160; <u>Term</u>. This Agreement will continue in effect until terminated in accordance with Section 5 hereof. The term of this Agreement is hereafter referred to as &#8220;<font style="font-weight: bold;">Term</font>&#8221;.&#160; </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">
        <div>3.&#160; <u>Capacity and Performance.</u>&#160;</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 8.05pt; line-height: 1.25;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Executive shall be employed by the Company on a full-time basis in the exempt position of Executive Vice President, CFO-COO. The Executive shall report to the
        Chief Executive Officer of the Company (the &#8220;<font style="font-weight: bold;">CEO</font>&#8221;) Executive will also have a dotted line reporting relationship to the Audit Committee of the Company Board. The Executive shall perform such duties and
        responsibilities on behalf of the Company and its Affiliates as may be designated from time to time by the CEO. </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-right: 7.85pt; line-height: 1.25;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Executive shall devote the Executive&#8217;s best efforts, business judgment, skill and knowledge to the advancement of the business and interests of the Company
        and its Affiliates and to the discharge of the Executive&#8217;s duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental, academic, civic or
        charitable position, whether paid or unpaid, without the prior written approval of the Company Board, to be granted or withheld in the Company Board&#8217;s reasonable determination. Notwithstanding the foregoing, with advance notice to the Company
        Board, Executive may hold positions on up to three (3) boards of directors at any time, subject to Company Board approval and so long as the Company Board determines that (i) this commitment does not interfere with the performance of the
        Executive&#8217;s duties for the Company, and (ii) the companies or institutions for which the Executive serves as a director are not competitive with, and do not conflict with, the business or scientific pursuits of the Company.&#160;</div>
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      </div>
      <div style="text-align: justify; margin-right: 7.85pt; line-height: 1.25;">4.&#160; <u>Compensation and Benefits</u>. As compensation for all services performed by the Executive on behalf of the Company and its Affiliates, and subject to performance of
        the Executive&#8217;s duties and of the obligations of the Executive to the Company and its Affiliates, the Company will pay the following compensation and provide the following benefits to Executive: </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 7.85pt; line-height: 1.25;">(a)&#160; <u>Base Salary</u>. The Company shall pay the Executive a base salary at the initial gross annual rate of four hundred sixty thousand dollars ($460,000.00), payable in
        accordance with the payroll practices of the Company and, subject to Executive&#8217;s right to resign for Good Reason pursuant to Section 5(e)(i), subject to adjustment by the Company Board, in its sole discretion (the &#8220;<font style="font-weight: bold;">Base

          Salary</font>&#8221;).&#160;</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b)&#160; <u>Incentive and Bonus Compensation</u>. The Executive shall be entitled to participate in the Company&#8217;s annual cash incentive program in accordance with the terms thereof, as such program or
        terms may be modified or amended by the Company from time to time. The Executive&#8217;s initial target annual cash incentive bonus is forty-five percent (45%) of the Base Salary (gross). The actual bonus, if any, will be determined by the Company Board.
        Subject to Executive&#8217;s right to resign for Good Reason pursuant to Section 5(e)(i), the Executive&#8217;s targets may be modified by the Company Board from time to time in its discretion. </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="font-family: 'Times New Roman',Times,serif;">
        <div>(c)&#160;&#160; <u>Stock Options</u>.</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(i) Time-Based Stock Option Grant. &#160; Subject to the approval of the Parent Board, the Executive will be granted an option to purchase up to 196,875&#160;ADSs (the &#8220;<font style="font-weight: bold;">Time-Based Option Shares</font>&#8221;), which the Company represents and warrants constitutes 1.5% of the number of ADSs of Parent issued and outstanding on a fully-diluted basis as of the Effective Date (including the
        Option Shares granted to Executive). This option will vest over a four year period, with 25% vesting on the first anniversary of the grant date and the remainder in equal amounts over the next 36 monthly periods. This option will be governed by the
        terms of the Parent&#8217;s 2015 Share Incentive Plan as amended from time to time (the &#8220;<font style="font-weight: bold;">Plan</font>&#8221;), and any award agreement thereunder.&#160;The option will be subject to accelerated vesting upon a Merger/Sale, as defined
        in Section 14.2.1 of the Plan, other than a Merger/Sale in which a majority of the shares or other equity interests of the surviving entity are held by the shareholders of the Parent or its Affiliates immediately prior to such Merger/Sale.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: justify;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160; Performance-Based Stock Option Grant. Subject to the Executive&#8217;s achievement of&#160;predefined strategic goals or milestones, as determined by the Company Board&#8217;s compensation committee and approved
          by the Parent Board and subject to the Executive&#8217;s fulfillment of agreed-upon milestones, the Company expects in the future to grant Executive an option to purchase up to 65,612 ADSs (the &#8220;Performance Option Shares&#8221;), which the Company represents
          and warrants constitute up to O.5% of the number of ADSs of Parent issued and outstanding on a fully-diluted basis as of the Effective Date (including the Option Shares granted to Executive). Once granted, the Performance- Based Option Shares
          will be subject to vesting, in three independent equal tranches.&#160; </div>
        <div><br>
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      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 7.9pt; line-height: 1.25;">(d)&#160; <u>Signing Bonus</u>. The Company will pay the Executive a one-time signing bonus in the gross amount of twenty-five thousand dollars ($25,000.00), payable on the next
        regular payroll date following the Commencement Date. </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(e)&#160; <u>New Office Bonus</u>. The Company will pay the Executive a one-time bonus in the gross amount of seventy-five thousand dollars ($75,000.00) (the &#8220;<font style="font-weight: bold;">New
          Office Bonus</font>&#8221;) upon the establishment of a new office in the United States and the Executive&#8217;s establishment of a residence in the location of the new office (the &#8220;<font style="font-weight: bold;">New Office</font>&#8221;), payable on the next
        regular payroll date following Executive&#8217;s establishment of a residence in the location of the New Office (the &#8220;<font style="font-weight: bold;">New Office Bonus Conditions</font>&#8221;). To be eligible for the New Office Bonus, Executive must be an
        employee in good standing of the Company at the time of the establishment of the New Office.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 7.85pt; line-height: 1.25;">(f)&#160;&#160; <u>Paid Time Off</u>. During the Term hereof, the Executive shall be entitled to accrue twenty-five (25) days of paid time off (&#8220;<font style="font-weight: bold;">PTO</font>&#8221;)


        per year, accruing at the rate of 2 and 1/25 days per month. Paid time off is inclusive of sick days. Executive may take PTO at such times and intervals as the Executive shall determine, subject to the business needs of the Company. Accrued but
        unused PTO will roll over to successive years, provided that if the Executive accrues fifty (50) days of PTO (the &#8220;<font style="font-weight: bold;">Ceiling</font>&#8221;), PTO will cease to accrue until the Executive shall have taken PTO and the accrual
        is again below the Ceiling.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 7.85pt; line-height: 1.25;">(g)&#160; <u>Other Employee Benefits</u>. During the Term hereof and subject to any contribution therefor generally required of employees (including executives) of the Company,
        the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for senior employees of the Company. The Executive&#8217;s participation shall be subject to (i) the terms of the applicable plan documents,
        (ii) generally applicable Company policies and (iii) the discretion of the Company Board, Committee or any administrative or other committee provided for in or contemplated by such plan. The Company may alter, modify, add to or terminate its
        employee benefit plans at any time as it, in its sole judgment, determines to be appropriate. Until such time as the Company shall have established a group medical insurance plan, if the Executive has elected COBRA continuation of benefits offered
        by a prior employer, the Company will reimburse the Executive for the COBRA payments made by Executive each month.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 8.2pt; line-height: 1.25;">(h)&#160;&#160; <u>Business Expenses</u>. The Company shall pay or reimburse the Executive for all reasonable, customary and necessary business expenses incurred or paid by the
        Executive in the performance of the Executive&#8217;s duties and responsibilities, subject to the Company&#8217;s expense policy, to be updated within (3) months following the Commencement Date. </div>
      <div style="text-align: justify; margin-right: 8.2pt; line-height: 1.25;"> <br>
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      <div style="text-align: justify; margin-right: 8.2pt; line-height: 1.25;">(i)&#160;&#160; <u>Tax Consultation</u>. In the event Executive is or is likely to be subject to payment of income tax under Israeli law, the Company will, at its expense, provide
        Executive with the services of a tax consultant to advise the Executive on the 1995 U.S. &#8211; Israel Convention With Respect to Taxes on Income. </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; margin-right: 7.95pt; line-height: 1.25;">(j)&#160;&#160; <u>Annual Reviews</u>. The Executive&#8217;s compensation will be reviewed at least annually (with the first full review to take place in 2023 for the 2022 fiscal year). In
        the Company Board&#8217;s discretion, and subject&#160;to the Executive&#8217;s performance and the performance of the Company as a whole, the Company may award the Executive additional compensation.</div>
      <div style="text-align: justify; margin-right: 7.95pt; margin-left: 8pt; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25;">5. <u>Termination of Employment and Severance Benefits</u>. The Executive&#8217;s employment shall continue until terminated in accordance with this Section 5:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(a) Death. In the event of the Executive&#8217;s death during the Term, the Company shall pay to the Executive&#8217;s designated beneficiary or, if no beneficiary has been designated by the Executive, to the
        Executive&#8217;s estate, any earned and unpaid Base Salary and accrued but unused PTO through the date of the Executive&#8217;s death, together with all compensation and benefits payable to Executive based on his participation in any compensation or benefit
        plan, program or arrangement through the date of termination, and all vested options may be exercised in accordance with and to the extent permitted under the applicable award agreement and the Plan (the &#8220;<font style="font-weight: bold;">Final
          Compensation</font>&#8221;). For the avoidance of doubt, Final Compensation does not include incentive compensation.&#160; Upon payment of the Final Compensation, the Company shall have no further obligation or liability to the Executive or Executive&#8217;s
        designated beneficiary or estate.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b) Disability.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; margin-left: 36pt;">(i) In the event that the Executive becomes disabled and, as a result, is unable to perform the essential functions of Executive&#8217;s duties and responsibilities, with or without a
        reasonable accommodation, for more than&#160; sixty (60) business days (which need not be consecutive) during any twelve (12)-month period (a &#8220;<font style="font-weight: bold;">Disability</font>&#8221;), the Company may terminate the Executive&#8217;s employment
        hereunder, ten (10) days after the Company gives notice to Executive of Executive&#8217;s termination on account of Executive&#8217;s Disability, unless the Company specifies a later date, in which case, termination shall be effective as of such later date,
        provided that Executive has not returned to the full time performance of Executive&#8217;s duties prior to such date,</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
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      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; margin-left: 36pt;">(ii) The Company Board may designate another employee to act in the Executive&#8217;s place during any period of the Executive&#8217;s disability.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; margin-left: 36pt;">(iii) If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform substantially all of the Executive&#8217;s duties and
        responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or the Executive&#8217;s duly appointed guardian, if any, has no
        reasonable objection to determine whether the Executive is so disabled. Such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical
        examination, the Company&#8217;s determination of the issue shall be binding on the Executive.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; margin-left: 36pt;">(iv) In the event the Company terminates the Executive&#8217;s employment hereunder due to Disability, the Company shall pay to the Executive any Final Compensation due to the
        Executive. The Company shall have no further obligation or liability to the Executive.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; margin-left: 36pt;">(v)&#160; Nothing in this Section shall be construed to waive the Executive&#8217;s rights, if any, under applicable state, federal or local law including, without limitation, the Family
        and Medical Leave Act of 1993, 29 U.S.C. &#167;2601 et seq. (if applicable) and the Americans with Disabilities Act, 42 U.S.C. &#167;12101 et seq.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(c) <u>By the Company for Cause</u>. The Company may terminate the Executive&#8217;s employment hereunder for Cause (as defined below) at any time upon notice to the Executive setting forth in
        reasonable detail the nature of such Cause. The following, as determined by vote of a majority of the Company Board (provided that Executive shall abstain from any such determination and Executive&#8217;s presence at the meeting in respect thereof shall
        not count towards a quorum in such meeting), shall constitute &#8220;Cause&#8221; for termination:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(i) the Executive&#8217;s misappropriation or use for non-business purposes of funds or property (whether tangible or intangible) of the Company or its Affiliates;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(ii) any violation of the Executive&#8217;s fiduciary duties to the Company or its Affiliates;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iii) the commission by the Executive of any felony or a misdemeanor involving moral turpitude, deceit, dishonesty, or fraud that would reasonably be expected to result in
        material injury or reputational harm to the Company or its Affiliates;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iv) a violation by the Executive of one of the Company&#8217;s material policies established by the Company in good faith which has not been cured as set forth below, including, but
        not limited to, the Company&#8217;s anti-discrimination and anti-harassment policies and the Company&#8217;s anti-corruption policies;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(v) conduct by the Executive constituting gross negligence or misconduct in connection with the performance of the Executive&#8217;s duties which causes or is reasonably likely to
        cause material harm to the Company or its Affiliates which has not been cured as set forth below;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vi) nonperformance by the Executive of the Executive&#8217;s material duties (other than by reason of the Executive&#8217;s physical or mental illness, incapacity or disability) which, to
        the extent it is curable by the Executive, is not cured within ten (10) days after written notice thereof is given to the Executive by the Company Board (or, if such nonperformance cannot be cured within ten (10) days, failure to materially
        commence cure within such 10-day period);</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vi) the Executive&#8217;s failure to comply with the lawful instructions of the Company Board, which failure has not been cured within ten (10) days following written notice from the
        Company Board;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(vii) a breach by the Executive of a material provision of this Agreement or any other agreement between the Company or an Affiliate and the Executive, which breach has not been
        cured&#160;within ten (10) days following written notice from the Company Board; or</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(viii) failure to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities, after being instructed by the Company to
        cooperate, which failure has not been cured within ten (10) days following written notice from the Company Board, or the willful destruction or failure to preserve documents or other materials known to be relevant to such investigation or the
        inducement of others to fail to cooperate or to produce documents or other materials in connection with such investigation.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">Upon the giving of notice of termination of the Executive&#8217;s employment hereunder for Cause, the Company shall have no further obligation or liability to the Executive, other than payment of any
        Final Compensation due to the Executive.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(d) <u>By the Company Without Cause</u>. The Company may terminate the Executive&#8217;s employment with the Company without Cause at any time upon five (5) days&#8217; notice to the Executive&#160;unless the
        Company specifies a later date, in which case, termination shall be effective as of such later date; provided that the Company may set a termination date (the &#8220;<font style="font-weight: bold;">Separation Date</font>&#8221;) at any time between the date
        of notice and the end of the five (5) day period, so long as Executive receives compensation through the required notice period. In the event of such termination (which shall not, for the avoidance of doubt, include a termination of employment by
        reason of the Executive&#8217;s death or disability), in addition to any Final Compensation due to the Executive, subject to Section 6 below, the Company shall pay to the Executive the following (the &#8220;<font style="font-weight: bold;">Severance Benefits</font>&#8221;),


        provided that the total amount of the cash portion of Severance Benefits will not exceed two hundred percent (200%) of the Executive&#8217;s Base Salary at the rate in effect on the date of termination:</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
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      <div style="line-height: 1.25">&#160;
        <div style="text-align: justify; margin-right: 8pt; margin-left: 35.05pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif;">(i)</font>&#160;&#160; <font style="font-family: 'Times New Roman', Times, serif;">the Company will pay the Executive an amount equal to the Base Salary, at the rate in effect on the date of termination, for a period of twelve (12) months following the date of termination (the &#8220;<font style="font-weight: bold;">Severance Period</font>&#8221;).&#160;The Severance Period will be extended for one (1) month for each</font> year of employment after twelve (12) months up to a maximum Severance Period of <font style="font-family: 'Times New Roman', Times, serif;">eighteen (18</font>) months. The foregoing payment will be paid <font style="font-family: 'Times New Roman', Times, serif;">in equal installments on the Company&#8217;s usual</font> payroll dates over the six (6) month period following the
          Separation Date, except in the case of a termination in connection with a Merger/Sale, in which case such payment shall be made in a single, undiscounted, lump sum payment within thirty <font style="font-family: 'Times New Roman', Times, serif;">(30)


          </font>days following the date of <font style="font-family: 'Times New Roman', Times, serif;">termination of the Executive&#8217;s employment</font> or at the close of the transaction, whichever is earlier<font style="font-family: 'Times New Roman', Times, serif;">. </font></div>
      </div>
      <div style="line-height: 1.25"> <br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(ii) the Company will pay the Executive an amount equal to the full premium cost of the Executive&#8217;s participation in the Company&#8217;s group medical plans pursuant to the federal law
        known as COBRA, provided that the Executive is entitled to continue such participation under applicable law and plan terms and timely and properly elects to receive COBRA continuation coverage, during the Severance Period.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iii) the Company will pay to the Executive the portion of the bonus based on the Executive&#8217;s achievement, as of the termination date, of milestones and achievements, as
        determined by the Company Board or the compensation committee thereof; except in the case of a termination in connection with a Merger/Sale, in which case the Company will pay to the Executive an amount equal to a pro-rata portion (based on the
        number of months elapsed between the commencement of the Company&#8217;s fiscal year and the date of the termination of the Executive&#8217;s employment due to a Merger/Sale) of the maximum target incentive and bonus compensation that would have been payable
        to Executive in accordance with Section 4(b) above if the Executive&#8217;s employment continued through to the end of the then-current fiscal year.&#160; The pro rata bonus payment will be made together with and on the same schedule as the payment of the
        Base Salary portion of the Severance Benefits.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; line-height: 1.25;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(A) if Executive&#8217;s termination without Cause is the result of a Merger/Sale, the Parent Board will accelerate the vesting of any time-based stock option awards;</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 1.25;">&#160; (B) if Executive&#8217;s termination without Cause occurs outside the context of a Merger/Sale, or if Executive terminates the employment relationship for Good
        Reason, the Parent Board will approve acceleration of any time-based stock option awards as follows:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; line-height: 1.25;">(I)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If the Executive has been employed by the Company for six (6) months or more but less than twelve (12) months, the Parent Board will approve
        acceleration of any time-based stock options due to vest on the 12-month anniversary of the Commencement Date;</div>
      <div style="line-height: 1.25">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; text-indent: 36pt; margin-right: 7.8pt; margin-left: 44.05pt; line-height: 1.25;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(II)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Executive has been employed by the Company for twelve (12) months or longer, the Parent Board will
          approve the acceleration of vesting of any time-based stock option awards due to vest on or before December 31 of the year in which termination occurs.</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(e)&#160;&#160; By the Executive. The Executive may terminate Executive&#8217;s employment hereunder at any time for any reason, including but not limited to, Good Reason.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(i) For purposes of this Agreement, &#8220;<font style="font-weight: bold;">Good Reason</font>&#8221; means (A) the&#160; diminution of Executive&#8217;s position with the Company (including status,
        offices, titles, and reporting requirements, authority, material duties, or material responsibilities as provided in this Agreement, or any other action by the Company which results in a material diminution in Executive&#8217;s position, authority,
        material duties, or material responsibilities); (B) a diminution in Executive&#8217;s Base Salary (as it may be increased from time to time) (other than consistent with a temporary across-the-board diminution of the base salary of all officers of the
        Company) or target bonus percentages (for purposes of clarity, any downward adjustment of Executive&#8217;s Base Salary pursuant to Section 4(a) and/or change in eligibility for the annual incentive bonuses pursuant to Section 4(b) shall be cause for
        Good Reason resignation); (C) following Executive&#8217;s relocation to the New Office location, a change in the geographic location(s) at which Executive provides services to the Company which would increase Executive&#8217;s commute by fifty (50) miles or
        more; or (D) the material, uncured breach of this Agreement by the Company. The Executive shall notify the Company Board in writing upon the first occurrence of the Good Reason condition, and the Company shall have a period of sixty (60) in which
        to remedy such condition. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(ii) In the event of termination by the Executive without Good Reason, the Company shall pay the Final Compensation.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">(iii) In the event of termination by the Executive for Good Reason, in addition to any Final Compensation due to the Executive, subject to Section 6 below, the Company shall pay
        to the Executive the Severance<font style="font-weight: bold;">&#160;</font>Benefits.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">6. <u>Effect of Termination</u>. The provisions of this Section 6 shall apply to termination of the Executive&#8217;s employment for any reason.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(a) The payments and benefits described in Section 5 shall constitute the only payments and benefits the Executive is entitled to receive from the Company in connection with a termination of the
        Executive&#8217;s employment. In order to receive any Severance Benefits, the Executive must first execute, deliver to the Company, and not revoke a timely and effective separation agreement that includes a customary general release and waiver in favor
        of the Company in a form reasonably acceptable to the Company and restrictive covenants that remain in force for the greater of (i) one year following the termination of the Executive&#8217;s employment and (ii) the Severance Period during which the
        Executive is receiving payments pursuant to Section 5 hereof.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable fully to accomplish the purposes of such provision, including without limitation
        the obligations of the Executive under this Section 6 and Sections 7, 8 and 9 hereof. The obligation of the Company to provide Severance Benefits is expressly conditioned upon the Executive&#8217;s continued full performance of the Executive&#8217;s
        obligations under Sections 7, 8 and 9 hereof and under any separation agreement. The Executive recognizes that, except as expressly provided in Section 5, no compensation will be earned by, or in any way owing to, the Executive after termination of
        employment.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(c) Effective as of the date the Executive&#8217;s employment terminates, the Executive will be deemed to have resigned from any and all positions and offices that the Executive holds with the Company or
        any of its Affiliates, without any further action required.&#160; The Executive agrees to sign and return to the Company such documents confirming such resignations and provide such information in connection with such resignations as the Company or any
        of its Affiliates may reasonably require.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">7. <u>Confidential Information</u>.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(a) The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information, that the Executive has developed and may develop Confidential Information for the
        Company or its Affiliates and that the Executive has learned and may learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of the Company and its Affiliates for protecting
        Confidential Information and shall never disclose to any Person (except as required by applicable law or for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates), or use for the Executive&#8217;s own
        benefit or gain, any Confidential Information obtained by the Executive incident to the Executive&#8217;s employment or other association with the Company or any of its Affiliates. The Executive understands that the restriction shall continue to apply
        after the Executive&#8217;s employment terminates, regardless of the reason for such termination. Nothing in this Agreement limits, restricts or in any other way affects the Executive&#8217;s communicating with any governmental agency or entity, or
        communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity. The Executive cannot be held criminally or civilly liable under any federal or state trade secret
        law for disclosing a trade secret (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (2) in a
        complaint or other document filed under seal in a lawsuit or other proceeding. Notwithstanding this immunity from liability, the Executive may be held liable if the Executive unlawfully accesses trade secrets by unauthorized means.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b) All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Company or its Affiliates and any copies, in whole or in part,
        thereof (the &#8220;<font style="font-weight: bold;">Documents</font>&#8221;), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Affiliates. The Executive shall safeguard all Documents and shall surrender
        to the Company at the time the Executive&#8217;s employment terminates, or at such earlier time or times as the Company Board or its designee may specify, all Documents then in the Executive&#8217;s possession or control. The Executive also agrees that, upon
        request of any duly authorized officer of the Company, the Executive shall disclose all passwords and passcodes necessary or desirable to obtain access to, or that would assist in obtaining access to, any information which the Executive has
        password-protected on any computer equipment, network or system of the Company or any of its Affiliates.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(c) The Executive acknowledges and agrees that all Confidential Information and proprietary materials that are provided by the Company to the Executive under this Agreement are and shall remain the
        exclusive property of the Company or the third party entrusting such Confidential Information or proprietary materials to the Company.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">8. <u>Restricted Activities</u>. As a condition to and in consideration of the Executive&#8217;s continued employment and the terms and conditions of this Agreement, including the Severance Benefits and
        the grant of options, the Executive agrees that the following restrictions on the Executive&#8217;s activities during and after the Executive&#8217;s employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of
        the Company and its Affiliates:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(a) While the Executive is employed by the Company or any Affiliate of the Company, and for the greater of (i) twelve (12) months after the Executive&#8217;s employment terminates or (ii) the Severance
        Period (the &#8220;<font style="font-weight: bold;">Non-Competition Period</font>&#8221;), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or
        any of its Affiliates in any geographic area in which the Company or any of its Affiliates does business or is actively planning to do business during the Executive&#8217;s employment, or with respect to the portion of the Non-Competition Period that
        follows the termination of the Executive&#8217;s employment, at the time the Executive&#8217;s employment terminates (the &#8220;<font style="font-weight: bold;">Restricted Area</font>&#8221;) or undertake any planning for any business competitive with the Company or any
        of its Affiliates in the Restricted Area. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any biotech company in the field of inflammation and fibrosis therapies (the &#8220;<font style="font-weight: bold;">Restricted Field</font>&#8221;), within the Restricted Area.&#160; During the Non-Competition Period, except as required for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates, the Executive
        further agrees not to work for or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person that is engaged in any business in the Restricted Field. The
        foregoing shall not prohibit the Executive&#8217;s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b) The Executive agrees that, during the Executive&#8217;s employment with the Company or any Affiliate of the Company, except with the consent of the Company Board, the Executive will not undertake any
        outside activity, whether or not competitive with the business of the Company or its Affiliates, that could reasonably give rise to a conflict of interest or otherwise interfere with the Executive&#8217;s duties and obligations to the Company or any of
        its Affiliates.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(c) The Executive further agrees that while the Executive is employed by the Company or any Affiliate of the Company and for the greater of (i) twelve (12) months after the Executive&#8217;s employment
        terminates or (ii) the Severance Period (the &#8220;<font style="font-weight: bold;">Non-Solicitation Period</font> &#8220;), except as required for the proper performance of the Executive&#8217;s duties and responsibilities to the Company and its Affiliates, the
        Executive will not, directly or indirectly solicit for employment or hire any employee of the Company or any of its Affiliates, assist in such solicitating or hiring, encourage any such employee to terminate such employee&#8217;s relationship with the
        Company or any of its Affiliates or solicit or encourage any customer or vendor of the Company or any of its Affiliates to terminate its relationship with them, or, in the case of a customer, to conduct with any Person any business or activity
        which such customer conducts or could conduct with the Company or any of its Affiliates. These restrictions shall apply (y) only with respect to those Persons who are or have been a customer or employee of the Company or any of its Affiliates at
        any time within the immediately preceding one-year period.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">9. <u>Assignment of Rights to Intellectual Property</u>. The Executive shall promptly and fully disclose, if the Executive has not done so already, all Intellectual Property to the Company. The
        Executive shall maintain adequate records (whether written, electronic, or otherwise) to document the Intellectual Property, including without limitation the conception and reduction to practice of all inventions, and shall make such records
        available to the Company upon request. The Company shall have sole ownership of all Intellectual Property and all such records with respect thereto. The Executive hereby assigns, conveys, and grants to the Company (or as otherwise directed by the
        Company) , and agrees to assign, convey and grant to the Company (or as otherwise directed by the Company) , all of the Executive&#8217;s right, title, and interest in and to the Intellectual Property and any and all patents, patent applications, and
        copyrights relating to the Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the
        execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the
        Intellectual Property. The Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered &#8220;work made for hire &#8220;&#160;&#160; and shall, upon creation, be owned
        exclusively by the Company.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">The Executive represents that the attached Exhibit A contains a complete list of all inventions, copyrightable works, tangible materials, and other intellectual property that the Executive (either
        alone or jointly with others) conceived, developed, discovered, created, or reduced to practice prior to the Executive&#8217;s employment with the Company (the &#8220;Prior IP&#8221;). The Prior IP is not assigned to the Company under this Agreement, except to the
        extent that the Executive expressly assigns such Prior IP to the Company under the terms of a separate written instrument. If no Prior IP is listed on Exhibit A , the Executive represents that no Prior IP exists. The Executive recognizes that the
        protection of the Intellectual Property of the Company against unauthorized disclosure and use is of critical importance to the Company, and therefore, the Executive agrees to use the Executive&#8217;s best efforts and exercise utmost diligence to
        protect and safeguard the Intellectual Property of the Company and its Affiliates, if any, and, except as may be expressly required by the Company in connection with the Executive&#8217;s performance of the Executive&#8217;s obligations to the Company under
        this Agreement, the Executive shall not, either during the Term of this Agreement or thereafter, directly or indirectly, use for the Executive&#8217;s own benefit or for the benefit of another, or disclose to another, any of such Intellectual Property.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">10. <u>Notification Requirement</u>. Until the conclusion of the Non-Competition Period the Executive shall give notice to the Company of each new business activity the Executive plans to
        undertake, at least one (1) month prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of the Executive&#8217;s business relationship(s) and position(s) with
        such Person.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">11. <u>Enforcement of Covenants</u>. The Executive acknowledges that the Executive has carefully read and considered all the terms and conditions of this Agreement, including the restraints
        imposed upon Executive pursuant to Sections 7 and 8 hereof. The Executive agrees that said restraints are necessary for the reasonable and proper protection of the goodwill, Confidential Information and other legitimate interests of the Company and
        its Affiliates and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. The Executive further acknowledges that, were the Executive to breach any of the covenants contained in
        Sections 7 or 8 hereof, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any
        breach or threatened breach by the Executive of any of said covenants, without having to post bond, together with an award of its attorneys&#8217; fees incurred in connection with securing any relief hereunder. The parties further agree that, in the
        event that any provision of Section 7 or 8 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities,
        such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. The Executive agrees that the Non-Competition Period and Non-Solicitation Period shall be tolled, and shall not run, during any period
        of time in which the Executive is in violation of the terms thereof, in order that the Company and its Affiliates shall have all of the agreed-upon temporal protection recited herein. Each of the Company&#8217;s Affiliates shall have the right to enforce
        all of the Executive&#8217;s obligations to that Affiliate under this Agreement, including without limitation pursuant to Section 7 or 8 hereof. No breach of any provision of this Agreement by the Company, or any other claimed breach of contract or
        violation of law, or change in the nature or scope of the Executive&#8217;s employment or other relationship with the Company or any of its Affiliates, shall operate to extinguish the Executive&#8217;s obligation to comply with Sections 7 and 8 hereof.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">12. <u>Conflicting Agreements</u>. The Executive hereby represents and warrants that the execution of this Agreement and the performance of the Executive&#8217;s obligations hereunder will not breach or
        be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants, or any other obligations under any court order, judgment or
        decree, that would affect the performance of the Executive&#8217;s obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party&#8217;s consent.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">13. <u>Reimbursement of Counsel Fees</u>. The Company will reimburse the Executive for the reasonable legal fees incurred by the Executive&#8217;s counsel in the review of this Agreement, up to a
        maximum amount of five thousand dollars ($5,000), subject to the Executive&#8217;s delivery of invoices in accordance with the Company&#8217;s expense policy.<br>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">14. <u>Definitions</u>. For purposes of this Agreement, the following definitions apply:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(a) &#8220;<font style="font-weight: bold;">Affiliate</font>&#8220; means any Person or entity directly or indirectly controlling, controlled by or under common control with the Company, where control may be
        by either management authority or equity interest.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(b) &#8220;<font style="font-weight: bold;">Confidential Information</font>&#8221; means any and all information of the Company and its Affiliates that is not generally known by the public. Confidential
        Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Company and its Affiliates, (ii) the Company&#8217;s research and development, (iii) the
        costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, and (iv) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those
        relationships. Confidential Information also includes comparable information that the Company or any of its Affiliates have received belonging to others or which was received by the Company or any of its Affiliates with any understanding that it
        would not be disclosed.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(c) &#8220;<font style="font-weight: bold;">Intellectual Property</font>&#8220; means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not
        patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during
        the Executive&#8217;s employment and during the period of twelve (12) months immediately following termination of the Executive&#8217;s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;">(d) &#8220;<font style="font-weight: bold;">Person</font>&#8221; means an individual, a corporation, an association, a partnership, an estate, a trust and any other entity or organization, other than the
        Company or any of its Affiliates.</div>
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      <div style="text-align: justify; line-height: 1.25;">15. <u>Withholding</u>. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.</div>
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      <div style="text-align: justify; line-height: 1.25;">16. <u>Assignment</u>. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent
        of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the Company shall hereafter effect a reorganization, consolidate with, or merge
        into, an Affiliate or any other Person or transfer all or substantially all of its properties, stock or assets to an Affiliate or any other Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive,
        their respective successors, executors, administrators, heirs and permitted assigns.</div>
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      <div style="text-align: justify; line-height: 1.25;">17. <u>Severability</u>. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this
        Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and
        enforceable to the fullest extent permitted by law.</div>
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      <div style="text-align: justify; line-height: 1.25;">18. <u>Waiver</u>. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term
        or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.</div>
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      <div style="text-align: justify; line-height: 1.25;">19. <u>Notices</u>. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person or deposited
        in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at the Executive&#8217;s last known personal address on the books of the Company or, in the case of the Company, at its principal place of business, or to
        such other address as either party may specify by notice to the other actually received.</div>
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          force and effect in accordance with their terms; provided, however, that this Agreement shall not supersede any effective assignment of any invention or other intellectual property to the Company or any of its Affiliates in effect on the
          Effective Date and shall not constitute a waiver by the Company or any of its Affiliates of any right that any of them now has or may now have under any agreement imposing obligations on the Executive with respect to confidentiality<font style="font-family: 'Times New Roman', Times, serif;">. Upon the Effective Date, the Consulting Agreement between the Company and Executive dated October 21, 2021 (the &#8220;</font><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">Consulting Agreement</font><font style="font-family: 'Times New Roman', Times, serif;">&#8221;) shall terminate, and Section 8 of this Agreement shall replace any continuing obligations under Section 2.4 of the Consulting
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      <div style="text-align: justify; line-height: 1.25;">21. <u>Amendment</u>. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an authorized representative of the Company.</div>
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      <div style="text-align: justify; line-height: 1.25;">22. <u>Headings</u>. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.</div>
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      <div style="text-align: justify; line-height: 1.25;">23. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.</div>
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      <div style="text-align: justify; line-height: 1.25;">24. <u>Governing Law; Arbitration</u>.</div>
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      <div style="text-align: justify; line-height: 1.25;">(a)&#160; This is a contract and shall be construed and enforced under and be governed in all respects by the laws of the State of Louisiana, without regard to the conflict of laws principles thereof.</div>
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      <div style="text-align: justify; line-height: 1.25;">(b) Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive&#8217;s employment or the termination of that employment shall,
        to the fullest extent permitted by law, be settled by arbitration in any forum and form agreed upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (&#8220;AAA&#8221;) in New Orleans, Louisiana
        in accordance with the Employment Arbitration Rules and Mediation Procedures of the AAA, including, but not limited to, the rules and procedures applicable to the selection of arbitrators.&#160; To the greatest extent permitted by law and the AAA,
        Company and the Executive shall each pay one-half of the arbitration fees for any such arbitration including, but not limited to, AAA administrative fees and costs, and arbitrator fees. The Company and the Executive are each responsible for their
        own attorney&#8217;s fees. The Executive understands that the Executive may only bring such claims in the Executive&#8217;s individual capacity, and not as a plaintiff or class member in any purported class proceeding or any purported representative
        proceeding.</div>
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            in Orleans Parish, Louisiana. Accordingly, with respect to any such court</font> action, the parties: (a) submits to the personal jurisdiction of such courts; (b) consent to service of process; and (c) waive any other requirement (whether
          imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.</div>
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      <div style="line-height: 1.25;">26. <u>Whistleblower Notice</u>. Pursuant to 18 USC &#167; 1833(b), an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in
        confidence to a government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other
        proceeding, if such filing is made under seal. Accordingly, the Parties to this Agreement have the right to disclose in confidence trade secrets to Federal, State, and local government officials, or to an attorney, for the sole purpose of reporting
        or investigating a suspected violation of law. The Parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">27. <u>Conditions</u>.&#160; Notwithstanding anything to the contrary herein, the effectiveness of this Agreement shall be conditioned on (i) the Executive&#8217;s satisfactory completion of reference and background checks, if
        so requested by the Company, and (ii) the Executive&#8217;s submission of satisfactory proof of the Executive&#8217;s legal authorization to work in the United States.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">28. <u>Acknowledgement</u>. The Executive acknowledges that the Company has advised the Executive to consult an attorney before signing this Agreement.&#160; The Executive has carefully read this Agreement and understands
        and agrees to all of the provisions in this Agreement.</div>
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      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the Effective Date.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">COMPANY:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; CHEMOMAB THERAPEUTICS, INC.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-indent: 108pt; line-height: 1.25;">Signed:&#160;<u> /s/ Dale Pfost</u></div>
      <div style="text-indent: 108pt; line-height: 1.25;">Name:&#160;&#160; Dale Pfost</div>
      <div style="text-indent: 108pt; line-height: 1.25;">Title:&#160;&#160;&#160;&#160; CEO <br>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">EXECUTIVE:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; DONALD MARVIN</div>
      <div style="line-height: 1.25;"> <br>
      </div>
      <div style="text-indent: 108pt; line-height: 1.25;">Signed:&#160;&#160; <u>/s/ Donald Marvin</u>&#160;&#160;&#160; <br>
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<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>5
<FILENAME>exhibit_10-11.htm
<DESCRIPTION>EXHIBIT 10.11
<TEXT>
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    <div style="text-align: center; margin-right: 153.95pt; margin-left: 154.05pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">CONSULTING AGREEMENT</div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">THIS
        AGREEMENT </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(the &#8220;<font style="font-weight: bold;">Agreement</font>&#8221;) is made on this 18 of April, 2022 between <font style="font-weight: bold;">ChemomAb Ltd.</font>, a private company
        number 514694991, whose address is at Kiryat Atidim, Building 7, Tel-Aviv, Israel (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) and Prof. Kobi George and Dr. Adi Mor LTD, a private company number 515520542, whose address is at 15 Kafrisin
        St., Tel-Aviv Israel (the &#8220;<font style="font-weight: bold;">Consultant</font>&#8221;) and Dr. Adi Mor, Identification number 043017318 whose address is at 15 Kafrisin St., Tel-Aviv Israel (&#8220;<font style="font-weight: bold;">Consultant&#8217;s Representative</font>&#8221;)</font></div>
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              <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
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                <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the Company
                    wishes to be provided with various services; and</font></div>
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                <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
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                    <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the
                        Company offered the Consultant&#8217;s Representative to be engage thereby as an employee, as set forth below; and</div>
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                    <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
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                        <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                          <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the
                              Consultant&#8217;s Representative declined the Company&#8217;s offer referred to herein&#160; above, and has demanded to provide the service to the Company independently through the Consultant, which is a company owned by the Consultant
                              Representative and her spouse; and</font></div>
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              <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
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                        <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
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                          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;">
                            <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                              <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;">
                                <div style="line-height: 1.25; color: rgb(35, 31, 32);"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the Company clarified to the Consultant&#8217;s Representative that he/she can be engaged as an employee of the Company any time he/she so wishes, in which event the consideration according to this Agreement shall be
                                    converted into gross salary in addition to the Benefits and other Payments, as defined below, to which he/she will be entitled by law, including social security payments, to the extent he/she is engaged as an employee;
                                    and</font></div>
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                            <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
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                                <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                                  <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;">
                                    <div style="line-height: 1.25; color: rgb(35, 31, 32);"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the Consultant and Consultant&#8217;s Representative hereby declare that they are qualified and ready to provide the services as provided herein, and to carry out their obligations and undertakings towards the
                                        Company pursuant hereto, as shall be further detailed below; and</font></div>
                                  </div>
                                </div>
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                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;
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                      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

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                                <div><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;&#160; WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif;">:</font></div>
                              </td>
                              <td style="width: 92%;">
                                <div>
                                  <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;">
                                    <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                                      <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;">
                                        <div style="line-height: 1.25; color: rgb(35, 31, 32);">
                                          <div style="line-height: 1.25; color: rgb(35, 31, 32);"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the parties hereto desire&#160; to regulate their relationship in accordance&#160; with&#160; the terms and conditions set forth in this Agreement.</font></div>
                                        </div>
                                      </div>
                                    </div>
                                  </div>
                                </div>
                              </td>
                            </tr>

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                      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">&#160;</div>
                    </div>
                  </div>
                </div>
              </div>
            </div>
          </div>
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      </div>
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    <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">&#160;&#160; NOW
        THEREFORE, </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">the parties hereto agree as follows:</font></div>
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          <td style="width: 28.4pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</td>
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            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>The Services</u></div>
          </td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.1.</td>
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            <div style="color: rgb(35, 31, 32);">As of April 1st, 2022 the Consultant shall provide the Company, through the Consultant&#8217;s Representative, all the services specified in <font style="font-weight: bold;"><u>Schedule A</u>&#160;</font>attached hereto (the &#8220;<font style="font-weight: bold;">Services</font>&#8221;) as an independent contractor, and in accordance with the requirements of the Company from time to time.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.2.</td>
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            <div style="color: rgb(35, 31, 32);">The Consultant shall report to the Company on an ongoing basis in respect of anything related to providing the services, and shall be subject to the instructions of Dr. Dale Pfost, Chief Executive Officer of
              the Company. The reporting shall be in writing or orally according to the request of the Company.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z7d990c1a4e2b478495244014f62790e6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.3.</td>
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            <div style="color: rgb(35, 31, 32);">The scope of the Services shall be as required to perform the Services (about 180 hours gross each calendar month, unless agreed to otherwise by the Company), all as will be determined by the Company. It is
              agreed that if the Consultant provides less than or more than 180 hours, the Company will not deduct nor increase from his Fees. The Consultant shall manage a daily record of hours, using the Company's attendance system, as will be stipulated
              by the Company and in accordance with its procedures (&#8220;<font style="font-weight: bold;">Record of Hours</font>&#8221;).</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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        <tr>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Services shall be provided personally and exclusively by the Consultant&#8217;s Representative, who will be for the duration of this Agreement the owner of the Consultant together with her spouse. The
              obligations of the Consultant and the Consultant&#8217;s Representative under this Agreement shall be &#8221;jointly and severally&#8221;. Any reference in this Agreement to the Consultant shall also refer to the Consultant&#8217;s Representative and vice versa. Any
              breach of this Agreement by the Consultant&#8217;s Representative shall be deemed to be a breach of the Consultant and any breach of this Agreement by the Consultant shall be deemed to be a breach of the Consultant&#8217;s Representative.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z0a841f0fa9144c2fa51c312a83cce8c5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">Consultant&#8217;s Representative undertakes to provide the Services in a faithful, diligent and professional manner, according to the instructions of the Company.</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z20329fa1ccb34506b33930c5cb6c9fd6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Term and Termination</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z774a34e979ee473189dbd23d3911d7e7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">2.1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">This Agreement shall be effective for an indefinite term. Each party shall be entitled to terminate this Agreement, for any reason whatsoever, by giving the other party 60 days&#8217; advance notice in writing
              (the &#8220;<font style="font-weight: bold;">Notice Period</font>&#8221;). In the event the Consultant does not provide, in accordance with its obligations, the Services during the Notice Period, without infringing on the rights of the Company due to the
              said violation, the Consultant shall not be entitled to any consideration for the Notice Period and the Company will be entitled to deduct from any amount due to the Consultant an amount equal to the Consideration, as defined below, for the
              period in which the Consultant did not execute its obligation as required.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z6cf331fe37af41548caa7d00c41f3c7b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">2.2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">Notwithstanding the above, the Company may terminate this Agreement with an immediate effect, without derogating from any other right or remedy reserved to it, upon the occurrence of one or more of the
              following events:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z84b4df6ca88244a385a48f6628517fc4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.75pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18.05pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant&#8217;s Representative is charged or convicted of a criminal offense;</div>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z95fff3f8cc8441a5afaf13b245536491" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.8pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant materially breached the provisions of this Agreement or its exhibits, which breach is not cured (if deemed curable by the Company) within five (5) days of receipt of a notice about such breach
              from the Company;</div>
          </td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z331803cf0c874500851ce715461fb175" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.8pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">C.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant&#8217;s continuous disregarding the instructions of the Company in relation to the provision of the Services;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z406fdd3b738f431494509aa4f8070bee" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.8pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant acts in a manner that constitutes a breach of trust towards the Company or embezzlement or other intentional damage to the funds/property of the Company or any affiliate thereof;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd13aad7b50754135a9c8c69871bd2b7e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.8pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">E.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The involvement of the Consultant's Representative in the sexual harassment of any of the Company&#8217;s employees or any other party in connection with the provision of the Services; or</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf3ca500d83b646f2967c57a32300bcc7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 69.8pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">F.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant will cause grave injury to the business, assets, operations or reputation of the Company.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z73df7ff3a15b482d914b9c22e211de7e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.</td>
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            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Consideration</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z80217da81e944e1f97f428820de042a6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.2pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">In consideration for the Services rendered by the Consultant pursuant to this Agreement (the &#8220;<font style="font-weight: bold;">Consideration</font>&#8221;) the Company shall pay the Consultant a monthly fee in the
              amount of NIS 98,730 (plus VAT). It is agreed that if the Shareholders of the Company do not approve the proposed increased consideration of Dr. Mor, the Company shall pay the Consultant a monthly fee in the amount of NIS 90,632 (plus VAT).
              In addition, the Company shall pay the for all related fixed and varied costs related to the Consultant's car (registration costs, insurance, gasoline, oil and repairs) and the Consultant shall bear the remaining costs, as well as tickets,
              fines of any kind, toll road fees and other costs, in accordance with the Company&#8217;s policy.</div>
          </td>
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 2 -</font></div>
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        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The parties declare that the Consideration has been determined on the basis of employment costs of an employee in a similar position and qualifications similar to those of the Consultant's Representative,
              and after the conversion of the agreed gross salary the Consultant would have received as an employee, together with all Benefits and other Payments, as defined below, and the social security payments the Company would be obligated to pay, if
              there were employment relations between the Company and the Consultant's Representative.</div>
          </td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4d3d2c2447164804a8be455dead26edb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consultant shall receive full Consideration also during 23 annual leave days used by the Consultant's Representative (subject to the prior coordinating the usage thereof with the Company) in each
              calendar year, as well as up to eighteen (18) sick days per year, subject to the issuance of a lawful sickness certificate. The sick days and vacation days may be accumulated according to the Company's policy.</div>
          </td>
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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z346dcd22f8e8422e9bf07ef29a59dadd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consideration shall be paid to the Consultant on a monthly basis, until the 9th day of the month following the month against which it is provided, subject to receipt by the Company of a duly issued tax
              invoice(s), for the relevant month .</div>
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z34d64fb5e5154dc5a858f7c1c8cff273" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32);">The Consideration constitutes a gross payment, and the Consultant shall bear sole and full responsibility for all tax obligations of any kind and all other mandatory payments relating to this Agreement.
              Notwithstanding the above, the Company will withhold and deduct from the Consideration tax payments and other mandatory deductions, as may be required from time to time under any applicable law, in accordance with the tax withholdings
              approval provided by the Consultant from time to time. VAT shall be charged on all amounts paid in accordance with this Agreement. It is hereby clarified that upon a determination according to which the Company's deductions were insufficient,
              the Consultant will have to immediately provide with any payments required by the tax authorities, and shall indemnify the Company, at its first request, to the extent it had to bear any such payments.</div>
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    </table>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zca89caf584fc4930a01619fd9e045692" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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          <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Annual Bonus</u></div>
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        </tr>

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    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; margin-right: 5.65pt; margin-left: 34.25pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">The Consultant shall be entitled to an annual Target bonus
      in the gross amount (the &#8220;<font style="font-weight: bold;">Target Bonus</font>&#8221;) of USD 100,000+ VAT. The Annual Bonus will be subject to Consultant&#8217;s achievement of series of objectives by the Consultant, (as such defined by the Company). The degree
      of compliance with the objectives shall be determined by the Board of Directors of the Company at its sole discretion.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <div style="text-align: justify; margin-right: 5.8pt; margin-left: 34.25pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">It should be clarified that subject to the approval of the
      shareholders' meeting, the amount of the gross Annual Target Bonus will increase to 423,360 NIS + VAT.</div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4e15db5769244d198e65aa58e11c73bc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
          </td>
          <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Confidentiality, Non-Competition and Invention Assignment Undertaking</u></div>
            <div style="color: rgb(35, 31, 32); font-weight: bold;"><u> <br>
              </u></div>
            <div style="color: rgb(35, 31, 32); font-weight: normal;">Simultaneously with the execution of this Agreement, and a as condition hereto, the Consultant hereby executes the Undertaking attached hereto as <font style="font-weight: bold;"><u>Schedule
                  B</u></font>.<u> </u></div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 3 -</font></div>
      <div style="page-break-after: always;" class="BRPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>&#160;<br>
      <table cellspacing="0" cellpadding="0" id="z042e91c052644362ad9c2c08254891a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Relationship of Parties</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zde69363081f04a2fa15c541c9e2f8dc1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The parties hereto hereby declare and approve, that this Agreement is a Contractors Agreement within the meaning of the Israeli Contractors Law &#8211; 1974 (the &#8220;<font style="font-weight: bold;">Contractors Law</font>&#8221;),
                and that in accordance with the Consultant&#8217;s Representative demand, he will act as an independent contractor as part of the Consultant, and that as a result of this engagement, no employment related rights shall be created for the
                Consultant's representative or the Consultant <font style="font-style: italic;">vis-a-vis </font>the Company or any related party, and neither the Company nor any related party shall be liable towards the Consultant in respect of any
                obligation or payment imposed by law on any employer. The Consultant's Representative and the Consultant declare and confirm that:</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z207a95bdc3504527aadebba831287fbb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.75pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 42.5pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">They understand all the terms of the engagement set forth hereunder, as per their request.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4695cb99f5b044e9b808d066bc9337c7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.75pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 42.5pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The request of Consultant's Representative to engage with the Company, through the Consultant and not as an employee, was made out of his own free will and after he consulted with third parties, including
                attorneys.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zd242f8ccd4d546bd820aa2512b789e60" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.75pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 42.5pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.1.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Despite the fact that the Company has offered the Consultant&#8217;s Representative to provide the Services as an employee of the Company, the Consultant&#8217;s Representative has demanded that the engagement shall
                be as set forth hereunder, after having examined alternative manners to engage, and after having evaluated the implications resulting therefrom, including waiving the possibility of raising a future claim against the Company or any related
                party concerning any amount or entitlement in connection with the existence of employment relations. This- in light of his conscious demand to be engaged as an independent contractor rather than an employee.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z7aba09a7b5e844b7a2715aac0e4f919b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 69.75pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 42.5pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.1.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Each party is aware that only on the basis of the aforesaid, the Company agreed to enter into this Agreement, under its terms, and that in any other case the terms of the Agreement were significantly
                different.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1f570f1015fd435dbce1dbbb91b20eca" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant and the Consultant&#8217;s Representative confirm that the Consideration for the Services was determined after taking into account the fact that the Company offered the Consultant&#8217;s Representative
                to be engaged as an employee of the Company, on the basis of the terms negotiated in writing between them, however the Consultant&#8217;s Representative rejected this offer and decided, as a result of his own financial considerations, to operate
                as an independent contractor through the Consultant, rather than as an employee, whilst obligating, as detailed in this Agreement, that the Company or anyone acting on its behalf, will not bear any additional costs in connection with the
                engagement set forth herein, including in connection with employment related entitlements; salary and Benefits and other Payments, as this term is defined in section 5.3 below, which comprise of all of the payments which an employer is
                obligated to pay to an employee, as well as compensation of any kind, including non-monetary compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1627f5e94230430394ddde70c552f175" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Therefore, in accordance with an agreed calculation between the Company, the Consultant and the Consultant's Representative, the Company increased by about 30% the consideration offered from the outset to
                the Consultant's Representative in order (and as a result of the Consultant's Representative demand to engage as an independent contractor) to cover the Consultant's expenses as an independent contractor, including in respect of the salary
                and customary contributions to severance, pension and disability insurance for the Consultant's Representative, annual leave fees according to the minimum quota set by the aw, sickness pay according to the minimum quota set by the law,
                travel expenses, convalescence fees and employer's contributions in respect of Bituach Leumi (together: <font style="font-weight: bold;">&#8220;Benefits and other Payments</font>&#8221;).</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 4 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <table cellspacing="0" cellpadding="0" id="zd4e697d886e347f4866f8790b42d7cb6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant undertakes to pay at its expense to the Consultant&#8217;s Representative his salary and the full Benefits and other Payments, including purchasing for the benefit of the Consultant&#8217;s
                Representative pension coverage with acceptable terms, and paying in full all required tax payments and other mandatory payments, all throughout the term of this Agreement.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb9fb1482e244432e9da1e9dc4f6643ac" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant and the Consultant&#8217;s Representative hereby undertake not to raise any claim against the Company or anyone acting on its behalf in connection with any payment or any right in connection with
                employment relations.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf8881b6ac03e4e5eafe1525937101051" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant and the Consultant&#8217;s Representative shall, together and severely, indemnify and hold the Company, or any person on its behalf, harmless, for any expense of the Company, damage or losses
                incurred thereby, or against the payment by the Company of any other payment (including attorneys' fee), immediately upon the receipt of its first request, as long as these: (1) are related to a determination concerning the existence of an
                employee-employer relationship between the Consultant&#8217;s Representative, the Consultant or anyone on their behalf and the Company or anyone on its behalf; or (2) result from any act, omission or negligence on the part of the Consultant&#8217;s
                representative, the Consultant or anyone on their behalf, related to the provision of the services under this Agreement.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z0b604487235941e6a898f43f40902cb4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Any right granted to the Company to instruct and/or supervise over the Services by the Consultant or the Consultant&#8217;s Representative is granted in order to ensure the performance of the Services, according
                to the demands of the Company, and does not imply or support an employer -employee relationship between the Company and the Consultant&#8217;s Representative.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4c7efc99dca047008f8ede11b06e361c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">6.8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">In light of the foregoing, should it be held by the labor court, or any other competent authority, including a governmental entity, that the Consultant&#8217;s Representative provided the Services as an
                &#8220;employee&#8221;, the Consultant and Consultant&#8217;s Representative declare that the Consultant&#8217;s Representative received from the Company the full payments to which he was entitled as an employee (including salary, Payments and other Benefits and
                Bituach Leumi payments) and therefore will not be entitled to receive any additional payment or compensation of any kind whatsoever, including a non-monetary compensation.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf533adf95667460485ebaa62488c9666" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">7.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Warranties</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; margin-left: 34.25pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">The Consultant represents and warrants that:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zae79fcdbd688404f92963f17a2ed504c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant&#8217;s Representative does not have currently and shall not have during the term of the provision of the Services, any outstanding agreement or obligation that is or will be in conflict with any
                of the provisions of this Agreement, or that would preclude the Consultant from complying with the provisions hereof or otherwise restrict the Consultant in any way in performing the Services.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z66b416ddf338464b81b32eb2cab7b815" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">In signing this Agreement there is no breach of any other third-party agreement to which the Consultant Representative is a party and its signing of this Agreement does not require the approval of any
                third-party.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 5 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <br>
      <table cellspacing="0" cellpadding="0" id="ze066b408d752443fba16b1b0ae20a322" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant shall comply with all Company disciplinary regulations, work rules, policies, procedures and objectives, which are relevant to the performance of the Services.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze0fb73a0c4884fa18ada7cc07c513d63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Company may monitor the Consultant&#8217;s use of its Systems (as defined below) and copy, transfer and disclose such electronic communications and content transmitted by or stored in such Systems, in
                pursuit of the Company&#8217;s legitimate business interests, all in accordance with the Company&#8217;s policies in place from time to time, and subject to applicable law. For the purposes of this Section, the term &#8220;<font style="font-weight: bold;">Systems</font>&#8221;
                includes all of the Company&#8217;s owned or leased computers (including laptops), corporate email correspondence on mobile phones, smartphones and other mobile devices, keys, PDAs, credit cards, printers, card access to any company building,
                files, e-mails, tapes, programs, records and software, computer access codes or disks, and other similar systems.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant shall not solicit or accept in connection with the performance of the Services, any gift, benefit, favor, loan, or any other thing of monetary value, from a person or an entity (other than
                the Company or its affiliates) who is or is possibly connected, directly or indirectly, to either the business of the Company, a competitor of the Company or a potential competitor of the Company.</div>
            </td>
          </tr>

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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr>
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            <td style="width: 35.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">7.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant shall at all times during the term of this Agreement continue to be wholly owned, exclusively by the Consultant&#8217;s Representative and her spouse.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze728ca9690764e709b7480640c996e9a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Miscellaneous</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The preamble and the annexes hereto shall form an integral part of this Agreement and shall be construed as a provision of its provisions.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5c7e001bbcd3444a98a7ff11cb60c53e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">All headings of the Sections and Subsections of this Agreement are intended for convenience of reference and shall not be used for the purposes of construing this Agreement.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z9007581824414f768c8216a8fcd3ce7e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant shall not be entitled to assign, transfer, convert or commit to another person or entity or perform through another person or entity this Agreement or any part thereof, or its rights or
                obligations according to this Agreement.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zf692959145e8475186b8f6d16a4f72e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant hereby waives its right to a lien under section 5 of the Contractors Law or under any other law.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zefedb30952d94597b319f5cf839bd592" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">This Agreement and its Annexes duly singed, supercede all the arrangements between the parties regarding the matters mentioned therein and they cancel any presentation, agreement or memorandum of
                understandings previously made between the parties, whether orally or in writing, express or implied. The rights of the parties shall henceforth be solely subject to the terms of this Agreement and its Annexes. Any amendments to this
                Agreement and its Annexes shall be made in writing only and duly signed by all parties.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze8676eaeea5a47c79336142b8668943c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">No action, provision or avoidance of action or provision under the provisions of this Agreement shall be construed as a modification of the legal relations between Consultant and the Company or as imposing
                any liability or obligation of the Consultant under this Agreement or under any law on the Company or as a release of the Consultant from its liability or altering its liability under this Agreement or under any law.</div>
            </td>
          </tr>

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

            <tr>
              <td style="width: 34.25pt; font-family: 'Times New Roman',Times,serif;"><br>
              </td>
              <td style="width: 35.55pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">8.7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
                <div style="color: rgb(35, 31, 32);">The addresses of the parties for the purposes of this Agreement are as set forth in the Introduction to this Agreement. Any notice or other communication under this Agreement must be in writing and sent
                  by registered mail, personal delivery or email. Any notice delivered as aforesaid will be deemed delivered to the recipient and brought to his attention within seven (7) business days &#8211; if sent by registered mail; on the date confirmed as
                  the actual date of the delivery - if delivered in person; within 24 hours of receiving the automatic confirmation that the email was sent successfully from the e-mail server - if sent by email.</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25;">&#160;</div>
        <div style="text-align: center; margin-right: 153.95pt; margin-left: 153.95pt; line-height: 1.25; color: rgb(35, 31, 32);">-Signature Page Follows-</div>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 6 -</font></div>
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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>
      </div>
      <br>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">IN
            WITNESS WHEREOF</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">, the parties have signed this Agreement as of the date hereof.</font></div>
        <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">
          <div style="line-height: 1.25;">
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z6495ed9e745841599eeb59c2c5bd6e9d">

                <tr>
                  <td style="width: 50%; font-family: 'Times New Roman',Times,serif; text-align: left; vertical-align: top;">
                    <div><u> /s/ Dale Pfost</u><br>
                    </div>
                    <div style="line-height: 1.25; color: rgb(35, 31, 32); font-weight: bold;">ChemomAb Ltd.</div>
                    <div style="line-height: 1.25; color: rgb(35, 31, 32);">By: Dale Pfost</div>
                    <div style="line-height: 1.25; color: rgb(35, 31, 32);">Title: CEO<br>
                    </div>
                  </td>
                  <td style="width: 50%;">
                    <div><u>/s/ </u><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(35, 31, 32);"><u>Adi Mor</u></font></font><br>
                      <div style="text-align: left; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;"><font style="color: rgb(35, 31, 32);">Prof. Kobi George and Dr. Adi Mor Ltd.</font></font><br>
                        <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">By: <font style="color: rgb(35, 31, 32);">Adi Mor</font><br>
                          Title: Owner<br>
                        </div>
                        <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">Consultant&#8217;s Representative : <u>/s/ <font style="color: rgb(35, 31, 32);">Adi Mor</font></u></div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="line-height: 1.25;"><br>
          </div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">I hereby declare that I have read the provisions of the above Agreement and I agree to be bound
            thereby and comply with its terms and perform the Services (as defined above) as if I was the Consultant. I will be responsible towards ChemomAb Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) for the compliance by the Consultant
            with all its obligations under the Agreement and in connection with the provision of the Services and shall be further responsible and liable towards the Company for any breach by the Consultant of any of its obligations under this Agreement
            and for any other liability of the Consultant hereunder.</div>
          <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">I hereby acknowledge and declare that I am an employee of the Consultant and not an employee of
            the Company. I hereby undertake not to make any claim asserting that I am an employee of the Company.</div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;"><u> /s/ Adi Mor</u><br>
          </div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(35, 31, 32); font-weight: bold;">Adi Mor, the Consultant&#8217;s Representative</div>
            <div style="line-height: 1.25; color: rgb(35, 31, 32); font-weight: bold;"><font style="font-weight: normal;">Date: <u>4/18/2022</u></font><br>
            </div>
          </div>
          <div style="text-align: justify; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;"> <br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 7 -</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <br>
        </div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
        <div style="text-align: center; line-height: 1.25; color: rgb(35, 31, 32); font-weight: bold;">SCHEDULE A </div>
        <div style="text-align: center; line-height: 1.25; color: rgb(35, 31, 32); font-weight: bold;">SERVICES</div>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Company's Chief Scientific Officer</u></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 8 -</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <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: -8.8pt; margin-right: 210.05pt; margin-left: 14.65pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
      </div>
      <div style="text-align: center; text-indent: -0.1pt; margin-right: 203.75pt; margin-left: 203.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">SCHEDULE B <br>
        UNDERTAKING</div>
      <div style="text-align: center; text-indent: -0.1pt; margin-right: 203.75pt; margin-left: 203.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
      </div>
      <div style="text-align: justify; text-indent: -0.05pt; margin-right: 5.7pt; margin-left: 5.95pt; line-height: 1.25; color: #231F20; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">THIS UNDERTAKING </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(&#8220;<font style="font-weight: bold;">Undertaking</font>&#8221;) is entered into as
          of the 1 day of April 2022, by Prof. Kobi George and Dr. Adi Mor Ltd , whose address is at 15 Kafrisin st. Tel Aviv, Israel (the &#8220;<font style="font-weight: bold;">Consultant</font>&#8221;).</font></div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="e454b2c9bb23457ca0fa4e9f9e7c0bba">

          <tr>
            <td style="width: 7%;">
              <div style="text-align: justify; text-indent: -90pt; margin-right: 5.7pt; margin-left: 95.95pt; line-height: 1.25; color: #231F20; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">, <br>
                </font></div>
            </td>
            <td style="width: 93%;"><font style="font-family: 'Times New Roman',Times,serif;">the Consultant wishes to be engaged by ChemomAb Ltd. of Kiryat Atidim, Building 7, Tel-Aviv, Israel (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;); and</font></td>
          </tr>

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

            <tr>
              <td style="width: 7%; text-align: left; vertical-align: top;">
                <div style="text-indent: -90pt; margin-right: 5.7pt; margin-left: 95.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;">WHEREAS</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">, <br>
                  </font></div>
              </td>
              <td style="width: 93%;"><font style="font-family: 'Times New Roman',Times,serif;">it is critical for the Company to preserve and protect its Confidential Information&#160; (as defined below) and its rights in Inventions
                  (as defined below) and in all related intellectual property, and the Consultant is entering into this Undertaking as a condition to the Consultant&#8217;s engagement with the Company.</font></td>
            </tr>

        </table>
        <div style="text-align: justify; text-indent: -90pt; margin-right: 5.7pt; margin-left: 95.95pt; line-height: 1.25; color: #231F20; font-family: 'Times New Roman', serif; font-size: 12pt;"><br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: -90pt; margin-right: 6.1pt; margin-left: 95.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">NOW, THEREFORE, the
        Consultant undertakes and warrants towards the Company as follows:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; margin-left: 5.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">References herein to the term &#8220;<font style="font-weight: bold;">Company</font>&#8221;
        shall include any of the Company&#8217;s direct or indirect parent,</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; margin-left: 5.95pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">subsidiary and affiliated companies, and their respective successors and assigns.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zdb452df75a554bde99c71ba5c984d31c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Confidentiality.</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5b15317056e44559b08bee2466d89642" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">the Consultant acknowledges that the Consultant may have access to confidential information related to the Company, its business, assets, financial position, affairs, activities, plans and projections,
                customers, suppliers, business partners and other third parties to whom the Company undertook to keep information of such party in confidence (the <font style="font-weight: bold;">&#8220;Confidential Information&#8221;</font>). Confidential
                Information shall include, without limitation, any information, whether or not marked or designated as confidential, concerning technology, products (whether finished or under development), research and development, patents, copyrights,
                inventions, trade secrets, test results, formulae, processes, data, know-how, marketing, promotion, business and financial plans, policies, practices, strategies, surveys, analyses and forecasts, financial information, customer lists,
                agreements, contracts, transactions, undertakings and data concerning employees, consultants, officers, directors and shareholders. Confidential Information includes information in any form or media, whether documentary, written, oral,
                magnetic, electronically transmitted, through presentation or demonstration or computer generated. Confidential Information shall include any information in any form, including documents whether oral or in writing or stored on magnetic or
                electronic media. Confidential Information shall not include information that has become part of the public domain not as a result of a breach of this Undertaking by the Consultant.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant acknowledges and understands that the engagement by the Company and the access to Confidential Information creates a relationship of confidence and trust with respect to such Confidential
                Information.</div>
            </td>
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      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zdacd534e242e44a180ed43aaabd1b1f3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">During the term of the Consultant&#8217;s engagement and at any time after termination or expiration thereof, for any reason, the Consultant shall keep in strict confidence and trust, shall safeguard, and shall
                not disclose to any person or entity, nor use for its own benefit or for the benefit of any party other than the Company, any Confidential Information, other than with the prior express consent of the Company.</div>
            </td>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z45d268b14b7740aeaa90db2250ae2b72" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Any rights, titles and interests in and to Confidential Information are and shall remain the sole and exclusive property of the Company or of the third party providing such Confidential Information to the
                Company, as the case may be. Without limiting the generality of the foregoing, the Consultant agrees and acknowledges that all memoranda, books, notes, records, communications (whether by email or otherwise), reports, charts, formulae,
                specifications, lists and any other documents (contained on any media whatsoever) made, reproduced, compiled, received, held or used by the Consultant in connection with the engagement by the Company or that otherwise relates to any
                Confidential Information (the &#8220;<font style="font-weight: bold;">Confidential Material</font>&#8221;), shall be the Company&#8217;s sole and exclusive property and shall be deemed Confidential Information. All originals, copies, reproductions and
                summaries of the Confidential Material shall be delivered by the Consultant to the Company upon termination or expiration of the Consultant&#8217;s engagement for any reason, or earlier at the request of the Company, without the Consultant
                retaining any copies or being entitled to any lien rights thereof.</div>
            </td>
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      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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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>
      </div>
      <br>
      <table cellspacing="0" cellpadding="0" id="z1f3c5b4d8dfe48648b7f4ae9a4c5b124" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">During the term of the Consultant&#8217;s engagement with the Company, the Consultant shall not remove from the Company&#8217;s offices or premises any Confidential Material unless and to the extent necessary in
                connection with the duties and responsibilities of the Consultant and permitted pursuant to then applicable policies and regulations of the Company. In the event that such Confidential Material is duly removed from the Company&#8217;s offices or
                premises, the Consultant shall take all actions necessary in order to secure the safekeeping and confidentiality of such Confidential Material and return the Confidential Material to their proper files or location immediately after such
                use.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z71447d53696842e594cd25d2116f7096" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">1.6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">During the term of the Consultant&#8217;s engagement with the Company, the Consultant will not improperly use or disclose any proprietary or confidential information or trade secrets belonging to any other
                entity to whom the Consultant has an obligation of confidentiality and/or non-use (including, without limitation, any academic institution or any entity related thereto) (<font style="font-weight: bold;">"Prior Contractor"</font>) without a
                proper approval or consent. The Consultant will not bring onto the premises of the Company any confidential documents or any property, belonging to any Prior Contractor , unless such property, documents or information become generally
                available to the public or are consented to in writing by the Prior Contractor.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4acea776f45f4171a559372e7320f643" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Unfair Competition and Solicitation</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="text-align: justify; margin-right: 5.7pt; margin-left: 34.25pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">The Consultant acknowledges that in view of the assignments
        performed by him for the Company, his exposure to, and involvement in the Company&#8217;s sensitive, essential and valuable proprietary information, its property (including, intellectual property) and technologies, as well as its goodwill and business
        plans (the &#8220;<font style="font-weight: bold;">Company&#8217;s Major Assets</font>&#8221;), the provisions of this Section 2 above are reasonable and necessary to legitimately protect the Company&#8217;s Major Assets, and are being undertaken by the Consultant as a
        condition to the engagement of the Consultant by the Company. The Consultant confirms that the Consultant has carefully reviewed the provisions of this Section 2, fully understands the consequences of this Undertaking and of Section 2 thereof, and
        has assessed the respective advantages and disadvantages to the Consultant of entering into this Undertaking and, specifically, Section 2. Therefore, the Consultant hereby undertakes:</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zc927a661cd184e2893d6f229f0aec088" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">2.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant undertakes that during the term of engagement with the Company the Consultant shall not engage, establish, open or in any manner whatsoever become involved, directly or indirectly, either as
                an employee, owner, partner, agent, shareholder, director, consultant or otherwise, in any business, occupation, work or any other activity which competes with the business of the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zb4f093cd7b1f43bc9e6a3aa6340587dc" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">2.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant undertakes that for a period of twelve (12) months following termination of the Consultant&#8217;s engagement with the Company for whatever reason the Consultant shall not engage, establish, open
                or in any manner whatsoever become involved, directly or indirectly, either as an employee, owner, partner, agent, shareholder, director, consultant or otherwise, in any business, occupation, work or any other activity which is reasonably
                likely to involve or require the use of any of the Company&#8217;s Major Assets. the Consultant confirms that engagement, establishment, opening or involvement, directly or indirectly, either as an employee, owner, partner, agent, shareholder,
                director, consultant or otherwise, in any business, occupation, work or any other activity which competes with the business of the Company as conducted during the term of engagement or contemplated, during such term, to be conducted, is
                likely to require the use of all or a portion of the Company&#8217;s Major Assets.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" class="BRPFPageNumber">- 10 -</font></div>
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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>
      </div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" id="z9fddbb09431f41cd9e291c4ed9e8d8e2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">2.3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant undertakes that during the term of engagement with the Company and for a period of twelve (12) months thereafter: (i) the Consultant shall not, directly or indirectly, solicit any employee
                of the Company or induce or attempt to induce any such employee to terminate or reduce the scope of such employee&#8217;s engagement with the Company and shall not hire or retain any such employee whether directly or indirectly; and (ii) the
                Consultant shall not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any consultant, service provider, agent, distributor, customer or supplier of the Company to terminate, reduce or modify the scope of such
                person&#8217;s engagement with the Company.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <div style="margin-left: 37.5pt; line-height: 1.25; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">hereof.</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z6fe99338439240d1b3dd2d9f20fac81b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
            </td>
            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); font-weight: bold;"><u>Ownership of Inventions.</u></div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="ze42db9eb62164094aa2ec23b87788b5d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant will notify and disclose in writing to the Company, or any persons designated by the Company all information, improvements, inventions, trademarks, works of authorship, designs, trade
                secrets, formulae, processes, techniques, know-how, and data, whether or not patentable or registerable under copyright or any similar laws, made or conceived or reduced to practice or learned by the Consultant, either alone or jointly with
                others, during the Consultant&#8217;s engagement with the Company (including after the working hours, during weekends or vacations) (all such information, improvements, inventions, trademarks, works, designs, trade secrets, formulae, processes,
                techniques, know-how, and data are hereinafter referred to as the &#8220;<font style="font-weight: bold;">Invention(s)</font>&#8221;) immediately upon discovery, receipt or invention as applicable.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z5326847eb0f5430496bd612735aa88b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">Consultant agrees that all the Inventions are, upon creation or invention shall be the sole property of the Company and its assignees, and the Company and its assignees shall be the sole owner of all
                title, rights and interest in and to any patents, copyrights, trade secrets and all other rights of any kind or nature, including moral rights, in connection with such Inventions. the Consultant hereby irrevocably and unconditionally
                assigns to the Company all the following with respect to any and all Inventions: (i) all title, rights and interest in and to any patents, patent applications, and patent rights, including any and all continuations or extensions thereof;
                (ii) rights associated with works of authorship, including copyrights and copyright applications, Moral Rights (as defined below) and mask work rights; (iii) rights relating to the protection of trade secrets and confidential information;
                (iv) design rights and design-related rights; (v) any other proprietary rights relating to intangible property including trademarks, service marks and applications thereof, trade names and packaging and all goodwill associated with the
                same; (vi) and all rights to sue for any infringement of any of the foregoing rights and the right to all income, royalties, damages and payments with respect to any of the foregoing rights. the Consultant also hereby forever waives and
                agrees never to assert any and all Moral Rights (as defined hereafter) the Consultant may have in or with respect to any Inventions, even after termination of engagement on behalf of the Company. &#8220;<font style="font-weight: bold;">Moral
                  Rights</font>&#8221; means any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar right, existing under the law of any country in the world, or under any treaty.</div>
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      </table>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z1c1c0bedd2254f2a9ebaf852b3a469d1" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.3.</td>
            <td style="width: auto; vertical-align: top; text-align: right; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32); text-align: justify;">The&#160; Consultant&#160; further&#160; agrees&#160; to&#160; perform,&#160; during&#160; and&#160; after&#160; the&#160; term&#160; of&#160; the Consultant&#8217;s engagement&#160; with&#160; the&#160; Company,&#160; all&#160; acts&#160; deemed&#160; reasonably necessary&#160; or&#160;
                desirable by the Company to permit and assist it, at the Company&#8217;s expense, in obtaining, maintaining, defending and enforcing the Inventions in any and all countries. Such acts may include, but are not limited to, execution of documents
                and assistance or cooperation in legal proceedings. The Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents, as the Consultant&#8217;s agents and attorneys-in-fact to act for and on the
                Consultant&#8217;s behalf and instead of the Consultant, to sign, execute and file any documents and to do all other lawfully permitted acts to further the obtaining, maintaining, defending and enforcing the Inventions in any and all countries.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
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      <br>
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          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">3.4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify; font-family: 'Times New Roman',Times,serif;">
              <div style="color: rgb(35, 31, 32);">The Consultant shall not be entitled to any monetary consideration or any other consideration except as explicitly set forth in the Consulting Agreement or except as explicitly set forth in any other
                special agreement or arrangement with respect to the matter set forth herein executed in writing and duly signed by the Company. Without limitation of the foregoing, the Consultant irrevocably confirms that the consideration explicitly set
                forth in the Consulting Agreement is in lieu of any rights for compensation that may arise in connection with the Inventions under applicable law and waives any right to claim royalties or other consideration with respect to any Invention,
                including under Section 134 of the Israeli Patent Law - 1967. Any oral or written understanding, communication or agreement with respect to the matters set forth herein, not memorialized in writing and duly signed by the Company, shall be
                void.</div>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4065c5e5181a4675834727c19a6b835f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 28.35pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif; font-weight: bold;">4.</td>
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              <div style="color: #231F20; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold;"><u>General</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">.</font></div>
            </td>
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      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z34d23a1200b64d65a65b737bd9696572" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 5.9pt; font-family: 'Times New Roman',Times,serif;"><br>
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            <td style="width: 31.6pt; vertical-align: top; color: rgb(35, 31, 32); font-family: 'Times New Roman',Times,serif;">4.1.</td>
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              <div style="color: rgb(35, 31, 32);">The Consultant represents that the performance of all the terms of this Undertaking and the Consultant&#8217;s duties as a consultant of the Company does not and will not breach any invention assignment,
                proprietary information, non-compete, confidentiality or similar obligations to any third party or any third party rights (including, without limitation, any academic institution or any entity related thereto). The Consultant acknowledges
                that the Company is relying upon the truthfulness and accuracy of such representations in its decision to engage with the Consultant.</div>
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              <div style="color: rgb(35, 31, 32);">No amendment, waiver or modification of any obligation under this Undertaking will be enforceable unless set forth in a writing signed by the Company. No delay or failure to require performance of any
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              <div style="color: rgb(35, 31, 32);">This Undertaking, the rights of the Company hereunder, and the obligations of the Consultant hereunder, will be binding upon and inure to the benefit of their respective successors, assigns, heirs,
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<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>6
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<DESCRIPTION>EXHIBIT 21.1
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    <div style="text-align: center; font-weight: bold;">Chemomab Therapeutics Ltd.</div>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>7
<FILENAME>exhibit_23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<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="text-align: right;"> <u><font style="font-weight: bold;">Exhibit 23.1</font></u><br>
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      <div style="line-height: 1.25;">We consent to the use of our report dated March 30, 2022, with respect to the consolidated financial statements of Chemomab Therapeutics
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      <div style="line-height: 1.25;">January 13, 2023</div>
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>8
<FILENAME>exhibit_107.htm
<DESCRIPTION>FILING FEES TABLE
<TEXT>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Form S-1</div>
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          </td>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(Form Type)</div>
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          <td style="width: 41.56%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>

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

        <tr>
          <td style="width: 29.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 41.48%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">CHEMOMAB THERAPEUTICS LTD.</div>
          </td>
          <td style="width: 29.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 29.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 41.48%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(Exact Name of Registrant as Specified in its Charter)</div>
          </td>
          <td style="width: 29.26%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
      <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>Table 1: Newly Registered and Carry Forward Securities</u></div>
    </div>
    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 21%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Security<br>
              Type</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 12.97%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Security<br>
              Class<br>
              Title</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Fee<br>
              Calculation<br>
              or Carry<br>
              Forward Rule</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Maximum<br>
              Aggregate<br>
              Offering<br>
              Price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)(2)(3)</sup></div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;" colspan="2">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Fee<br>
              Rate</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">&#160;</div>
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount of<br>
              Registration<br>
              Fee</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" colspan="17">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Newly Registered Securities</div>
          </td>
          <td style="width: 0.52%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Fees to be Paid</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Equity</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 12.97%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Ordinary shares, no par value, as represented by American Depositary Shares (3)<br>
            </div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(1)</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25;">23,000,000.00</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;"> $<br>
          </td>
          <td style="width: 9.79%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">.0001102</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25;">2,534.60</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Fees to be Paid</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Other</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 12.97%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Warrants to Purchase Ordinary Shares represented by American Depositary Shares (3)</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(4)</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 9.79%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.52%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Fees to be Paid</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 14%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Equity</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 12.97%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">Ordinary Shares underlying the American Depositary Shares issuable upon exercise of warrants (3)</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">(1)</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;"> $ </td>
          <td style="width: 9.79%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">.0001102</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 0.52%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21%; vertical-align: middle; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; font-family: 'Times New Roman',Times,serif;" colspan="4">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total Offering Amounts</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25;">23,000,000.00</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 9.79%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
          </td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25;">
              <div style="line-height: 1.25;">2,534.60</div>
            </div>
          </td>
          <td style="width: 0.52%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 21%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.65%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;" colspan="4">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total Fees Previously Paid</div>
          </td>
          <td style="width: 11.41%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 9.79%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Total Fee Offsets</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 1%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 9.79%; vertical-align: bottom; font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">-</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">&#160;</div>
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          <td style="vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;" colspan="4">
            <div style="text-align: center; line-height: 1.25; color: rgb(0, 0, 0); font-weight: bold;">Net Fee Due</div>
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            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 10%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: right; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 9.79%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.58%; vertical-align: bottom; background-color: rgb(205, 236, 255); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(205, 236, 255); border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
            <div style="line-height: 1.25; color: rgb(0, 0, 0);">$</div>
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          <td style="width: 10%; vertical-align: bottom; background-color: rgb(205, 236, 255); border-bottom: 4px double rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">(1)</div>
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          <td style="width: 96.72%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended.</div>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2.7%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 96.72%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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        </tr>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">(2)</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Includes ordinary shares granted pursuant to the underwriters&#8217; option to purchase additional American Depositary Shares, or ADSs.</div>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 2.7%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 96.72%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">(3)</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">Each ADS, represents twenty (20) ordinary shares of the registrant. ADSs issuable upon deposit of the ordinary shares registered hereby have been registered pursuant to a
              separate registration statement on Form F-6 (File No. 333-229522).</div>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 2.7%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
          </td>
          <td style="width: 96.72%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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          <td style="width: 0.57%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">&#160;</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">(4)</div>
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            <div style="text-align: justify; line-height: 1.25; color: rgb(0, 0, 0);">
              <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Calculated in accordance with Rule 457(g) under the Securities Act, because the ADSs of the registrant underlying the warrants are registered
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
