<SEC-DOCUMENT>0001171843-17-006847.txt : 20171109
<SEC-HEADER>0001171843-17-006847.hdr.sgml : 20171109
<ACCEPTANCE-DATETIME>20171109165717
ACCESSION NUMBER:		0001171843-17-006847
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20171109
FILED AS OF DATE:		20171109
DATE AS OF CHANGE:		20171109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RedHill Biopharma Ltd.
		CENTRAL INDEX KEY:			0001553846
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35773
		FILM NUMBER:		171191665

	BUSINESS ADDRESS:	
		STREET 1:		21 HA'ARBA'A STREET
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			64739
		BUSINESS PHONE:		972-3-541-3131

	MAIL ADDRESS:	
		STREET 1:		21 HA'ARBA'A STREET
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			64739
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k_110917.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>UNITED STATES&nbsp;</B>&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Washington, D.C.&nbsp;20549</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>FORM 6-K</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>of&nbsp;the Securities Exchange Act of 1934</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">For the month of November 2017<BR>
Commission File No.:001-35773</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 18pt; text-align: center; margin: 0pt 0"><B>REDHILL BIOPHARMA LTD.</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Translation of registrant&rsquo;s name into English)</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>21 Ha'arba'a Street, Tel Aviv, 64739, Israel</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">(Address of principal executive offices)</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Form 20-F &#9746;&nbsp;Form 40-F &#9744;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark if the Registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Indicate by check mark if the Registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Attached hereto and incorporated by reference herein are the following
exhibits:</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Exhibit 1.1: Underwriting Agreement, dated November 8, 2017, between
the Registrant and Cantor Fitzgerald &amp; Co. and Nomura Securities International Inc., as representative of the several Underwriters.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Exhibit 5.1: Opinion of Gross, Kleinhendler, Hodak, Halevy, Greenberg
&amp; Co.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Exhibit 5.2: Opinion of Haynes and Boone, LLP.</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Exhibit 23.1: Consent of Gross, Kleinhendler, Hodak, Halevy, Greenberg
&amp; Co. (included in Exhibit 5.1).</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">Exhibit 23.2: Consent of Haynes and Boone, LLP (included in Exhibit
5.2).</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">This Form 6-K and related exhibits are incorporated by reference
into the Company's Registration Statements on Form S-8 filed with the Securities and Exchange Commission on May 2, 2013 (Registration
No. 333-188286), on October 29, 2015 (Registration No. 333-207654) and on July 25, 2017 (Registration No. 333-219441) and its Registration
Statement on Form F-3 filed with the Securities and Exchange Commission on February 25, 2016 (Registration No. 333- 209702).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Signatures</B>&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 47%; text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">REDHILL BIOPHARMA LTD.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: center; direction: rtl; unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Date:&nbsp;November 9, 2017</FONT></TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">By:&nbsp;<U>/s/ Dror Ben-Asher</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Dror Ben-Asher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

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

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

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">REDHILL BIOPHARMA LTD.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>UNDERWRITING AGREEMENT</U></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Nomura Securities International, Inc.<BR>
As Representatives of the several Underwriters</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><BR>
c/o Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">499 Park Avenue</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Nomura Securities International, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">309 West 49th Street</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">RedHill Biopharma Ltd., a company limited by
shares organized under the laws of the State of Israel (the &ldquo;<U>Company</U>&rdquo;), confirms its agreements with Cantor
Fitzgerald &amp; Co. (&ldquo;<U>Cantor</U>&rdquo;), Nomura Securities International, Inc. (&ldquo;<U>Nomura</U>&rdquo;) and each
of the other Underwriters named in Exhibit&nbsp;A hereto (collectively, the &ldquo;<U>Underwriters</U>,&rdquo; which term shall
also include any underwriter substituted as hereinafter provided in Section&nbsp;10 hereof), for whom Cantor and Nomura are acting
as representatives (the &ldquo;<U>Representatives</U>&rdquo;), with respect to the issue and sale by the Company of an aggregate
of 4,090,909 American Depositary Shares (&ldquo;<U>ADSs</U>&rdquo;), each representing ten ordinary shares, par value NIS 0.01
per share (the &ldquo;<U>Ordinary Shares</U>&rdquo;), of the Company (the &ldquo;<U>Initial Securities</U>&rdquo;), and the purchase
by the Underwriters, acting severally and not jointly, of the respective numbers of Initial Securities set forth in said Exhibit&nbsp;A
hereto, and with respect to the grant by the Company to the Underwriters, acting severally and not jointly, of the option described
in Section&nbsp;2(b) hereof to purchase all or any part of 613,636 additional ADSs (the &ldquo;<U>Option Securities</U>&rdquo;).
The Initial Securities to be purchased by the Underwriters together with the Option Securities are hereinafter called, collectively,
the&nbsp;&ldquo;<U>Securities</U>.&rdquo; The ADSs will be evidenced by American Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;)
to be issued pursuant to the Deposit Agreement dated December 26, 2012 among the Company, the Bank of New York Mellon, as depositary
(the &ldquo;<U>Depositary</U>&rdquo;), and each holder and beneficial owner of ADSs issued thereunder (the &ldquo;<U>Deposit Agreement</U>&rdquo;).
Certain terms used in this agreement (this &ldquo;<U>Agreement</U>&rdquo;) are defined in Section&nbsp;15 hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company understands that it is proposed
that a public offering of the Securities be made as soon as the Representatives deem advisable after this Agreement has been executed
and delivered.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company has prepared and previously delivered
to you a preliminary prospectus supplement dated November 7, 2017 (the &ldquo;<U>Preliminary Prospectus Supplement</U>&rdquo;)
relating to the Securities, and a related prospectus dated&nbsp;March 11, 2016 (the &ldquo;<U>Base Prospectus</U>&rdquo;). The
Preliminary Prospectus Supplement, together with the Base Prospectus and including the documents incorporated or deemed to be incorporated
by reference therein pursuant to Item 6 of Form&nbsp;F-3 under the 1933 Act, are hereinafter called, collectively, the &ldquo;<U>Pre-Pricing
Prospectus</U>.&rdquo; Promptly after the execution and delivery of this Agreement, the Company will prepare and file with the
Commission one or more prospectus supplements dated November 8, 2017 relating to the Securities (the &ldquo;<U>Prospectus Supplement</U>&rdquo;)
and will file the Prospectus Supplement and the Base Prospectus with the Commission, all in accordance with the provisions of Rule&nbsp;430B
and Rule&nbsp;424(b), and the Company has previously advised you of all information (financial and other) that will be set forth
therein. The Prospectus Supplement and the Base Prospectus, in the form first furnished to the Underwriters for use in connection
with the offering of the Securities (whether to meet the request of purchasers pursuant to Rule&nbsp;173(d) or otherwise), including
the documents incorporated or deemed to be incorporated by reference therein pursuant to Item&nbsp;6 of Form&nbsp;F-3 under the
1933&nbsp;Act, are herein called, collectively, the &ldquo;<U>Prospectus</U>.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 1. <U>Representations and Warranties.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Representations and Warranties by the Company</U><I>. </I> The Company represents and warrants to each Underwriter as
of the date hereof, as of the Applicable Time, as of the Closing Date referred to in Section&nbsp;2(c) hereof, and as of each Option
Closing Date (if any) referred to in Section&nbsp;2(b) hereof and agrees with each Underwriter as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Registration Requirements</U>. The Company meets the requirements for use of Form&nbsp;F-3 under the
1933 Act and the Securities have been duly registered under the 1933 Act pursuant to the Registration Statement. Each of the Initial
Registration Statement and any post-effective amendments thereto have been declared effective under the 1933 Act and any Rule&nbsp;462(b)
Registration Statement has become effective under the 1933 Act or, not later than 8:00&nbsp;a.m. (New York City time) on the business
day immediately after the date of this Agreement, will become effective under the 1933 Act, and no stop order suspending the effectiveness
of the Initial Registration Statement or any Rule&nbsp;462(b) Registration Statement has been issued under the 1933 Act and no
proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated by the Commission,
and any request on the part of the Commission for additional information has been complied with. The Initial Registration Statement
was initially filed with the Commission on February 25, 2016.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration Statement, Prospectus and Disclosure at Time of Sale</U>. At the respective times that the Initial Registration
Statement, any Rule&nbsp;462(b) Registration Statement and any amendments thereto became effective, at each time subsequent to
the filing of the Initial Registration Statement that the Company filed an annual report on Form&nbsp;20-F (or any amendment thereto)
with the Commission, at each deemed effective date with respect to the Underwriters pursuant to Rule&nbsp;430B(f)(2), and at the
Closing Date (and, if any Option Securities are purchased, at the applicable Option Closing Date), the Initial Registration Statement,
any Rule&nbsp;462(b) Registration Statement and any amendments to any of the foregoing complied and will comply in all material
respects with the requirements of the 1933 Act and the 1933 Act Regulations and did not and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">At the respective times the Prospectus
or any amendment or supplement thereto was filed pursuant to Rule&nbsp;424(b), and at the Closing Date (and, if any Option Securities
are purchased, at the applicable Option Closing Date), and at any time when a prospectus is required (or, but for the provisions
of Rule&nbsp;172, would be required) by applicable law to be delivered in connection with sales of Securities (whether to meet
the requests of purchasers pursuant to Rule&nbsp;173(d) or otherwise), neither the Prospectus nor any amendments or supplements
thereto included or will include an untrue statement of a material fact or omitted or will omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">As of the Applicable Time (except
in the case of clause (z) below) and as of each time prior to the later of the Closing Date that an investor agrees (orally or
in writing) to purchase or, if applicable, reconfirms (orally or in writing) an agreement to purchase any Securities from the Underwriters,
neither (w) any &ldquo;road show&rdquo; (as defined in Rule 433) that does not constitute an Issuer Free Writing Prospectus, (x)
any Issuer General Use Free Writing Prospectuses, if any, issued at or prior to the Applicable Time, the Pre-Pricing Prospectus
as of the Applicable Time and the information, if any, included on Exhibit&nbsp;D hereto, all considered together (collectively,
the &ldquo;<U>General Disclosure Package</U>&rdquo;), nor (y)&nbsp;any individual Issuer Limited Use Free Writing Prospectus, when
considered together with the General Disclosure Package, nor (z) any Issuer General Use Free Writing Prospectuses issued subsequent
to the Applicable Time, when considered together with the General Disclosure Package, included or will include an untrue statement
of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">Each preliminary prospectus and the
Prospectus and any amendments or supplements to any of the foregoing filed as part of the Registration Statement or any amendment
thereto, or filed pursuant to Rule&nbsp;424 under the 1933 Act, or delivered to the Underwriters for use in connection with the
offering of the Securities, complied when so filed or when so delivered, as the case may be, in all material respects with the
1933 Act and the 1933 Act Regulations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">The representations and warranties
in the preceding paragraphs of this Section&nbsp;1(a)(2) do not apply to statements in or omissions from the Registration Statement,
any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing
made in reliance upon and in conformity with written information furnished to the Company by any Underwriter through the Representatives
expressly for use therein, it being understood and agreed that the only such information furnished by the Underwriters as aforesaid
consists of the information described as such in Section&nbsp;6(b) hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">At the respective times that the Initial
Registration Statement, any Rule&nbsp;462(b) Registration Statement or any amendment to any of the foregoing were filed and as
of the earliest time after the filing of the Initial Registration Statement that the Company or any other offering participant
made a bona fide offer of the Securities within the meaning of Rule&nbsp;164(h)(2), and at the date hereof, the Company was not
and is not an &ldquo;ineligible issuer&rdquo; as defined in Rule&nbsp;405, in each case without taking into account any determination
made by the Commission pursuant to paragraph&nbsp;(2) of the definition of such term in Rule&nbsp;405; and without limitation to
the foregoing, the Company has at all relevant times met, meets and will at all relevant times meet the requirements of Rule&nbsp;164
for the use of a free writing prospectus (as defined in Rule&nbsp;405) in connection with the offering contemplated hereby.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">The copies of the Initial Registration
Statement and any Rule&nbsp;462(b) Registration Statement and any amendments to any of the foregoing and the copies of each preliminary
prospectus, each Issuer Free Writing Prospectus that is required to be filed with the Commission pursuant to Rule&nbsp;433 and
the Prospectus and any amendments or supplements to any of the foregoing, that have been or subsequently are delivered to the Underwriters
in connection with the offering of the Securities (whether to meet the request of purchasers pursuant to Rule&nbsp;173(d) or otherwise)
were and will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except
to the extent permitted by Regulation S-T. For the purposes of this Agreement, references to the &ldquo;delivery&rdquo; or &ldquo;furnishing&rdquo;
of any of the foregoing documents to the Underwriters, and any similar terms, include, without limitation, electronic delivery.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">Each Issuer Free Writing Prospectus
(if any), as of its issue date and at all subsequent times through the completion of the public offering and sale of the Securities
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained
in the Registration Statement, any preliminary prospectus or the Prospectus that has not been superseded or modified.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Private Issuer</U>. The Company is a &ldquo;foreign private issuer,&rdquo; as such term is defined in Rule 405
of the 1933 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(4)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Incorporated Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration
Statement, any preliminary prospectus and the Prospectus, at the respective times when they became effective or at the respective
times when they were filed with the Commission, as the case may be, complied in all material respects with the requirements of
the 1934 Act and the 1934 Act Regulations and none of such documents, as of the date they became effective or were filed with the
Commission, as the case may be, contained an untrue statement of a material fact or omitted to state a material fact required to
be stated therein or necessary to make the statements therein not misleading; and any further documents so filed and incorporated
by reference in Registration Statement, any preliminary prospectus and the Prospectus, when such documents hereafter become effective
or are hereafter filed with the Commission, as the case may be, will comply in all material respects with the requirements of the
1934 Act and the 1934 Act Regulations and will not, as of the date such documents become effective or are filed with the Commission,
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(5)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Independent Accountants</U>. Kesselman &amp; Kesselman, a member firm of PricewaterhouseCoopers International Limited,
which has audited and reviewed certain financial statements of the Company included in the Registration Statement, the General
Disclosure Package and the Prospectus is an independent registered public accounting firm with respect to the Company as required
by the 1933 Act, the 1933 Act Regulations, the 1934 Act, the 1934 Act Regulations as applicable, and the PCAOB.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(6)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Financial Statements</U>. The financial statements of the Company included in the Registration Statement, the General
Disclosure Package and the Prospectus, together with the related schedules (if any) and notes, present fairly in all material respects
the financial position of the Company and the Subsidiary (as defined below) at the dates indicated and the results of operations,
changes in shareholders&rsquo; equity and cash flows of the Company and the Subsidiary for the periods specified; the financial
statements of any other entities or businesses included in the Registration Statement, the General Disclosure Package or the Prospectus,
together with the related schedules (if any) and notes, present fairly in all material respects the financial position of each
such entity or business, as the case may be, and its consolidated subsidiaries (if any) at the dates indicated and the results
of operations, changes in shareholders&rsquo; (or other owners&rsquo;) equity and cash flows of such entity or business, as the
case may be, and its consolidated subsidiaries (if any) for the periods specified; and all such financial statements have been
prepared in conformity with International Financial Reporting Standards (&ldquo;<U>IFRS</U>&rdquo;), as issued by the International
Accounting Standards Board, applied on a consistent basis throughout the periods involved and comply in all material respects with
all applicable accounting requirements under the 1933 Act and the 1933 Act Regulations, or the 1934 Act and the 1934 Act Regulations,
as applicable. The supporting schedules, if any, included in the Registration Statement present fairly in all material respects,
in accordance with IFRS, the information required to be stated therein. The information in the Pre-Pricing Prospectus and the Prospectus
under the captions &ldquo;Summary Financial Data&rdquo; presents fairly in all material respects the information shown therein
and has been compiled on a basis consistent with that of the audited financial statements of the Company <FONT STYLE="font-size: 10pt"><SUP>[1]</SUP></FONT>included
in the Registration Statement, the General Disclosure Package and the Prospectus. All &ldquo;non-GAAP financial measures&rdquo;
(as such term is defined in the rules and regulations of the Commission), if any, contained in the Registration Statement, the
General Disclosure Package and the Prospectus comply with Item&nbsp;10 of Regulation&nbsp;S-K of the Commission, to the extent
applicable.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(7)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Material Adverse Change in Business</U>. Since the date of the most recent financial statements included or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Prospectus (in each case exclusive of any amendments
or supplements thereto subsequent to the date of this Agreement), except as disclosed in the General Disclosure Package (A)&nbsp;there
has been no material adverse change or any development that could reasonably be expected to result in a material adverse change,
in the condition (financial or other), results of operations, business, properties, management or prospects of the Company and
the Subsidiary (as defined below) taken as a whole (in any such case, a &ldquo;<U>Material Adverse Effect</U>&rdquo;); (B)&nbsp;except
as otherwise disclosed in the General Disclosure Package and the Prospectus (in each case exclusive of any amendments or supplements
thereto subsequent to the date of this Agreement), neither the Company nor the Subsidiary has incurred any liability or obligation
or entered into any transaction or agreement that, individually or in the aggregate, is material with respect to the Company and
the Subsidiary taken as a whole, which would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect; and (C)&nbsp;there has been no dividend or distribution of any kind declared, paid or made by the Company or the
Subsidiary on any class of its respective share capital.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(8)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Due Organization and Existence of the Company</U>. Each of the Company and the Subsidiary (as defined below) has been
duly organized and is validly existing as a company under the laws of the State of Israel or Delaware, as the case may be, and
has power and authority (corporate and other) to own, lease and operate its properties and to conduct its business as described
in the Registration Statement, the General Disclosure Package and the Prospectus and to enter into and perform its obligations
under this Agreement; and each of the Company and the Subsidiary is duly qualified as a foreign corporation to transact business
and is in good standing in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure so to qualify or to be in good standing would not, individually
or in the aggregate, reasonably be expected to result in a Material Adverse Effect. The Company has not been designated as a &ldquo;breaching
company&rdquo; (within the meaning of the Israeli Companies Law) by the Registrar of Companies of the State of Israel.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(9)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Ownership of the Subsidiary</U>. RedHill Biopharma, Inc. (the &ldquo;<U>Subsidiary</U>&rdquo;) is the Company&rsquo;s
only significant subsidiary (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission). Except as set
forth in the Registration Statement, the General Disclosure Package and the Prospectus, the Company owns, directly or indirectly,
all of the equity interests of the Subsidiary free and clear of any lien, charge, security interest, encumbrance, right of first
refusal or other restriction, and all the equity interests of the Subsidiary are validly issued and are fully paid, nonassessable
and free of preemptive and similar rights. The Subsidiary is not currently prohibited, directly or indirectly, from paying any
dividends to the Company, from making any other distribution on the Subsidiary&rsquo;s capital stock, from repaying to the Company
any loans or advances to the Subsidiary from the Company or from transferring any of the Subsidiary&rsquo;s property or assets
to the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(10)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Capitalization</U>. The authorized, issued and outstanding share capital of the Company as of the date of this Agreement
is as set forth in the column entitled &ldquo;Actual&rdquo; and in the corresponding line items under the caption &ldquo;Capitalization
and Indebtedness&rdquo; in the Pre-Pricing Prospectus and the Prospectus and, at the time of the purchase of the Initial Securities
by the Underwriters on the Closing Date and as of each Option Closing Date (if any), the authorized, issued and outstanding share
capital of the Company (taking into account the issuance of the ADSs) will be as set forth in the column entitled &ldquo;As Adjusted&rdquo;
and in the corresponding line items under such caption (in each case except for any Option Securities issued by the Company pursuant
to this Agreement and issuances, if any, subsequent to the date of this Agreement pursuant to employee or director share option,
share purchase or other equity incentive plans described in the Pre-Pricing Prospectus and the Prospectus, upon the exercise of
options issued pursuant to any such share option, share purchase or other equity incentive plans as so described, or upon the exercise
of options or the exercise or conversion of convertible securities described in the General Disclosure Package and the Prospectus).
The issued and outstanding shares of the Company have been duly authorized and validly issued and are fully paid and non-assessable
and were issued in compliance with all applicable foreign (including Israeli), state and federal securities and &ldquo;blue-sky&rdquo;
laws; and none of the outstanding shares of the Company was issued in violation of any preemptive rights, rights of first refusal
or other similar rights of any securityholder of the Company or any other person.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(11)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(12)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of the Deposit Agreement</U>. The Deposit Agreement has been duly authorized, executed and delivered by
the Company and constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance
with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to general principles of equity;
upon due issuance by the Depositary of ADRs evidencing ADSs against the deposit of the Ordinary Shares in respect thereof in accordance
with the Deposit Agreement, such ADRs will be duly and validly issued and the holders and beneficial owners thereof will be entitled
to the rights specified therein and in the Deposit Agreement; and the Deposit Agreement and the ADRs conform in all material respects
to the descriptions thereof contained in the General Disclosure Package and the Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(13)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Authorization of Securities</U>. The Securities to be sold by the Company under this Agreement and the Ordinary Shares
underlying such Securities (the &ldquo;<U>Underlying Shares</U>&rdquo;) have been duly authorized for issuance and sale to the
Underwriters pursuant to this Agreement and, when issued and delivered by the Company pursuant to this Agreement against payment
of the consideration set forth herein for the Securities, will be validly issued, fully paid and non-assessable; no holder of the
Securities or the Underlying Shares will be subject to personal liability by reason of being such a holder; and the issuance and
sale of the Securities and the Underlying Shares to be sold by the Company under this Agreement are not subject to any preemptive
rights, rights of first refusal or other similar rights of any securityholder of the Company or any other person.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(14)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reserved</U>.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(15)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Description of Securities</U>. The Ordinary Shares, all outstanding warrants and convertible securities and the Company&rsquo;s
articles of association and other Organizational Documents conform in all material respects to the respective statements relating
thereto contained in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(16)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Defaults and Conflicts</U>. Neither the Company nor the Subsidiary is (a) in violation of its Organizational
Documents or (b) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any
Company Document, except (solely in the case of Company Documents other than Subject Instruments) for such defaults that would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company nor the
Subsidiary has received funding or grants from the Israel Innovation Authority (formerly known as the Office of the Chief Scientist)
of the Israeli Ministry of Economy and Industry or the Israel Investment Authority for Industry and Economy Development (formerly
known as the Investment Center) of the Israeli Ministry of Economy and Industry. Neither the Company nor the Subsidiary has received
any notice denying, revoking or modifying any &ldquo;approved enterprise&rdquo; or &ldquo;benefited enterprise&rdquo; or &ldquo;preferred
enterprise&rdquo; status under the Israeli Law for the Encouragement of Capital Investments, 5719-1959, with respect to any of
the Company or the Subsidiary&rsquo;s facilities or operations or any other tax benefits received by the Company or the Subsidiary,
as applicable, under such law. All information supplied by the Company or the Subsidiary with respect to the applications or notifications
relating to such &ldquo;approved enterprise&rdquo; status, &ldquo;benefited enterprise&rdquo; status and &ldquo;preferred enterprise&rdquo;
status was true, correct and complete in all material respects when supplied to the appropriate authorities. The Company is in
compliance in all material respects with the Israeli Companies Law and the Israeli Securities Law. The execution, delivery and
performance of this Agreement and the consummation of the transactions contemplated herein, therein and in the Registration Statement,
the General Disclosure Package and the Prospectus (including the issuance and sale of the Securities and the use of the proceeds
from the sale of the Securities as described in the Pre-Pricing Prospectus and the Prospectus under the caption &ldquo;Use of Proceeds&rdquo;)
and compliance by the Company with its obligations under this Agreement do not and will not, whether with or without the giving
of notice or passage of time or both, conflict with or constitute a breach of, or default, Termination Event or Repayment Event
under, or result in the creation or imposition of any Lien upon any property or assets of the Company or the Subsidiary pursuant
to (i) any Company Documents, except (solely in the case of Company Documents other than Subject Instruments) for such conflicts,
breaches, defaults or Liens that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, (ii) the provisions of the Organizational Documents of the Company or the Subsidiary, or (iii) any applicable law, statute,
rule, regulation, judgment, order, writ or decree of any government, government instrumentality or court, domestic or foreign,
having jurisdiction over the Company or the Subsidiary or any of the assets, properties or operations of the Company or the Subsidiary,
as applicable, except with respect to this clause (iii) for any such violation that would not, individually or in the aggregate
reasonably be expected to result in a Material Adverse Effect or materially and adversely affect the consummation of the transactions
contemplated in this Agreement or the performance by the Company of its obligations under this Agreement. All corporate approvals
on the part of the Company, including under Chapter 5 of Part VI of the Israeli Companies Law, for the offer or sale of the Securities
and the transactions contemplated hereby have been obtained.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(17)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Labor Dispute</U>. No labor dispute with the employees of the Company or the Subsidiary exists or, to the
knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees
of any of the principal suppliers, manufacturers, customers or contractors of the Company or the Subsidiary which would reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(18)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Proceedings</U>. There is no action, suit, proceeding, inquiry or investigation before or brought by any court
or governmental agency or body, domestic or foreign, now pending, or, to the knowledge of the Company, threatened, against or affecting
the Company or the Subsidiary or to which any of the properties or assets of the Company or the Subsidiary is the subject that
is required to be disclosed in the Registration Statement, the Pre-Pricing Prospectus or the Prospectus (other than as disclosed
therein), or which would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or to
materially and adversely affect the consummation of the transactions contemplated in this Agreement or the performance by the Company
of its obligations under this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(19)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accuracy of Descriptions and Exhibits</U>. The information in the Pre-Pricing Prospectus and the Prospectus under the
captions &ldquo;Risk Factors&rdquo; and &ldquo;Material Tax Considerations,&rdquo; and the information in the Company&rsquo;s annual
report on Form&nbsp;20-F for the fiscal year ended December 31, 2016 under the captions &ldquo;Item 4. Information on the Company&mdash;B.
Business Overview&mdash;Intellectual Property,&rdquo; &ldquo;Item 4. Information on the Company&mdash;B. Business Overview&mdash;Government
Regulations and Funding,&rdquo; &ldquo;Item 5. Operating and Financial Review and Prospects&mdash;B. Liquidity and Capital Resources,&rdquo;
&ldquo;Item 6. Directors, Senior Management and Employees&mdash;B. Compensation,&rdquo; &ldquo;Item 6. Directors, Senior Management
and Employees&mdash;C. Board Practices,&rdquo; &ldquo;Item 7. Major Shareholders and Related Party Transactions&mdash;B. Related
Party Transactions,&rdquo; &ldquo;Item 8. Financial Information&mdash;Legal Proceedings,&rdquo; &ldquo;Item 10. Additional Information&mdash;B.
Memorandum and Articles of Association&mdash;Description of Securities&mdash;Ordinary Shares,&rdquo; and &ldquo;Item 10. Additional
Information&mdash;E. Taxation,&rdquo; in each case to the extent that it constitutes matters of law, summaries of legal matters,
summaries of provisions of the Company&rsquo;s Organizational Documents or any other instruments or agreements, summaries of legal
proceedings, or legal conclusions, is correct in all material respects; all descriptions in the Registration Statement, the General
Disclosure Package and the Prospectus of any other Company Documents are accurate in all material respects; and there are no franchises,
contracts, indentures, mortgages, deeds of trust, loan or credit agreements, bonds, notes, debentures, evidences of indebtedness,
leases or other instruments, agreements or documents required to be described or referred to in the Registration Statement, the
Pre-Pricing Prospectus or the Prospectus or the documents incorporated or deemed to be incorporated by reference therein or to
be filed as exhibits to the Registration Statement or the documents incorporated or deemed to be incorporated by reference therein
which have not been so described and filed as required.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(20)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Intellectual Property</U>. Except as otherwise disclosed in the Registration Statement, the General Disclosure
Package or the Prospectus, each of the Company and the Subsidiary owns, or has obtained valid and enforceable licenses for, the
inventions, patent applications, patents, trademarks, trade names, service names, copyrights, trade secrets and other intellectual
property (1) described in the Registration Statement, the General Disclosure Package and the Prospectus as being owned or licensed
by it or (2) which are necessary for the conduct of its business as currently conducted or as currently proposed in the Registration
Statement, the General Disclosure Package and the Prospectus to be conducted (collectively, &ldquo;<U>Intellectual Property</U>&rdquo;)
except in the case of clause (2) where the failure to own, possess or acquire such rights would not reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect. Except as described in the Registration Statement, the General Disclosure
Package and the Prospectus or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect, to the Company&rsquo;s knowledge: (i) there are no third parties who have rights to any Intellectual Property, except for
Intellectual Property rights which are licensed by the Company or the Subsidiary from or granted by the Company or the Subsidiary
to its partners, licensors, licensees and other third parties and customary reversionary rights of third-party licensors with respect
to Intellectual Property that is licensed to the Company or the Subsidiary; and (ii) there is no infringement by third parties
of any Intellectual Property. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect there is no pending or, to the Company&rsquo;s knowledge, threatened action, suit, proceeding or claim by others:
(A) challenging the Company or the Subsidiary&rsquo;s rights in or to any Intellectual Property, and the Company is unaware of
any facts which would form a reasonable basis for any such action, suit, proceeding or claim; (B) challenging the validity, enforceability
or scope of any Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such
action, suit, proceeding or claim; or (C) asserting that the Company or the Subsidiary infringes or otherwise violates, or would,
upon the commercialization of any product or service described in the Registration Statement, the General Disclosure Package or
the Prospectus as under development, infringe or violate, any patent, trademark, trade name, service name, copyright, trade secret
or other proprietary rights of others, and the Company is unaware of any facts which would form a reasonable basis for any such
action, suit, proceeding or claim. Except as would not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect, each of the Company and the Subsidiary has complied with the terms of each agreement pursuant to which Intellectual
Property has been licensed to the Company or the Subsidiary, as applicable, and to the knowledge of the Company all such agreements
are in full force and effect. The product candidates described in the Registration Statement, the General Disclosure Package and
the Prospectus as under development by the Company or the Subsidiary fall within the scope of the claims of one or more patents
or patent applications owned by, or exclusively licensed to, the Company or the Subsidiary, as applicable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(21)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Clinical Studies</U>. The current status of discussions with regulatory authorities is accurately described in the Registration
Statement, the General Disclosure Package and the Prospectus. The clinical, pre-clinical and other studies and tests conducted
by or on behalf of or sponsored by the Company or the Subsidiary that are described or referred to in the Registration Statement,
the General Disclosure Package and the Prospectus were and, if still pending, are being conducted in compliance in all material
respects with all statutes, laws, rules, regulations, guidance and protocols, as applicable (including, without limitation, those
administered by the Food and Drug Administration of the U.S. Department of Health and Human Services (the &ldquo;<U>FDA</U>&rdquo;),
the Israeli Ministry of Health or by any foreign, federal, state or local governmental or regulatory authority performing functions
similar to those performed by the FDA, and the relevant laws, rules and regulations of the Israeli Ministry of Health), except
for any non-compliance that would not reasonably be expected to result in a Material Adverse Effect. The descriptions of the results
of such studies and tests that are described or referred to in the Registration Statement, the General Disclosure Package and the
Prospectus are accurate in all material respects and fairly present in all material respects the data derived from such studies
and tests, and the Company has no knowledge of other studies or tests the results of which are materially inconsistent with the
results described or referred to in the Registration Statement, the General Disclosure Package and the Prospectus. Neither the
Company nor the Subsidiary has received any notices of non-compliance from the Israeli Ministry of Health, the FDA or any other
foreign, federal, state or local governmental or regulatory authority performing functions similar to those performed by the FDA
with respect to any ongoing clinical or pre-clinical studies or tests requiring the termination or suspension of such studies or
tests, except for any termination or suspension that would not reasonably be expected to result in a Material Adverse Effect. For
the avoidance of doubt, the Company makes no representation or warranty that the results of any studies, tests or preclinical or
clinical trials conducted by or on behalf of the Company or the Subsidiary will be sufficient to obtain governmental approval from
the FDA or any foreign (including Israeli), state or local governmental body exercising comparable authority.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(22)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Regulatory Filing Requirements</U>. Neither the Company nor the Subsidiary has failed to file with applicable
regulatory authorities any filing, declaration, listing, registration, report or submission that is required to be so filed for
the current conduct of its business, except for any filing, declaration, listing, registration, report or submission the failure
of which to be filed would not reasonably be expected to result in a Material Adverse Effect. All such filings were in material
compliance with applicable laws, rules and regulations when filed and no material deficiencies that have not been remedied have
been asserted by any applicable regulatory authority (including, without limitation, the FDA or any Israeli or other foreign, federal,
state or local governmental or regulatory authority performing functions similar to those performed by the FDA) with respect to
any such filings, declarations, listings, registrations, reports or submissions.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(23)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Further Requirements</U>. (A)&nbsp;No filing with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency, domestic or foreign (including Israeli), (B)&nbsp;no
authorization, approval, vote or consent of any holder of shares or other securities of the Company or creditor of the Company,
(C)&nbsp;no authorization, approval, waiver or consent under any Company Document or Organizational Document, and (D)&nbsp;no authorization,
approval, vote or consent of any other person or entity, is necessary or required to be obtained by the Company for the authorization,
execution, delivery or performance by the Company of this Agreement, for the offering of the Securities as contemplated by this
Agreement, for the issuance, sale or delivery of the Securities to be sold by the Company pursuant to this Agreement, for the issuance
of the Underlying Shares or for the consummation of any of the other transactions contemplated by this Agreement, in each case
on the terms contemplated by the Registration Statement, the General Disclosure Package and the Prospectus, except (A) such as
have been obtained under applicable laws (domestic or foreign, including Israeli) including, without limitation, the 1933 Act,
the 1933 Act Regulations, the 1934 Act and the 1934 Act Regulations, (B) the listing, subject to notice of issuance, of the ADSs
on the Nasdaq Capital Market, (C) the listing, subject to notice of issuance, of the Underlying Shares on the Tel Aviv Stock Exchange
and (D) such consents, approvals, authorizations, registrations or qualifications as may be required under state securities or
blue sky laws in connection with the purchase and distribution of the Securities by the Underwriters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(24)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Possession of Licenses and Permits</U>. Each of the Company and the Subsidiary possesses such franchises, grants, permits,
easements, licenses, approvals, consents, certificates, orders and other authorizations (collectively, &ldquo;<U>Governmental Licenses</U>&rdquo;)
issued by the appropriate self-regulatory, federal, state, local or foreign (including Israeli) regulatory agencies, authorities
or bodies (including, without limitation, those administered by the FDA or by any foreign (including Israeli), federal, state or
local governmental or regulatory authority performing functions similar to those performed by the FDA, including the relevant guidelines
of the Israeli Ministry of Health) necessary to conduct the business now operated by it; and, except as would not, individually
or in the aggregate, result in a Material Adverse Effect, each of the Company and the Subsidiary is in compliance with the terms
and conditions of all such Governmental Licenses applicable to it, all such Governmental Licenses are valid and in full force and
effect; and neither the Company nor the Subsidiary has received any notice of proceedings relating to the revocation or modification
of any such Governmental Licenses, and to the knowledge of the Company, no such proceedings are threatened.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(25)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Title to Property</U>. Each of the Company and its Subsidiary has good and marketable title in fee simple to all real
property owned by it (if any) and good title to all other properties and assets owned by it, in each case, free and clear of all
Liens except such as (a)&nbsp;are described in the Registration Statement, the General Disclosure Package and the Prospectus or
(b)&nbsp;are not, individually or in the aggregate, material to the Company and the Subsidiary, taken as a whole, are not required
to be disclosed in the Registration Statement, the Pre-Pricing Prospectus or the Prospectus, do not, individually or in the aggregate,
materially affect the value of such property; all real property, buildings and other improvements, and all equipment and other
property held under lease or sublease by the Company or the Subsidiary are held by it under valid, subsisting and enforceable leases
or subleases, as the case may be, with, solely in the case of leases or subleases relating to real property, buildings or other
improvements, such exceptions as are not material and do not interfere in any material respect with the use made or proposed to
be made of such property and buildings or other improvements by the Company or the Subsidiary, as applicable, and all such leases
and subleases are in full force and effect; and neither the Company nor the Subsidiary has received any notice of any claim of
any sort that has been asserted by anyone adverse to the rights of the Company or the Subsidiary under any of the leases or subleases
mentioned above or affecting or questioning the rights of the Company or the Subsidiary to the continued possession of the leased
or subleased premises or to the continued use of the leased or subleased equipment or other property except for such claims which,
if successfully asserted against the Company or the Subsidiary, as applicable, would not, individually or in the aggregate, reasonably
be expected to result in a Material Adverse Effect.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(26)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Investment Company Act</U>. Neither the Company nor the Subsidiary is, and upon the issuance and sale of the Securities
as herein contemplated and the receipt and application of the net proceeds therefrom as described in the General Disclosure Package
and the Prospectus under the caption &ldquo;Use Of Proceeds,&rdquo; will not be, an &ldquo;investment company&rdquo; or an entity
&ldquo;controlled&rdquo; by an &ldquo;investment company&rdquo; as such terms are defined in the 1940 Act.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(27)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Environmental Laws</U>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus
and except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, (A)&nbsp;neither
the Company nor the Subsidiary is in violation of any federal, state, local or foreign (including Israeli) statute, law, rule,
regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any
judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including,
without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants,
wastes, toxic substances, hazardous substances, petroleum or petroleum products (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;)
or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials
(collectively, &ldquo;<U>Environmental Laws</U>&rdquo;), (B) each of&nbsp;the Company and the Subsidiary has all permits, authorizations
and approvals required under any applicable Environmental Laws and is in compliance with their requirements, (C)&nbsp;there are
no pending or, to the Company&rsquo;s knowledge, threatened administrative, regulatory or judicial actions, suits, demands, demand
letters, claims, Liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against
the Company or the Subsidiary and (D)&nbsp;there are no events or circumstances that might reasonably be expected to form the basis
of an order for clean-up or remediation, or an action, suit or proceeding by any private party or governmental body or agency,
against or affecting the Company or the Subsidiary relating to Hazardous Materials or any Environmental Laws.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(28)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Registration Rights</U>. Except as described in the Registration Statement, the General Disclosure Package
and the Prospectus, there are no persons with registration rights or other similar rights to have any securities (debt or equity)
(A) registered pursuant to the Registration Statement or included in the offering contemplated by this Agreement or (B)&nbsp;otherwise
registered by the Company under the 1933 Act, and there are no persons with co-sale rights, tag-along rights or other similar rights
to have any securities (debt or equity) included in the offering contemplated by this Agreement or sold in connection with the
sale of Securities, except in each case for such rights that have been duly waived in writing; and the Company has given all notices
required by, and has otherwise complied in all material respects with its obligations under, all registration rights agreements,
co-sale agreements, tag-along agreements and other similar agreements in connection with the transactions contemplated by this
Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(29)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Parties to Lock-Up Agreements</U>. Each of the persons listed on Exhibit&nbsp;B hereto has executed and delivered to
the Representatives a lock-up agreement in the form of Exhibit&nbsp;C hereto. Exhibit&nbsp;B hereto contains a true, complete and
correct list of all directors and officers of the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(30)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of ADSs</U>. The Company and the Depositary have prepared and filed with the Commission a registration statement
relating to the ADSs on Form F-6 (No. 333-185302) (the &ldquo;<U>Form F-6</U>&rdquo;) and a related prospectus for registration
under the 1933 Act of the ADSs, have filed such amendments thereto and such amended prospectuses as may have been required to the
date hereof, and will file such additional amendments thereto and such amended prospectuses as may hereinafter be required. The
registration statement on Form F-6 for registration of the ADSs, as amended at the time it became effective (including by the filing
of any post-effective amendments thereto), and the prospectus included therein, as then amended are hereinafter called the &ldquo;<U>ADS
Registration Statement</U>.&rdquo; The Form F-6 was declared effective under the 1933 Act on December 26, 2012, and (i) no stop
order preventing or suspending the effectiveness of the ADS Registration Statement is in effect, and no proceedings for such purpose
are pending before or, to the knowledge of the Company, threatened by the Commission, (ii) the ADS Registration Statement complies
and, as amended or supplemented, if applicable, will comply in all material respects with the 1933 Act and the applicable rules
and regulations of the Commission thereunder, (iii) the ADS Registration Statement, when it became effective, did not contain and,
as amended or supplemented, if applicable, will not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements therein not misleading and (iv) all of the Securities are registered pursuant to the ADS
Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(31)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Nasdaq and TASE</U>. The outstanding ADSs are listed on the Nasdaq Capital Market and the ADSs being sold hereunder by
the Company have been approved for listing, subject only to official notice of issuance, on the Nasdaq Capital Market. The outstanding
Ordinary Shares are listed on the Tel Aviv Stock Exchange and, on the Initial Closing Date, the Underlying Shares shall be approved
for listing, subject only to official notice of issuance, on the Tel Aviv Stock Exchange.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(32)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>FINRA Matters</U>. All of the information provided to the Underwriters or to counsel for the Underwriters by the Company,
its counsel, its officers and directors and the holders of any securities (debt or equity) or options to acquire any securities
of the Company in connection with the offering of the Securities is true, complete, correct and compliant with FINRA&rsquo;s rules
and any letters, filings or other supplemental information provided to FINRA pursuant to FINRA Rules or NASD Conduct Rules is true,
complete and correct.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(33)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tax Returns</U>. Each of the Company and the Subsidiary has filed all foreign, federal, state and local tax returns that
are required to be filed or has obtained extensions thereof, and all such tax returns are complete and accurate, except as would
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Each of the Company and its
Subsidiary has paid all taxes (including, without limitation, any estimated taxes) required to be paid and any other assessment,
fine or penalty, to the extent that any of the foregoing is due and payable, except for any such tax, assessment, fine or penalty
that is currently being contested in good faith by appropriate actions and except for such taxes, assessments, fines or penalties
the nonpayment of which would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(34)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insurance</U>. Each of the Company and the Subsidiary is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are prudent and customary in the business in which it is engaged; all material policies
of insurance and any fidelity or surety bonds insuring the Company or the Subsidiary or the business, assets, employees, officers
and directors of the Company or the Subsidiary, as applicable, are in full force and effect; each of the Company and the Subsidiary
is in compliance with the terms of such policies and instruments in all material respects; there are no material claims by the
Company or the Subsidiary under any such policy or instrument as to which any insurance company is denying liability or defending
under a reservation of rights clause; neither the Company nor the Subsidiary has been refused any material insurance coverage sought
or applied for; and neither the Company nor the Subsidiary has reason to believe that it will not be able to renew its existing
insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers at a cost that would not,
individually or in the aggregate, result in a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(35)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accounting and Disclosure Controls</U>. Each of the Company and the Subsidiary maintains and has established and maintained
effective &ldquo;internal control over financial reporting&rdquo; (as defined in Rule 13a-15 of the 1934 Act Regulations) designed
to provide reasonable assurance that (A)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific
authorizations; (B)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with
IFRS and to maintain asset accountability; (C)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general
or specific authorization; and (D)&nbsp;the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement, the
General Disclosure Package and the Prospectus, there has not been (1)&nbsp;at any time during the Company&rsquo;s five consecutive
fiscal years ended with and including the Company&rsquo;s most recent fiscal year for which audited financial statements are included
in the Registration Statement, the General Disclosure Package and the Prospectus or at any time subsequent thereto, any material
weakness (as defined in Rule&nbsp;1-02 of Regulation S-X of the Commission) in the Company&rsquo;s internal control over financial
reporting (whether or not remediated), or (2)&nbsp;any fraud, whether or not material, involving management or other employees
who have a role in the Company&rsquo;s internal control over financial reporting and, since the end of the Company&rsquo;s most
recent fiscal year for which audited financial statements are included in the Registration Statement, the General Disclosure Package
and the Prospectus, there has been no change in the Company&rsquo;s internal control over financial reporting that has materially
affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company
has established, and maintains, &ldquo;disclosure controls and procedures&rdquo; (as defined in Rules 13a-15 and 15d-15 under the
1934 Act); such disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company
relating to the Company and its Subsidiary in the reports that it files or submits under the 1934 Act are recorded, processed,
summarized and reported, within the time periods specified in the Commission&rsquo;s rules and forms, and is accumulated and communicated
to the Company&rsquo;s management, including its principal executive officer or officers and principal financial officer or officers,
as appropriate, to allow timely decisions regarding disclosure.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">The Company&rsquo;s independent public
accountants and the audit committee of the Company&rsquo;s board of directors have been advised of all material weaknesses, if
any, and significant deficiencies (as defined in Rule&nbsp;1-02 of Regulation S-X of the Commission), if any, in the Company&rsquo;s
internal control over financial reporting and of all fraud, if any, whether or not material, involving management or other employees
who have a role in the Company&rsquo;s internal control over financial reporting, in each case that occurred or existed, or was
first detected, at any time during the Company&rsquo;s five consecutive fiscal years ended with and including the Company&rsquo;s
most recent fiscal year for which audited financial statements are included in the Registration Statement, the General Disclosure
Package and the Prospectus or at any time subsequent thereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(36)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company, or, to the knowledge
of the Company, on the part of any of the Company&rsquo;s directors or officers, in their capacities as such, to comply with any
provision of the Sarbanes-Oxley Act with which any of them is required to comply, including Section&nbsp;402 related to loans and
Sections 302 and 906 related to certifications.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(37)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pending Proceedings and Examinations; Comment Letters</U>. The Registration Statement is not the subject of a pending
proceeding or examination under Section&nbsp;8(d) or 8(e) of the 1933 Act, and the Company is not the subject of a pending proceeding
under Section&nbsp;8A of the 1933 Act. The Company has provided the Representatives with true, complete and correct copies of any
written comments received from the Commission by the Company or its legal counsel or accountants with respect to the Registration
Statement, any preliminary prospectus, the Prospectus, any Issuer Free Writing Prospectus or any document incorporated or deemed
to be incorporated by reference therein and of all written responses thereto (in each case other than comment letters or written
responses that are publicly available on EDGAR), and no such comments remain unresolved.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(38)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Absence of Manipulation</U>. Neither the Company nor the Subsidiary has taken, and neither the Company nor the Subsidiary
will take, directly or indirectly, any action designed to or that would constitute or that would reasonably be expected to cause
or result in the stabilization or manipulation of the price of any security to facilitate the sale or resale of the Securities.
In addition, neither the Company nor the Subsidiary has engaged, and neither the Company nor the Subsidiary will engage, in any
form of solicitation, advertising or other action constituting an offer or a sale under the Israeli Securities Law in connection
with the transactions contemplated hereby which would require the Company to publish a prospectus in the State of Israel under
the laws of the State of Israel. All grants and issuances of the Company&rsquo;s securities (including under any share purchase
or other equity incentive plans) were made in compliance with the Israeli Securities Law.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(39)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Statistical and Market-Related Data</U>. Any statistical, demographic, market-related and similar data included in the
Registration Statement, the General Disclosure Package or the Prospectus are based on or derived from sources that the Company
believes to be reliable and accurate and accurately reflects in all material respects the materials upon which such data is based
or from which it was derived, and the Company has delivered true, complete and correct copies of such materials to the Representatives.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(40)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Unlawful Contributions or Other Payments</U>. Neither the Company nor the Subsidiary, nor, to the Company&rsquo;s
knowledge, any employee or agent of the Company or the Subsidiary, has made any contribution or other payment to any official of,
or candidate for, any federal, state or foreign office in violation of any law or of the character required to be disclosed in
the Registration Statement, the General Disclosure Package or the Prospectus.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(41)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Money Laundering Laws</U>. The operations of the Company and the Subsidiary are, and have been conducted at all times,
in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the Israel Prohibition on Money Laundering Law, 5760-2000, as amended, the Israel Prohibition on Funding
of Terrorism Law, 5765-2005, as amended, and the regulations and orders promulgated thereunder, the money laundering statutes of
all applicable jurisdictions, the rules and regulations thereunder and any related or similar applicable rules, regulations or
guidelines, issued, administered or enforced by any governmental agency (collectively, the &ldquo;<U>Money Laundering Laws</U>&rdquo;)
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Company or the Subsidiary with respect to the Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(42)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Corrupt Practices Act</U>. Neither the Company nor the Subsidiary, nor, to the knowledge of the Company, any
director, officer, agent, employee, affiliate or other person acting on behalf of the Company or the Subsidiary has, in the course
of its actions for, or on behalf of, the Company or the Subsidiary (i) used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment
to any domestic government official, &ldquo;foreign official&rdquo; (as defined in the U.S. Foreign Corrupt Practices Act of 1977,
as amended, and the rules and regulations thereunder (collectively, the &ldquo;<U>FCPA</U>&rdquo;) or government employee from
corporate funds; (iii) violated or is in violation of any provision of the FCPA or any applicable non-U.S. anti-bribery statute
or regulation, including without limitation, the provisions of Sections 291 and 291A of the Israel Penal Law, 5737-1977; or (iv)
made any unlawful bribe, rebate, payoff, influence payment, kickback or other unlawful payment to any domestic government official,
such foreign official or employee; and the Company and the Subsidiary and, to the knowledge of the Company, the affiliates of the
Company and the Subsidiary have conducted their respective businesses in compliance with the FCPA and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(43)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>OFAC</U>. Neither the Company nor the Subsidiary, nor, to the knowledge of the Company, any director, officer, agent,
employee, affiliate or person acting on behalf of the Company or the Subsidiary is currently subject to any U.S. sanctions administered
by the Office of Foreign Assets Control of the U.S. Treasury Department (&ldquo;<U>OFAC</U>&rdquo;) , the United Nations Security
Council (&ldquo;<U>UNSC</U>&rdquo;), the European Union, Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant
sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or the Subsidiary located, organized or
resident in a country or territory that is the subject of Sanctions; and neither the Company nor the Subsidiary will directly or
indirectly use the proceeds of this offering, or lend, contribute or otherwise make available such proceeds to the Subsidiary,
or any joint venture partner or other person or entity, for the purpose of financing the activities of or business with any person,
or in any country or territory, that currently is subject to any Sanctions or in any other manner that will result in a violation
by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of
such Sanctions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(44)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Benefit Plans Compliance</U><I>. </I>Each benefit, pension and compensation plan, agreement policy and arrangement that
is maintained, administered or contributed to by the Company for current or former employees or directors of the Company or the
Subsidiary, or with respect to which any of such entities would reasonably be expected to have any current, future or contingent
liability or responsibility, has been maintained in compliance with its terms and the requirements of any applicable statutes,
orders, rules and regulations, except as would not individually or in the aggregate be expected to have a Material Adverse Effect
and except with respect to matters over which the Company does not have control; the Company has complied with all applicable statutes,
orders, rules and regulations in regard to such plans, agreements, policies and arrangements, except as would not individually
or in the aggregate be expected to have Material Adverse Effect; the fair market value of the assets of each such plan, agreement,
policy and arrangement which is required or intended to be funded (excluding for these purposes accrued but unpaid contributions)
exceeds in all material respects the present value of all benefits accrued or earned or payments due under such plan, agreement,
policy or arrangement determined using reasonable actuarial assumptions. The liabilities reflected on the relevant entity&rsquo;s
financial statements with respect to each such plan, agreement, policy and arrangement which is not required or intended to be
funded accurately reflects in all material respects the present value of all benefits earned or accrued or payments due under such
plan, agreement, policy or arrangement determined using reasonable actuarial assumptions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(45)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lending and Other Relationship</U><I>. </I>Except as disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, (i) neither the Company nor the Subsidiary has a lending or similar relationship with any Underwriter
or any bank or other lending institution affiliated with any Underwriter; (ii) the Company will not, directly or indirectly, use
any of the proceeds from the sale of the Securities by the Company hereunder to reduce or retire the balance of any loan or credit
facility extended by any Underwriter or any of its &ldquo;affiliates&rdquo; or &ldquo;associated persons&rdquo; (as such terms
are used in FINRA Rule 5121) or otherwise direct any such proceeds to any Underwriter or any of its &ldquo;affiliates&rdquo; or
&ldquo;associated persons&rdquo; (as so defined); and (iii) there are and have been no transactions, arrangements or dealings between
the Company or the Subsidiary, on one hand, and any Underwriter or any of its &ldquo;affiliates&rdquo; or &ldquo;associated persons&rdquo;
(as so defined), on the other hand, that, under FINRA Rule 5110 or 5121, must be disclosed in a submission to FINRA in connection
with the offering of the Securities contemplated hereby or disclosed in the Registration Statement, the General Disclosure Package
or Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(46)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Changes in Management</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the
Prospectus, none of the persons who were officers or directors of the Company as of the date of the Pre-Pricing Prospectus has
given oral or written notice to the Company of his or her resignation, nor has any such officer or director been terminated by
the Company or otherwise removed from his or her office or from the board of directors, as the case may be (including, without
limitation, any such termination or removal which is to be effective as of a future date) nor is any such termination or removal
under consideration by the Company or its board of directors.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(47)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes.</U> No transaction, stamp or other issuance or transfer taxes or duties, and, assuming that the Underwriters are
not otherwise subject to taxation in Israel due to Israeli tax residence or the existence of a permanent establishment in Israel,
no capital gains, income, withholding or other taxes, are payable by or on behalf of the Underwriters to the State of Israel or
to any political subdivision or authority thereof or therein in connection with: (i) the issuance, sale and delivery of the Securities
by the Company; (ii) the purchase from the Company, and the initial sale and delivery by the Underwriters of the Securities to
purchasers thereof or (iii) the execution and delivery of this Agreement or any other document to be furnished hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(48)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Related Party Transactions</U>. There are no business relationships or related party transactions involving the Company
or the Subsidiary or, to the knowledge of the Company, any other person that are required to be described in the Pre-Pricing Prospectus
or the Prospectus that have not been described as required.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(49)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Stop Transfer Instructions</U>. The Company has, with respect to any ADSs (other than the Securities to be sold pursuant
to this Agreement) or other shares or any securities convertible into or exercisable or exchangeable for ADSs or other share capital
owned or held (of record or beneficially) by any other persons who have entered into or are required to enter into an agreement
in the form of Exhibit&nbsp;C hereto, instructed the transfer agent or other registrar to enter stop transfer instructions and
implement stop transfer procedures with respect to such securities during the Lock-Up Period; and, during the Lock-Up Period, the
Company will not cause or permit any waiver, release, modification or amendment of any such stop transfer instructions or stop
transfer procedures without the prior written consent of the Representatives.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(50)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Restrictions on Dividends</U>. Neither the Company nor the Subsidiary is a party to or otherwise bound by any instrument
or agreement that limits or prohibits or under its terms could limit or prohibit, directly or indirectly, the Company or the Subsidiary
from paying any dividends or making other distributions on its respective share capital except as described in the Registration
Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(51)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Brokers</U>. There is not a broker, finder or other party that is entitled to receive from the Company or the Subsidiary
any brokerage or finder&rsquo;s fee or other fee or commission as a result of any of the transactions contemplated by this Agreement,
except for underwriting discounts and commissions in connection with the sale of the Securities to the Underwriters pursuant to
this Agreement and the other fees and expense reimbursements set forth herein.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(52)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payments in Foreign Currency</U>. Except as disclosed in the General Disclosure Package, under current laws and regulations
of the State of Israel and any political subdivision thereof, all dividends and other distributions declared and payable on the
Securities or the Ordinary Shares may be paid by the Company to the holder thereof in United States dollars or New Israeli Shekels
that may be converted into foreign currency and freely transferred out of the State of Israel.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(53)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Agent for Service of Process</U>. The Company has validly and irrevocably appointed Corporation Service Company as its
authorized agent for service of process pursuant to this Agreement and in connection with the Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(54)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Immunity from Jurisdiction</U>. Neither the Company nor the Subsidiary nor any of their properties or assets has any
immunity from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution or otherwise) under the laws of the State of Israel.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(55)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Submission to Jurisdiction</U>. The Company has the power to submit, and pursuant to Section 20 of this Agreement, has
legally, validly and irrevocably submitted, to the personal jurisdiction of each U.S. federal court or state court located in the
Borough of Manhattan, the City and County of New York, New York, U.S.A.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(56)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Emerging Growth Company Status</U>. The Company is an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a)
of the 1933 Act (an &ldquo;<U>Emerging Growth Company</U>&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(57)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Laws</U>. Each of the Company and the Subsidiary has been and is in compliance with all applicable laws,
rules and regulations, except where failure to be so in compliance could not reasonably be expected, individually or in the aggregate,
to have a Material Adverse Effect.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(58)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Contract Termination</U>. Except as disclosed in the General Disclosure Package and the Prospectus, neither the Company
nor the Subsidiary has sent or received any communication regarding termination of, or intent not to renew, any of the contracts
or agreements referred to or described in any preliminary prospectus, the Prospectus or any free writing prospectus, or referred
to or described in, or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened
by the Company or the Subsidiary or, to the Company&rsquo;s knowledge, by any other party to any such contract or agreement, which
threat of termination or non-renewal has not been rescinded as of the date hereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(59)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Offering Material By the Company</U>. Prior to the later of (i) the expiration or termination of the
option granted to the several Underwriters in Section 2 and (ii) the completion of the Underwriters&rsquo; distribution of the
Securities, the Company has not distributed and will not distribute any offering material in connection with the offering and sale
of the Securities other than the Registration Statement, the Form F-6, the General Disclosure Package, the Prospectus or any free
writing prospectus reviewed and consented to by the Representatives, the free writing prospectuses, if any, identified on Exhibit
E hereto and any Permitted Section 5(d) Communications.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(60)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Communications</U>. In connection with the offering and sale of the Securities, the Company (i) has not alone engaged
in communications with potential investors in reliance on Section 5(d) of the 1933 Act other than Permitted Section 5(d) Communications
with the consent of the Representatives with entities that are QIBs or IAIs and (ii) has not authorized anyone other than the Representatives
to engage in such communications; the Company reconfirms that the Representatives have been authorized to act on its behalf in
undertaking Marketing Materials, Section 5(d) Oral Communications and Section 5(d) Written Communications in connection with the
offering and sale of the Securities; as of the Applicable Time, each Permitted Section 5(d) Communication, when considered together
with the General Disclosure Package, did not, as of the Applicable Time, include an untrue statement of a material fact or omit
to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they
were made, not misleading; and each Permitted Section 5(d) Communication, if any, does not, as of the date hereof, conflict with
the information contained in the Registration Statement, any preliminary prospectus and the Prospectus.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Certificates</U><I>. </I> Any certificate signed by any officer of the Company or the Subsidiary (whether signed on behalf
of such officer or the Company or the Subsidiary, as applicable) and delivered to the Representatives or to counsel for the Underwriters
shall be deemed a representation and warranty by the Company to each Underwriter as to the matters covered thereby.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 2. <U>Sale and Delivery; Closing.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Initial Securities</U><I>. </I> On the basis of the representations and warranties herein contained and subject to the
terms and conditions herein set forth, the Company agrees to sell to the Underwriters, severally and not jointly, the respective
numbers of Initial Securities set forth opposite the names of the Underwriters in Exhibit&nbsp;A hereto, and each Underwriter,
severally and not jointly, agrees to purchase the respective number of Initial Securities set forth opposite its name in Exhibit&nbsp;A
hereto plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the
provisions of Section&nbsp;10 hereof, subject to such adjustments among the Underwriters as the Representatives in their sole discretion
shall make to eliminate any sales or purchases of fractional Securities. The purchase price for the Initial Securities to be paid
by the Underwriters per ADS shall be $5.17.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Option Securities</U><I>. </I> In addition, on the basis of the representations and warranties herein contained and subject
to the terms and conditions herein set forth, the Company hereby grants an option to the Underwriters, severally and not jointly,
to purchase up to the respective numbers of Option Securities set forth opposite the names of the Underwriters in Exhibit&nbsp;A
hereto, at a price of $5.17 per ADS; <I>provided </I>that the price per ADS shall be reduced by an amount per ADS equal to any
dividends or distributions declared, paid or payable by the Company on the Initial Securities but not payable on such Option Securities.
The option hereby granted will expire at 11:59 P.M. (New York City time) on the 30th day after the date hereof and may be exercised
in whole or in part from time to time upon notice by the Representatives to the Company setting forth the aggregate number of Option
Securities as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for
such Option Securities. Any such time and date of delivery (an &ldquo;<U>Option Closing Date</U>&rdquo;) shall be determined by
the Representatives, but shall not be later than seven full business days after the exercise of said option (unless postponed in
accordance with the provisions of Section&nbsp;10), nor in any event prior to the Closing Date. If the option is exercised as to
all or any portion of the Option Securities, the Company will sell to the Underwriters the total number of Option Securities then
being purchased, and each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number
of Option Securities then being purchased which the number of Initial Securities set forth in Exhibit&nbsp;A opposite the name
of such Underwriter, plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant
to the provisions of Section&nbsp;10 hereof, bears to the total number of Initial Securities, subject in each case to such adjustments
as the Representatives in their discretion shall make to eliminate any sales or purchases of fractional shares.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Payment</U><I>. </I> Payment of the purchase price for, and delivery of the certificates (in form and in substance satisfactory
to the Representatives) representing, the Initial Securities shall be made at the offices of Covington &amp; Burling LLP, 620 Eighth
Avenue, New York, New York 10018-1405, or at such other place as shall be agreed upon by the Representatives and the Company, at
10:30&nbsp;A.M. (New York City time) on November 13, 2017 (unless postponed in accordance with the provisions of Section&nbsp;10),
or such other time not later than five business days after such date as shall be agreed upon by the Representatives and the Company
(such time and date of payment and delivery being herein called the &ldquo;<U>Closing Date</U>&rdquo;). The Company shall deliver
or cause to be delivered such certificates for the Initial Securities to the Depositary or its designated custodian and the Company
shall cause the Depositary to deliver ADRs evidencing the Initial Securities to the Representatives for the account of each Underwriter.
Upon delivery, the ADRs evidencing the Ordinary Shares represented by the Initial Securities shall be registered in such names
and in such denominations as the Representatives shall request in writing not less than two full business days prior to the Closing
Date. Payments of the Initial Securities shall be made on the Closing Date by wire transfer in immediately available funds to an
account specified by the Company.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In addition, in the event that any or all of
the Option Securities are purchased by the Underwriters, payment of the purchase price for, and delivery of the certificates (in
form and substance satisfactory to the Representatives) representing, such Option Securities shall be made at the above-mentioned
offices at 10:30 A.M. (New York City time), or at such other place as shall be agreed upon by the Representatives and the Company,
on each Option Closing Date as specified in the notice from the Representatives to the Company. The Company shall deliver or cause
to be delivered such certificates for the Option Securities to the Depositary or its designated custodian and the Company shall
cause the Depositary to deliver ADRs evidencing the Option Securities to the Representatives for the account of each Underwriter.
Upon delivery, the ADRs evidencing the Ordinary Shares represented by the Option Securities shall be registered in such names and
in such denominations as the Representatives shall request in writing not less than one full business day prior to the Option Closing
Date. Payment of the Option Securities shall be made on the Option Closing Date by wire transfer in immediately available funds
to an account specified by the Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">It is understood that each Underwriter has authorized
the Representatives, for their account, to accept delivery of, receipt for, and make payment of the purchase price for, the Securities,
if any, which it has agreed to purchase. Each of Cantor and Nomura, individually and not as Representatives of the Underwriters,
may (but shall not be obligated to) make payment of the purchase price for the Initial Securities or the Option Securities, if
any, to be purchased by any Underwriter whose funds have not been received by the Closing Date or the relevant Option Closing Date,
as the case may be, but such payment shall not relieve such Underwriter from its obligations hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Securities</U><I>.</I> Delivery of the Initial Securities and any Option Securities shall be made through
the facilities of DTC unless the Representatives shall otherwise instruct.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Discretionary Fee</U>. As compensation for services rendered as an Underwriter, the Company may at its election pay to
Cantor a discretionary cash fee of up to 1% of the aggregate gross proceeds received by the Company from the sale of the Securities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 3. <U>Covenants of the Company</U>.
The Company covenants with each Underwriter as follows:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Securities Regulations and Commission Requests</U><I>.</I> The Company, subject to Section&nbsp;3(b),
will comply with the requirements of Rule&nbsp;430B and Rule&nbsp;433 and will notify the Representatives promptly, and confirm
such notice in writing, (i)&nbsp;when any Rule&nbsp;462(b) Registration Statement or any post-effective amendment to the Registration
Statement shall be declared or become effective, or when any preliminary prospectus, the Prospectus or any Issuer Free Writing
Prospectus or any amendment or supplement to any of the foregoing shall have been filed, (ii)&nbsp;of the receipt of any comments
from the Commission (and shall promptly furnish the Representatives with a copy of any comment letters and any transcript made
by the Company, its legal counsel or accountants of oral comments, and shall furnish the Representatives with copies of any written
responses thereto a reasonable amount of time prior to the proposed filing thereof with the Commission and will not file any such
response to which the Representatives or counsel for the Underwriters shall reasonably object in a timely manner), (iii)&nbsp;of
any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to any preliminary
prospectus or the Prospectus, any document incorporated or deemed to be incorporated by reference therein or any Issuer Free Writing
Prospectus or for additional information, (iv)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or of any order preventing or suspending the use of any preliminary prospectus, the Prospectus or
any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing. The Company will make every reasonable
effort to prevent the issuance of any stop order and the suspension or loss of any qualification of the Securities for offering
or sale and any loss or suspension of any exemption from any such qualification, and if any such stop order is issued, or any such
suspension or loss occurs, to obtain the lifting thereof at the earliest possible moment.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing of Amendments</U><I>.</I> The Company will give the Representatives notice of its intention to file or prepare
any amendment to the Registration Statement, any Rule&nbsp;462(b) Registration Statement, any Issuer Free Writing Prospectus or
any amendment, supplement or revision to any preliminary prospectus, the Prospectus or any Issuer Free Writing Prospectus, whether
pursuant to the 1933 Act or otherwise, and the Company will furnish the Representatives with copies of any such documents within
a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file or use any such document
to which the Representatives or counsel for the Underwriters shall reasonably object in a timely manner. The Company has given
the Representatives notice of any filings made pursuant to the 1934 Act or the 1934 Act Regulations within 48 hours prior to the
Applicable Time. The Company will give the Representatives notice of its intention to make any filing pursuant to the 1934 Act
or the 1934 Act Regulations from the Applicable Time through the later of the Closing Date (or, if later, through the end of the
period during which the Prospectus is required (or, but for the provisions of Rule&nbsp;172, would be required) to be delivered
by applicable law (whether to meet the requests of purchasers pursuant to Rule&nbsp;173(d) or otherwise)) and will furnish the
Representatives with copies of any such documents a reasonable amount of time prior to such proposed filing, as the case may be,
and will not file or use any such document to which the Representatives or counsel for the Underwriters shall reasonably object
in a timely manner.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Registration Statements</U><I>. </I> The Company has furnished or will deliver to the Representatives and
counsel for the Underwriters, without charge, copies of the Registration Statement and of each amendment thereto (including exhibits
filed therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein
or otherwise deemed to be a part thereof) and copies of all consents and certificates of experts.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of Prospectuses</U><I>. </I> The Company has delivered to each Underwriter, without charge, as many copies of
each preliminary prospectus and any amendments or supplements thereto as such Underwriter reasonably requested, and the Company
hereby consents to the use of such copies for purposes permitted by the 1933 Act. The Company will furnish to each Underwriter,
without charge, during the period when the Prospectus is required (or, but for the provisions of Rule&nbsp;172, would be required)
to be delivered by applicable law (whether to meet the request of purchasers pursuant to Rule&nbsp;173(d) or otherwise), such number
of copies of the Pre-Pricing Prospectus, the Prospectus and any Issuer Free Writing Prospectus and any amendments or supplements
to any of the foregoing as such Underwriter may reasonably request.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Continued Compliance with Securities Laws</U><I>. </I> The Company will comply with the 1933 Act, the 1933 Act Regulations,
the 1934 Act and the 1934 Act Regulations so as to permit the completion of the distribution of the Securities as contemplated
by this Agreement, the General Disclosure Package and the Prospectus. If at any time when a prospectus is required (or, but for
the provisions of Rule&nbsp;172, would be required) by the applicable law to be delivered in connection with sales of the Securities
(whether to meet the request of purchasers pursuant to Rule&nbsp;173(d) or otherwise), any event shall occur or condition shall
exist as a result of which it is necessary (or if the Representatives or counsel for the Underwriters shall notify the Company
that, in their judgment, it is necessary) to amend the Registration Statement or amend or supplement the General Disclosure Package
or the Prospectus so that the Registration Statement, the General Disclosure Package or the Prospectus, as the case may be, will
not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made or then prevailing, not misleading or if it is necessary
(or, if the Representatives or counsel for the Underwriters shall notify the Company that, in their judgment, it is necessary)
to amend the Registration Statement or amend or supplement the General Disclosure Package or the Prospectus in order to comply
with the requirements of the 1933 Act, the 1933 Act Regulations, the 1934 Act or the 1934 Act Regulations, the Company will promptly
notify the Representatives of such event or condition and of its intention to file such amendment or supplement (or, if the Representatives
or counsel for the Underwriters shall have notified the Company as aforesaid, the Company will promptly notify the Representatives
of its intention to prepare such amendment or supplement) and will promptly prepare and file with the Commission, subject to Section&nbsp;3(b)
hereof, such amendment or supplement as may be necessary to correct such untrue statement or omission or to comply with such requirements,
and, in the case of an amendment or post-effective amendment to the Registration Statement, the Company will use its reasonable
best efforts to have such amendment declared or become effective as soon as practicable, and the Company will furnish to the Underwriters
such number of copies of such amendment or supplement as the Underwriters may reasonably request. If at any time an Issuer Free
Writing Prospectus conflicts with the information contained in the Registration Statement or if an event shall occur or condition
shall exist as a result of which it is necessary (or, if the Representatives or counsel for the Underwriters shall notify the Company
that, in their judgment, it is necessary) to amend or supplement such Issuer Free Writing Prospectus so that it will not include
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made or then prevailing, not misleading, or if it is necessary (or, if the Representatives
or counsel for the Underwriters shall notify the Company that, in their judgment, it is necessary) to amend or supplement such
Issuer Free Writing Prospectus in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations, the Company
will promptly notify the Representatives of such event or condition and of its intention to file such amendment or supplement (or,
if the Representatives or counsel for the Underwriters shall have notified the Company as aforesaid, the Company will promptly
notify the Representatives of its intention to prepare such amendment or supplement) and will promptly prepare and, if required
by the 1933 Act or the 1933 Act Regulations, file with the Commission, subject to Section&nbsp;3(b) hereof, such amendment or supplement
as may be necessary to eliminate or correct such conflict, untrue statement or omission or to comply with such requirements, and
the Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably
request. In addition, the Company will not engage in any form of solicitation, advertising or other action constituting an offer
or a sale under the Israeli Securities Law in connection with the transactions contemplated hereby that would require the Company
to publish a prospectus in the State of Israel under the laws of the State of Israel.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Blue Sky and Other Qualifications</U><I>. </I> The Company will use its commercially reasonable efforts, in cooperation
with the Underwriters, to qualify the Securities for offering and sale, or to obtain an exemption for the Securities to be offered
and sold, under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representatives
may reasonably request and to maintain such qualifications and exemptions in effect for so long as required for the distribution
of the Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process
or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject
itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction
in which the Securities have been so qualified or exempt, the Company will file such statements and reports as may be required
by the laws of such jurisdiction to continue such qualification or exemption, as the case may be, in effect for so long as required
for the distribution of the Securities.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rule&nbsp;158</U><I>. </I> The Company will make generally available to its securityholders as soon as practicable an
earnings statement (which need not be audited) for the purposes of, and to provide to the Underwriters the benefits contemplated
by, the last paragraph of Section&nbsp;11(a) of the 1933 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Use of Proceeds</U>. The Company will use the net proceeds received by it from the sale of the Securities in the manner
specified in the Pre-Pricing Prospectus and the Prospectus under &ldquo;Use of Proceeds.&rdquo;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Listing</U><I>. </I> In the case of any ADSs that are not listed on the Nasdaq Capital Market, the Company will use its
best efforts to effect the listing of the ADSs on such exchange as and when required by this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restriction on Sale of Securities</U><I>. </I> During the Lock-Up Period, the Company will not, without the prior written
consent of the Representatives, directly or indirectly:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>issue, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to
sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any ADSs, Ordinary Shares or other
share capital or any securities convertible into or exercisable or exchangeable for ADSs, Ordinary Shares or other share capital,</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file or cause the filing of any registration statement under the 1933 Act with respect to any ADSs, Ordinary Shares or other
share capital or any securities convertible into or exercisable or exchangeable for any ADSs, Ordinary Shares or other share capital
(other than any Rule&nbsp;462(b) Registration Statement filed to register Securities to be sold to the Underwriters pursuant to
this Agreement), or</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>enter into any swap or other agreement, arrangement, hedge or transaction that transfers to another, in whole or in part,
directly or indirectly, any of the economic consequences of ownership of any ADSs, Ordinary Shares or other share capital or any
securities convertible into or exercisable or exchangeable for any ADSs, Ordinary Shares or other share capital,</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">whether any transaction described in clause&nbsp;(i) or (iii)&nbsp;above
is to be settled by delivery of ADSs, Ordinary Shares, other share capital, other securities, in cash or otherwise, or publicly
announce any intention to do any of the foregoing.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Notwithstanding the provisions set forth in
the immediately preceding paragraph, the Company may, without the prior written consent of the Representatives:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue the Securities
to the Underwriters pursuant to this Agreement,</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue ADSs or Ordinary Shares, and options
to purchase ADSs or Ordinary Shares, pursuant to stock option plans, stock purchase or other equity incentive plans described in
the General Disclosure Package and the Prospectus, as those plans are in effect on the date of this Agreement,</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue ADSs
or Ordinary Shares upon the exercise of stock options issued under stock option or other equity incentive plans referred to in
clause&nbsp;(2) above, as those plans are in effect on the date of this Agreement, or upon the exercise of warrants or convertible
securities outstanding on the date of this Agreement, as those warrants and convertible securities are in effect on the date of
this Agreement,</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue ADSs
or Ordinary Shares upon the exercise of outstanding warrants, convertible debentures and other outstanding instruments convertible
into or exercisable or exchangeable for ADSs or Ordinary Shares, and</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issue ADSs
or Ordinary Shares in connection with strategic partnering transactions, provided that in the case of this clause (5) the aggregate
number of ADSs or Ordinary Shares issued in all such transactions does not exceed 10% of the outstanding ADSs or Ordinary Shares,
respectively, of the Company, and provided further that the Representatives receive a signed lock-up agreement for the balance
of the 90 day period with respect to any such ADSs or Ordinary Shares so issued;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">provided, however, that the aggregate number of ADSs and
Ordinary Shares and options to purchase ADSs and Ordinary Shares issued under clauses (2) and (3) above shall not exceed 2,000,000
Ordinary Shares during the Lock-Up Period.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reporting Requirements</U><I>. </I> The Company, during the period when the Prospectus is required (or, but for the provisions
of Rule&nbsp;172, would be required) by applicable law to be delivered (whether to meet the request of purchasers pursuant to Rule&nbsp;173(d)
or otherwise), will file all documents required to be filed with the Commission pursuant to the 1934 Act and the 1934 Act Regulations
within the time periods required by the 1934 Act and the 1934 Act Regulations.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Preparation of Prospectus</U><I>. </I> Immediately following the execution of this Agreement, the Company will, subject
to Section&nbsp;3(b) hereof, prepare the Prospectus, which shall contain the selling terms of the Securities, the plan of distribution
thereof and such other information as may be required by the 1933 Act or the 1933 Act Regulations or as the Representatives and
the Company may deem appropriate, and if requested by the Representatives, will prepare an Issuer Free Writing Prospectus containing
the information set forth in Exhibit D hereto and such other information as may be required by Rule 433 or as the Representatives
and the Company may deem appropriate, and will file or transmit for filing with the Commission the Prospectus in accordance with
the provisions of Rule 430B and in the manner and within the time period required by Rule&nbsp;424(b) (without reliance on Rule&nbsp;424(b)(8))
and any such Issuer Free Writing Prospectus in the manner and within the time period required by Rule 433.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Taxes</U>. The Company will indemnify and hold harmless the Underwriters against any documentary, stamp or similar issue
tax, including any interest and penalties, on the creation, issue and sale of the Securities by the Company and on the execution
and delivery of this Agreement or any other documents to be furnished hereunder. All payments to be made by the Company hereunder
to any Underwriter, its affiliates, and its and their officers, directors, employees, partners, agents and members and each person,
if any, who controls any Underwriter within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall be made
without withholding or deduction for or on account of any present or future taxes, duties or governmental charges whatsoever unless
the Company is compelled by law to deduct or withhold such taxes, duties or charges. The Company shall pay such additional amounts
as may be necessary in order that the net amounts received by any of such persons after any tax payment, withholding or deduction
shall equal the amounts that would have been received if no payment, withholding or deduction had been made.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Israeli Securities Laws</U>. The Company acknowledges, understands and agrees that the Securities may
be offered and sold in Israel only by the Underwriters and only to (i) investors who fall under Section 15A(b)(3) of the Israeli
Securities Law or (ii) such Israeli investors listed in the First Addendum to the Israeli Securities Law (the &ldquo;<U>Addendum</U>&rdquo;)
and who submit written confirmation to the Underwriters and the Company that such investor (1) falls within the scope of the Addendum
and (2) is acquiring the Securities for investment for its own account or, if applicable, for investment for clients who are investors
listed in the Addendum and in any event not as a nominee, market maker or agent and not with a view to, or for the resale in connection
with, any distribution thereof.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Emerging Growth Company Status</U>. The Company will promptly notify the Representatives if the Company ceases to be
an Emerging Growth Company at any time prior to the later of (i) the time when a prospectus relating to the Securities is not required
by the 1933 Act to be delivered (whether physically or through compliance with Rule 172 under the 1933 Act or any similar rule)
and (ii) the expiration of the Lock-Up Period (as defined herein).</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendments and Supplements to Permitted Section 5(d) Communications</U>. If at any time following the distribution of
any Permitted Section 5(d) Communication, there occurred or occurs an event or development as a result of which such Permitted
Section 5(d) Communication included or would include an untrue statement of a material fact or omitted or would omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent
time, not misleading, the Company will promptly notify the Representatives and will promptly amend or supplement, at its own expense,
such Permitted Section 5(d) Communication to eliminate or correct such untrue statement or omission.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 4. <U>Payment of Expenses.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Expenses</U><I>. </I> The Company will pay all expenses incident to the performance of its obligations under this Agreement,
including (i)&nbsp;the preparation, printing and filing of the Registration Statement and each amendment thereto (in each case
including exhibits) and any costs associated with electronic delivery of any of the foregoing, (ii)&nbsp;the word processing and
delivery to the Underwriters of this Agreement and such other documents as may be required in connection with the offering, purchase,
sale, issuance or delivery of the Securities, (iii)&nbsp;the preparation, issuance and delivery of the certificates for the Securities
and the issuance and delivery of the Securities to be sold by the Company to the Underwriters, including any stock or other transfer
taxes and any stamp or other taxes or duties payable in connection with the sale, issuance or delivery of the Securities to the
Underwriters, (iv)&nbsp;the fees and disbursements of the counsel, accountants and other advisors to the Company, (v)&nbsp;the
qualification or exemption of the Securities under securities laws in accordance with the provisions of Section&nbsp;3(f) hereof,
including filing fees, (vi)&nbsp;the preparation, printing and delivery to the Underwriters of copies of each preliminary prospectus,
any Permitted Free Writing Prospectus, any Permitted Section 5(d) Communication and the Prospectus and any amendments or supplements
to any of the foregoing and any costs associated with electronic delivery of any of the foregoing, (vii)&nbsp;the preparation,
printing and delivery to the Underwriters of copies of the &ldquo;Blue Sky Survey&rdquo; and any Canadian &ldquo;wrapper&rdquo;
and any supplements thereto and any costs associated with electronic delivery of any of the foregoing, (viii)&nbsp;the fees and
expenses of the attorneys-in-fact, the custodian and the transfer agent, registrar and Depositary for the Securities, (ix)&nbsp;the
filing fees incident to the review, if any, by FINRA of the terms of the sale of the Securities, (x)&nbsp; the fees and expenses
incurred in connection with the listing of the ADSs on the Nasdaq Capital Market and the Underlying Shares on the Tel Aviv Stock
Exchange, and (xi)&nbsp;the costs and expenses of the Company and any of its officers, directors, counsel or other representatives
in connection with presentations or meetings undertaken in connection with the offering of the Securities, any Permitted Section
5(d) Communication or any Section 5(d) Oral Communication undertaken in connection with the offering of the Securities, including,
without limitation, expenses associated with the production of road show slides and graphics and the production and hosting of
any electronic road shows, fees and expenses of any consultants engaged in connection with road show presentations, and travel,
lodging, transportation, and other expenses of the officers, directors, counsel and other representatives of the Company incurred
in connection with any such presentations or meetings.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">Notwithstanding any of the foregoing, the Underwriters will reimburse the Company for
certain expenses related to this offering an aggregate of $40,000.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Agreement</U><I>. </I> If this Agreement is terminated by the Representatives in accordance with the provisions
of Section&nbsp;5, Section 9(a)(i) or 9(a)(iii)(A) hereof, the Company shall reimburse the Underwriters for all of their reasonable
and documented out-of-pocket expenses (including the reasonable fees and disbursements of counsel for the Underwriters).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 5. <U>Conditions of Underwriters&rsquo;
Obligations.</U> The obligations of the several Underwriters hereunder are subject to the accuracy of the representations and warranties
of the Company contained in this Agreement, or in certificates signed by any officer of the Company (whether signed on behalf of
such officer or the Company) delivered to the Representatives or counsel for the Underwriters, to the performance by the Company
of its covenants and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Effectiveness of Registration Statement</U><I>. </I> The Initial Registration Statement and any post-effective amendments
thereto and any Rule&nbsp;462(b) Registration Statement, shall have become effective, been declared or become effective, as the
case may be, and no stop order suspending the effectiveness of the Initial Registration Statement or any Rule&nbsp;462(b) Registration
Statement shall have been issued under the 1933 Act or proceedings therefor initiated or, to the knowledge of the Company, threatened
by the Commission, and any request on the part of the Commission for additional information shall have been complied with to the
reasonable satisfaction of the Representatives. The Prospectus shall have been filed with the Commission in the manner and within
the time period required by Rule&nbsp;424(b) (without reliance upon Rule&nbsp;424(b)(8)) and each Issuer Free Writing Prospectus
required to be filed with the Commission shall have been filed in the manner and within the time period required by Rule 433, and,
prior to the Closing Date, the Company shall have provided evidence satisfactory to the Representatives of such timely filings.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for Company</U><I>. </I> At the Closing Date, the Representatives shall have received the opinion,
dated as of Closing Date, (i) of Haynes and Boone, LLP, counsel for the Company (&ldquo;<U>Company Counsel</U>&rdquo;), in form
and substance satisfactory to the Representatives, together with signed or reproduced copies of such opinion for each of the other
Underwriters and (ii) of Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co., special Israeli counsel to the Company, in form
and substance satisfactory to the Representatives, together with signed or reproduced copies of such opinion for each of the other
Underwriters, and (iii) of special intellectual property counsel to the Company, in form and substance satisfactory to the Representatives,
together with signed or reproduced copies of such opinion for each of the other Underwriters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for Underwriters</U><I>. </I> At the Closing Date, the Representatives shall have received the favorable
opinion, dated as of Closing Date, of Covington &amp; Burling LLP, counsel for the Underwriters (&ldquo;<U>Underwriters&rsquo;
Counsel</U>&rdquo;), together with signed or reproduced copies of such opinion for each of the other Underwriters, with respect
to the Securities to be sold by the Company pursuant to this Agreement, the Initial Registration Statement, any Rule 462(b) Registration
Statement, the General Disclosure Package and the Prospectus and any amendments or supplements thereto and such other matters as
the Representatives may reasonably request.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for the Depositary</U>. At the Closing Date, the Representatives shall have received the opinion,
dated the Closing Date, satisfactory in form and substance to the Representatives and counsel for the Underwriters, of Emmet, Marvin
&amp; Martin, LLP, counsel for the Depositary (&ldquo;<U>Depositary Counsel</U>&rdquo;), addressed to the Representatives on behalf
of itself and the several Underwriters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers&rsquo; Certificate</U><I>. </I> At the Closing Date and each applicable Option Closing Date, as the case may
be, no event or condition of a type described in Section 1(a)(7) hereof shall have occurred or shall exist, which event or condition
is not described in the General Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding
any amendment or supplement thereto), since the date hereof or since the respective dates as of which information is given in the
Registration Statement, the General Disclosure Package and the Prospectus (in each case exclusive of any amendments or supplements
thereto subsequent to the date of this Agreement), and, at the Closing Date, the Representatives shall have received a certificate,
signed on behalf of the Company by the President or the Chief Executive Officer of the Company and the Chief Financial Officer
or Chief Accounting Officer of the Company, dated as of Closing Date, to the effect that (i)&nbsp;there has been no such material
adverse change, (ii)&nbsp;the representations and warranties of the Company in this Agreement are true and correct at and as of
the Closing Date with the same force and effect as though expressly made at and as of Closing Date, (iii)&nbsp;the Company has
complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to Closing Date
under or pursuant to this Agreement, and (iv)&nbsp;no stop order suspending the effectiveness of the Registration Statement has
been issued and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Company, are contemplated
by the Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Accountant&rsquo;s Comfort Letter</U><I>. </I>At the time of the execution of this Agreement, the Representatives shall
have received from Kesselman &amp; Kesselman, a member firm of PricewaterhouseCoopers International Limited, a letter, dated the
date of this Agreement and in form and substance reasonably satisfactory to the Representatives, together with signed or reproduced
copies of such letter for each of the other Underwriters, containing statements and information of the type ordinarily included
in accountants&rsquo; &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and certain financial
information of the Company contained in the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectuses
(other than any electronic road show) and the Prospectus and any amendments or supplements to any of the foregoing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bring-down Comfort Letter</U><I>. </I> At the Closing Date, the Representatives shall have received from Kesselman &amp;
Kesselman, a member firm of PricewaterhouseCoopers International Limited, a letter, dated as of Closing Date and in form and substance
satisfactory to the Representatives, to the effect that they reaffirm the statements made in the letter furnished pursuant to subsection&nbsp;(f)
of this Section, except that the specified date referred to shall be a date not more than three business days prior to Closing
Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CFO Certificate</U>. The Company shall have furnished to the Representatives a certificate, dated the Closing Date and
in form and substance reasonably satisfactory to the Representatives, of its chief financial officer with respect to certain financial
data contained in the Registration Statement, the General Disclosure Package, any Issuer Free Writing Prospectus (other than any
electronic roadshow) and the Prospectus and any amendments or supplements to any of the foregoing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Approval of Listing</U><I>. </I> At the Closing Date, and each Option Closing Date, if any, (i) the ADSs to be purchased
by the Underwriters from the Company at such time shall have been approved for listing on the Nasdaq Capital Market, subject only
to official notice of issuance following the Closing Date by the Depositary and (ii) following the delivery of evidence to the
Tel Aviv Stock Exchange of the Underwriters&rsquo; payment for the ADSs hereunder in a manner that is satisfactory to the Tel Aviv
Stock Exchange, the Underlying Shares shall have been approved for listing on the Tel Aviv Stock Exchange by the Tel Aviv Stock
Exchange and the Underwriters shall have received, on or prior to the Initial Closing Date, a copy of such approval of the Tel
Aviv Stock Exchange.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lock-up Agreements</U><I>. </I>Prior to the date of this Agreement, the Representatives shall have received an agreement
substantially in the form of Exhibit&nbsp;C hereto signed by each of the persons listed in Exhibit&nbsp;B hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(k)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Objection</U><I>.</I> Prior to the date of this Agreement, FINRA shall have confirmed in writing that it has no objection
with respect to the fairness and reasonableness of the underwriting terms and arrangements.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(l)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment Agreements.</U> At the Closing Date, the Representatives shall have received from the Company an Appointment
Agreement in form and substance satisfactory to the Representatives, signed by the Company and the Authorized Agent.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(m)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conditions to Purchase of Option Securities</U><I>. </I> In the event that the Underwriters exercise their option provided
in Section&nbsp;2(b) hereof to purchase all or any portion of the Option Securities on any Option Closing Date that is after the
Closing Date, the obligations of the several Underwriters to purchase the applicable Option Securities shall be subject to the
conditions specified in the introductory paragraph of this Section&nbsp;5 and to the further condition that, at the applicable
Option Closing Date, the Representatives shall have received:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for Company</U>. The favorable opinion of (i) Company Counsel and of the (ii) special Israeli counsel
to the Company and (iii) special intellectual property counsel to the Company named in Section&nbsp;5(b), each in form and substance
satisfactory to the Representatives and dated such Option Closing Date, relating to the Option Securities to be purchased on such
Option Closing Date and otherwise to the same effect as the respective opinions required by Section&nbsp;5(b) hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for Underwriters</U>. The favorable opinion of Underwriters&rsquo; Counsel, in form and substance
satisfactory to the Representatives and dated such Option Closing Date, relating to the Option Securities to be purchased on such
Option Closing Date and otherwise to the same effect as the opinion required by Section&nbsp;5(c) hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(3)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Opinion of Counsel for the Depositary</U>. The favorable opinion of Depositary Counsel, in form and substance satisfactory
to the Representatives and dated the Option Closing Date, relating to the Option Securities to be purchased on such Option Closing
Date and otherwise to the same effect as the opinion required by Section 5(d) hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(4)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Officers&rsquo; Certificate</U>. A certificate, dated such Option Closing Date, to the effect set forth in, and signed
on behalf of the Company by the officers specified in, Section&nbsp;5(e) hereof, except that the references in such certificate
to the Closing Date shall be changed to refer to such Option Closing Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(5)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Bring-down Comfort Letter</U>. A letter from Kesselman &amp; Kesselman, a member firm of PricewaterhouseCoopers International
Limited, in form and substance satisfactory to the Representatives and dated such Option Closing Date, substantially in the same
form and substance as the letter furnished to the Representatives pursuant to Section&nbsp;5(g) hereof, except that the specified
date in the letter furnished pursuant to this paragraph shall be a date not more than three business days prior to such Option
Closing Date, and except that such letter shall also cover any amendments or supplements to the Registration Statement, any Issuer
Free Writing Prospectus (other than any electronic road show) and the Prospectus subsequent to the Closing Date.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(6)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>CFO Certificate</U>. A certificate, dated the Option Closing Date and in form and substance satisfactory to the Representatives,
of its chief financial officer with respect to certain financial data contained in the Registration Statement, the General Disclosure
Package, any Issuer Free Writing Prospectus (other than any electronic roadshow) and the Prospectus and any amendments or supplements
to any of the foregoing, including any amendments or supplements to the Registration Statement, any Issuer Free Writing Prospectus
(other than any electronic road show) and the Prospectus subsequent to the Closing Date, providing &ldquo;management comfort&rdquo;
with respect to such information.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(n)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement</U>. The Deposit Agreement shall be in full force and effect and the Company and the Depositary shall
have taken all action necessary to permit the deposit of the Ordinary Shares and the issuance of the Securities in accordance with
the Deposit Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(o)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Depositary Certificate</U>. The Depositary shall have furnished or caused to be furnished to the Underwriters a certificate
satisfactory to the Representatives of one of its authorized officers evidencing the deposit with the custodian of the Ordinary
Shares against issuance of the Securities, the execution, issuance, countersignature (if applicable) and delivery of the Securities
pursuant to the Deposit Agreement and such other matters related thereto as the Representatives reasonably requests.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(p)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Additional Documents</U><I>. </I> At the Closing Date and each Option Closing Date, counsel for the Underwriters shall
have been furnished with such documents as they may reasonably require for the purpose of enabling them to pass upon the issuance
and sale of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties,
or the fulfillment of any of the conditions, contained in this Agreement, or as the Representatives or counsel for the Underwriters
may otherwise reasonably request; and all proceedings taken by the Company in connection with the issuance and sale of the Securities
as herein contemplated and in connection with the other transactions contemplated by this Agreement shall be satisfactory in form
and substance to the Representatives.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(q)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination of Agreement</U><I>. </I> If any condition specified in this Section&nbsp;5 shall not have been fulfilled
when and as required to be fulfilled, this Agreement, or, in the case of any condition to the purchase of Option Securities on
an Option Closing Date which is after the Closing Date, the obligations of the several Underwriters to purchase the relevant Option
Securities on such Option Closing Date, may be terminated by the Representatives by notice to the Company at any time on or prior
to Closing Date or such Option Closing Date, as the case may be, and such termination shall be without liability of any party to
any other party except as provided in Section&nbsp;4 hereof and except that, in the case of any such termination of this Agreement,
Sections&nbsp;1, 4, 6, 7, 8, 11, 12, 13, 14, 15, 17, 18, 19, 20, 21 and 22 hereof shall survive such termination of this Agreement
and remain in full force and effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 6. <U>Indemnification.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Company</U><I>. </I> The Company agrees to indemnify and hold harmless each Underwriter, its affiliates
and their respective partners, members, directors, officers, employees and agents, and each person, if any, who controls each Underwriter
or any such affiliate within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(i)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, jointly or severally, arising out
of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or
any amendment thereto), or any omission or alleged omission therefrom of a material fact required to be stated therein or necessary
to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material
fact included in any preliminary prospectus, any Issuer Free Writing Prospectus, any Marketing Material, any Section 5(d) Written
Communication, the General Disclosure Package or the Prospectus (or any amendment or supplement to any of the foregoing), or any
&ldquo;issuer information&rdquo; (as defined in Rule 433), or any &ldquo;road show&rdquo; (as defined in Rule 433) that does not
constitute an Issuer Free Writing Prospectus, or any omission or alleged omission therefrom of a material fact necessary in order
to make the statements therein, in the light of the circumstances under which they were made, not misleading</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">(ii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all loss, liability, claim, damage and expense whatsoever, as incurred, jointly or severally, to the extent
of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any Governmental Authority,
commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section 6(d) below) any such settlement is effected with the written consent of
the Company, which consent shall not unreasonably be delayed or withheld; and</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">(iii)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>against any and all expense whatsoever, as incurred (including the reasonable fees and disbursements of counsel), reasonably
incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any Governmental
Authority, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission (whether or not a party), to the extent that any such expense is not paid under (i)&nbsp;or (ii)&nbsp;above,</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.75in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification by the Underwriters</U>. Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless
the Company, and its directors, each officer of the Company who signed the Registration Statement and each person, if any, who
controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any and
all loss, liability, claim, damage and expense described in the indemnity contained in Section 6(a), as incurred, but only with
respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendment thereto), or in any preliminary prospectus, any Issuer Free Writing Prospectus, any Marketing Material, any Section 5(d)
Written Communication, the General Disclosure Package or the Prospectus (or any amendment or supplement to any of the foregoing)
in reliance upon and in conformity with information relating to such Underwriter and furnished to the Company in writing by such
Underwriter or Underwriters expressly for use therein. The Company hereby acknowledges that the only information that the Underwriter
or Underwriters have furnished to the Company expressly for use in any preliminary prospectus, any Issuer Free Writing Prospectus,
any Marketing Material, any Section 5(d) Written Communication, the General Disclosure Package or the Prospectus (or any amendment
or supplement to any of the foregoing) are the following statements set forth under the caption &ldquo;Underwriting&rdquo; in the
Pre-Pricing Prospectus and the Prospectus: the third sentence of the third paragraph, the sentences relating to the selling concessions
of the first paragraph under the title &ldquo;Commissions and Expenses,&rdquo; and the first sentence of the second paragraph under
the caption &ldquo;Underwriting - Market Making, Stabilization and Other Transactions&rdquo; (collectively, the &ldquo;<U>Underwriter
Information</U>&rdquo;)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Actions Against Parties; Notification</U><I>. </I> Any party that proposes to assert the right to be indemnified under
this Section 6 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim
may be made against an indemnifying party or parties under this Section 6, notify each such indemnifying party of the commencement
of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the
indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 6 and (ii)
any liability that it may have to any indemnified party under the foregoing provision of this Section 6 unless, and only to the
extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. The indemnifying
party shall be entitled to assume the defense of any proceeding brought by a third party for which indemnification could be sought
hereunder, with counsel reasonably satisfactory to the indemnified party and shall pay the reasonable fees and expenses of such
counsel related to such proceeding, as incurred. After notice from the indemnifying party to the indemnified party of its election
to assume the defense, the indemnifying party will not be liable to the indemnified party for any other legal expenses except as
provided below. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses
and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the
indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has been advised by counsel
that there may be legal defenses available to it that are different from or in addition to those available to the indemnifying
party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified
party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action
on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such
action or counsel reasonably satisfactory to the indemnified party, in each case, within a reasonable time after receiving notice
of the commencement of the action; in each of which cases the reasonable fees, disbursements and other charges of counsel will
be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or parties shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other
charges of more than one counsel (in addition to any local counsel) at any one time for all such indemnified party or parties.
All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly as they are incurred. An indemnifying
party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying
party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment
in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 6 (whether or not
any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an express and unconditional
release of each indemnified party, in form and substance reasonably satisfactory to such indemnified party, from all liability
arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Settlement Without Consent if Failure to Reimburse</U><I>. </I> No indemnifying party shall be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgement for the
plaintiff, the indemnifying party agrees to indemnify each indemnified party from and against any loss or liability by reason of
such settlement or judgment. Notwithstanding the foregoing sentence, if an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for reasonable fees and expenses of counsel, such indemnifying party agrees that it shall
be liable for any settlement of the nature contemplated by Section&nbsp;6(a)(ii) effected without its written consent if (1)&nbsp;such
settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid request, (2)&nbsp;such indemnifying
party shall have received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and
(3)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the
date of such settlement.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 7. <U>Contribution.</U> In order to
provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs
of Section 6 is applicable in accordance with its terms but for any reason is held to be unavailable or insufficient from the Company
or the Underwriters to hold harmless an indemnified party in accordance with the foregoing paragraph of Section 6, the Company
and the Underwriters will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative,
legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding
or any claim asserted) to which the Company and the Underwriters may be subject in such proportion as shall be appropriate to reflect
the relative benefits received by the Company on the one hand and the Underwriters on the other hand. The relative benefits received
by the Company on the one hand and the Underwriters on the other hand shall be deemed to be in the same proportion as the total
net proceeds from the sale of the Securities (before deducting expenses) received by the Company bear to the total compensation
received by the Underwriters (before deducting expenses) from the sale of Securities on behalf of the Company. If, but only if,
the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made
in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the
relative fault of the Company, on the one hand, and the Underwriters, on the other hand, with respect to the statements or omissions
that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable
considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by the Company or the Underwriters, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such statement or omission. The Company and the Underwriters agree that it would not be just
and equitable if contributions pursuant to this Section 7 were to be determined by pro rata allocation or by any other method of
allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified
party as a result of the loss, claim, liability, expense, or damage, or action in respect thereof, referred to above in this Section
7 shall be deemed to include, for the purpose of this Section 7, any reasonable legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section
6(c) above. Notwithstanding the provisions of this Section 7, no underwriter shall be required to contribute any amount in excess
of the underwriting discounts and commissions actually received by it under this Agreement and no person found guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7, any person who controls a party to this
Agreement within the meaning of the 1933 Act, any affiliates of such party and any officers, directors, partners, employees or
agents of such party or their respective affiliates, will have the same rights to contribution as that party, and each director
of the Company and each officer of the Company who signed the Registration Statement will have the same rights to contribution
as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice
of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 7,
will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that
party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 7 except
to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party
from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of 6(c) hereof, no party will
be liable for contribution with respect to any action or claim settled without its written consent if such consent is required
pursuant to Section 6(c) above.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 8. <U>Representations, Warranties and
Agreements to Survive Delivery.</U> All representations, warranties and agreements contained in this Agreement or in certificates
signed by any officer of the Company (whether signed on behalf of such officer or the Company) and delivered to the Representatives
or counsel to the Underwriters, shall remain operative and in full force and effect, regardless of any investigation made by or
on behalf of any Underwriter, any officer, director, employee, partner, member or agent of any Underwriter or any person controlling
any Underwriter, or by or on behalf of the Company, any officer, director or employee of the Company or any person controlling
the Company and shall survive delivery of and payment for the Securities.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 9. <U>Termination of Agreement.</U></P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination; General</U><I>. </I> The Representatives may terminate this Agreement, by notice to the Company, at any
time on or prior to Closing Date (and, if any Option Securities are to be purchased on an Option Closing Date which occurs after
the Closing Date, the Representatives may terminate the obligations of the several Underwriters to purchase such Option Securities,
by notice to the Company at any time on or prior to such Option Closing Date) (i)&nbsp;if there has been, at any time on or after
the date of this Agreement or since the respective dates as of which information is given in the General Disclosure Package or
the Prospectus (in each case exclusive of any amendments or supplements thereto subsequent to the date of this Agreement), any
material adverse change or any development that could reasonably be expected to result in a material adverse change, in the condition
(financial or other), results of operations, business, properties, management or prospects of the Company and the Subsidiary considered
as one enterprise, whether or not arising in the ordinary course of business, or (ii)&nbsp;if there has occurred any material adverse
change in the financial markets in the United States, Israel or the international financial markets, any declaration of a national
emergency or war by the United States or Israel, any outbreak of hostilities or escalation thereof or other calamity or crisis
or any change or development involving a prospective change in national or international political, financial or economic conditions
(including, without limitation, as a result of terrorist activities), in each case the effect of which is such as to make it, in
the sole judgment of the Representatives, impracticable or inadvisable to market the Securities or to enforce contracts for the
sale of the Securities, or (iii)&nbsp;if (A)&nbsp;trading in any securities of the Company has been suspended or materially limited
by the Commission, the Nasdaq Capital Market or the Tel Aviv Stock Exchange, or (B)&nbsp;trading generally on the NYSE, the Nasdaq
Global Select Market, the Nasdaq Global Market or the Tel Aviv Stock Exchange has been suspended or limited, or minimum or maximum
prices for trading have been fixed, or maximum ranges for prices have been required, by any of said exchanges or by order of the
Commission, FINRA or any other governmental authority, or (C)&nbsp;a material disruption has occurred in commercial banking or
securities settlement or clearance services in the United States, Israel or Europe or (iv)&nbsp;if a banking moratorium has been
declared by either Federal or New York authorities.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liabilities</U><I>. </I> If this Agreement is terminated pursuant to this Section&nbsp;9, such termination shall be without
liability of any party to any other party except as provided in Section&nbsp;4 hereof and except that Sections 1, 4, 6, 7, 8, 11,
12, 13, 14, 15, 17, 18, 19, 20, 21 and 22 hereof shall survive such termination and remain in full force and effect.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 10. <U>Default by One or More of the
Underwriters</U>. If one or more of the Underwriters shall fail at the Closing Date or an Option Closing Date to purchase the Securities
which it or they are obligated to purchase under this Agreement (the &ldquo;<U>Defaulted Securities</U>&rdquo;), the Representatives
shall have the right, within 24&nbsp;hours thereafter, to make arrangements for one or more of the non-defaulting Underwriters,
or any other underwriters, to purchase all, but not less than all, of the Defaulted Securities in such amounts as may be agreed
upon and upon the terms herein set forth; if, however, the Representatives shall not have completed such arrangements within such
24-hour period, then:(1)&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(1)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the number of Defaulted Securities does not exceed 10% of the number of Securities to be purchased on such date, each
of the non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the full amount of such Defaulted
Securities in the proportions that their respective underwriting obligations hereunder bear to the underwriting obligations of
all non-defaulting Underwriters; or</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">(2)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if the number of Defaulted Securities exceeds 10% of the number of Securities to be purchased on such date, this Agreement
or, with respect to any Option Closing Date which occurs after the Closing Date, the obligation of the Underwriters to purchase
and of the Company to sell the Option Securities that were to have been purchased and sold on such Option Closing Date, shall terminate
without liability on the part of any non-defaulting Underwriter.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">No action taken pursuant to this Section&nbsp;10
shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In the event of any such default which does
not result in a termination of this Agreement or, in the case of an Option Closing Date which is after the Closing Date, which
does not result in a termination of the obligations of the Underwriters to purchase and the Company to sell the relevant Option
Securities, as the case may be, the Representatives shall have the right to postpone the Closing Date or the relevant Option Closing
Date, as the case may be, for a period not exceeding seven days in order to effect any required changes in the Registration Statement,
the General Disclosure Package or Prospectus or in any other documents or arrangements. As used herein, the term &ldquo;Underwriter&rdquo;
includes any person substituted for an Underwriter under this Section&nbsp;10.</P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 11. <U>Notices.</U> All notices and
other communications hereunder shall be in writing, shall be effective only upon receipt and shall be mailed, delivered by hand
or overnight courier, or transmitted by fax (with the receipt of such fax to be confirmed by telephone). Notices to the Underwriters
shall be directed to the Representatives at Cantor Fitzgerald &amp; Co., 499 Park Avenue, New York, New York 10022, Attention:
Capital Markets, fax no. +212 307-3730, with copies to the General Counsel, fax no. +212 829-4708, and Nomura Securities International,
Inc., Worldwide Plaza, 309 West 49th Street, New York, New York 10019-7316, Attention: Head of Equity Capital Markets, Americas,
fax no. +646 587-8768, with a copy to the General Counsel, fax no. +212 315-1261<FONT STYLE="font-size: 12pt">,</FONT> and with
a copy to Covington &amp; Burling LLP, 620 Eighth Avenue, New York, New York 10018, Attention: Eric W. Blanchard, fax no. +1 646
441 9111 (with such fax to be confirmed by telephone to +1 212 841 1111); notices to the Company shall be directed to it at 21
Ha&rsquo;arba&rsquo;a Street, Tel Aviv, Israel L3 64739, Attention: Micha Ben-Chorin, fax no. + 972-3-541-3144 (with such fax to
be confirmed by telephone to +972-3-541-3131).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 12. <U>Parties.</U> This Agreement shall
inure to the benefit of and be binding upon the Underwriters and the Company and their respective successors. Nothing expressed
or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters
and the Company and their respective successors and the controlling persons and other indemnified parties referred to in Sections&nbsp;6
and 7 and their successors, heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect
of this Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be
for the sole and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling persons
and other indemnified parties and their successors, heirs and legal representatives, and for the benefit of no other person or
entity. No purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of such purchase.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 13. <U>GOVERNING LAW AND TIME.</U> THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EXCEPT AS OTHERWISE EXPRESSLY
SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 14. <U>Effect of Headings.</U> The Section
and Exhibit&nbsp;headings herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 15. <U>Definitions.</U> As used in this
Agreement, the following terms have the respective meanings set forth below:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Applicable Time</U>&rdquo; means 8:45
a.m. (New York City time) on November 8, 2017 or such other time as agreed by the Company and the Representatives.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Commission</U>&rdquo; means the Securities
and Exchange Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Company Documents</U>&rdquo; means
(i)&nbsp;all Subject Instruments and (ii)&nbsp;all other contracts, indentures, mortgages, deeds of trust, loan or credit agreements,
bonds, notes, debentures, evidences of indebtedness, swap agreements, hedging agreements, leases or other instruments or agreements
to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject,
other than Organizational Documents.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>DTC</U>&rdquo; means The Depository
Trust Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>EDGAR</U>&rdquo; means the Commission&rsquo;s
Electronic Data Gathering, Analysis and Retrieval System.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Existing Convertible Notes</U>&rdquo;
means any convertible notes or other convertible debt securities of the Company outstanding on the date of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Existing Warrants</U>&rdquo; means
any warrants to purchase Ordinary Shares outstanding on the date of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>FCPA</U>&rdquo; means the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>FINRA</U>&rdquo; means the Financial
Industry Regulatory Authority&nbsp;Inc. or the National Association of Securities Dealers,&nbsp;Inc. (&ldquo;<U>NASD</U>&rdquo;),
or both, as the context shall require.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>GAAP</U>&rdquo; means generally accepted
accounting principles of the United States.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Governmental Authority</U>&rdquo;
means (i) any federal, provincial, state, local, municipal, national or international government or governmental authority, regulatory
or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court, tribunal, arbitrator
or arbitral body (public or private); (ii) any self-regulatory organization; or (iii) any political subdivision of any of the foregoing.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Initial Registration Statement</U>&rdquo;
means the Company&rsquo;s registration statement on Form&nbsp;F&ndash;3 (Registration No.&nbsp;333-209702), as amended (if applicable),
including the documents incorporated or deemed to be incorporated by reference therein pursuant to Item&nbsp;6 of Form&nbsp;F&ndash;3
under the 1933 Act and the Rule&nbsp;430B Information; provided that any Rule&nbsp;430B Information shall be deemed to be part
of the Initial Registration Statement only from and after the time such information is deemed, pursuant to Rule 431B, to be part
of the Initial Registration Statement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Israeli Companies Law</U>&rdquo; means
the Israeli Companies Law, 5759-1999, as amended, and the regulations promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Israeli Securities Law</U>&rdquo;
means the Israeli Securities Law, 5728-1968, as amended, and the regulations promulgated thereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Issuer Free Writing Prospectus</U>&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433, relating to the offering of the Securities
that (i)&nbsp;is required to be filed with the Commission by the Company, (ii)&nbsp;is a &ldquo;road show&rdquo; that is a &ldquo;written
communication&rdquo; within the meaning of Rule&nbsp;433(d)(8)(i), whether or not required to be filed with the Commission, or
(iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of the Securities or of the
offering that does not reflect the final terms, and all free writing prospectuses that are listed in Exhibits F and G hereto, in
each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in
the Company&rsquo;s records pursuant to Rule 433(g).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Issuer General Use Free Writing Prospectus</U>&rdquo;
means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors, as evidenced by its
being specified in Exhibit&nbsp;E hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Issuer Limited Use Free Writing Prospectus</U>&rdquo;
means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Lien</U>&rdquo; means any security
interest, mortgage, pledge, lien, encumbrance, claim or equity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Lock-Up Period</U>&rdquo; means the
period beginning on and including the date of this Agreement through and including the date that is the 90th day after the date
of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Marketing Materials</U>&rdquo; means
any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of
the offering of the Securities, including any roadshow or investor presentations made to investors by the Company (whether in person
or electronically).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>NYSE</U>&rdquo; means the New York
Stock Exchange.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>OFAC</U>&rdquo; means the Office of
Foreign Assets Control of the U.S. Treasury Department.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Organizational Documents</U>&rdquo;
means (a)&nbsp;in the case of a corporation, its articles of association, charter and by-laws or similar organizational document;
(b)&nbsp;in the case of a limited or general partnership, its partnership certificate, certificate of formation or similar organizational
document and its partnership agreement; (c)&nbsp;in the case of a limited liability company, its articles of organization, certificate
of formation or similar organizational documents and its operating agreement, limited liability company agreement, membership agreement
or other similar agreement; (d)&nbsp;in the case of a trust, its certificate of trust, certificate of formation or similar organizational
document and its trust agreement or other similar agreement; and (e)&nbsp;in the case of any other entity, the organizational and
governing documents of such entity.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Permitted Section 5(d) Communication</U>&rdquo;
means the Section 5(d) Written Communication(s) and Marketing Materials listed on Exhibit F attached hereto.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Pre-Pricing Prospectus</U>&rdquo;
means the Preliminary Prospectus Supplement relating to the Securities in the form first furnished to the Underwriters for use
in connection with the offering of the Securities, including the documents incorporated by reference therein pursuant to Item 6
of Form&nbsp;F-3 under the 1933 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>PCAOB</U>&rdquo; means the Public
Company Accounting Oversight Board (United States).</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>preliminary prospectus</U>&rdquo;
means any prospectus together with, if applicable, the accompanying prospectus supplement used in connection with the offering
of the Securities that omitted the public offering price of the Securities or that was captioned &ldquo;Subject to Completion,&rdquo;
together with the documents incorporated or deemed to be incorporated by reference therein pursuant to Item 6 of Form&nbsp;F-3
under the 1933 Act. The term &ldquo;preliminary prospectus&rdquo; includes, without limitation, the Pre-Pricing Prospectus.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Registration Statement</U>&rdquo;
means the Initial Registration Statement; provided that, if a Rule&nbsp;462(b) Registration Statement is filed with the Commission,
then the term &ldquo;Registration Statement&rdquo; shall include such Rule&nbsp;462(b) Registration Statement from and after the
time of such filing, <U>mutatis mutandis</U>.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Regulation S-T</U>&rdquo; means Regulation
S-T of the Commission.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Repayment Event</U>&rdquo; means any
event or condition which, either immediately or with notice or passage of time or both, (i)&nbsp;gives the holder of any bond,
note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s behalf) the right to require the
repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or the Subsidiary, or (ii)&nbsp;gives
any counterparty (or any person acting on such counterparty&rsquo;s behalf) under any swap agreement, hedging agreement or similar
agreement or instrument to which the Company or the Subsidiary is a party the right to liquidate or accelerate the payment obligations,
or designate an early termination date under such agreement or instrument, as the case may be.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Rule&nbsp;164</U>,&rdquo; &ldquo;<U>Rule&nbsp;172</U>,&rdquo;
&ldquo;<U>Rule&nbsp;173</U>,&rdquo; &ldquo;<U>Rule&nbsp;405</U>,&rdquo; &ldquo;<U>Rule&nbsp;424(b)</U>,&rdquo; &ldquo;<U>Rule 431B</U>,&rdquo;
&ldquo;<U>Rule&nbsp;433</U>&rdquo; and &ldquo;<U>Rule&nbsp;462(b)</U>&rdquo; refer to such rules under the 1933 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Rule&nbsp;430B Information</U>&rdquo;
means the information included in any preliminary prospectus or the Prospectus or any amendment or supplement to any of the foregoing
filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) that was omitted from the Initial Registration Statement at the time it first
became effective but is deemed to be part of and included in the Initial Registration Statement pursuant to Rule&nbsp;430B.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Rule&nbsp;462(b) Registration Statement</U>&rdquo;
means a registration statement filed by the Company pursuant to Rule&nbsp;462(b) for the purpose of registering any of the Securities
under the 1933 Act, including the documents and other information incorporated or deemed to be incorporated by reference therein
and the Rule 430B Information.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Sarbanes-Oxley Act</U>&rdquo; means
the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder or implementing the provisions thereof.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Section 5(d) Oral Communication</U>&rdquo;
means each oral communication, if any, made in reliance on Section 5(d) of the 1933 Act by the Company or any person authorized
to act on behalf of the Company made to one or more qualified institutional buyers (&ldquo;<U>QIBs</U>&rdquo;) and/or institutions
that are accredited investors (&ldquo;<U>IAIs</U>&rdquo;) to determine whether such investors might have an interest in the offering
of the Securities;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Section 5(d) Written Communication</U>&rdquo;
means each written communication (within the meaning of Rule 405 under the 1933 Act) that is made in reliance on Section 5(d) of
the 1933 Act by the Company or any person authorized to act on behalf of the Company to one or more potential investors that are
QIBs and/or one or more IAIs, as such terms are respectively defined in Rule 144A and Rule 501(a) under the 1933 Act, to determine
whether such investors might have an interest in the offering of the Securities;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Subject Instruments</U>&rdquo; means
the Existing Convertible Notes, the Existing Warrants and all other instruments, agreements and documents filed or incorporated
by reference as exhibits to the Registration Statement; provided that if any instrument, agreement or other document filed or incorporated
by reference as an exhibit to the Registration Statement as aforesaid has been redacted or if any portion thereof has been deleted
or is otherwise not included as part of such exhibit (whether pursuant to a request for confidential treatment or otherwise), the
term &ldquo;Subject Instruments&rdquo; shall nonetheless mean such instrument, agreement or other document, as the case may be,
in its entirety, including any portions thereof which shall have been so redacted, deleted or otherwise not filed.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>Termination Event</U>&rdquo; means
any event or condition which gives any person the right, either immediately or with notice or passage of time or both, to terminate
or limit (in whole or in part) any Company Documents or any rights of the Company thereunder, including, without limitation, upon
the occurrence of a change of control of the Company or other similar events.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>1933 Act</U>&rdquo; means the Securities
Act of 1933, as amended.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>1933 Act Regulations</U>&rdquo; means
the rules and regulations of the Commission under the 1933 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>1934 Act</U>&rdquo; means the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>1934 Act Regulations</U>&rdquo; means
the rules and regulations of the Commission under the 1934 Act.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&ldquo;<U>1940 Act</U>&rdquo; means the Investment
Company Act of 1940, as amended.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">All references in this Agreement to the Registration
Statement, the Initial Registration Statement, any Rule&nbsp;462(b) Registration Statement, any preliminary prospectus, the Prospectus,
any Issuer Free Writing Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the version
thereof filed with the Commission pursuant to EDGAR and all versions thereof delivered (physically or electronically) to the Representatives
or the Underwriters.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">All references in this Agreement to financial
statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included&rdquo; or &ldquo;stated&rdquo;
in the Registration Statement, Initial Registration Statement, any Rule 462(b) Registration Statement, any preliminary prospectus
or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and
schedules and other information which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part
of or included in the Registration Statement, the Initial Registration Statement, any Rule 462(b) Registration Statement, any preliminary
prospectus or the Prospectus, as the case may be; and all references in this Agreement to amendments or supplements to the Initial
Registration Statement, any preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any document
under the 1934 Act which is incorporated by reference in or otherwise deemed by 1933 Act Regulations to be a part of or included
in the Registration Statement, the Initial Registration Statement, any Rule 462(b) Registration Statement, such preliminary prospectus
or the Prospectus, as the case may be.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 16. <U>Permitted Free Writing Prospectuses.</U>
The Company represents, warrants and agrees that it has not made and, unless it obtains the prior written consent of the Representatives,
it will not make, any offer relating to the Securities that constitutes or would constitute an &ldquo;issuer free writing prospectus&rdquo;
(as defined in Rule&nbsp;433) or that otherwise constitutes or would constitute a &ldquo;free writing prospectus&rdquo; (as defined
in Rule&nbsp;405) or portion thereof required to be filed with the Commission or required to be retained by the Company pursuant
to Rule 433; provided that the prior written consent of the Representatives shall be deemed to have been given in respect of the
Issuer General Use Free Writing Prospectuses, if any, listed on Exhibit&nbsp;E hereto and, to any electronic road show in the form
previously provided by the Company to and approved by the Representatives. Any such free writing prospectus consented to or deemed
to have been consented to as aforesaid is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo;
The Company represents, warrants and agrees that it has treated and will treat each Permitted Free Writing Prospectus as an &ldquo;issuer
free writing prospectus&rdquo; (as defined in Rule 433), and has complied and will comply with the requirements of Rule&nbsp;433
applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and
record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit
E hereto are Permitted Free Writing Prospectuses.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 17. <U>Absence of Fiduciary Relationship.</U>
The Company acknowledges and agrees that:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each of the Underwriters is acting solely as an underwriter in connection with the sale of the Securities and no fiduciary,
advisory or agency relationship between the Company, on the one hand, and any of the Underwriters, on the other hand, has been
created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not any of the Underwriters
has advised or is advising the Company on other matters;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the public offering price of the Securities and the price to be paid by the Underwriters for the Securities set forth in
this Agreement were established by the Company following discussions and arms-length negotiations with the Representatives;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it is aware that the Underwriters and their respective affiliates are engaged in a broad range of transactions which may
involve interests that differ from those of the Company and that none of the Underwriters has any obligation to disclose such interests
and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it waives, to the fullest extent permitted by law, any claims it may have against any of the Underwriters for breach of
fiduciary duty or alleged breach of fiduciary duty and agrees that none of the Underwriters shall have any liability (whether direct
or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary
duty claim on its behalf or in right of it or the Company or any shareholders, employees or creditors of Company.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 18. <U>Research Analyst Independence.</U>
The Company acknowledges that the Underwriters&rsquo; respective research analysts and research departments are required to be
independent from their respective investment banking divisions and are subject to certain regulations and internal policies, and
that such Underwriters&rsquo; respective research analysts and research departments may hold views and make statements or investment
recommendations and/or publish research reports with respect to the Company and/or the offering that differ from the views of their
respective investment banking divisions. The Company hereby waives and releases, to the fullest extent permitted by applicable
law, any claims that the Company may have against the Underwriters with respect to any conflict of interest that may arise from
the fact that the views expressed by their respective research analysts and research departments may be different from or inconsistent
with the views or advice communicated to the Company by such Underwriters&rsquo; respective investment banking divisions. The Company
acknowledges that each of the Underwriters is a full service securities firm and as such from time to time, subject to applicable
securities laws, may effect transactions for its own account or the account of its customers and hold long or short positions in
debt or equity securities of the Company and other entities that may be the subject of the transactions contemplated by this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 19. <U>Trial By Jury.</U> The Company
(on its own behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and each of the
Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 20. <U>Consent to Jurisdiction.</U>
The Company hereby submits to the non-exclusive jurisdiction of any U.S. federal or state court located in the Borough of Manhattan,
the City and County of New York in any action, suit or proceeding arising out of or relating to or based upon this Agreement or
any of the transactions contemplated hereby, and irrevocably and unconditionally waives any objection to the laying of venue of
any such action, suit or proceeding in any such court and agrees not to plead or claim in any such court that any such action,
suit or proceeding has been brought in an inconvenient forum. The Company represents and warrants that it has appointed Corporation
Service Company as its authorized agent (the &ldquo;<U>Authorized Agent</U>&rdquo;) in the Borough of Manhattan, the City and County
of New York upon which process may be served in any such action, suit or proceeding pursuant to a written agreement (each, an &ldquo;<U>Appointment
Agreement</U>&rdquo;), a true, complete and correct copy of which will be delivered to the Representatives on the Closing Date,
further represents and warrants that the Authorized Agent has agreed to act as such agent for service of process, and agrees that
service of process upon such Authorized Agent, and written notice of said service to the Company as provided in this Agreement
shall be deemed in every respect effective service of process upon the Company in any such action, suit or proceeding, and agrees
to take any and all such action as may be necessary to maintain such designation and appointment of such Authorized Agent in full
force and effect for a period of 7 years from the date of this Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 21. <U>Waiver of Immunity.</U> With
respect to any action, suit or proceeding arising out of or relating to or based upon this Agreement or any of the transactions
contemplated hereby, the Company irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on
the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution
to which it would otherwise be entitled, and with respect to any such action, suit or proceeding, waives any such immunity in any
court of competent jurisdiction, and agrees not to raise or claim or cause to be pleaded any such immunity at or in respect of
any such action, suit or proceeding, including, without limitation, any immunity pursuant to the U.S. Foreign Sovereign Immunities
Act of 1976, as amended.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">SECTION 22. <U>Judgment Currency.</U> The obligation
of the Company in respect of any sum due to any Underwriter under this Agreement shall, notwithstanding any judgment in a currency
other than U.S. dollars (the &ldquo;<U>Judgment Currency</U>&rdquo;), not be discharged until the first business day following
receipt by such Underwriter of any sum adjudged to be so due in the Judgment Currency on which (and only to the extent that) such
Underwriter may in accordance with normal banking procedures purchase U.S. dollars with the Judgment Currency; if the U.S. dollars
so purchased are less than the sum originally due to such Underwriter hereunder, the Company agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify such Underwriter against such loss in respect of any sum due to such Underwriter
from the Company. If the U.S. dollars so purchased are greater than the sum originally due to such Underwriter hereunder, such
Underwriter agrees to pay to the Company an amount equal to the excess of the U.S. dollars so purchased over the sum originally
due to such Underwriter hereunder.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 23. <U>Partial Unenforceability</U>.
The invalidity or unenforceability of any section, paragraph or provision of this Agreement shall not affect the validity or enforceability
of any other section, paragraph or provision hereof. If any section, paragraph or provision of this Agreement is for any reason
determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as
are necessary to make it valid and enforceable.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECTION 24. <U>General Provisions</U>. This
Agreement constitutes the entire agreement of the parties to this Agreement and supersedes all prior written or oral and all contemporaneous
oral agreements, understandings and negotiations with respect to the subject matter hereof. This Agreement may be executed in two
or more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and no
condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit.
The section headings herein are for the convenience of the parties only and shall not affect the construction or interpretation
of this Agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of the parties hereto acknowledges that
it is a sophisticated business person who was adequately represented by counsel during negotiations regarding the provisions hereof,
including, without limitation, the indemnification provisions of Section 6 and the contribution provisions of Section 7, and is
fully informed regarding said provisions. Each of the parties hereto further acknowledges that the provisions of Section 6 and
Section 7 hereof fairly allocate the risks in light of the ability of the parties to investigate the Company, its affairs and its
business in order to assure that adequate disclosure has been made in the Registration Statement, any preliminary prospectus, the
General Disclosure Package, each free writing prospectus and the Prospectus (and any amendments and supplements to the foregoing),
as contemplated by the 1933 Act and the 1934 Act.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>[Signature Page Follows]</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">If the foregoing is in accordance with your
understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along with
all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">Very truly yours,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">REDHILL BIOPHARMA LTD.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">By <U>/s/ Dror Ben-Asher&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 274.3pt">Name: Dror Ben-Asher<BR>
Title: Chief Executive Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 274.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 3.5in">By <U>/s/ Micha Ben Chorin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 274.3pt">Name: <U>Micha Ben Chorin</U><BR>
Title: Chief Financial Officer</P>

<P STYLE="font-size: 10pt; margin: 0pt 0 0pt 274.3pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 3.5in 0pt 0">CONFIRMED AND ACCEPTED, as of the date first above written:</P>

<P STYLE="font-size: 10pt; margin: 0pt 3.5in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 3.5in 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">CANTOR FITZGERALD &amp; CO.<BR>
<BR>
<BR>
<BR>
By: /<U>s/ Sage Kelly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Sage Kelly<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Head of Investment Banking</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">NOMURA SECURITIES INTERNATIONAL, INC.<BR>
<BR>
<BR>
<BR>
By: <U>/s/ Donald Sung&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Donald Sung<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Managing Director<BR>
<BR>
</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EXHIBIT&nbsp;A</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Number of Initial Securities</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">Name of Underwriter</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">ADSs</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 85%; font-size: 10pt; text-align: left; text-indent: -0.1pt; padding-left: 29.45pt">Cantor Fitzgerald &amp; Co..&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,045,457</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1pt; padding-left: 29.35pt">Nomura Securities International, Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,227,272</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1pt; padding-left: 29.35pt">SMBC Nikko Securities America, Inc.&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">409,090</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1pt; padding-left: 29.35pt">H.C. Wainwright &amp; Co., LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">204,545</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.1pt; padding-left: 29.35pt">Roth Capital Partners, LLC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">204,545</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -0.1pt; padding-left: 29.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -0.1pt; padding-left: 29.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.25pt; text-indent: -30pt; padding-left: 80pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,090,909</TD><TD STYLE="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EXHIBIT&nbsp;B</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">LIST OF PERSONS SUBJECT TO LOCK-UP</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Dror Ben-Asher</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Eric Swenden</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Dr. Kenneth Reed</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Dr. Shmuel Cabilly</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Dan Suesskind</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Ofer Tsimchi</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Rick D. Scruggs</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Nurit Benjamini</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Nicolas Weinstein</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Reza Fathi, Ph.D.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Gilead Raday</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Adi Frish</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Micha Ben Chorin</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Guy Goldberg</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Uri Hananel Aharon</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">Einav Nagar</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EXHIBIT&nbsp;C</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">FORM OF LOCK-UP AGREEMENT</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">October ____, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Nomura Securities International, Inc.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As Representatives of the Several Underwriters</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">c/o Cantor Fitzgerald &amp; Co.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">499 Park Avenue</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">New York, New York 10022</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Nomura Securities International, Inc.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">309 West 49th Street</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">New York, New York 10019</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RE: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RedHill Biopharma Ltd. (the &ldquo;<B>Company</B>&rdquo;)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies &amp; Gentlemen:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The undersigned is a record or beneficial owner of American Depositary Shares of the
Company (&ldquo;<B>ADSs</B>&rdquo;), each representing 10 ordinary shares, par value NIS 0.01 per share, of the Company (&ldquo;<B>Ordinary
Shares</B>&rdquo;), of Ordinary Shares or of securities convertible into or exchangeable or exercisable for ADSs or Ordinary Shares.
The Company proposes to conduct a public offering of ADSs (the &ldquo;<B>Offering</B>&rdquo;) for which Cantor Fitzgerald &amp;
Co. (&ldquo;<B>Cantor</B>&rdquo;) and Nomura Securities International, Inc. (&ldquo;<B>Nomura</B>&rdquo;)will act as the representatives
of the underwriters. The undersigned recognizes that the Offering will benefit each of the Company and the undersigned. The undersigned
acknowledges that the underwriters are relying on the representations and agreements of the undersigned contained in this letter
agreement in conducting the Offering and, at a subsequent date, in entering into an underwriting agreement (the &ldquo;<B>Underwriting
Agreement</B>&rdquo;) with the Company with respect to the Offering.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Annex A sets forth definitions for capitalized terms used in this letter agreement that
are not defined in the body of this letter agreement. Those definitions are a part of this letter agreement.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">In consideration of the foregoing, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agrees that, during the Lock-up Period, the undersigned
will not (and will cause any Family Member not to), without the prior written consent of Cantor and Nomura, which may withhold
its consent in their sole discretion:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Sell or Offer to Sell any ADSs, Ordinary Shares or Related Securities currently or hereafter owned either of record or beneficially
(as defined in Rule 13d-3 under the Exchange Act) by the undersigned or such Family Member,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>enter into any Swap,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>make any demand for, or exercise any right with respect to, the registration under the Securities Act of the offer and sale
of any ADSs, Ordinary Shares or Related Securities, or cause to be filed a registration statement, prospectus or prospectus supplement
(or an amendment or supplement thereto) with respect to any such registration, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>publicly announce any intention to do any of the foregoing.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The foregoing will not apply to the registration of the offer and sale of the offered
ADSs, and the sale of the offered ADSs to the underwriters, in each case as contemplated by the Underwriting Agreement. In addition,
the foregoing restrictions shall not apply to (i) if the undersigned is an individual, dispositions solely in connection with the
&ldquo;cashless&rdquo; exercise of stock options (the term &ldquo;cashless&rdquo; exercise being intended to include the sale or
disposition of a portion of the option shares or previously owned shares to the Company to cover payment of the exercise price)
for the purpose of exercising such stock options (including sales in respect of tax liabilities arising from such exercise and
sale), provided that any Ordinary Shares, ADSs or other capital stock received upon such exercise shall be subject to all of the
restrictions set forth herein, (ii) ADSs, Ordinary Shares or Related Securities acquired in open market transactions after the
completion of the Offering, provided that prior to the expiration of the Lock-up Period, no public disclosure or filing under the
Exchange Act shall be required, or made voluntarily, reporting a reduction in beneficial ownership of ADSs, Ordinary Shares or
Related Securities in connection with any transfer of such ADSs, Ordinary Shares or Related Securities, (iii) following completion
of the Offering, transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction
made to all holders of the Company&rsquo;s capital stock involving a change of control of the Company, provided that (A) Cantor
and Nomura receive a signed letter agreement from the recipient of such ADSs, Ordinary Shares or other Related Securities, in the
form hereof, for the balance of the Lock-Up Period with respect to any such ADSs, Ordinary Shares or other Related Securities,
(B) in the event that after such tender offer, merger, consolidation or other similar transaction, any ADSs, Ordinary Shares or
other Related Securities are not transferred, sold or tendered, such ADSs, Ordinary Shares or other Related Securities held by
the undersigned shall remain subject to the provisions hereof, and (C) in the event that such tender offer, merger, consolidation
or other such transaction is not completed, the ADSs, Ordinary Shares or other Related Securities held by the undersigned shall
remain subject to the provisions hereof, (iv) if the undersigned is a corporation, partnership, limited liability company or other
business entity, transfers (A) to another corporation, partnership, limited liability company or other business entity that is
a direct or indirect affiliate (as described in Rule 405 promulgated under the Securities Act) of the undersigned or (B) to a shareholder,
partner, member or other equity holder, as the case may be, of such corporation, partnership, limited liability company or other
business entity if, in any such case, such transfer is not for value, (v) the transfer of ADSs, Ordinary Shares or Related Securities
by gift, or by will or intestate succession, (vi) transfers <FONT STYLE="font-size: 10pt">pursuant to a so-called &ldquo;living
trust&rdquo; or other revocable trust established to provide for the disposition of property on the undersigned&rsquo;s death,
in each case to any Family Member, </FONT>or transfers to a Family Member or to a trust whose beneficiaries consist exclusively
of one or more of the undersigned and/or one or more Family Members; <I>provided, however</I>, that in the cases of clauses (iv),
(v) and (vi), it shall be a condition to such transfer that:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each transferee executes and delivers to Cantor and Nomura an agreement in form and substance satisfactory to Cantor and Nomura
stating that such transferee is receiving and holding such ADSs, Ordinary Shares and/or Related Securities subject to the provisions
of this letter agreement and agrees not to Sell or Offer to Sell such ADSs, Ordinary Shares and/or Related Securities, engage in
any Swap or engage in any other activities restricted under this letter agreement except in accordance with this letter agreement
(as if such transferee had been an original signatory hereto), and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior to the expiration of the Lock-up Period, no public disclosure or filing under the Exchange Act by any party to the transfer
(donor, donee, transferor or transferee) shall be required, or made voluntarily, reporting a reduction in beneficial ownership
of ADSs, Ordinary Shares or Related Securities in connection with such transfer</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The undersigned may enter into a written plan meeting the requirements of Rule 10b5-1
under the Exchange Act relating to the sale of ADSs, Ordinary Shares or other Related Securities of the Company, provided that
the ADSs, Ordinary Shares or other Related Securities subject to such plan may not be sold and no public disclosure of any such
plan shall be required or shall be voluntarily made by any person until after the expiration of the Lock-up Period.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The undersigned also agrees and consents to the entry of stop transfer instructions with
the Company&rsquo;s transfer agent and registrar against the transfer of ADSs, Ordinary Shares and/or Related Securities held by
the undersigned and the undersigned&rsquo;s Family Members, if any, except in compliance with the foregoing restrictions.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">With respect to the Offering only, the undersigned waives any registration rights relating
to registration under the Securities Act of the offer and sale of any ADSs, Ordinary Shares and/or any Related Securities owned
either of record or beneficially by the undersigned, including any rights to receive notice of the Offering.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The undersigned confirms that the undersigned has not, and has no knowledge that any
Family Member has, directly or indirectly, taken any action designed to or that might reasonably be expected to cause or result
in the stabilization or manipulation of the price of any security of the Company to facilitate the sale of the ADSs. The undersigned
will not, and will cause any Family Member not to take, directly or indirectly, any such action.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Whether or not the Offering occurs as currently contemplated or at all depends on market
conditions and other factors. The Offering will only be made pursuant to the Underwriting Agreement, the terms of which are subject
to negotiation between the Company and the underwriters.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">The undersigned hereby represents and warrants that the undersigned has full power, capacity
and authority to enter into this letter agreement. This letter agreement is irrevocable and will be binding on the undersigned
and the successors, heirs, personal representatives and assigns of the undersigned.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0">If the Underwriting Agreement is not executed by the parties thereto prior to November
30, 2017, this letter agreement shall automatically terminate and become null and void.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">This letter agreement shall be governed by, and construed in accordance with, the laws
of the State of New York.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">[<B><I>The Remainder of This Page Intentionally Left Blank; Signature
Page Follows</I></B>]<BR STYLE="clear: both">
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<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">___________________________</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Signature</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">___________________________</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><U></U><BR>
Printed Name of Person Signing</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"><I>(Indicate capacity of person signing if </I><BR>
<I>signing as custodian or trustee, or on behalf </I><BR>
<I>of an entity)</I></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B>Certain Defined Terms<BR>
<U>Used in Lock-up Agreement</U><BR>
<BR>
</B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">For purposes of the letter agreement to which this Annex A is attached and of which it
is made a part:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Call Equivalent Position</B>&rdquo; shall have the meaning set forth in Rule 16a-1(b) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Exchange Act</B>&rdquo; shall mean the Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Family Member</B>&rdquo; shall mean the spouse of the undersigned, an immediate family member of the undersigned
or an immediate family member of the undersigned&rsquo;s spouse, in each case living in the undersigned&rsquo;s household or whose
principal residence is the undersigned&rsquo;s household (regardless of whether such spouse or family member may at the time be
living elsewhere due to educational activities, health care treatment, military service, temporary internship or employment or
otherwise). &ldquo;<B>Immediate family member</B>&rdquo; as used above shall have the meaning set forth in Rule 16a-1(e) under
the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Lock-up Period</B>&rdquo; shall mean the period beginning on the date hereof and continuing through the close of
trading on the date that is 90 days after the date of the Prospectus (as defined in the Underwriting Agreement)<B>.</B></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Put Equivalent Position</B>&rdquo; shall have the meaning set forth in Rule 16a-1(h) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Related Securities</B>&rdquo; shall mean any options or warrants or other rights to acquire ADSs or Ordinary Shares
or any securities exchangeable or exercisable for or convertible into ADSs or Ordinary Shares, or to acquire other securities or
rights ultimately exchangeable or exercisable for or convertible into ADSs or Ordinary Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Securities Act</B>&rdquo; shall mean the Securities Act of 1933, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Sell or Offer to Sell</B>&rdquo; shall mean to:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>sell, offer to sell, contract to sell or lend,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>effect any short sale or establish or increase a Put Equivalent Position or liquidate or decrease any Call Equivalent Position</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pledge, hypothecate or grant any security interest in, or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in any other way transfer or dispose of,</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">in each case whether effected directly or indirectly.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;<B>Swap</B>&rdquo; shall mean any swap, hedge or similar arrangement or agreement that transfers, in whole or in part,
the economic risk of ownership of ADSs, Ordinary Shares or Related Securities, regardless of whether any such transaction is to
be settled in securities, in cash or otherwise.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Capitalized terms not defined in this Annex A shall have the meanings given to them in
the body of this letter agreement.</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">EXHIBIT&nbsp;D</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><U>PRICE-RELATED INFORMATION</U></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Number of ADSs being offered: 4,704,545 (including 613,636 ADSs issuable pursuant to
the Underwriters&rsquo; option to purchase additional ADSs)</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Public offering price per ADS: $5.50</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Underwriting discounts and commissions: 6.00%</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Settlement date: November 13, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">EXHIBIT&nbsp;E</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">ISSUER GENERAL USE FREE WRITING PROSPECTUSES</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">None.</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">EXHIBIT F</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">PERMITTED SECTION 5(d) COMMUNICATIONS</P>

<P STYLE="font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">None.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>





<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="margin: 0"><IMG SRC="gkh.jpg" ALT=""></P>

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

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">Exhibit 5.1</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">RedHill Biopharma Ltd.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">21 Ha'arba'a Street</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Tel Aviv, 64739</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">Israel</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We have acted as Israeli counsel to RedHill
Biopharma Ltd., (the &ldquo;Company&rdquo;), an Israeli company, in connection with (i) the issuance and sale of an aggregate of
4,090,909 American Depositary Shares (the &ldquo;Public Offering ADSs&rdquo;), each representing ten (10) ordinary shares, NIS
0.01 par value per share, of the Company, and (ii) at the option of the Underwriters (as defined below), the issue and sale to
the Underwriters of an additional 613,636 American Depositary Shares if the Underwriters exercise their option to purchase additional
American Depositary Shares (together with the Public Offering ADSs, the &ldquo;Public Offering Securities&rdquo;), pursuant to
the terms of an underwriting agreement dated November 8, 2017 (the &ldquo;Underwriting Agreement&rdquo;) by and among the Company,
Cantor Fitzgerald &amp; Co. and Nomura Securities International, Inc. as representatives of the several underwriters named in Exhibit
A to the Underwriting Agreement (the &ldquo;Underwriters&rdquo;). The ADSs are being issued pursuant to a registration statement
on Form F-3 (Registration Statement No. 333-209702) (the &ldquo;Registration Statement&rdquo;) filed with the Securities and Exchange
Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the
related base prospectus which forms a part of and is included in the Registration Statement, and the prospectus supplement dated
November 8, 2017 related to the Public Offering Securities (the &ldquo;Prospectus Supplement&rdquo;).</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In connection with this opinion, we have examined
and relied upon the Registration Statement, the Prospectus Supplement, the Company&rsquo;s Amended and Restated Articles of Association,
and such statutes, regulations, corporate records, documents, certificates and such other instruments that we have deemed relevant
and necessary for the basis of our opinions hereinafter expressed. In such examination, we have assumed: (i)&nbsp;the authenticity
of original documents and the genuineness of all signatures; (ii)&nbsp;the conformity to the originals of all documents submitted
to us as copies; (iii)&nbsp;the truth, accuracy and completeness of the information, representations and warranties contained in
the corporate records, documents, certificates and instruments we have reviewed; (iv)&nbsp;the due execution and delivery of all
documents where due execution and delivery are a prerequisite to the effectiveness thereof; and (v)&nbsp;the legal capacity of
all natural persons.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">We hereby consent to the filing of this opinion
as an exhibit to the Company&rsquo;s report on Form 6-K dated November 9, 2017 which is incorporated by reference into the Registration
Statement and to the use of our name wherever it appears in the Registration Statement and the Prospectus Supplement. In giving
such consent, we do not believe that we are &ldquo;experts&rdquo; within the meaning of such term as used in the Securities Act,
or the rules and regulations of the Commission issued thereunder with respect to any part of the Registration Statement, including
this opinion as an exhibit or otherwise.</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%">
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 64%; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co.</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Gross, Kleinhendler, Hodak, Halevy, Greenberg &amp; Co.</FONT></TD></TR>
</TABLE>
<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>exh_52.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.2</B></P>

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

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

<P STYLE="font-size: 10pt; margin-top: 0pt; text-align: center; margin-bottom: 0pt">HAYNES AND BOONE, LLP</P>



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

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

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RedHill Biopharma Ltd.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">21 Ha'arba'a Street</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Tel Aviv, 64739</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Israel</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We have acted as special U.S. counsel to RedHill Biopharma Ltd., a company limited by
shares organized under the laws of the State of Israel (the &ldquo;Company&rdquo;), in connection with the offering by the Company
of (i) 4,090,909 American Depositary Shares (the &ldquo;Public Offering ADSs&rdquo;), each Public Offering ADS representing ten
(10) ordinary shares of the Company, NIS 0.01 par value per share (the &ldquo;Ordinary Shares&rdquo;), and (ii) at the option of
the Underwriters (as defined below), the issue and sale to the Underwriters of an additional 613,636 American Depositary Shares
if the Underwriters exercise their option to purchase additional American Depositary Shares (together with the Public Offering
ADSs, the &ldquo;ADSs&rdquo;), pursuant to a registration statement on Form F-3 (Registration Statement No. 333-209702) (the &ldquo;Registration
Statement&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;), on February 25, 2016, the related base prospectus dated March 11, 2016, which
forms a part of the Registration Statement and the final prospectus supplement dated November 8, 2017, filed with the Commission
pursuant to Rule 424(b) of the Rules and Regulations of the Securities Act. This opinion is being rendered in connection with the
offering and sale by the Company of the ADSs pursuant to the terms of an underwriting agreement, dated November 8, 2017 (the &ldquo;Underwriting
Agreement&rdquo;), by and among the Company, Cantor Fitzgerald &amp; Co. and Nomura Securities International, Inc. as representatives
of the several underwriters named in Exhibit A to the Underwriting Agreement (the &ldquo;Underwriters&rdquo;). The ADSs will be
issued pursuant to a Deposit Agreement dated as of December 26, 2012 (the &ldquo;Deposit Agreement&rdquo;) among the Company, The
Bank of New York Mellon, as depositary (the &ldquo;Depositary&rdquo;), and all Owners and Holders (each as defined therein) from
time to time of ADSs of the Company issued thereunder.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

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<P STYLE="font-size: 10pt; margin: 0pt 0"></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">RedHill Biopharma Ltd.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">November 8, 2017</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Page 2</P>



<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">We hereby consent to the use of this opinion as Exhibit 5.2 to the Company&rsquo;s Current
Report on Form 6-K to be filed with the Commission on or about November 9, 2017, which will be incorporated by reference in the
Registration Statement, and to the reference to us under the caption &ldquo;Legal Matters&rdquo; in the prospectus included in
the Registration Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose
consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder. This opinion
is given as of the date hereof and we assume no obligation to update or supplement such opinion to reflect any facts or circumstances
that may hereafter come to our attention or any changes that may hereafter occur.</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font-size: 10pt; margin: 0pt 0; text-indent: 3in">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">/s/ Haynes and Boone, LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">Haynes and Boone, LLP</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0">&nbsp;</P>

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