<SEC-DOCUMENT>0001171843-18-008392.txt : 20181210
<SEC-HEADER>0001171843-18-008392.hdr.sgml : 20181210
<ACCEPTANCE-DATETIME>20181210135638
ACCESSION NUMBER:		0001171843-18-008392
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20181210
FILED AS OF DATE:		20181210
DATE AS OF CHANGE:		20181210

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:		181225777

	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_121018.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of December 2018<BR>
Commission File No.:001-35773</P>

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REDHILL BIOPHARMA LTD.</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="exh_11.htm">Exhibit 1.1</A>: Underwriting Agreement, dated
December 6, 2018, between the Registrant and Ladenburg Thalmann &amp; Co. Inc. and Nomura Securities International Inc., as representative
of the several Underwriters</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="exh_51.htm">Exhibit 5.1</A>: Opinion of Gross, Kleinhendler,
Hodak, Halevy, Greenberg, Shenhav &amp; Co.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="exh_52.htm">Exhibit 5.2</A>: Opinion of Haynes and Boone,
LLP.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="exh_51.htm">Exhibit 23.1</A>: Consent of Gross, Kleinhendler,
Hodak, Halevy, Greenberg, Shenhav &amp; Co. (included in Exhibit 5.1).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><A HREF="exh_52.htm">Exhibit 23.2</A>: Consent of Haynes and Boone,
LLP (included in Exhibit 5.2).</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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), on July 25, 2017 (Registration
No. 333-219441) and on May 23, 2018 (Registration No. 333-225122) and its Registration Statements on Form F-3 filed with the Securities
and Exchange Commission on February 25, 2016 (Registration No. 333- 209702) and on July 23, 2018 (Registration No. 333-226278).</P>

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<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"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed"><B>REDHILL BIOPHARMA LTD</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; width: 4%">&nbsp;</TD>
    <TD STYLE="text-align: left; direction: rtl; unicode-bidi: embed; width: 46%"><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: left; 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 STYLE="text-align: left; direction: rtl; unicode-bidi: embed">&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; December 10, 2018</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: <I>/s/ Dror Ben-Asher</I></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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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exh_11.htm
<DESCRIPTION>EXHIBIT 1.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 1.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">REDHILL BIOPHARMA LTD.
<U></U></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 153.85pt 0pt 153.8pt; text-indent: 7.3pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 384.65pt; text-align: right">December 6, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 384.65pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt">Nomura Securities
International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">As Representatives of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">c/o</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.8pt 0pt 5pt">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.8pt 0pt 5pt">277 Park Avenue,
26<FONT STYLE="font-size: 10pt">th </FONT>Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.8pt 0pt 5pt">New York, NY 10172</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 315.8pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt">Nomura Securities International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt">309 West
49th Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.7pt 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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 Ladenburg Thalmann &amp; Co. Inc. (&ldquo;<U>Ladenburg</U>&rdquo;), Nomura Securities International,
Inc. (&ldquo;<U>Nomura</U>&rdquo;) and each of the other Underwriters named in Exhibit A hereto (collectively, the &ldquo;<U>Underwriters</U>,&rdquo;
which term shall also include any underwriter substituted as hereinafter provided in Section 10 hereof), for whom Ladenburg 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 2,857,143 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 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 2(b) hereof to purchase all or any part of 428,571 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 &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 15 hereof. To the extent there
are no additional underwriters listed on Exhibit A, the term &ldquo;Representative&rdquo; as used herein shall mean you, as Underwriters,
and the term &ldquo;Underwriters&rdquo; shall mean either the singular or the plural, as the context requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">The Company
has prepared and previously delivered to you a preliminary prospectus supplement dated December 4, 2018 (the &ldquo;<U>Preliminary
Prospectus Supplement</U>&rdquo;) relating to the Securities, and a related prospectus dated July 31, 2018 (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 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 December 6, 2018 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 430B and Rule 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 173(d) or otherwise), including the documents incorporated or deemed to be incorporated by reference therein pursuant to
Item 6 of Form F-3 under the 1933 Act, are herein called, collectively, the &ldquo;<U>Prospectus</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">SECTION 1. <U>Representations and Warranties.</U></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 2(d) hereof, and as of each Option
Closing Date (if any) referred to in Section 2(b) hereof and agrees with each Underwriter as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Compliance with Registration Requirements</U>. The Company meets the requirements for use of Form 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 Statements and any post-effective amendments thereto have been declared effective under the 1933 Act and any Rule
462(b) Registration Statement has become effective under the 1933 Act or, not later than 8:00 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 Statements or any Rule 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Registration
Statements, Prospectus and Disclosure at Time of Sale</U>. At the respective times that the Initial Registration Statements,
any Rule 462(b) Registration Statement and any amendments thereto became effective, at each time subsequent to the filing of
the Initial Registration Statements that the Company filed an annual report on Form 20-F (or any amendment thereto) with the
Commission, at each deemed effective date with respect to the Underwriters pursuant to Rule 430B(f)(2), and at the
Closing Date (and, if any Option Securities are purchased, at the applicable Option Closing Date), the Initial Registration
Statements, any Rule 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 40.95pt; text-align: justify; text-indent: 0.5in">At
the respective times the Prospectus or any amendment or supplement thereto was filed pursuant to Rule 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 172, would be required) by applicable law to be delivered in connection with sales
of the Securities (whether to meet the requests of purchasers pursuant to Rule 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 40.95pt; text-align: justify; text-indent: 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 D hereto, all considered together (collectively, the &ldquo;<U>General Disclosure Package</U>&rdquo;), nor (y) 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">Each
preliminary prospectus and the Prospectus and any amendments or supplements to any of the foregoing filed as part of the Registration
Statements or any amendment thereto, or filed pursuant to Rule 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">The
representations and warranties in the preceding paragraphs of this Section 1(a)(2) do not apply to statements in or
omissions from the Registration Statements, 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 6(b) hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">At the
respective times that the Initial Registration Statements, any Rule 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 Statements that the Company or any
other offering participant made a bona fide offer of the Securities within the meaning of Rule 164(h)(2), and at the date hereof,
the Company was not and is not an &ldquo;ineligible issuer&rdquo; as defined in Rule 405, in each case without taking into account
any determination made by the Commission pursuant to paragraph (2) of the definition of such term in Rule 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
164 for the use of a free writing prospectus (as defined in Rule 405) in connection with the offering contemplated hereby.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">The copies
of the Initial Registration Statements and any Rule 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 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 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 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 Statements, any preliminary prospectus or the Prospectus that has not been superseded
or modified.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Incorporated
Documents</U>. The documents incorporated or deemed to be incorporated by reference in the Registration Statements, 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 Statements, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Financial Statements</U>. The financial statements of the Company included in the Registration Statements, 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 Statements, 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 Statements 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 included
in the Registration Statements, 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 Statements, the
General Disclosure Package and the Prospectus comply with Item 10 of Regulation S-K of the Commission, to the extent applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(7)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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 Statements, 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) 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) 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) 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(8)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(9)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(10)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(11)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Authorization of the Agreement</U>. This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(12)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(13)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(14)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Absence
of Certain Regulatory Actions</U>. Except as described in the Registration Statements, the General Disclosure Package and the
Prospectus, or as would not, individually or in the aggregate, have a Material Adverse Effect, the Company has not had any
product or manufacturing site (whether Company-owned or that of a contract manufacturer for Company products or
product candidates) subject to a governmental authority (including, without limitation, the FDA) shutdown or import or export
prohibition, nor received any FDA Form 483 or other governmental authority notice of inspectional observations,
&ldquo;warning letters,&rdquo; &ldquo;untitled letters,&rdquo; requests to make changes to the Company products, processes or
operations, or similar correspondence or notice from the FDA or other governmental authority alleging or asserting material
noncompliance with any applicable laws. To the Company&rsquo;s knowledge, neither the FDA nor any other governmental
authority has threatened such action. Neither the Company nor its subsidiaries have received written notice of any claim,
action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any court, arbitrator,
Regulatory Agency or other governmental authority or third party alleging that any product operation or activity is in
violation of any health care laws, nor to the Company&rsquo;s knowledge, is any such claim, action, suit, proceeding,
hearing, enforcement, investigation, arbitration or other action threatened.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(15)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Compliance
with Certain Regulatory Matters</U>. The Company, its subsidiaries, and their respective directors and officers and, to the
Company&rsquo;s knowledge, their respective employees and agents have operated and currently are in compliance in all
material respects with applicable statutes and implementing regulations administered or enforced by the FDA, the U.S.
Drug Enforcement Administration or any other federal, state, local, or foreign (including Israeli) governmental authority,
including, without limitation, the federal Food, Drug and Cosmetic Act (21 U.S.C. &sect; 301 et seq.), the federal
Anti-kickback Statute (42 U.S.C. &sect; 1320a-7b(b)), the civil False Claims Act (31 U.S.C. &sect;3729 et seq.), the federal
False Statements Law (42 U.S.C. &sect; 1320a-7b(a)), the Civil Monetary Penalties Law (42 U.S.C. &sect;1320a-7a), all
criminal laws relating to health care fraud and abuse, including, but not limited, to 18 U.S.C. &sect;&sect; 286 and 287, the
exclusions law (42 U.S.C. &sect; 1320a-7), the statutes, regulations and directives of Medicare (Title XVIII of the Social
Security Act), Medicaid (Title XIX of the Social Security Act) and all other government funded or sponsored healthcare
programs, the Health Insurance Portability and Accountability Act of 1996 (42 U.S.C. &sect; 1320d et seq.), as amended by the
Health Information Technology for Economic and Clinical Health Act of 2009 (42 U.S.C. &sect;17921 et seq.), and all other
regulations promulgated pursuant to such laws; and any other similar local, state, federal or foreign law or regulation.
Neither the Company nor its subsidiaries are a party to, and do not have any ongoing reporting obligations pursuant to, any
corporate integrity agreement, deferred prosecution agreement, monitoring agreement, consent decree, settlement order, plan
of correction or similar agreement imposed by any governmental authority. Neither the Company, its subsidiaries nor, to the
knowledge of the Company, any of their respective directors, officers, employees or agents has been debarred, excluded or
suspended from participation in or receiving payment from any federal, state or local government health care program or is
subject to an audit, investigation, proceeding or other similar action by any governmental authority that could reasonably be
expected to result in debarment, suspension or exclusion.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(16)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements, the General Disclosure Package and the Prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(17)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements,
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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(18)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(19)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements, 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(20)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 20-F for the fiscal year ended December 31, 2017 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;A. Financial Statements and Other 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 Statements, 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 Statements, 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 Statements or the
documents incorporated or deemed to be incorporated by reference therein which have not been so described and filed as required.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(21)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Possession
of Intellectual Property</U>. Except as otherwise disclosed in the Registration Statements, 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 Statements, 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 Statements, 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 Statements, 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 Statements, 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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 40.95pt; text-align: justify"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(22)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Clinical
Studies</U>. The current status of discussions with regulatory authorities is accurately described in the Registration
Statements, 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 Statements, 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 Statements, 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 Statements, 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), federal, state or local governmental body exercising comparable
authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(23)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(24)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Absence
of Further Requirements</U>. (A) 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) no
authorization, approval, vote or consent of any holder of shares or other securities of the Company or creditor of
the Company, (C) no authorization, approval, waiver or consent under any Company Document or Organizational Document, and (D)
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 Statements, 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 Global 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(25)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(26)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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) are described in the Registration Statements, the General Disclosure Package and the Prospectus or (b) 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 Statements, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(27)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(28)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Environmental
Laws</U>. Except as described in the Registration Statements, 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) 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 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) 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) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(29)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Absence of Registration Rights</U>. Except as described in the Registration Statements, 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 Statements or included in the offering contemplated by this Agreement or
(B) 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 the 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(30)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Parties to Lock-Up Agreements</U>. Each of the persons listed on Exhibit B hereto has executed and delivered to
the Representatives a lock-up agreement in the form of Exhibit C hereto. Exhibit B hereto contains a true, complete and correct
list of all directors and officers of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(31)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(32)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(33)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(34)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Tax
Returns</U>. Each of the Company and the Subsidiary has filed all foreign (including Israeli), 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(35)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(36)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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) transactions are executed in accordance with management&rsquo;s general or
specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements in
conformity with IFRS and to maintain asset accountability; (C) access to assets is permitted only in accordance with
management&rsquo;s general or specific authorization; and (D) 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 Statements, the General Disclosure Package and the Prospectus, there has not been (1) 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 Statements, the General Disclosure Package and the
Prospectus or at any time subsequent thereto, any material weakness (as defined in Rule 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) 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 Statements, 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 40.95pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 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 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 Statements,
the General Disclosure Package and the Prospectus or at any time subsequent thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(37)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Compliance with the Sarbanes-Oxley Act</U>. There is and has been no failure on the part of the Company or 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 402 related to loans and Sections 302 and 906
related to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(38)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Pending Proceedings and Examinations; Comment Letters</U>. The Registration Statements is not the subject of a
pending proceeding or examination under Section 8(d) or 8(e) of the 1933 Act, and the Company is not the subject of a pending proceeding
under Section 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 Statements,
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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(39)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.95pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(40)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Statistical and Market-Related Data</U>. Any statistical, demographic, market- related and similar data included
in the Registration Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(41)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements, the General Disclosure Package or the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(42)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Bank Secrecy Act, as amended <FONT STYLE="letter-spacing: 0.15pt">by </FONT>Title III of
the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA
PATRIOT Act), 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(43)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Foreign
Corrupt Practices Act</U>. Neither the Company nor the Subsidiary, or any director or officer nor, to the knowledge of the
Company, any 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(44)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT><U>Sanctions</U>.
Neither the Company nor any of its subsidiaries, nor any director or officer of the Company or its subsidiaries, nor, to the
knowledge of the Company, any agent, employee or representative of the Company or its subsidiaries, affiliate or other person
acting on behalf of the Company or its subsidiaries is currently the subject or target of any sanctions administered or
enforced by the U.S. government (including, without limitation, the Office of Foreign Assets Control of the U.S. Treasury
Department or the U.S. Department of State and including, without limitation, the designation as a &ldquo;specially
designated national&rdquo; or &ldquo;blocked person&rdquo;), the United Nations Security Council, the European Union, Her
Majesty&rsquo;s Treasury or other relevant sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the
Company or any of its subsidiaries located, organized or resident in a country or territory that is the subject or the target
of Sanctions, including, without limitation, Cuba, Iran, North Korea, the Crimean region, Sudan and Syria (each, a
&ldquo;<U>Sanctioned Country</U>&rdquo;); and the Company will not directly or indirectly use the proceeds of the offering of
the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture
partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time
of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or
business in any Sanctioned Country or (iii) 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 Sanctions. For the past
five years, the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not
knowingly engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was
the subject or the target of Sanctions or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 40.95pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(45)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(46)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Lending and Other Relationship</U><I>. </I>Except as disclosed in the Registration Statements, 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 Statements, the General Disclosure Package
or Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(47)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Changes in Management</U>. Except as disclosed in the Registration Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(48)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(49)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(50)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(51)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(52)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(53)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(54)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(55)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(56)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(57)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(58)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(59)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(60)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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(b) hereof 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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(61)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></FONT><U>Communications</U>. <FONT STYLE="letter-spacing: -0.15pt">In</FONT> 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 Statements, any preliminary
prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt; text-align: justify; text-indent: 0.5in">(b) <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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">SECTION 2. <U>Sale and Delivery; Closing.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 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 A hereto
plus any additional number of Initial Securities which such Underwriter may become obligated to purchase pursuant to the provisions
of Section 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 $6.58.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 A hereto, at a price of $6.58 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 10 hereof), 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 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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reserved</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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
A.M. (New York City time) on December 11, 2018 (unless postponed in accordance with the provisions of Section 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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 two 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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. The Representatives 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Discretionary Fee</U>. As compensation for services rendered as an Underwriter, the Company may at its election
pay to certain of the Underwriters 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">SECTION
3. <U>Covenants of the Company</U>. The Company covenants with each Underwriter as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Compliance
with Securities Regulations and Commission Requests</U><I>.</I> The Company, subject to Section 3(b), will comply with the
requirements of Rule 430B and Rule 433 and will notify the Representatives promptly, and confirm such notice in writing, (i)
when any Rule 462(b) Registration Statements or any post-effective amendment to the Registration Statements 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) 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)
of any request by the Commission for any amendment to the Registration Statements 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) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statements 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, any Rule 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 172, would be required) to be delivered by applicable
law (whether to meet the requests of purchasers pursuant to Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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&nbsp; 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 172, would
be required) to be delivered by applicable law (whether to meet the request of purchasers pursuant to Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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 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 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 Statements or amend or supplement the General
Disclosure Package or the Prospectus so that the Registration Statements, 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 Statements 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 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 Statements, 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 Statements 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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Rule 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 11(a) of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 42.7pt"><FONT STYLE="letter-spacing: -1.5pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 42.7pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 39.35pt"><FONT STYLE="letter-spacing: -1.5pt">(i
i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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
462(b) Registration Statement filed to register Securities to be sold to the Underwriters pursuant to this Agreement), or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 39.35pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(i
i i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.95pt; text-align: justify">whether any transaction
described in clause (i) or (iii) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5.95pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>issue the Securities to the Underwriters pursuant to this Agreement,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>issue ADSs or Ordinary Shares upon the exercise of stock options issued under stock option or other equity incentive
plans referred to in clause (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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 78pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 3pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in"><FONT STYLE="letter-spacing: -0.15pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 78pt; text-align: justify; text-indent: 0in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 78pt; text-align: justify; text-indent: 0in">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 5,000,000 Ordinary Shares during the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 77.95pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 77.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reporting Requirements</U><I>. </I>The Company, during the period when the Prospectus is required (or, but for
the provisions of Rule 172, would be required) by applicable law to be delivered (whether to meet the request of purchasers pursuant
to Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Preparation of Prospectus</U><I>.</I> Immediately following the execution of this Agreement, the Company will,
subject to Section 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 424(b) (without reliance on Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">SECTION 4. <U>Payment of Expenses.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Expenses</U><I>. </I>The Company will pay all expenses incident to the performance of its obligations under this
Agreement, including (i) the preparation, printing and filing of the Registration Statements and each amendment thereto (in each
case including exhibits) and any costs associated with electronic delivery of any of the foregoing, (ii) 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) 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) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the qualification
or exemption of the Securities under securities laws in accordance with the provisions of Section 3(f) hereof, including filing
fees, (vi) 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) 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) the fees and expenses of the attorneys-in-fact,
the custodian and the transfer agent, registrar and Depositary for the Securities, (ix) the filing fees and fees of counsel to
the Underwriters incident to the review, if any, by FINRA of the terms of the sale of the Securities, such fees of counsel not
to exceed $10,000, (x) 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) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination of Agreement</U><I>. </I>If this Agreement is terminated by the Representatives in accordance with
the provisions of Section 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Effectiveness of Registration Statements</U><I>. </I>The Initial Registration Statements and any post-effective
amendments thereto and any Rule 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 Statements or any Rule 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 424(b) (without reliance upon Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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; (ii) of Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &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 Greenberg Traurig, LLP, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Officers&rsquo; Certificate</U><I>. </I>At the Closing Date1, 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 Statements, 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) there has been no such material adverse change, (ii) 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) 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) no stop order
suspending the effectiveness of the Registration Statements 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 (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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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 Statements, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">1 NTD: already disclosed in option closing section clause
(m)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="letter-spacing: -1.5pt">(i)</FONT></TD><TD STYLE="text-align: left"><U>Approval of Listing</U><I>. </I>At the Closing Date, and each Option Closing Date, if any,</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify">(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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 C hereto signed by each of the persons listed in Exhibit B hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions to Purchase of Option Securities</U><I>. </I>In the event that the Underwriters exercise their option
provided in Section 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 5 and to the further condition that, at the applicable Option
Closing Date, the Representatives shall have received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 5(b) hereof, 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 5(b) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 5(c) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: left; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

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

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    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(4)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 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 Statements,
any Issuer Free Writing Prospectus (other than any electronic road show) and the Prospectus subsequent to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 41pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(6)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements,
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 Statements,
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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Reserved.</U></P>


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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

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

<!-- Field: Page; Sequence: 34 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination of Agreement</U><I>. </I>If any condition specified in this Section 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 the 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 4 hereof and except that, in the case of any such termination of this Agreement,
Sections 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">SECTION 6. <U>Indemnification.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 42.7pt"><FONT STYLE="letter-spacing: -1.45pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;
</FONT></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 Statements
(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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 41pt; text-align: justify; text-indent: 42.7pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 39.35pt"><FONT STYLE="letter-spacing: -1.45pt">(i
i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 41pt; text-align: justify; text-indent: 39.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 41pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.45pt">(i
&nbsp;i i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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) or <FONT STYLE="letter-spacing: -0.05pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp; </FONT></FONT>above,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify"><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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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 Statements 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 Statements
(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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5.95pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.5pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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 6(a)(ii) effected without its written
consent if (1) such settlement is entered into more than 60 days after receipt by such indemnifying party of the aforesaid
request, <FONT STYLE="letter-spacing: -0.05pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT>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) such indemnifying party shall not have reimbursed such indemnified party in accordance with such request
prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">SECTION
7. <U>Contribution. </U><FONT STYLE="letter-spacing: -0.15pt">In </FONT>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 the
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 Statements 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">SECTION 9. <U>Termination of Agreement.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.45pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT></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) 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)
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 <FONT STYLE="letter-spacing: -0.05pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp; </FONT></FONT>if
(A) 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) 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) a material disruption has occurred in commercial banking or securities
settlement or clearance services in the United States, Israel or Europe or (iv) if a banking moratorium has been declared by
either Federal or New York authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.45pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Liabilities</U><I>. </I>If this Agreement is terminated pursuant to this Section 9, such termination shall be
without liability of any party to any other party except as provided in Section 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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 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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.35pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 42pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.35pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 42pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in">No action
taken pursuant to this Section 10 shall relieve any defaulting Underwriter from liability in respect of its default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">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 Statements, 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 10.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">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 Ladenburg Thalmann &amp; Co. Inc., 277 Park
Avenue, 26<FONT STYLE="font-size: 10pt">th </FONT>Floor, New York, NY 10172, Attention: Barry Steiner, and at 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. +1 646 587-8768, with a copy to the General Counsel<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 6473921, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
13. <U>GOVERNING LAW AND TIME. </U>THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED <FONT STYLE="letter-spacing: -0.15pt">IN</FONT>
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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
14. <U>Effect of Headings. </U>The Section and Exhibit headings herein are for convenience only and shall not affect the construction
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
15. <U>Definitions. </U>As used in this Agreement, the following terms have the respective meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Time</U>&rdquo; means 8:45 a.m. (New York City time) on December 6, 2018 or such other time as agreed by the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<U>Commission</U>&rdquo; means the Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Company
Documents</U>&rdquo; means (i) all Subject Instruments and (ii) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<U>DTC</U>&rdquo; means The Depository Trust
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>EDGAR</U>&rdquo;
means the Commission&rsquo;s Electronic Data Gathering, Analysis and Retrieval System.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.05pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Existing
Warrants</U>&rdquo; means any warrants to purchase Ordinary Shares outstanding on the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>FINRA</U>&rdquo;
means the Financial Industry Regulatory Authority Inc. or the National Association of Securities Dealers, Inc. (&ldquo;<U>NASD</U>&rdquo;),
or both, as the context shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&ldquo;<U>GAAP</U>&rdquo; means generally accepted
accounting principles of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Initial
Registration Statements</U>&rdquo; means the Company&rsquo;s registration statements on Form F&ndash; 3 (Registration Nos. 333-209702
and 333-226278), as amended (if applicable), including the documents incorporated or deemed to be incorporated by reference therein
pursuant to Item 6 of Form F&ndash;3 under the 1933 Act and the Rule 430B Information; provided that any Rule 430B Information
shall be deemed to be part of the Initial Registration Statements only from and after the time such information is deemed, pursuant
to Rule 431B, to be part of the Initial Registration Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Issuer
Free Writing Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433, relating to
the offering of the Securities that (i) is required to be filed with the Commission by the Company, (ii) is a &ldquo;road show&rdquo;
that is a &ldquo;written communication&rdquo; within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with
the Commission, or (iii) is exempt from filing pursuant to Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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 E hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Lien</U>&rdquo;
means any security interest, mortgage, pledge, lien, encumbrance, claim or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<U>NYSE</U>&rdquo; means the New York Stock
Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>OFAC</U>&rdquo; means the Office of
Foreign Assets Control of the U.S. Treasury Department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Organizational Documents</U>&rdquo; means (a) in the case
of a corporation, its articles of association, charter and by-laws or similar organizational document; (b) in the case of a
limited or general partnership, its partnership certificate, certificate of formation or similar organizational document and
its partnership agreement; (c) 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) 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) in the case of any other entity,
the organizational and governing documents of such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 39pt">&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 F-3 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 39pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<U>PCAOB</U>&rdquo; means the Public Company
Accounting Oversight Board (United States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in">&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 F-3 under the 1933 Act. The term &ldquo;preliminary prospectus&rdquo; includes, without limitation, the
Pre-Pricing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Registration
Statements</U>&rdquo; means the Initial Registration Statements; provided that, if a Rule 462(b) Registration Statement is filed
with the Commission, then the term &ldquo;Registration Statements&rdquo; shall include such Rule 462(b) Registration Statement
from and after the time of such filing, <U>mutatis mutandis</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&ldquo;<U>Regulation S-T</U>&rdquo; means Regulation
S-T of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 39pt">&ldquo;<U>Repayment
Event</U>&rdquo; means any event or condition which, either immediately or with notice or passage of time or both, (i) 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) 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 43 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 39pt">&ldquo;<U>Rule 164</U>,&rdquo;&#9;&ldquo;<U>Rule
172</U>,&rdquo;&#9;&ldquo;<U>Rule 173</U>,&rdquo;&#9;&ldquo;<U>Rule 405</U>,&rdquo;&#9;&ldquo;<U>Rule
424(b)</U>,&rdquo;&#9;&ldquo;<U>Rule&#9;431B</U>,&rdquo;&#9;&ldquo;<U>Rule 433</U>&rdquo; and &ldquo;<U>Rule 462(b)</U>&rdquo;
refer to such rules under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule
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 430B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Rule
462(b) Registration Statement</U>&rdquo; means a registration statement filed by the Company pursuant to Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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 Statements; provided that if any instrument, agreement or other
document filed or incorporated by reference as an exhibit to the Registration Statements 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>1933 Act</U>&rdquo; means the Securities Act
of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>1933 Act Regulations</U>&rdquo; means the
rules and regulations of the Commission under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>1934 Act</U>&rdquo; means the Securities Exchange
Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>1934 Act Regulations</U>&rdquo; means the
rules and regulations of the Commission under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>1940 Act</U>&rdquo; means the Investment Company
Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">All
references in this Agreement to the Registration Statements, the Initial Registration Statements, any Rule 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.95pt 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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 Statements, Initial Registration Statements, 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 Statements, the Initial Registration Statements, 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 Statements, 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 Statements, the Initial Registration Statements, any Rule
462(b) Registration Statement, such preliminary prospectus or the Prospectus, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 2.5pt; text-align: right; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">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 433) or that otherwise
constitutes or would constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule 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 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 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
17. <U>Absence of Fiduciary Relationship. </U>The Company acknowledges and agrees that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.1pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -1.25pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;
</FONT></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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 5pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.65pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 6pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5.95pt; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; 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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
24. <U>Lock-up Agreements</U>. Nomura hereby agrees that it will not waive any provision of, or release any party from the restrictions
of, the lock-up agreements delivered to the Representatives pursuant to Section 5(j) hereof without also obtaining the written
consent of Ladenburg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">SECTION
25. <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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; 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 Statements,
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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.7pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center"><B>[Signature Page Follows]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.9pt 0pt 174.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 42.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 42.85pt 0pt 5pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.7pt 0pt 255.9pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.7pt 0pt 255.9pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 175.7pt 0pt 255.9pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 257pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">REDHILL BIOPHARMA LTD.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%"></TD>
    <TD STYLE="width: 3%">By</TD>
    <TD STYLE="padding-right: 42.9pt; width: 31%; border-bottom: Black 1pt solid">/s/ Dror Ben-Asher</TD>
    <TD STYLE="padding-right: 42.9pt; width: 12%"><BR> </TD>
</TR>

<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">Name: Dror Ben-Asher</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">Title: Chief Executive Officer</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="padding-right: 42.9pt; border-bottom: Black 1pt solid">/s/ Micha Ben Chorin</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">Name: Micha Ben Chorin</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">Title: Chief Financial Officer</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.3pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 279.3pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">CONFIRMED AND ACCEPTED, as of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">LADENBURG THALMANN &amp; CO. INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 31%">/s/ David J. Strupp, Jr.</TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: David J. Strupp, Jr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
</TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 23pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">NOMURA SECURITIES INTERNATIONAL, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P>

</TD>
    <TD STYLE="width: 94%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title:</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P>



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

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

<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[<I>Signature Page to Underwriting Agreement</I>]</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt"></P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 5pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">If
</FONT>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: 10pt Times New Roman, Times, Serif; margin: 0pt 85.65pt 0pt 76.85pt; text-align: justify; text-indent: 34.85pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">REDHILL BIOPHARMA LTD.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>By</TD><TD COLSPAN="2" STYLE="padding-right: 42.9pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%"></TD>
    <TD STYLE="width: 3%"></TD>
    <TD STYLE="padding-right: 42.9pt; width: 28%">Name: Dror Ben-Asher<BR> Title: Chief Executive Officer</TD>
    <TD STYLE="padding-right: 42.9pt; width: 15%"><BR> </TD>
</TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 42.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD COLSPAN="2" STYLE="padding-right: 42.9pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD></TD>
    <TD STYLE="padding-right: 42.9pt">Name: Micha Ben Chorin<BR> Title: Chief Financial Officer</TD>
    <TD STYLE="padding-right: 42.9pt"><BR> </TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 142.75pt 0pt 247.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 142.75pt 0pt 247.4pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 340.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 128.35pt 0pt 340.7pt; text-indent: -0.25pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.35pt">CONFIRMED AND ACCEPTED, as of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.15pt">date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 77.15pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.8pt">LADENBURG THALMANN &amp; CO. INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 76.8pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Name:</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Title:</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD COLSPAN="3">NOMURA SECURITIES INTERNATIONAL, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 63%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Mark Connelly</TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Name: Mark Connelly</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Title: Managing Director</TD></TR>
</TABLE>

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

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

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

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

<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 4pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[<I>Signature Page to Underwriting Agreement</I>]</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&nbsp;</P><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.4pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">Number of Initial Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 61%; padding-left: 10pt"><FONT STYLE="font-size: 10pt"><U>Name of Underwriter</U></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-size: 10pt"><U>ADSs</U></FONT></TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Ladenburg Thalmann &amp; Co. Inc. ................................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1,571,430</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Nomura Securities International, Inc. ........................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">714,286</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">H.C. Wainwright &amp; Co., LLC........................................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">428,571</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">LifeSci Capital LLC, LLC ..............................................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">57,143</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">Ascendiant Capital Markets .......................................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,571</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">SMBC Nikko Securities America, Inc. .......................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,571</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 10pt">WBB Securities LLC ....................................................</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">28,571</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">Total ......................................................................</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 31.6pt"></P></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,857,143</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.45pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.45pt; text-align: center">LIST OF PERSONS SUBJECT
TO LOCK-UP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 105.5pt 0pt 105.45pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.25pt 0pt 181.1pt; text-align: center">Dror Ben-Asher</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.25pt 0pt 181.1pt; text-align: center">Eric Swenden&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Dr.
Kenneth Reed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Dr. Shmuel Cabilly</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Dan Suesskind</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Ofer Tsimchi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">&nbsp;Rick
D. Scruggs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Nurit Benjamini</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Nicolas Weinstein</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Reza Fathi, Ph.D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Gilead
Raday</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Adi Frish</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 172.95pt 0pt 173.05pt; text-align: center; text-indent: -0.3pt">Micha
Ben Chorin</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 174.3pt 0pt 175.35pt; text-indent: 21.7pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">Guy Goldberg</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">Einav Nagar</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">Razi Ingber</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 181.15pt 0pt 181.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.8pt 0pt 146.75pt; text-align: center">EXHIBIT C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.8pt 0pt 146.75pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.8pt; text-align: center">FORM OF LOCK-UP AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 146.8pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: right; text-indent: 22.05pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: right; text-indent: 22.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt">Nomura Securities
International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">As Representatives of the Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">c/o</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.3pt 0pt 6pt">Ladenburg Thalmann &amp; Co. Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.3pt 0pt 6pt">277 Park Avenue,
26<FONT STYLE="font-size: 10pt">th </FONT>Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.3pt 0pt 6pt">New York, NY 10172</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 329.3pt 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt">Nomura Securities International, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt">309 West
49th Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 309.55pt 0pt 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 231.75pt 0pt 6pt">RE:&#9;RedHill Biopharma Ltd. (the &ldquo;<B>Company</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 231.75pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 231.75pt 0pt 6pt">Ladies &amp; Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 231.75pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 5.95pt">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 Ladenburg Thalmann &amp; Co. Inc. (&ldquo;<B>Ladenburg </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: 10pt Times New Roman, Times, Serif; margin: 0pt 9.2pt 0pt 5.95pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 5.95pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 8.85pt 0pt 5.95pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.7pt 0pt 5.95pt">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 Ladenburg and Nomura, which may withhold their consent in their sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.7pt 0pt 5.95pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 19.75pt">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: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">enter into any Swap,</TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 9.45pt">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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">publicly announce any intention to do any of the foregoing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5.95pt">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) Ladenburg 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: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5.95pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5.95pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 9.9pt">each transferee executes and delivers to Ladenburg and Nomura an agreement in
form and substance satisfactory to Ladenburg 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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 12.75pt">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: 10pt Times New Roman, Times, Serif"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.8pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27.8pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 27.8pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 14.15pt 0pt 5pt">With respect to the Offering only, the undersigned
waives any registration rights relating to registration under the Securities Act of the offer and sale of any 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: 10pt Times New Roman, Times, Serif; margin: 0pt 14.15pt 0pt 5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 4.95pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.75pt 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.45pt 0pt 5pt">If the Underwriting Agreement is not executed
by the parties thereto prior to December 31 , 2018, this letter agreement shall automatically terminate and become null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.45pt 0pt 5pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5pt">This letter agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 5pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[<B><I>The Remainder of This Page Intentionally Left
Blank; Signature Page Follows</I></B>]</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 28%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 72%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Signature</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>Printed Name of Person Signing</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.7pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt"><I>(Indicate capacity of person signing if</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt"><I>signing
as custodian or trustee, or on behalf</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt"><I>of an entity)</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 240.3pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 170.8pt 0pt 172.75pt; text-align: center; text-indent: 0.25pt"><B>Certain
Defined Terms <U></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 170.8pt 0pt 172.75pt; text-align: center; text-indent: 0.25pt"><B><U>Used in Lock-up Agreement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 170.8pt 0pt 172.75pt; text-align: center; text-indent: 0.25pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 5pt">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: 10pt Times New Roman, Times, Serif; margin: 0pt 7.1pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 13.05pt">&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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">&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: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 10.7pt">&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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify; padding-right: 4.9pt">&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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 16.4pt">&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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 21.8pt">&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: 10pt Times New Roman, Times, Serif"></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">&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: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">&ldquo;<B>Sell or Offer to Sell</B>&rdquo; shall mean to:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">sell, offer to sell, contract to sell or lend,</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 6.65pt">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: 10pt Times New Roman, Times, Serif"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 59pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">pledge, hypothecate or grant any security interest in, or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 59pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">in any other way transfer or dispose of,</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 210.95pt 0pt 5pt; text-align: left; text-indent: 0.75in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 210.95pt 0pt 5pt; text-align: left; text-indent: 0.75in">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">in each case whether effected directly or indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 210.95pt 0pt 5pt; text-align: left; text-indent: 0.75in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 210.95pt 0pt 5pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left; padding-right: 29.5pt">&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: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">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: 10pt Times New Roman, Times, Serif; margin: 0pt 5.1pt 0pt 5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">EXHIBIT D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center"><U>PRICE-RELATED INFORMATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 129.25pt 0pt 149pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 6pt">Number of ADSs being offered: 3,285,714 (including
428,571 ADSs issuable pursuant to the Underwriters&rsquo; option to purchase additional ADSs)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.35pt 0pt 6pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 250.7pt 0pt 5.95pt">Public offering price per ADS: $7.00</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 250.7pt 0pt 5.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 250.7pt 0pt 5.95pt">Underwriting
discounts and commissions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 250.7pt 0pt 5.95pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">4% per ADS ($0.28 per ADS) allocated to investors located in Israel</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">6% per ADS ($0.42 per ADS) allocated to all other investors</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">1% at the Company&rsquo;s discretion</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.05pt 0pt 6pt">Settlement date: December 11, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.05pt 0pt 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.05pt 0pt 6pt">Price to the
Underwriters:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.05pt 0pt 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">$6.72 per ADS to investors located in Israel</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">$6.58 per ADS to all other investors</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 31.45pt; text-align: center">EXHIBIT E</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 31.45pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 31.6pt; text-align: center">ISSUER GENERAL USE FREE
WRITING PROSPECTUSES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 48.35pt 0pt 31.6pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 4pt; text-align: center">EXHIBIT F</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.8pt 0pt 4pt; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 4pt; text-align: center">PERMITTED SECTION 5(d) COMMUNICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71.85pt 0pt 4pt; text-align: center">&nbsp;</P>



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

<P STYLE="margin: 0">None.</P>

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

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

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

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>exh_51.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font-size: 10pt; text-align: left; margin: 0pt 0"><B><IMG SRC="gkh_logo.jpg" ALT=""></B></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">December 6, 2018</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">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; 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 2,857,143 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 issuance and sale to the Underwriters
of an additional 428,571 American Depository Shares if the Underwriters exercise their option to purchase additional American Depository
Shares (together with the Public Offering ADSs, the &quot;Public Offering Securities&quot;) pursuant to the terms of an underwriting
agreement dated December 6, 2018 (the &ldquo;Underwriting Agreement&rdquo;) by and between the Company, Ladenburg&nbsp;Thalmann&nbsp;&amp;
Co. Inc. and Nomura Securities International, Inc. as representatives of the several underwriters named therein (the &ldquo;Underwriters&rdquo;).
The ADSs are being issued pursuant to registration statements on Form F-3 (Registration Statements No. 333-209702 and No. 333-226278)
(collectively, 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 the Registration Statement, and the prospectus supplement dated December 6, 2018 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; margin: 0pt 0"></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"><IMG SRC="gkh_logo.jpg" ALT=""></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; text-indent: 0.5in; margin: 0pt 0"><A NAME="a_001"></A>We hereby consent to the filing of this opinion
as an exhibit to the Company&rsquo;s report on Form 6-K dated December 10, 2018 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.</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 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: 58%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 42%">
        <P STYLE="font-size: 10pt; margin: 0pt 0">Very truly yours,</P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>
        <P STYLE="font-size: 10pt; margin: 0pt 0"></P>
        <P STYLE="font-size: 10pt; margin: 0pt 0"><U>/s/ Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav &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, Shenhav &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="margin: 0">&nbsp;</P>

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

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">2</P>

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

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

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

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B></B></P>

<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0">HAYNES AND BOONE, LLP</P>



<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B></B></P>

<P STYLE="font-size: 10pt; margin: 0pt 0">December 6, 2018</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) 2,857,143 American Depositary Shares (the &ldquo;Firm ADSs&rdquo;), each Firm 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 428,571 American Depositary Shares if the Underwriters
exercise their option to purchase additional American Depositary Shares (together with the Firm ADSs, the &ldquo;ADSs&rdquo;),
pursuant to registration statements on Form F-3 (Registration Statement Nos. 333-209702 and 333-226278) (collectively, 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, and on July 23, 2018, respectively, and on the related
base prospectus dated July 31, 2018, which forms a part of the Registration Statement and the final prospectus supplement dated
December 6, 2018, 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 December 6, 2018 (the &ldquo;Underwriting Agreement&rdquo;), by and among the Company, Ladenburg&nbsp;Thalmann&nbsp;&amp;
Co. Inc., Nomura Securities International, Inc. and each of the other underwriters named in Exhibit&nbsp;A thereto (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">&nbsp;</P>

<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">December 6, 2018</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">&nbsp;</P>

<P STYLE="font-size: 10pt; margin: 0pt 0"></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 December 6, 2018, 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-top: 0pt; margin-bottom: 0pt; text-align: left">&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="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="margin: 0; text-align: left"><B></B></P>

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<P STYLE="margin: 0; text-align: left"><B>&nbsp;</B></P>

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