Exhibit 1.1
1,600,000 UNITS
BIONDVAX PHARMACEUTICALS, LTD.
UNDERWRITING AGREEMENT
December 16, 2022
Aegis Capital Corp.
810 Seventh Avenue
New York, New York 10019
Ladies and Gentlemen:
The undersigned, BiondVax Pharmaceuticals, Ltd.,
a company incorporated under the laws of Israel (collectively with its Subsidiaries (as defined below), if any, the “Company”),
hereby confirms its agreement (this “Agreement”) with Aegis Capital Corp. (the “Underwriter”) on
the terms and conditions set forth herein. The Underlying Shares (as defined below) are to be deposited pursuant to a deposit agreement,
as amended, dated May 11, 2015 (the “Deposit Agreement”), among the Company, The Bank of New York Mellon, as depositary
(the “Depositary”), and holders and beneficial holders from time to time of the ADRs (as defined below) issued by the
Depositary and evidencing the ADSs (as defined below). Each ADS represents 400 Ordinary Shares (as defined below) deposited pursuant to
the Deposit Agreement.
The Closing Units are to be offered to the public
at the public offering price set forth herein.
It is further understood that you will act as the
Underwriter in the offering and sale of the Closing Units (as defined below) and, if any, the Option Securities (as defined below) in
accordance with this Agreement.
ARTICLE I.
DEFINITIONS
1.1 Definitions. In addition to the
terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this
Section 1.1:
“Action” shall have the meaning
ascribed to such term in Section 3.1(l).
“ADRs” means the American
Depositary Receipts issued by the Depositary and evidencing the ADSs.
“ADS Purchase Price”
shall have the meaning ascribed to such term in Section 2.1(b).
“ADSs” means the American
Depositary Shares of the Company, each ADS representing 40 Ordinary Shares.
“Affiliate” means
with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with such Person as such terms are used in and construed under Rule 405 under the Securities Act.
“Applicable Time”
means 9:00 a.m., Eastern time, on the date of this Agreement.
“Board of Directors”
means the board of directors of the Company.
“Business Day” means
any day other than Saturday and Sunday or other day on which commercial banks in the City of New York or Israel are authorized or required
by law to remain closed; provided, however, for clarification, commercials banks shall not be deemed to be authorized
or required by law to remain closed due to “stay at home,” “shelter in place,” “non-essential employee”
or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority
so long as electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York or Israel generally
are open for use by customers on such day.
“Closing” means the
closing of the purchase and sale of the Firm Shares pursuant to Section 2.1.
“Closing Date” means
the hour and the date on the Trading Day on which all conditions precedent to (i) the Underwriter’s obligations to pay the Closing
Purchase Price and (ii) the Company’s obligations to deliver the Firm Shares, in each case, have been satisfied or waived, but in
no event later than 11:15 a.m. (New York City time) on the second (2nd) Trading Day following the date hereof or at such earlier
time as shall be agreed upon by the Underwriter and the Company.
“Closing Purchase Price”
shall have the meaning ascribed to such term in Section 2.1(b), which aggregate purchase price shall be net of the underwriting discounts
and commissions.
“Closing Shares” shall
have the meaning ascribed to such term in Section 2.1(a)
“Closing Pre-funded Unit”
shall have the meaning ascribed to such term in Section 2.1(a)
“Closing Units” shall
have the meaning ascribed to such term in Section 2.1(a)
“Commission” means
the United States Securities and Exchange Commission.
“Company Auditor”
means Kost Forer Gabbay & Kasierer, a Member of Ernst & Young Global.
“Deposit Agreement”
means the deposit agreement, as amended, dated May 11, 2015, among the Company, The Bank of New York Mellon as Depositary and the owners
and holders of ADSs from time to time, as such agreement may be amended or supplemented.
“Depositary” means
The Bank of New York Mellon, as depositary under the Deposit Agreement.
“Exchange Act” means
the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
“Execution Date” shall
mean the date on which the parties execute and enter into this Agreement.
“Exempt Issuance”
means, provided that such securities are issued as “restricted securities” (as defined in Rule 144) (other than in the case
of clause (a) below for securities registered under a Registration Statement on Form S-8) and carry no registration rights that require
or permit the filing of any registration statement in connection therewith within 90 days following the Closing Date and are sold or issued
at an effective price per Ordinary Share or ADS equal to or greater than the public offering price of the Shares (other than in the case
of clause (e) below), the issuance of (a) Ordinary Shares or options to employees, service providers, officers or directors of the Company
pursuant to any stock or option plan duly adopted for such purpose by the Board of Directors or a majority of the members of a committee
of non-employee directors established for such purpose for services rendered to the Company and the filing of a Registration Statement
on Form S-8 related thereto provided that any such persons shall have executed a lock-up on any sales of securities of the Company during
the prohibition period in Section 4.18 herein, (b) securities upon the exercise or exchange of or conversion of any Shares issued hereunder
and/or other securities exercisable or exchangeable for or convertible into Ordinary Shares issued and outstanding on the date of this
Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities
or to decrease the exercise price, exchange price or conversion price of such securities, (c) securities issued pursuant to acquisitions
or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued
as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of
any registration statement in connection therewith during the prohibition period in Section 4.18 herein, and provided that any such issuance
shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or
an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in
addition to the investment of funds (other than in connection with the acquisition of a German private company in connection with the
GEM Facility), but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital
or to an entity whose primary business is investing in securities, (d) the execution of, and issuance of Company securities pursuant to,
the GEM Facility (for the avoidance of doubt, during the Stand-Still Period, the Company shall not issue a Draw Down Notice as defined
in the GEM Facility) and ) and (e) the issuance to Max Planck Society (“MPG”) or one of its affiliates of ADSs pursuant
to the License Agreement, dated December 11, 2021, between the Company and MPG, provided that any such persons shall have executed a lock-up
on any sales of securities of the Company during the prohibition period in Section 4.18 herein.
“FCPA” means the Foreign
Corrupt Practices Act of 1977, as amended.
“FINRA” means the
Financial Industry Regulatory Authority.
“Firm Shares” shall
have the meaning ascribed to such term in Section 2.1(a)(i).
“GEM Facility” means
the Purchase Agreement to be entered into between the Company and GEM Yield Bahamas Limited or an affiliate for a share subscription facility
with a total commitment of up to $50.0 million and related warrant.
“IFRS” shall have
the meaning ascribed to such term in Section 3.1(j).
“Indebtedness” means
(a) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary
course of business), (b) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or
not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by
endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (c) the
present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with IFRS.
“Israeli Counsel”
means Gross & Co. Law Firm, with offices located at One Azrieli Center, Round Building Tel Aviv 6701101, Israel.
“Liens” means a lien,
charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.
“Lock-Up Agreements”
shall mean the lock-up agreements that delivered on the date hereof by each of the Company’s executive officers and directors in
the form of Exhibit D attached hereto.
“Material Adverse Effect”
means (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect
on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken
as a whole or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its
obligations under any Transaction Document.
“Offering” means the
offering and sale of the Shares as set forth herein.
“Option Closing” means
the closing of the purchase and sale of the Option Shares pursuant to Section 2.2.
“Option Closing Date”
shall have the meaning ascribed to such term in Section 2.2(c).
“Option Closing Purchase Price”
shall have the meaning ascribed to such term in Section 2.2(b), which aggregate purchase price shall be net of the underwriting discounts
and commissions.
“Option Shares” shall
have the meaning ascribed to such term in Section 2.2(a).
“Option Pre-funded Warrants”
shall have the meaning ascribed to such term in Section 2.2(a).
“Ordinary Shares”
means the ordinary shares of the Company, no par value per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.
“Ordinary Share Equivalents”
means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Ordinary Shares
or ADSs, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible
into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Ordinary Shares.
“Over-Allotment Option”
shall have the meaning ascribed to such term in Section 2.2(a).
“Person” means an
individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint
stock company, government (or an agency or subdivision thereof) or other entity of any kind.
“Pre-funded Warrant”
shall have the meaning ascribed to such term in Section 2.1(a).
“Preliminary Prospectus”
shall have the meaning ascribed to such term in Section 3.1(g).
“Pricing Disclosure Package”
means any free writing prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on Schedule
2-A hereto, all considered together.
“Pricing Prospectus”
shall have the meaning ascribed to such term in Section 3.1(g).
“Proceeding” means
an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such
as a deposition), whether commenced or threatened.
“Prospectus” shall
have the meaning ascribed to such term in Section 3.1(g).
“Public Offering Price per Closing
Common Unit” shall be the price set forth on Schedule 2-A hereto.
“Registration Statement”
shall have the meaning ascribed to such term in Section 3.1(g).
“Required Approvals”
shall have the meaning ascribed to such term in Section 3.1(f).
“Rule 424” means Rule
424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any
similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.
“Rule 462(b) Registration Statement”
means any registration statement prepared by the Company registering additional Shares, which was filed with the Commission on or prior
to the date hereof and became automatically effective pursuant to Rule 462(b) promulgated by the Commission pursuant to the Securities
Act.
“SEC Reports” shall
have the meaning ascribed to such term in Section 3.1(j).
“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
“SRF” means Sichenzia
Ross Ference LLP, with offices located at 1185 Avenue of the Americas, New York, New York 10036.
“Subsidiary” means
any subsidiary of the Company and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired
after the date hereof.
“Trading Day” means
a day on which the principal Trading Market in the United States is open for trading.
“Trading Market” means
any of the following markets or exchanges on which the ADSs are listed or quoted for trading on the date in question: the NYSE American,
the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors
to any of the foregoing).
“Transaction Documents”
means this Agreement, the Lock-Up Agreements, and any other documents or agreements executed in connection with the transactions contemplated
hereunder.
“U.S. Company Counsel”
means Lucosky Brookman LLP, with offices located at 101 Wood Avenue South, 5th Floor Woodbridge, NJ 08830.
ARTICLE II.
PURCHASE AND SALE
2.1 Closing.
(a) Upon the terms and subject to the
conditions set forth herein, the Company agrees to sell in the aggregate of 1,600,000 units (each, a “Closing Unit”) s and
the Underwriter agrees to purchase, at the Closing, the number of Closing Units set forth opposite the name of the Underwriter on Schedule
I hereof with each Closing Unit consisting of either :
(A) (i) one American Depositary Share
(“ADSs”), each representing four hundred (400) Ordinary Shares of the Company and two (2) warrants, in substantially
in the forms of Exhibits A and B hereto, respectively, each to purchase one ADS, at an exercise price of $5.00 per whole ADS (the -Exchangeable
Warrant” and the “Non-Exchangeable Warrant,” respectively, and collectively, the “Warrants”), (each, a “Closing
Common Unit”); or
(B) one pre-funded warrant substantially
in the form of Exhibit C hereto (each, a “Pre-funded Warrant”) to purchase one ADS at an exercise price of $0.001 until
such time as the Pre-funded Warrant is exercised in full subject to adjustment as provided in the Pre-funded Warrant, and two Warrants
(each, a “Closing Pre-funded Unit”).
The ADSs referred to in this Paragraph
are hereinafter referred to as the “Closing Shares”; the Warrants referred to in this Paragraph are hereinafter
referred to as the “Closing Warrants”; and the Pre-funded Warrants referred to in this Paragraph are hereinafter referred
to as the “Closing Pre-funded Warrants.” No Closing Common Units will be certificated, and the Closing Shares and
the Closing Warrants comprising the Closing Common Units will be separated immediately upon issuance. No Closing Pre-funded Units will
be certificated, and the Closing Pre-funded Warrants and the Closing Warrants comprising the Closing Pre-funded Units will be separated
immediately upon issuance. At the option of the Underwriter, the Company agrees, subject to the terms and conditions herein, to issue
and sell additional Option Securities (as defined herein). The Closing Units and the Option Securities are herein referred to collectively
as the “Securities”. The respective number of Closing Units and Option Securities to be purchased by the Underwriter
is set forth opposite its name in Schedule I hereto.
(b) The purchase price per Closing
Common Unit shall be as set forth on Schedule 2-A (representing 93.0% of the Public Offering Price per Closing Common Unit) (“Common
Unit Purchase Price”), which purchase price will be allocated as $4.65 per Closing Share and $0.00 per Closing Warrant, and the
purchase price per Closing Pre-funded Unit shall be as set forth on Schedule 2-A (representing 93.0% of the Public Offering Price per
Closing Common Unit minus $0.001), which purchase price will be allocated as $4.649 per Closing Pre-funded Warrant and $0.00 per Closing
Warrant. The Closing Common Units are to be offered to the public at the Public Offering Price per Closing Common Unit and the Closing
Pre-funded Units are to be offered to the public at the Public Offering Price per Closing Common Unit less $0.001 (being the per share
exercise price of a Pre-funded Warrant).
(c) On the Closing Date, the Company
shall deliver the items required pursuant to Section 2.3 deliverable at the Closing. Upon satisfaction of the covenants and conditions
set forth in Sections 2.3 and 2.4, the Underwriter shall make payment for the Closing Units (the “Closing
Units Payment”) by wire transfer in immediately available funds to the account(s) specified by the Company to
the Underwriter on the Closing Date. The Closing shall occur at the offices of SRF or at such other place on the same or such other date
and time, as the Underwriter and the Company may agree upon in writing. The Closing Units Payment shall be made against delivery of the
Closing Units to be purchased on the Closing Date to the Underwriter for its account, with any transfer taxes, stamp duties and other
similar taxes payable in connection with the sale of the Closing Units duly paid by the Company.
2.2 Over-Allotment Option.
(a) For the purposes of covering any
over-allotments, the Underwriter is hereby granted an option (the “Over-Allotment Option”) to purchase, in the aggregate,
up to 240,000 additional ADSs and/or Pre-funded Warrants in the aggregate equal to 15.0% of the Closing Units purchased in the offering
from the Company (the “Option Shares” or “Option Pre-funded Warrants,” as applicable) and/or up
to 240,000 additional Non-Exchangeable Warrants (“Option Non-Exchangeable Warrants”) and/or up to 240,000Exchangeable
Warrants (“Option Exchangeable Warrants,” and together with the Option Non-Exchangeable Warrants, ,the “Option
Warrants”), equal to 15.0% of the Closing Units purchased in the offering form the Company.
(b) In connection with an exercise of the
Over-Allotment Option, the purchase price to be paid per Option Share shall be equal to the price per Closing Common Unit (less $0.001
allocated to the Warrants) set forth in Section 2.1(b) hereof, the purchase price to be paid per Option Pre-Funded Warrant shall be equal
to the price per Closing Common Unit (less $0.001 allocated to the Warrants) set forth in Section 2.1(b) hereof and the purchase price
to be paid per Option Warrant shall be equal to $0.01 per Option Warrant.. The Over-allotment Option is, at the Underwriter’s sole
discretion, for Option Shares and/or Option Pre-Funded Warrants and/or Option Non-Exchangeable Warrants and or Option Exchangeable Warrants,
in any combination thereof, up to the total amounts of each set forth in Section 2.2(a) above (each, an “Option Security” and
collectively, the “Option Securities”). The Closing Units and the Option Securities are collectively referred to as the “Securities.” The
Securities and the Ordinary ADSs issuable upon exercise of the Pre-Funded Warrants and the Warrants (the “Underlying Shares”),
are collectively referred to as the “Public Securities.” The Public Securities shall be issued directly by the Company
and shall have the rights and privileges described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.
(c) The Over-Allotment Option granted
pursuant to this Section 2.2 may be exercised by the Underwriter as to all (at any time) or any part (from time to time) of the Option
Securities within forty-five (45) days after the Execution Date. The Underwriter will not be under any obligation to purchase any Option
Securities prior to the exercise of the Over-Allotment Option by the Underwriter. The Over-Allotment Option granted hereby may be exercised
by the giving of oral notice to the Company from the Underwriter, which must be confirmed in writing by overnight mail or facsimile or
other electronic transmission setting forth the number of Option Securities to be purchased and the date and time for delivery of and
payment for such Option Securities (each, an “Option Closing Date”), which will not be later than two (2) full Business
Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriter but in no event later
than January 30, 2023 at the offices of SRF or at such other place (including remotely by facsimile or other electronic transmission)
as shall be agreed upon by the Company and the Underwriter. If such delivery and payment for the Option Securities does not occur on the
Closing Date, each Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option, the Company will
become obligated to convey to the Underwriter, and, subject to the terms and conditions set forth herein, the Underwriter will become
obligated to purchase, the number of Option Securities specified in such notice. The Underwriter may cancel the Over-Allotment Option
at any time prior to the expiration of the Over-Allotment Option by written notice to the Company.
2.3 Deliveries. The Company shall deliver
or cause to be delivered to the Underwriter the following:
(i) At the Closing Date, the Closing
Units and, as to each Option Closing Date, if any, the applicable Option Securities, which shall be delivered via The Depository Trust
Company Deposit or Withdrawal at Custodian system for the accounts of the Underwriter;
(ii) At the Closing Date, legal opinions
of Israeli Counsel and U.S. Company Counsel addressed to the Underwriter, including, without limitation, a negative assurance letter from
Israeli Counsel and U.S. Company Counsel addressed to the Underwriter, substantially in form and substance reasonably satisfactory to
the Underwriter, and as to the Closing Date and at each Option Closing Date, if any, a bring-down opinion from Israeli Counsel and U.S.
Company Counsel in form and substance reasonably satisfactory to the Underwriter;
(iii) Contemporaneously herewith, a certificate,
addressed to the Underwriter and in form and substance satisfactory in all respects to the Underwriter, from the chief financial officer
of the Company, dated as of the date of this Agreement, a comfort letter addressed to the Underwriter and in form and substance satisfactory
in all respects to the Underwriter from the Auditor, dated as of the Closing Date and a bring-down letter addressed to the Underwriter
and in form and substance satisfactory in all respects to the Underwriter, dated as of each Option Closing Date, if any, from the Auditor
(iv) On the Closing Date and on each
Option Closing Date, the duly executed and delivered certificate of the chief executive office or chief financial officer of the Company,
substantially in the form and substance reasonably satisfactory to the Underwriter;
(v) On the Closing Date and on each Option
Closing Date, the duly executed and delivered a certificate of the secretary or assistant secretary of the Company, substantially in the
form and substance reasonably satisfactory to the Underwriter;
(vi) Contemporaneously herewith, the
duly executed and delivered Lock-Up Agreements;
(vii) At the Closing Date,
legal opinions of Sichenzia Ross Ference LLP addressed to the Underwriter, including, without limitation, a negative assurance letter
from Sichenzia Ross Ference LLP addressed to the Underwriter, substantially in form and substance reasonably satisfactory to the Underwriter,
and at each Option Closing Date, if any, a bring-down opinion from Sichenzia Ross Ference LLP in form and substance reasonably satisfactory
to the Underwriter; and
(viii) On the Closing Date, duly executed
copies of the Warrants.
2.4 Closing Conditions. The obligations
of the Underwriter hereunder in connection with the Closing and each Option Closing Date are subject to the following conditions being
met:
(i) the accuracy in all material respects
when made and on the date in question (other than representations and warranties of the Company already qualified by materiality, which
shall be true and correct in all respects) of the representations and warranties of the Company contained herein (unless as of a specific
date therein);
(ii) all obligations, covenants and agreements
of the Company required to be performed at or prior to the date in question shall have been performed;
(iii) the delivery by the Company of
the items set forth in Section 2.3 of this Agreement;
(iv) the Registration Statement shall
be effective on the date of this Agreement and at each of the Closing Date and each Option Closing Date, if any, no stop order suspending
the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall have been instituted
or shall be pending or contemplated 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 Underwriter;
(v) by the Execution Date, the Underwrites
shall have received correspondence from FINRA that it will raise no objection as to the amount of compensation allowable or payable to
the Underwriter as described in the Registration Statement;
(vi) the Depositary shall have furnished
or caused to be furnished to the Underwriter a certificate reasonably satisfactory to the Underwriter of one of its authorized officers
with respect to the deposit with it of the Firm Shares and Option Shares, as applicable, the issuance of the ADRs evidencing the Ordinary
Shares delivered in the form of the ADSs, the execution, issuance, countersignature and delivery of the ADRs evidencing the Ordinary Shares
delivered in the form of such ADSs pursuant to the Deposit Agreement and such other customary matters related thereto as the Underwriter
may reasonably request;
(vii) the Closing Shares and/or the Option
Shares (as applicable) and the Underlying Shares have been approved for listing on the Trading Market, if applicable; and
(viii) prior to and on each of the Closing
Date and each Option Closing Date, if any: (i) there shall have been no material adverse change or development involving a prospective
material adverse change in the condition or prospects or the business activities, financial or otherwise, of the Company from the latest
dates as of which such condition is set forth in the SEC Reports; (ii) no action suit or proceeding, at law or in equity, shall have been
pending or threatened against the Company or any Affiliate of the Company before or by any court or federal or state commission, board
or other administrative agency wherein an unfavorable decision, ruling or finding would materially adversely or would reasonably be expected
to materially adversely affect the business, operations, prospects or financial condition or income of the Company, except as set forth
in the Registration Statement and Prospectus; (iii) no stop order shall have been issued under the Securities Act and no proceedings therefor
shall have been initiated or threatened by the Commission; and (iv) the SEC Reports and any amendments or supplements thereto shall contain
all material statements which are required to be stated therein in accordance with the Securities Act and the rules and regulations thereunder
and shall conform in all material respects to the requirements of the Securities Act and the rules and regulations thereunder, and none
of the SEC Reports nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading.
ARTICLE III.
REPRESENTATIONS AND WARRANTIES
3.1 Representations and Warranties of the
Company. The Company represents and warrants to the Underwriter as of the Execution Date, as of the Closing Date and as of each Option
Closing Date, if any, as follows:
(a) Subsidiaries. All of
the direct and indirect Subsidiaries of the Company, if any, are set forth or in the SEC Reports incorporated by reference in the Registration
Statement. The Company owns, directly or indirectly, the capital stock or other equity interests of each Subsidiary, if any, free and
clear of any Liens, and all of the issued and outstanding shares of capital stock of each consolidated Subsidiary are validly issued and
are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.
(b) Organization and Qualification.
The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties
and assets and to carry on its business described in the SEC Reports. Neither the Company nor any Subsidiary is in violation nor default
of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.
Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other
entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may be, would not have or reasonably be expected to result
in a Material Adverse Effect and to the Company’s knowledge, no Proceeding has been instituted in any such jurisdiction revoking,
limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.
(c) Authorization; Enforcement.
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and each of the other Transaction Documents to which it is a party and otherwise to carry out its obligations hereunder and thereunder.
The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of
the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further
action is required by the Company, the Board of Directors or the Company’s shareholders in connection herewith or therewith other
than in connection with the Required Approvals. This Agreement and each other Transaction Document to which the Company is a party has
been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof,
will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i)
as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law.
(d) Authorization of Deposit
Agreement. The Deposit Agreement has been duly authorized by the Company, and assuming due authorization, execution and
delivery by the Depositary, constitutes a valid and legally binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating
to or affecting creditors’ rights generally or general equitable principles. Upon the issuance, sale and payment for the ADSs in
accordance with the terms hereof and the due issuance by the Depositary of the ADSs against the deposit of the Ordinary Shares in respect
thereof in accordance with the provisions of the Deposit Agreement, such Shares and ADSs will be duly and validly issued, and the persons
in whose names the ADSs are registered will be entitled to the rights specified in the Deposit Agreement; and the Deposit Agreement and
the ADRs conform in all material respects to the descriptions thereof contained in the Registration Statement and the Prospectus; and
the Deposit Agreement and the ADSs conform in all material respects to the descriptions thereof contained in the Registration Statement
and the Prospectus. There has been no change in the Company’s agreement with the Depositary in connection with any pre-release of
the Company’s ADSs and no such change is currently contemplated.
(e) No Conflicts. The execution,
delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and
sale of the Shares and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with
or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational
or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to
others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise)
or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary
is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation,
order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a Subsidiary is
subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary
is bound or affected (including, without limitation, those promulgated by the Food and Drug Administration of the U.S. Department of Health
and Human Services (the “FDA”), the European Medicines Agency (“EMA”), the Institutional Review
Board in Israel (the “IRB”), the Israel Innovation Authority of the Israeli Ministry of Economy and Industry, the Investment
Center of the Israeli Ministry of Economy and Industry, the Israeli Antitrust Authority, the Israel Securities Authority or by any foreign,
federal, state or local regulatory authority performing functions similar to those performed above); except in the case of each of clauses
(ii) and (iii), such as would not have or reasonably be expected to result in a Material Adverse Effect.
(f) Filings, Consents and Approvals.
The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration
with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery
and performance by the Company of the Transaction Documents, other than: (i) the filing with the Commission of the Prospectus, (ii) any
required filing with FINRA, (iii) such filings as are required to be made under applicable state securities laws, and (iv) notice to the
Israel Innovation Authority (collectively, the “Required Approvals”).
(g) Registration Statements.
The Company has filed with the Commission a registration statement, and an amendment or amendments thereto, on Form F-1 (File No. 333-267648
which registration statement was declared effective on December 152022, for the registration of the sale of the Public Securities under
the Securities Act, and the rules and regulations of the Commission promulgated thereunder. Such registration statement, including amendments
thereto (including post effective amendments thereto) and all documents and information deemed to be a part of the Registration Statement
through incorporation by reference or otherwise at the time of effectiveness thereof (the “Effective Time”), the exhibits
and any schedules thereto at the Effective Time or thereafter during the period of effectiveness and the documents and information otherwise
deemed to be a part thereof or included therein by the Securities Act or otherwise pursuant to the Rules and Regulations at the Effective
Time or thereafter during the period of effectiveness, is herein called the “Registration Statement.” If the Company
has filed or files an abbreviated registration statement pursuant to Rule 462(b) under the Securities Act (the “Rule 462 Registration
Statement”), then any reference herein to the term Registration Statement shall include such Rule 462 Registration Statement.
Any preliminary prospectus included in the Registration Statement or filed with the Commission pursuant to Rule 424(a) under the Securities
Act is hereinafter called a “Preliminary Prospectus.” The Preliminary Prospectus relating to the Public Securities
that was included in the Registration Statement immediately prior to the pricing of the offering contemplated hereby is hereinafter called
the “Pricing Prospectus.”
The Company is filing with the Commission
pursuant to Rule 424 under the Securities Act a final prospectus covering the Securities, which includes the information permitted to
be omitted therefrom at the Effective Time by Rule 430A under the Securities Act. Such final prospectus, as so filed, is hereinafter called
the “Final Prospectus.” Each of the Final Prospectus, the Pricing Prospectus and any preliminary prospectus in the
form in which they were included in the Registration Statement or filed with the Commission pursuant to Rule 424 under the Securities
Act is hereinafter called a “Prospectus.” Reference made herein to any Preliminary Prospectus, the Pricing Prospectus
or to the Prospectus shall be deemed to refer to and include any documents incorporated by reference therein.
Any reference in this Agreement to the
Registration Statement, the Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include the
documents incorporated or deemed incorporated by reference therein (the “Incorporated Documents”) pursuant to Item
5 of Form F-1 which were filed under the Exchange Act, and the rules and regulations of the Commission promulgated thereunder, on or before
the date of this Agreement, or the issue date of the Preliminary Prospectus, the Pricing Prospectus or the Prospectus, as the case may
be; and any reference in this Agreement to the terms “amend,” “amendment” or “supplement” with respect
to the Registration Statement, the Preliminary Prospectus, the Pricing Prospectus or the Prospectus shall be deemed to refer to and include
the filing of any document under the Exchange Act after the date of this Agreement, or the issue date of the Preliminary Prospectus, the
Pricing Prospectus or the Prospectus, as the case may be, deemed to be incorporated therein by reference. All references in this Agreement
to financial statements and schedules and any other information which is “contained,” “included,” “described,”
“referenced,” “set forth” or “stated” in the Registration Statement, the Preliminary Prospectus, the
Pricing 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 any other information which is or is deemed to be incorporated by reference in the Registration Statement,
the Preliminary Prospectus, the Pricing Prospectus or the Prospectus, as the case may be.
The Company will not, without the prior
consent of the Underwriter, prepare, use or refer to, any free writing prospectus. For purposes of this Agreement, “free writing
prospectus” has the meaning set forth in Rule 405 under the Securities Act.
A registration statement on Form F-6
(No. 333-203333) covering the registration of the ADSs under the Securities Act has also been filed with the Commission and became effective
on May 11, 2015.
(h) Authorization of Securities.
The Securities to be sold by the Company under this Agreement and the Underlying Shares have been duly authorized for issuance and sale
to Aegis 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 (and, in the case of the Underlying Securities, exercise of the Pre-funded Warrants and Warrants,
as the case may be, and payment of the exercise price thereunder), 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. The Securities, ADS, all outstanding
warrants and convertible securities and the Company’s articles of association and other organizational documents conform in all
material respects to the respective statements relating thereto contained in the Registration Statement, the General Disclosure Package
and the Prospectus.
(i) Capitalization. The capitalization
of the Company, at the dates indicated therein, is as set forth in the Registration Statement. Except as disclosed in the Registration
Statement, the Company has not issued any equity since June 30, 2022, other than pursuant to the exercise of employee stock options, vesting
of restricted share units or grant of equity awards under the Company’s share option plans, the issuance of Ordinary Shares to employees
pursuant to the Company’s employee stock purchase plans, pursuant to the conversion and/or exercise of Ordinary Share Equivalents.
No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as a result of the purchase and sale of the Shares or as set forth in the Registration
Statement or the SEC Reports, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character
whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person
any right to subscribe for or acquire, any ADSs or Ordinary Shares, or contracts, commitments, understandings or arrangements by which
the Company or any Subsidiary is or may become bound to issue additional Ordinary Shares or Ordinary Share Equivalents. The issuance and
sale of the Shares will not obligate the Company to issue ADSs or Ordinary Shares or other securities to any Person (other than the Underwriter).
There are no outstanding securities or instruments of the Company or any Subsidiary with any provision that adjusts the exercise, conversion,
exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary. All of the outstanding
securities of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal
and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe
for or purchase securities. The authorized shares of the Company conform in all material respects to all statements relating thereto contained
in the Registration Statement and the Prospectus. The offers and sales of the Company’s securities were at all relevant times either
registered under the Securities Act and the applicable state securities or Blue Sky laws or, based in part on representations and warranties
of the purchasers, exempt from such registration requirements. No further approval or authorization of any shareholder, the Board of Directors
or others is required for the issuance and sale of the Shares. There are no shareholders agreements, voting agreements or other similar
agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between
or among any of the Company’s shareholders.
(j) SEC Reports; Financial Statements.
The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities
Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter
period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto
and documents incorporated by reference therein, together with the Prospectus, being collectively referred to herein as the “SEC
Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior
to the expiration of any such extension. As of their respective dates, the SEC Reports complied in all material respects with the requirements
of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of
a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the
SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with
respect thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with International Financial
Reporting Standards (“IFRS”), as issued by the International Accounting Standard Board, applied on a consistent basis
during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited
financial statements may not contain all footnotes required by IFRS, and fairly present in all material respects the financial position
of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the
periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. The agreements and documents
described in the SEC Reports conform in all material respects to the descriptions thereof contained therein and there are no agreements
or other documents required by the Securities Act and the rules and regulations thereunder to be described in the SEC Reports or to be
filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other
instrument (however characterized or described) to which the Company is a party or by which it is or may be bound or affected and (i)
that is referred to in the SEC Reports, or (ii) is material to the Company’s business, has been duly authorized and validly executed
by the Company, is in full force and effect in all material respects and is enforceable against the Company and, to the Company’s
knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally, (y) as enforceability of any indemnification or contribution
provision may be limited under the federal and state securities laws, and (z) that the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding
therefore may be brought. None of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the
best of the Company’s knowledge, any other party is in default thereunder and, to the best of the Company’s knowledge, no
event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder. To the best of
the Company’s knowledge, performance by the Company of the material provisions of such agreements or instruments will not result
in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental agency or court, domestic
or foreign, having jurisdiction over the Company or any of its assets or businesses, including, without limitation, those relating to
environmental laws and regulations, except for such violations that would not reasonably be expected to result in a Material Adverse Effect.
(k) Material Changes; Undisclosed
Events, Liabilities or Developments. Since the date of the latest audited financial statements included within the SEC Reports, except
as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development
that has had or that would reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities
(contingent or otherwise) that are material to the Company other than (A) trade payables and accrued expenses incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements
pursuant to IFRS or disclosed in the SEC Reports, (iii) the Company has not altered its method of accounting, (iv) the Company has not
declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock, (v) the Company has not issued any equity securities to any officer, director or
Affiliate, except pursuant to existing Company stock option plans, and (vi) except as disclosed in the Registration Statement, no officer
or director of the Company has resigned from any position with the Company. The Company does not have pending before the Commission any
request for confidential treatment of information. Except for the issuance of the Shares contemplated by this Agreement, no event, liability,
fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company
or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition that would be required to be
disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly
disclosed at least one (1) Trading Day prior to the date that this representation is made. Unless otherwise disclosed in the SEC Reports
filed prior to the date hereof, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent,
for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.
(l) Litigation. Except as
disclosed in the Registration Statement, there is no action, suit, inquiry, notice of violation or proceeding pending or, to the knowledge
of the Company, investigation pending, or action, suit, inquiry, notice of violation, proceeding or investigation threatened against or
affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative
agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely
affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) would, if
there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any
Subsidiary, nor to the knowledge of the Company after inquiry, any director or officer thereof, is or has been the subject of any Action
involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, which would,
if there were an unfavorable decision rendered, have or reasonably be expected to result in, a Material Adverse Effect. There has not
been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company
or any current or former director or officer of the Company. The Commission has not issued any stop order or other order suspending the
effectiveness of the Registration Statement.
(m) Labor Relations. No labor
dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company or its Subsidiaries,
which could reasonably be expected to result in a Material Adverse Effect. None of the Company’s or its Subsidiaries’ employees
is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company
nor any of its Subsidiaries is a party to a collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships
with their employees are good. To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected
to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement
or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued
employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any
of the foregoing matters. The Company and its Subsidiaries are in compliance with all Israeli and all applicable U.S. federal, state and
local laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except
where the failure to be in compliance would not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect.
(n) Compliance. Neither the
Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with
notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary
received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other
agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation
has been waived), (ii) is in violation of any judgment, decree or order of any court, arbitrator or other governmental authority or (iii)
is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality
and safety and employment and labor matters, except in each case as would not have or reasonably be expected to result in a Material Adverse
Effect.
(o) Regulatory Permits. The
Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign
regulatory authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess
such permits would not have or reasonably be expected to result in a Material Adverse Effect (each, a “Material Permit”),
and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material
Permit. The disclosures in the Registration Statement concerning the effects of Federal, State, local and all foreign regulation on the
Company’s business as currently contemplated are correct in all material respects.
(p) Title to Assets. The
Company and the Subsidiaries have good and marketable title in fee simple to, or have valid and marketable rights to lease or otherwise
use, all real property and all personal property that is material to the business of the Company and the Subsidiaries, in each case free
and clear of all Liens, except for (i) Liens that do not materially affect the value of such property and do not materially interfere
with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal,
state or other taxes, for which appropriate reserves have been made in accordance with IFRS, and the payment of which is neither delinquent
nor subject to penalties. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under
valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance in all material respects.
(q) Intellectual Property.
The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service
marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary
or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to do so could
have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Except as provided in writing to
the Underwriter, neither the Company nor any Subsidiary has received written notice that any of the Intellectual Property Rights has expired,
terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.
Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC
Reports, a notice (written or otherwise) of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe
upon the rights of any Person. To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no
existing infringement by another Person of any of the Intellectual Property Rights, other than would not reasonably result in a Material
Adverse Effect. The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value
of all of their intellectual properties, except where failure to do so would not, individually or in the aggregate, have or reasonably
be expected to result in a Material Adverse Effect.
(r) Insurance. The Company
and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts
as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors
and officers insurance coverage. Neither the Company nor any Subsidiary has any 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 as may be necessary
to continue its business without a significant increase in cost.
(s) Transactions With Affiliates
and Employees. Except as set forth or incorporated by reference in the Registration Statement, none of the officers or directors of
the Company or any Subsidiary and to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently
a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal
property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from, any
officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee
has a substantial interest or is an officer, director, trustee, shareholder, member or partner, in each case in excess of $120,000 or
for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company
and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.
(t) [RESERVED]
(u) Certain Fees. Except
as set forth in the Prospectus, no brokerage or finder’s fees or commissions are or will be payable by the Company, any Subsidiary
or Affiliate of the Company to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other
Person with respect to the transactions contemplated by the Transaction Documents. To the Company’s knowledge and except as set
forth in the Registration Statement, there are no other arrangements, agreements or understandings of the Company or, to the Company’s
knowledge, any of its shareholders that may affect the Underwriter’s compensation, as determined by FINRA. Except as set forth in
the Registration Statement, the Company has not made any direct or indirect payments (in cash, securities or otherwise) in connection
with the Offering to: (i) any person, as a finder’s fee, consulting fee or otherwise, in consideration of such person raising capital
for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any
person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve months prior to the
Execution Date, other than the prior payments to the Underwriter in connection with the Company’s public offering of securities
in December 2021. Except as set forth in the Registration Statement, none of the net proceeds of the Offering will be paid by the Company
to any participating FINRA member or its affiliates, except as specifically authorized herein.
(v) Investment Company. The
Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Firm Shares will not be or be an Affiliate
of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company shall conduct
its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company
Act of 1940, as amended.
(w) Registration Rights.
No Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of
the Company or any Subsidiary.
(x) Listing and Maintenance Requirements.
The ADSs and the Ordinary Shares underlying the ADSs are registered pursuant to Section 12(b) of the Exchange Act, and the Company has
taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the ADSs and the
Ordinary Shares underlying the ADSs under the Exchange Act nor has the Company received any notification that the Commission is contemplating
terminating such registration.
(y) Application of Takeover Protections.
The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition,
business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under
the Company’s certificate of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could
become applicable as a result of the Underwriter and the Company fulfilling their obligations or exercising their rights under the Transaction
Documents.
(z) Disclosure; 10b-5. Each
of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects
with the requirements of the Securities Act and the regulations of the Commission thereunder. Each Preliminary Prospectus and the Prospectus,
at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the
regulations of the Commission thereunder. Each Preliminary Prospectus delivered to the Underwriter for use in connection with this Offering
and the Prospectus was or 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.
Neither the Registration Statement nor
any amendment thereto, at the Effective Time, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), contained,
contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.
The Pricing Disclosure Package, as of
the Applicable Time, at the Closing Date or at any Option Closing Date (if any), did not, does not and 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, not misleading; and each free writing prospectus hereto does not conflict with the information contained in
the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such free writing prospectus,
as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did 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, not misleading.
Neither the Prospectus nor any amendment
or supplement thereto (including any prospectus wrapper), as of its issue date, at the time of any filing with the Commission pursuant
to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material
fact or omitted, omits 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.
The documents incorporated by reference
in the Registration Statement, the Pricing Disclosure Package and the Prospectus, when they became effective or were filed with the Commission,
as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and
the rules and regulations of the Commission thereunder and none of such documents contained any untrue statement of a material fact or
omitted to state any 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; and any further documents so filed and incorporated by reference in the Registration Statement,
the Pricing Disclosure Package and the Prospectus, when such documents become effective or are filed with the Commission, as the case
may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules
and regulations of the Commission thereunder, and will not contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading.
(aa) No Integrated Offering.
Neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers
or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Shares
to be integrated with prior offerings by the Company for purposes of any applicable shareholder approval provisions of any Trading Market
on which any of the securities of the Company are listed or designated.
(bb) Solvency. Based on the
consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds
from the sale of the Firm Shares hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be
required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities)
as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted
and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted
by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the
Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated
uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid.
The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts
of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances which lead it to believe
that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction within one year from
the Closing Date. The Registration Statement sets forth as of the date indicated therein hereof all outstanding secured and unsecured
Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments. Neither the Company nor any
Subsidiary is in default with respect to any Indebtedness.
(cc) Tax Status. Except for
matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company
and its Subsidiaries each (i) has made or filed all material United States federal, state and local income and all Israeli and foreign
income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all material
taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports
and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods
subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid taxes in any material amount claimed
to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such
claim. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement
are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated
financial statements. The term “taxes” mean all federal, state, local, foreign, and other net income, gross income, gross
receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment,
excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments, or charges
of any kind whatsoever, together with any interest and any penalties, additions to tax, or additional amounts with respect thereto. The
term “returns” means all returns, declarations, reports, statements, and other documents required to be filed in respect to
taxes.
(dd) Foreign Corrupt Practices.
Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf
of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other
unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government
officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully
any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the Company is aware) which
is in violation of law, or (iv) violated in any material respect any provision of the FCPA and Chapter 9 of Israel’s Criminal Law
1996, as amended. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause
the Company to comply in all material respects with the FCPA and Chapter 9 of Israel’s Criminal Law 1996, as amended.
(ee) Accountants. To the
knowledge and belief of the Company, the Company Auditor is an independent registered public accounting firm as required by the Exchange
Act. The Company Auditor shall express its opinion with respect to the financial statements to be included in the Company’s Annual
Report for the fiscal year ending December 31, 2021. The Company Auditor has not, during the periods covered by the financial statements
incorporated by reference in the Prospectus, provided to the Company any non-audit services, as such term is used in Section 10A(g) of
the Exchange Act.
(ff) FDA. As to each product
subject to the jurisdiction of the U.S. Food and Drug Administration (“FDA”) under the Federal Food, Drug and Cosmetic
Act, as amended, and the regulations thereunder (“FDCA”) that is manufactured, packaged, labeled, tested, distributed,
sold, and/or marketed by the Company or any of its Subsidiaries (each such product, a “Pharmaceutical Product”), such
Pharmaceutical Product is being manufactured, packaged, labeled, tested, distributed, sold and/or marketed by the Company in compliance
with all applicable requirements under FDCA and similar laws, rules and regulations relating to registration, investigational use, premarket
clearance, licensure, or application approval, good manufacturing practices, good laboratory practices, good clinical practices, product
listing, quotas, labeling, advertising, record keeping and filing of reports, except where the failure to be in compliance would not have,
or reasonably be expected to result in, a Material Adverse Effect. There is no pending, completed or, to the Company’s knowledge,
threatened, action (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter
or other communication from the FDA or any other governmental entity, which (i) contests the premarket clearance, licensure, registration,
or approval of, the uses of, the distribution of, the manufacturing or packaging of, the testing of, the sale of, or the labeling and
promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws
or orders the withdrawal of advertising or sales promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical
hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or
any of its Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its
Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its Subsidiaries, and
which, either individually or in the aggregate, would have, or reasonably be expected to result in, a Material Adverse Effect. The properties,
business and operations of the Company have been and are being conducted in all material respects in accordance with all applicable laws,
rules and regulations of the FDA. The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license
or use in the United States of any product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any
concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.
(gg) Each option granted by the Company
under the Company’s share option plans was granted (i) in accordance with the terms of the Company’s share option plan and
(ii) with an exercise price at least equal to the fair market value of the Ordinary Shares on the date such option would be considered
granted under IFRS and applicable law other than which would not result in a Material Adverse Effect. No option granted under the Company’s
share option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice
to knowingly grant, options prior to, or otherwise knowingly coordinate the grant of options with, the release or other public announcement
of material information regarding the Company or its Subsidiaries or their financial results or prospects.
(hh) Office of Foreign Assets
Control. Neither the Company nor any Subsidiary nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate
of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department.
(ii) U.S. Real Property Holding
Corporation. The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the
Internal Revenue Code of 1986, as amended, and the Company shall so certify upon the Underwriter’s reasonable request.
(jj) Bank Holding Company Act.
Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”)
and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”). Neither the Company
nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares
of any class of voting securities or twenty-five percent (25%) or more of the total equity of a bank or any entity that is subject to
the BHCA and to regulation by the Federal Reserve. Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling
influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.
(kk) Money Laundering. The
operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping
and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and applicable money laundering
statutes and applicable rules and regulations thereunder, and the Israeli Prohibition on Money Laundering Law, 5760-2000, and applicable
money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”),
and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company
or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.
(ll) D&O Questionnaires.
To the Company’s knowledge, all information contained in the questionnaires completed by each of the Company’s directors and
executive officers prior to the Offering and in the Lock-Up Agreement provided to the Underwriter is true and correct in all material
respects and the Company has not become aware of any information which would cause the information disclosed in such questionnaires become
inaccurate and incorrect.
(mm) FINRA Affiliation. No
executive officer, director or, to the Company’s knowledge, any beneficial owner of 10% or more of the Company’s outstanding
Ordinary Shares or Ordinary Share Equivalents has any direct or indirect affiliation or association with any FINRA member (as determined
in accordance with the rules and regulations of FINRA) that is participating in the Offering. The Company will advise the Underwriter
and SRF if it learns that any officer, director or owner of 10% or more of the Company’s outstanding Ordinary Shares or Ordinary
Share Equivalents is or becomes an affiliate or associated person of a FINRA member firm.
(nn) Officers’ Certificate.
Any certificate signed by any duly authorized officer of the Company and delivered to the Underwriter or SRF shall be deemed a representation
and warranty by the Company to the Underwriter as to the matters covered thereby.
(oo) Board of Directors.
The Board of Directors is comprised of the persons set forth in the SEC Reports incorporated by reference into the Registration Statement.
The qualifications of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes-Oxley
Act of 2002 and the rules promulgated thereunder applicable to the Company, the Israeli Companies Law, 5759-1999, as amended and the rules
promulgated thereunder, the Israeli Securities Law (as defined below) and the rules of the Trading Market. At least one member of the
Board of Directors qualifies as a “financial expert” as such term is defined under the Sarbanes-Oxley Act of 2002 and the
rules promulgated thereunder and the rules of the Trading Market.
3.2 Representations and Warranties of the
Company Relating to Israeli Legal Matters. The Company represents, warrants and covenants to the Underwriter, as of the Applicable
Time (as defined below), as of the Execution Date, as of the Closing Date and as of each Option Closing Date, if any, as follows:
(a) The Company has not engaged in
any form of solicitation, advertising or any other action constituting an offer under the Israeli Securities Law 5728-1968, as amended,
and the regulations promulgated thereunder (collectively, 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.
(b) Except as set forth in the Registration
Statement, the Company has no outstanding funding or grants from the Israeli Innovation Authority. There are no proceedings that have
been instituted in the State of Israel for the dissolution of the Company or any Subsidiary.
(c) [Reserved].
(d) Neither the Company nor any of
its 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.
(e) Subject to the conditions, exceptions
and qualifications set forth in the Registration Statement and the Prospectus, a final and conclusive judgment against the Company for
a definitive sum of money entered by any court in the United States may be enforced by an Israeli court.
ARTICLE IV.
OTHER AGREEMENTS OF THE PARTIES
4.1 Amendments to Registration Statement.
The Company has delivered, or will as promptly as practicable deliver, to the Underwriter complete conformed copies of the Registration
Statement and of each consent and certificate of experts, as applicable, filed as a part thereof, and conformed copies of the Registration
Statement (without exhibits) and the Prospectus, as amended or supplemented, in such quantities and at such places as the Underwriter
reasonably requests. Neither the Company nor any of its directors and officers has distributed and none of them will distribute, prior
to the Closing Date, any offering material in connection with the offering and sale of the Shares other than the Preliminary Prospectus,
the Registration Statement, and copies of the documents incorporated by reference therein, and any Permitted Free Writing Prospectus (as
defined below). The Company shall not file any such amendment or supplement to which the Underwriter shall reasonably object in writing.
4.2 Federal Securities Laws.
(a) Compliance. During the
time when a Prospectus is required to be delivered under the Securities Act, the Company will use its best efforts to comply with all
requirements imposed upon it by the Securities Act and the rules and regulations thereunder and the Exchange Act and the rules and regulations
thereunder, as from time to time in force, so far as necessary to permit the continuance of sales of or dealings in the Shares in accordance
with the provisions hereof and the Prospectus. If at any time when a Prospectus relating to the Shares is required to be delivered under
the Securities Act, any event shall have occurred as a result of which, in the opinion of counsel for the Company or counsel for the Underwriter,
the Prospectus, as then amended or supplemented, includes an untrue statement of a material fact or omits to state any material fact required
to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading,
or if it is necessary at any time to amend the Prospectus to comply with the Securities Act, the Company will notify the Underwriter promptly
and prepare and file with the Commission, subject to Section 4.1 hereof, an appropriate amendment or supplement in accordance with Section
10 of the Securities Act.
(b) Filing of Prospectus.
The Company will file the Prospectus (in form and substance satisfactory to the Underwriter) with the Commission pursuant to the requirements
of Rule 424.
(c) Exchange Act Registration.
For a period of three years from the Closing Date, the Company will use its best efforts to maintain the registration of the ADSs under
the Exchange Act. For a period of three years from the Closing Date, the Company will not deregister the ADSs under the Exchange Act without
the prior written consent of the Underwriter, which consent shall not unreasonably be withheld.
(d) Free Writing Prospectuses.
The Company represents and agrees that it has not made and will not make any offer relating to the Shares that would constitute an issuer
free writing prospectus, as defined in Rule 433 of the rules and regulations under the Securities Act, without the prior written consent
of the Underwriter. Any such free writing prospectus consented to by the Underwriter is hereinafter referred to as a “Permitted
Free Writing Prospectus.” The Company represents that it will treat each Permitted Free Writing Prospectus as an “issuer
free writing prospectus” as defined in rule and regulations under the Securities Act, and has complied and will comply with the
applicable requirements of Rule 433 of the Securities Act, including timely Commission filing where required, legending and record keeping.
4.3 Delivery to the Underwriter of Prospectuses.
The Company will deliver to the Underwriter, without charge, from time to time during the period when the Prospectus is required to be
delivered under the Securities Act or the Exchange Act such number of copies of each Prospectus as the Underwriter may reasonably request
and, as soon as the Registration Statement becomes effective, upon reasonable request by the Underwriter, deliver to the Underwriter two
original executed Registration Statements including exhibits, and all post-effective amendments thereto and copies of all exhibits filed
therewith or incorporated therein by reference and all original executed consents of certified experts.
4.4 Effectiveness and Events Requiring
Notice to the Underwriter. The Company will use its best efforts to cause the Registration Statement to remain effective with a current
prospectus, and will promptly notify the Underwriter and confirm the notice in writing: (i) of the effectiveness of the Registration Statement
and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding
for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification
of the Shares for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv)
of the mailing and delivery to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v)
of the receipt of any comments or request for any additional information from the Commission; and (vi) of the happening of any event during
the period described in this Section 4.4 that, in the judgment of the Company, makes any statement of a material fact made in the Registration
Statement or the Prospectus untrue or that requires the making of any changes in the Registration Statement or the Prospectus in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. If the Commission or any state
securities commission shall enter a stop order or suspend such qualification at any time, the Company will make every reasonable effort
to obtain promptly the lifting of such order.
4.5 Reports to the Underwriter.
(a) Periodic Reports, etc.
For a period of one (1) year from the Execution Date, upon request, and to the extent not filed with the Commission or public company
reporting service, the Company will furnish or make available to the Underwriter copies of such financial statements and other periodic
and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish
or make available to the Underwriter: (i) a copy of each periodic report the Company shall be required to file with the Commission; (ii)
a copy of every press release and every news item and article with respect to the Company or its affairs which was released by the Company;
(iii) a copy of each Form 6-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under
the Securities Act; and (v) such additional documents and information with respect to the Company and the affairs of any future Subsidiaries
of the Company as the Underwriter may from time to time reasonably request; provided that the Underwriter shall sign, if requested by
the Company, a Regulation FD compliant confidentiality agreement which is reasonably acceptable to the Underwriter in connection with
the Underwriter’s receipt of such information. Documents filed with the Commission pursuant to its EDGAR system shall be deemed
to have been delivered to the Underwriter pursuant to this Section.
(b) Depositary. For a period
of one (1) year from the Execution Date, the Company shall retain the Depositary or a depositary reasonably acceptable to the Underwriter.
(c) General Expenses Related
to the Offering. The Company hereby agrees to pay on each of the Closing Date and each Option Closing Date, if any, to the extent
not paid at the Closing Date, all expenses incident to the performance of the obligations of the Company under this Agreement, including,
but not limited to: (a) all filing fees and communication expenses relating to the registration of the securities to be sold in the Offering
(including the Option Securities) with the Commission; (b) all FINRA Public Offering Filing System fees associated with the review of
the Offering by FINRA; (c) all fees and expenses relating to the listing of such Closing Securities and Option Securities on the Trading
Market, to the extent applicable, and such other stock exchanges as the Company and the Underwriter together determine; (d) all fees,
expenses and disbursements relating to the registration or qualification of such securities under the “blue sky” securities
laws of such states and other foreign jurisdictions as the Underwriter may reasonably designate the costs, if any, of all mailing and
printing of the underwriting documents (including, without limitation, this Agreement, any Blue Sky Surveys and, if appropriate, any Selected
Dealers’ Agreement, Underwriter’s Questionnaire and Power of Attorney), Registration Statements, Prospectuses and all amendments,
supplements and exhibits thereto and as many preliminary and final Prospectuses as the Underwriter may reasonably deem necessary; (e)
all fees, expenses and disbursements relating to the registration, qualification or exemption of the Firm Shares and Option Shares under
the securities laws of such foreign jurisdictions as the Underwriter may reasonably designate; (f) the costs of preparing, printing and
delivering the securities and the Offering documents; (f) fees and expenses of the Depositary for the securities (including, without limitation,
any fees required for same-day processing of any instruction letter delivered by the Company); (g) stock transfer and/or stamp taxes,
if any, payable upon the transfer of securities from the Company to the Underwriter; (h) the fees and expenses of the Company’s
accountants; and (j) a maximum of $75,000 for reasonable legal fees and disbursements for Underwriter’s counsel; provided that the
Underwriter will reimburse the Company for $70,000 of its reasonable legal fees and disbursements in connection with the Offering. The
Underwriter may also deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or each Option Closing Date,
if any, the expenses set forth herein to be paid by the Company to the Underwriter.
4.6 Application of Net Proceeds. The
Company will apply the net proceeds from the Offering received by it in a manner consistent with the application described under the caption
“Use of Proceeds” in the Prospectus.
4.7 Delivery of Earnings Statements to
Security Holders. The Company will make generally available to its security holders as soon as practicable, but not later than the
first day of the fifteenth full calendar month following the Execution Date, an earnings statement (which need not be certified by independent
public or independent certified public accountants unless required by the Securities Act or the Rules and Regulations under the Securities
Act, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve
consecutive months beginning after the Execution Date, provided that filings of the Company’s reports, schedules, forms, statements
and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a)
or 15(d) thereof (including the exhibits thereto and documents incorporated by reference therein), after the Execution Date shall be deemed
to constitute delivery.
4.8 Stabilization. Neither the Company,
nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Underwriter) has taken or will take,
directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under
the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale
of the Shares.
4.9 Internal Controls. For a period
of one (1) year commencing on the Execution Date, the Company will maintain a system of internal accounting controls sufficient to provide
reasonable assurances that: (i) transactions are executed in accordance with management’s general or specific authorization; (ii)
transactions are recorded as necessary in order to permit preparation of financial statements in accordance with IFRS and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization;
and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken
with respect to any differences.
4.10 Accountants. The Company shall
continue to retain a nationally recognized independent certified public accounting firm for a period of at least one year after the Execution
Date. The Underwriter acknowledges that the Company Auditor is acceptable to the Underwriter.
4.11 FINRA. The Company shall advise
the Underwriter (who shall make an appropriate filing with FINRA) if it is aware that any 10% or greater shareholder of the Company becomes
an affiliate or associated person of a FINRA member firm.
4.12 No Fiduciary Duties. The Company
acknowledges and agrees that the Underwriter’s responsibility to the Company is solely contractual and commercial in nature, based
on arms-length negotiations and that neither the Underwriter nor its Affiliates or any selected dealer shall be deemed to be acting in
a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its Affiliates in connection with the Offering and
the other transactions contemplated by this Agreement. Notwithstanding anything in this Agreement to the contrary, the Company acknowledges
that the Underwriter may have financial interests in the success of the Offering that are not limited to the difference between the price
to the public and the purchase price paid to the Company by the Underwriter for the shares and the Underwriter has no obligation to disclose,
or account to the Company for, any of such additional financial interests. The Company hereby waives and releases, to the fullest extent
permitted by law, any claims that the Company may have against the Underwriter with respect to any breach or alleged breach of fiduciary
duty.
4.13 Board Composition and Board Designations.
For a period of one (1) year commencing on the Execution Date, the Company shall use all reasonable efforts to ensure that: (i) the qualifications
of the persons serving as board members and the overall composition of the Board of Directors comply with the Sarbanes Oxley Act of 2002
that are applicable to the Company and the rules promulgated thereunder and with the listing requirements of the Trading Market applicable
to the Company.
4.14 Securities Laws Disclosure; Publicity.
At the request of the Underwriter, at the time requested by the Underwriter, the Company shall issue a press release disclosing the material
terms of the Offering prior to Closing Date. The Company and the Underwriter shall consult with each other in issuing any other press
releases with respect to the Offering, and neither the Company nor the Underwriter shall issue any such press release nor otherwise make
any such public statement without the prior consent of the Company, with respect to any press release of such Underwriter, or without
the prior consent of such Underwriter, with respect to any press release of the Company, which consent shall not unreasonably be withheld
or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with
prior notice of such public statement or communication.
4.15 Shareholder Rights Plan. No claim
will be made or enforced by the Company or, with the consent of the Company, any other Person, that the Underwriter of the Shares is an
“Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under
a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that the Underwriter
of Shares could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving securities.
4.16 Reservation of Ordinary Shares.
As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive
rights, a sufficient number of Ordinary Shares for the purpose of enabling the Company to issue Option Shares pursuant to the Over-Allotment
Option.
4.17 Listing of ADSs. The Company hereby
agrees to use best efforts to maintain the listing or quotation of the ADSs on the Nasdaq Capital Market. The Company further agrees,
if the Company applies to have the ADSs traded on any other Trading Market, it will then include in such application all of the ADSs,
and will take such other action as is necessary to cause all of the ADSs to be listed or quoted on such other Trading Market as promptly
as possible. The Company will then take all action reasonably necessary to continue the listing and trading of its ADSs on a Trading Market
and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading
Market.
4.18 Right of First Refusal. The Company
agrees that if, for the period ending six (6) months from the Closing Date, the Company or any of its Subsidiaries: (a) decides to finance
or refinance any indebtedness and proposes to enter into an agreement with a third-party to serve as sole book-runner, sole manager, sole
placement agent or sole agent, the Underwriter (or any affiliate designated by the Underwriter) shall have the right to act as such sole
book-runner, sole manager, sole placement agent or sole agent with respect to such financing or refinancing; or (b) decides to raise funds
by means of a public offering (including at-the-market facility) or a private placement or any other capital raising financing of equity,
equity-linked or debt securities (other than the GEM Facility and any warrants issued pursuant thereto) and proposes to enter into an
agreement with a third-party to serve as sole book-runner, sole manager, sole placement agent or sole agent, the Underwriter (or any affiliate
designated by the Underwriter) shall have the right to act as such sole book-running manager, sole underwriter or sole placement agent
for such financing. If the Underwriter or one of its affiliates decides to accept such engagement, the agreement governing such engagement
(each a “Subsequent Transaction Agreement”) will contain, among other things, provisions for customary fees for transactions
of similar size and nature, and the provisions of this Agreement, including indemnification, which are appropriate to such transaction.
Notwithstanding the foregoing, the decision to accept the Company’s engagement under this Section 4.18 shall be made by the Underwriter
or one of its affiliates, by a written notice to the Company, within ten (10) days of the receipt of the Company’s notification
of its financing needs.
4.18 Subsequent Equity Sales. For a
period of ninety (90) days after the Closing Date (the “Stand-Still Period”),
(a) the Company shall not, without prior
written consent of the Underwriter, offer, sell, issue, or otherwise transfer or dispose of, directly or indirectly, any ADS, Ordinary
Shares or Ordinary Share Equivalents;
(b) the Company will not file or caused
to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any
securities convertible into or exercisable or exchangeable for shares of capital stock of the Company, other than a Registration Statement
on Form S-8 relating to securities issuable under an equity incentive plan; and
(c) the Company will not enter any agreement
relating to, or announce the intention to effect, any of the transactions or filings prohibited by Section 4.18(a) or Section 4.18(b).
Notwithstanding the foregoing, this Section
4.18 shall not apply in respect of an Exempt Issuance.
4.19 Deposit of Shares. The Company
agrees, prior to the Closing Date and each Option Closing Date, to deposit Underlying Shares with the Depositary in accordance with the
provisions of the Deposit Agreement and otherwise to comply with the Deposit Agreement so that ADRs evidencing the applicable Shares will
be issued by the Depositary against receipt of such Shares and delivered to the Underwriter at such Closing Date or Option Closing Date.
4.20 Payment of Expenses Pursuant to Deposit
Agreement and ADRs. The Company hereby agrees to pay on behalf of the Underwriter or any purchaser of Shares, or to reimburse
the Underwriter or any such purchasers for, all fees and expenses incurred by such parties pursuant to the Deposit Agreement with respect
to the deposit of the Ordinary Shares and the delivery of ADSs representing such deposited Ordinary Shares.
ARTICLE V.
[RESERVED]
ARTICLE VI.
INDEMNIFICATION
6.1 Indemnification of the Underwriter.
Subject to the conditions set forth below, the Company agrees to indemnify and hold harmless the Underwriter, and each dealer selected
by the Underwriter that participates in the offer and sale of the Shares (each a “Selected Dealer”) and each of their
respective directors, officers and employees and each Person, if any, who controls such Underwriter or any Selected Dealer (“Controlling
Person”) 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 whatsoever (including but not limited to any and all legal or other expenses reasonably incurred
in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, whether arising out
of any action between such Underwriter and the Company or between such Underwriter and any third party or otherwise) to which they or
any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under
the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained
in (i) any Preliminary Prospectus, if any, the Registration Statement or the Prospectus (as from time to time each may be amended and
supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the
marketing of the Offering, including any “road show” or investor presentations made to investors by the Company (whether in
person or electronically); or (iii) any application or other document or written communication (in this Article VI, collectively called
“application”) executed by the Company or based upon written information furnished by the Company in any jurisdiction
in order to qualify the Shares under the securities laws thereof or filed with the Commission, any state securities commission or agency,
Trading Market or any securities exchange; or the omission or alleged omission therefrom of 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, unless such
statement or omission was made in reliance upon and in conformity with written information furnished to the Company with respect to the
applicable Underwriter by or on behalf of such Underwriter expressly for use in any Preliminary Prospectus, if any, the Registration Statement
or Prospectus, or any amendment or supplement thereto, or in any application, as the case may be. With respect to any untrue statement
or omission or alleged untrue statement or omission made in the Preliminary Prospectus, if any, the indemnity agreement contained in this
Section 6.1 shall not inure to the benefit of the Underwriter to the extent that any loss, liability, claim, damage or expense of the
Underwriter results from the fact that a copy of the Prospectus was not given or sent to the Person asserting any such loss, liability,
claim or damage at or prior to the written confirmation of sale of the Shares to such Person as required by the Securities Act and the
rules and regulations thereunder, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to
deliver the Prospectus was a result of non-compliance by the Company with its obligations under this Agreement. The Company agrees promptly
to notify the Underwriter of the commencement of any litigation or proceedings against the Company or any of its officers, directors or
Controlling Persons in connection with the issue and sale of the Shares or in connection with the Registration Statement or Prospectus.
6.2 Procedure. If any action is brought
against the Underwriter, a Selected Dealer or a Controlling Person in respect of which indemnity may be sought against the Company pursuant
to Section 6.1, the Underwriter, such Selected Dealer or Controlling Person, as the case may be, shall promptly notify the Company in
writing of the institution of such action and the Company shall assume the defense of such action, including the employment and fees of
counsel (subject to the reasonable approval of the Underwriter or such Selected Dealer, as the case may be) and payment of actual expenses.
The Underwriter, such Selected Dealer or Controlling Person shall have the right to employ its or their own counsel in any such case,
but the fees and expenses of such counsel shall be at the expense of the Underwriter, such Selected Dealer or Controlling Person unless
(i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with
the defense of such action, or (ii) the Company shall not have employed counsel to have charge of the defense of such action, or (iii)
such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them which are different
from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such
action on behalf of the indemnified party or parties), in any of which events the reasonable fees and expenses of not more than one additional
firm of attorneys selected by the Underwriter (in addition to local counsel), Selected Dealer and/or Controlling Person shall be borne
by the Company. Notwithstanding anything to the contrary contained herein, if the Underwriter, Selected Dealer or Controlling Person shall
assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action
which approval shall not be unreasonably withheld.
6.3 Indemnification of the Company.
The Underwriter agrees to indemnify and hold harmless the Company, its directors, officers and employees and agents who control 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 foregoing indemnity from the Company to the Underwriter, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions made in any Preliminary Prospectus, if any, the Registration Statement or Prospectus
or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, written information furnished
to the Company with respect to the Underwriter by or on behalf of the Underwriter expressly for use in such Preliminary Prospectus, if
any, the Registration Statement or Prospectus or any amendment or supplement thereto or in any such application. In case any action shall
be brought against the Company or any other Person so indemnified based on any Preliminary Prospectus, if any, the Registration Statement
or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against the Underwriter,
the Underwriter shall have the rights and duties given to the Company, and the Company and each other Person so indemnified shall have
the rights and duties given to the Underwriter by the provisions of this Article VI. Notwithstanding the provisions of this Section 6.3,
no Underwriter shall be required to indemnify the Company for any amount in excess of the underwriting discounts and commissions applicable
to the Shares purchased by the Underwriter.
6.4 Contribution.
(a) Contribution Rights.
In order to provide for just and equitable contribution under the Securities Act in any case in which (i) any Person entitled to indemnification
under this Article VI makes a claim for indemnification pursuant hereto but it is judicially determined (by the entry of a final judgment
or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such
indemnification may not be enforced in such case notwithstanding the fact that this Article VI provides for indemnification in such case,
or (ii) contribution under the Securities Act, the Exchange Act or otherwise may be required on the part of any such Person in circumstances
for which indemnification is provided under this Article VI, then, and in each such case, the Company and the Underwriter shall contribute
to the aggregate losses, liabilities, claims, damages and expenses of the nature contemplated by said indemnity agreement incurred by
the Company and the Underwriter, as incurred, in such proportions that the Underwriter is responsible for that portion represented by
the percentage that the underwriting discount appearing on the cover page of the Prospectus bears to the initial offering price appearing
thereon and the Company is responsible for the balance; provided, that, no Person guilty of a fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. For purposes of this Section, each director, officer and employee of the Underwriter or the Company, as applicable,
and each Person, if any, who controls the Underwriter or the Company, as applicable, within the meaning of Section 15 of the Securities
Act shall have the same rights to contribution as the Underwriter or the Company, as applicable. Notwithstanding the provisions of this
Section 6.4, no Underwriter shall be required to contribute any amount in excess of the underwriting discounts and commissions applicable
to the Shares purchased by the Underwriter.
(b) Contribution Procedure.
Within fifteen days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action,
suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing
party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will
not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action,
suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement
thereof within the aforesaid fifteen days, the contributing party will be entitled to participate therein with the notifying party and
any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on
account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of
such contributing party. The contribution provisions contained in this Section 6.4 are intended to supersede, to the extent permitted
by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available.
ARTICLE VII.
MISCELLANEOUS
7.1 Termination.
(a) Termination Right. The
Underwriter shall have the right to terminate this Agreement at any time prior to the Closing Date or any Option Closing Date, if any,
(i) if any domestic or international event or act or occurrence has materially disrupted, or in its opinion will in the immediate future
materially disrupt, general securities markets in the United States; or (ii) if trading on any Trading Market shall have been suspended
or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall
have been required by FINRA or by order of the Commission or any other government authority having jurisdiction, or (iii) if the United
States shall have become involved in a new war or an increase in major hostilities, or (iv) if a banking moratorium has been declared
by a New York State or federal authority, or (v) if a moratorium on foreign exchange trading has been declared which materially adversely
impacts the United States securities markets, or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane,
earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Underwriter’s
opinion, make it inadvisable to proceed with the delivery of the Shares, or (vii) if the Company is in material breach of any of its representations,
warranties or covenants hereunder, or (viii) if the Underwriter shall have become aware after the date hereof of such a material adverse
change in the conditions or prospects of the Company, or such adverse material change in general market conditions as in the Underwriter’s
judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Shares or to enforce contracts made by
the Underwriter for the sale of the Shares.
(b) Expenses. In the event
this Agreement shall be terminated pursuant to Section 7.1(a), within the time specified herein or any extensions thereof pursuant to
the terms herein, the Company shall be obligated to pay to the Underwriter its actual and accountable out of pocket expenses related to
the transactions contemplated herein then due and payable, including the fees and disbursements of SRF up to $25,000 (provided, however,
that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement).
(c) Indemnification. Notwithstanding
any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this
Agreement is otherwise carried out, the provisions of Article VI shall not be in any way effected by such election or termination or failure
to carry out the terms of this Agreement or any part hereof.
7.2 Entire Agreement. The Transaction
Documents, together with the exhibits and schedules thereto, and the Prospectus contain the entire understanding of the parties with respect
to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such
matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.
7.3 Notices. Any and all notices or
other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective
on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or
email attachment set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b)
the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number
or email attachment as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New
York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally
recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address
for such notices and communications shall be as set forth on the signature pages attached hereto.
7.4 Amendments; Waivers. No provision
of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment,
by the Company and the Underwriter. No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right.
7.5 Headings. The headings herein are
for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.
7.6 Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
7.7 Governing Law. All questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced
in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party
agrees that all legal proceedings arising out of this Agreement and any other Transaction Documents (whether brought against a party hereto
or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of
the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any
of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any action, suit or proceeding, any claim that
it is not subject to personal jurisdiction, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process
and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted
by law. If either party shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, in addition
to the obligations of the Company or the Underwriter under Article VI, the prevailing party in such action, suit or proceeding shall be
reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation
and prosecution of such action or proceeding.
7.8 Survival. The representations and
warranties contained herein shall survive the Closing and the Option Closing, if any, and the delivery of the Shares.
7.9 Execution. This Agreement may be
executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need
not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.
7.10 Severability. If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in
no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ
an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.
It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions,
covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.
7.11 Remedies. In addition to being
entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Underwriter and the Company will
be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate compensation
for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not
to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.
7.12 Saturdays, Sundays, Holidays, etc.
If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business
Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.
7.13 Construction. The parties agree
that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore,
the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and
Ordinary Shares in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock
combinations and other similar transactions of the Ordinary Shares that occur after the date of this Agreement.
7.14 WAIVER OF JURY TRIAL. IN ANY
ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE
LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVE FOREVER ANY RIGHT TO TRIAL BY JURY.
(Signature Pages Follow)
If the foregoing correctly sets forth the understanding
between the Underwriter and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall
constitute a binding agreement among the Company and the sole Underwriter in accordance with its terms.
| |
Very truly yours, |
| |
|
| |
BIONDVAX PHARMACEUTICALS, LTD. |
| |
|
|
| |
By: |
/s/ Amir Reichman |
| |
|
Name: |
Amir Reichman |
| |
|
Title: |
Chief Executive Officer |
| |
|
|
|
| |
By: |
/s/ Mark Germain |
| |
|
Name: |
Mark Germain |
| |
|
Title: |
Chairman of the Board |
Accepted on the date first above written.
AEGIS CAPITAL CORP.
As the sole Underwriter
| By: |
/s/ Robert J. Eide |
|
| |
Name: |
Robert J. Eide |
|
| |
Title: |
C.E.O |
|
Address for Notice:
BiondVax Pharmaceuticals, Ltd.
Jerusalem BioPark, 2nd Floor
Hadassah Ein Kerem Campus
Jerusalem, Israel
Attention: Mark Germin
E-mail:
With a copy (for informational purposes only) to:
Gross & Co. Law Firm
One Azrieli Center, Round Building
Tel Aviv 6701101, Israel
Attention: Perry Wildes
Email:
And to:
Lucosky Brookman LLP
101 Wood Avenue South,
5th Floor Woodbridge,
NJ 08830
Attention: Lawrence Metelitsa
Email:
If to the Underwriter:
Address for Notice:
810 Seventh Avenue, 18th Floor
New York, New York 10019
Attention: Global Equity Markets
Email:
Copy to:
Sichenzia Ross Ference LLP
1185 Avenue of the Americas
New York, New York 10036
Attention: Greg Sichenzia, Esq.
Email:
SCHEDULE I
Schedule
of Sole Underwriter
| Sole Underwriter | |
Total Number of Closing Units to be Purchased |
| |
Closing Purchase Price | |
| | |
| |
| |
| Aegis Capital Corp. | |
Closing Common Units | |
| 400,000 | | |
$ | 4.65 | |
| | |
Closing Pre-funded Units | |
| 1,200,000 | | |
$ | 4.65 | |
| | |
| |
| | | |
| | |
| Total: | |
| |
| 1,600,000 | | |
| | |
SCHEDULE 2-A
Pricing Information
Number of Closing Units: 1,600,000
Number of Closing Common Units: 400,000
Number of Closing Pre-Funded Units: 1,200,000
Number of Option Securities: up to 720,000
Public Offering Price per Closing Common Unit: $5.00
Public Offering Price per Closing Pre-funded Unit: $4.999
Exercise Price per Pre-funded Warrant: $0.001
Exercise Price per Warrant per ADS: $5.000
Underwriting Discount per Closing Common Unit: $0.35
Underwriting Discount per Closing Pre-funded Unit: $0.35
EXHIBIT A
EXCHANGEABLE PURCHASE WARRANT
TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN
DEPOSITARY SHARES
EXHIBIT B
NON-EXCHANGEABLE PURCHASE WARRANT
TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN
DEPOSITARY SHARES
EXHIBIT C
PRE-FUNDED WARRANT
TO PURCHASE ORDINARY SHARES REPRESENTED BY AMERICAN
DEPOSITARY SHARES
