Exhibit 4.24

[UNOFFICIAL TRANSLATION INTO ENGLISH]

Rental Agreement

Made and entered into in Tel Aviv on November 15, 2018

Between

[***]

And

CollPlant Ltd. Company No. 513578260

Through Messrs Yehiel Tal and Eran Rotem

Of 3 Sapir Street Ness Ziona

In this agreement the following terms shall have the interpretation and meaning written next to them:

Preface

NOW, THEREFORE, the parties hereto hereby agree, declare and stipulate as follows:

Subject to fulfilling all the parties’ undertakings as set forth in this agreement, the Renter hereby undertakes to the rent out to the Tenant, and the Tenant hereby rents from the Renter, the Leasehold, under the terms of this rental agreement.

The Renter hereby warrants and confirms:

In view of the requirements of the parties’ safety consultant to build a connecting corridor in the Leasehold from the elevator lobby to the stairwell, the Tenant shall, as part of the adjustment works, build a delineated connecting corridor. Attached, as Appendix J1, is the Leasehold floor plan with a marking of the connecting corridor. In addition, as part of the adjustment works, the Tenant shall perform works for the purpose of adjusting the doors of both stairwells (as marked in the Plan) as controlled doors. [***]

[***]

“The Leasehold Area” or “the Rent Area” is as follows:

The total said area shall constitute and be referred to hereunder as “the Area for Charging Rent”.

The breach of the provision of this Section 6.1 above constitutes a material breach of the agreement.

The breach of the provision of this Section 6.2 above constitutes a material breach of the agreement.

The first term of rent

The Tenant shall pay the Renter in all the term(s) of rent, as specified in Section 7 above, ’the Inclusive Rent’, as defined hereunder, everything according to the following provisions:

It is clarified that ‘the Inclusive Rent’ is the amount of ‘the Basic Rent’ and the ‘Basic Adjustment Cost’, as these terms are defined in Sections 8.13 and 8.14 hereunder.

Rent for the Offices areas

To remove any doubt, it is clarified that during the Exemption Period the Tenant shall be exempt from paying the Inclusive Rent and from paying rent for the Leasehold Parking Spaces as defined hereunder.

To remove any doubt, it is clarified that the total Participation Amount the Renter undertakes to pay the Tenant is 2,000 NIS/sq m together with VAT multiplied by the Area for Charging Rent as defined in Section 5.1 above. All payments shall be made directly into the Tenant’s account and subject to the Tenant providing a due invoice and bill specifying the uses made of the amount transferred to the Tenant by the Renter as well as a certificate of keeping of account books and an exemption from withholding tax at source.

Any breach of the provision in this Section 8.12 shall constitute a material breach of the agreement.

Calculation of Rent during the term of rent and the cost of adjustments

‘The Basic Monthly Rent’ for the Leasehold shell unit is [***] NIS/sq m together with VAT, multiplied by the Area for Charging Rent stated in Section 5.1 above (hereinabove and hereinafter: “the Basic Rent”).

The Basic Adjustment Cost – the amount of the Basic Adjustment Cost that the Tenant will pay in addition to the Basic Monthly Rent, which has been determined and agreed upon by the parties as set forth in Appendix C hereto is [***] NIS/sq m together with VAT multiplied by the Area for Charging Rent stated in Section 5.1 above (hereinafter: “the Basic Adjustment Cost”).

For example: if the Renter invests an amount of [***] NIS per sq m in adjusting the Leasehold for the Tenant’s needs, [***] NIS/sq m ([***] NIS/sq m/ [***] NIS/sq m = [***]) will be added to the basic price which is as aforesaid [***] NIS/sq m, such that the Inclusive Rent per sq m, following performing the adjustments, will be [***] NIS/sq m ([***] NIS/sq m + [***] NIS/sq m = [***] NIS/sq m) together with Linkage Differentials to the Basic Index stated above.

For example, if the Tenant abandons the Leasehold at the end of a full year of rent, the Tenant undertakes to pay the Renter 90/100 parts of the Basic Adjustment Cost together with Linkage Differentials. For the purpose of the example, at the end of two full years of rent, the Tenant undertakes to refund the Renter with 80/100 parts of the Basic Adjustment Cost together with Linkage Differentials to the Index and so on.

All the securities provided for under this agreement shall also be used as securities to secure the refund of the Adjusted Cost of Adjustments or the increased pro-rata cost to the Renter. The Renter may realize the securities it holds, inter alia, also for charging the Adjusted Cost of Adjustments from the Tenant, in accordance with the provisions hereof. For the removal of any doubt and in any event, it is clarified that in any case and scenario under this agreement, the adjustments made to the Leasehold, whether under the finish works down to shell unit level or under the performance of the Tenant’s adjustment works, shall constitute the Renter’s exclusive property, and the Tenant shall not be entitled to any indemnification and/or compensation of any kind or type for them or to dismantle them or to take possession and/or ownership and/or right of any kind or type of them. This is a fundamental, material term in this agreement. The foregoing shall not derogate from the Tenant’s claims in case this agreement terminates early by fault of the Renter and/or anyone on its behalf.

Statutory VAT shall be added to all the amounts specified above and hereunder. The Tenant shall pay Value Added Tax for each of the payments that it is obligated to pay the Renter in accordance with the provisions of this agreement at such rate as shall be from time to time pursuant to the law and/or any tax that shall supersede it and/or any tax that according to the law imposing it shall apply to any payment that the Tenant is obligated to pay in accordance with the provisions of this agreement. The Renter shall pay Value Added Tax for each of the Participation Amount payments for the “allocation” transaction as defined in Section 8.12 above. The Renter shall produce due invoices for the Tenant’s payments within 14 days of the payment date.

Throughout the term of rent the Tenant shall pay, in addition to all the other payments applicable to it under this agreement, all the payments, levies, municipal rates, taxes, and compulsory payments of any kind, municipal and/or governmental and/or other, including and without derogating from the generality of the foregoing, any fee, licensing fee, and licenses of any kind that relate to the Leasehold and/or to the business operating in it and/or to the operation and/or holding thereof as well as all the other payments relating to the Leasehold, everything provided that these apply, by their nature and/or pursuant to any law, to a tenant and/or holder and/or user and/or to the business operated by the Tenant in the Leasehold and/or to business operator in a real estate property, by itself and at its liability, everything if it is required to do so. The parties likewise agree that any taxes or levies in connection with the Leasehold and/or the operation and/or holding thereof which, by their nature, apply to a tenant and/or holder and/or user and/or to the business operated by the Tenant in the Leasehold, shall apply to the Tenant, everything in the same manner as described above.

Without derogating from the generality of the foregoing, and in addition to any other payment applicable to it under this agreement, the Tenant shall pay in full and on the date prescribed in the agreement and/or by law (as applicable), by itself, all the following payments:

It is clarified that the Tenant undertakes to inform the municipality and the other entities and/or suitable authorities in writing of the delivery and receiving of possession of the Leasehold, as of the first date on which the Leasehold is delivered to it and to be registered as holder of the Leasehold in the municipality’s records. In addition, the Tenant undertakes to transfer the name of the holder, debtor and recipient for the water and/or telephone and/or electricity and/or municipality bills and any other bill that applies to the Tenant, into the Tenant’s name, and it undertakes to return all said bills into the name of the Renter and/or anyone on its behalf (and at the Renter’s instruction) at the end of the term of rent, everything with the Renter’s cooperation, should it be required to provide it.

As of the Beginning of Term of Rent or receiving possession of the Leasehold, at the earlier of these dates, the Tenant undertakes not to apply to the municipality for exploiting an ‘exemption from rates in an empty property’, for the entire term of rent and/or extended terms of rent, as applicable. If the Tenant breaches this undertaking, the Tenant undertakes to repay the Renter, on the date of receiving the exemption from rates, an amount equal to the municipal rates from which the municipality exempted it. This is a material undertaking of the Tenant. Notwithstanding the foregoing, the Tenant is entitled at any time to apply for exemption from rates for unusable property and/or for property under renovations.

The Tenant and/or anyone on its behalf shall appoint a duly certified foreman and a safety supervisor and shall inform of their appointment to the Safety and Occupational Health Administration at the Ministry of Economy or to any other authority, as required by virtue of any law, and shall produce a copy of its notices to the Renter, as required by law.

The Tenant shall be prevented from making any contentions and/or claims and/or demands against the Renter and/or anyone on its behalf in connection with performing the Changes, all or some of them, and the Tenant undertakes not to interrupt or object to any Change or addition as aforesaid for any reason, including no such objection to reasonable interruptions caused to it, if any, during the performance of the addition and Change. This is a material term of this agreement.

The Renter undertakes to complete the Building construction works (excluding development works, finish works in the Public Spaces, operating the electro-mechanical systems, finish of preparing loading and unloading areas, store rooms, Parking Lots and access ways and various finish works including Public Spaces and systems and excluding environmental development provided that failure to complete them shall not prevent the Tenant’s reasonable function for the Purpose of Rent) and complete the Renter’s works in the Leasehold and deliver possession of the Leasehold to the Tenant when it is clean and ready for the performance of the Tenant’s adjustment works from any aspect, with a possibility for permanent connection to the systems and with free, safe access including one elevator at least and a Parking Lot (with charge, subject to the provisions of the rental agreement), which works until the ‘Delivery Date’, and the following provisions shall apply:

To remove any doubt, it is clarified that the Tenant’s failure to cooperate with the Renter in preparing a delivery protocol and/or the existence of any defects and/or discrepancies and/or the need of complementary works in the Leasehold, insomuch that these are unsubstantial / do not prevent the Tenant’s proper function in performing the adjustment works and/or for the Purpose of Rent, shall not be used as hindrance to receive possession in the Leasehold, and the Tenant shall in any event be obligated to receive delivery of the Leasehold on the Delivery Date.

It is hereby clarified that if the Tenant fails to timely and fully perform any of the above actions, possession in the Leasehold shall not be delivered to it without this being considered as any breach on part of the Renter, everything without derogating from any relief and/or remedy and/or right afforded to the Renter and/or Management Company pursuant to this agreement and/or the management agreement and/or any law, and without derogating from the provisions of Section 12.2 above and the Tenant’s undertaking to perform all the foregoing in full and in a timely manner.

The Tenant undertakes to conduct its business in the Leasehold regularly, continuously and at a high level of management and maintenance which is adequate in similar modern, luxurious buildings, starting as of the Delivery Date onwards throughout the term of rent, everything as acceptable in businesses similar to that of the Tenant.

The Renter may cause to the appointment or founding of a corporation from time to time for the purpose of the management of the Building, whether as separate management or management as part of the Project as a whole, including all of its wings, including the Commercial Center, Building F, the Building, and the maintenance thereof (hereinafter: “the Management Company”). As long as no such corporation has been appointed or founded or as long as it has not started dealing with the management of any of the Project wings, the buildings included in it, the Commercial Center, and the maintenance thereof, or if such appointment has terminated, the Renter or anyone on its behalf shall serve as the Management Company for the purpose of this agreement.

The Management Company shall determine the arrangements, rules and procedures relating to the management and maintenance of the Project areas in their entirety, including the Building, and shall provide for regulations applicable to all the tenants and users of the Project areas and shall follow up the enforcement and performance thereof. The Tenant undertakes to sign the management agreement with the Management Company the essence of which are the principles set forth in this Section 14 while the management agreement is accompanied with the regulations which are also subject to the content of the beginning of this section. Notwithstanding the provisions herein, the Renter undertakes that at any time during the term of this agreement, the Building shall be managed to a high standard which is adequate to similar modern buildings and that the Management Company shall act reasonably, transparently, with loyalty and efficiency in providing the services, expending expenses, and distributing them among the tenants.

In addition, the Management Company shall provide, by itself and/or through sub-contractors, management and maintenance services for the Project areas, including to the Building, including supply of electricity in bulk to the Building and its systems, collecting charges from the tenants and holders in the Building under this agreement, including services of collecting Rent, Management Fee, and payments for power consumption, cleaning and illumination of the Public Spaces in the areas of the Project and of the Building, both internal and external, air conditioning of the internal Public Spaces, landscaping of Public Spaces, maintenance, upkeep and repairs of the electric power systems in the Public Spaces, illumination, air conditioning, elevators, escalators, and other systems and facilities used by all the users in the areas of the Project and Building, installation, use, maintenance of various facilities for the use and welfare of all the tenants and/or visitors of the Building, signposting, property and building insurance in the areas of the Project including the Building (exclusive of leaseholds’ content), third party insurances in connection with the Public Spaces, other additional insurances, payment of municipal and governmental taxes that apply to the Public Spaces, and maintenance and operation of the Parking Lots or any other service required for the purpose of the management and maintenance of the Project areas, including the Building, at the sole discretion of the Renter and the Management Company (hereinafter: “the Services”).

It is further agreed that the maintenance and repairs under the above definition of Services include also, but not only, the renovation and/or replacement of equipment and accessories as required, and the Management Company shall be entitled to, if it so chooses, finance them, fully or partly, using a renovation fund and/or by replacing equipment the money for which shall be collected regularly from the various tenants under and as part of the agreed maintenance and Management Fee. These amounts shall be invested by the Management Company in solid investments and shall not be reimbursed to the Tenant. The allowances to said fund shall be made according to the decision of the Renter’s accountant or the Management Company according to the acceptable accounting rules, in reliance on the opinion of technical professionals. This is a material term of this agreement.

It is clarified that the above Management Fee includes only Services provided to the Building during the following days and times of activity: Sunday to Thursday 07:00-18:00. For any additional and special services provided to the Building beyond the above activity times, additional Management Fee shall apply, according to the actual consumption of the energy meter, according to the scope and nature of the requested services. Notwithstanding the foregoing, the Tenant shall have free access to the Leasehold 24X7 while operating services at no extra charge provided that it forwards to the Renter a list with the particulars of the employees who are authorized to enter the Leasehold 24X7. The Parking Lot shall be open from 6:00 am to 01:00 am during weekdays, from 7:00 am to 21:00 pm on Friday, and from 10:00 am to 22:00 pm on Saturday.

It is clarified that the above Management Fee includes services for the maintenance of the common areas in the Building but not inside the Leasehold Areas.

It is clarified that the above Management Fee includes security services at the entrance to the Building from 08:00 am to 18:00 pm. The cost of security services beyond the above times, if required by the Tenant only, shall be borne by the Tenant only. The cost of security services beyond the above times, if required by other tenants, shall not apply to the Tenant.

Without derogating from the generality of the foregoing, the Tenant undertakes not to operate in the Leasehold or its vicinity, public address systems and/or loudspeakers and/or unreasonable noise nuisances and/or odor and/or dirt and/or waste and not to attach and/or place signs at the premises of the Building. In addition, the Tenant undertakes to keep a high level of cleaning and maintenance in the Leasehold and its vicinity. If the Tenant breaches the foregoing by a material breach, the Renter may, after a seven (7)-day prior notice in writing during which the breach has not been rectified, take all the actions and reliefs provided for under this agreement including in Section 14.10 above, and all the expenses incurred by the Renter as a result shall apply to and be paid by the Tenant.

Public Spaces and common property

To remove any doubt, it is clarified that even in case the Renter provides an approval to use such Public Spaces, the Tenant may not roof and/or fence and/or enclose these areas by any closure before having received the Renter’s prior written approval and subject to the provisions of any law and to making any payment and/or obtaining any confirmation and/or permit by the Tenant, as required by the authorities.

If, as a result of the use made and/or to be made by the Tenant of the Leasehold, the Renter is required to pay betterment levy or non-conforming use fee by the planning and building local committee, the Tenant will be required to pay directly to the local committee any such amount with which the Renter is charged by the local committee or refund it to the Renter within seven (7) days of the Renter’s request of any such amount that the Renter paid the local committee.

The Tenant warrants that it is knowledgeable of the business it intends to conduct in the Leasehold and of the required conditions for the purpose of obtaining a license for its business and that it alone, as opposed to the Renter, shall be solely responsible to obtain all the licenses, confirmations or permits required or to be required pursuant to any law to conduct its business in the Leasehold, according to the Purpose of Rent and pursuant to the provisions of any law, including the provisions of the UBP. That prior to signing hereof it examined the suitability of the Leasehold and the option to obtain all said licenses and/or confirmations and/or permits which it requires pursuant to the provisions of any law for the purpose of operating the Leasehold and found all of these suitable for its needs and purposes. The Tenant shall bear, at its own expense, all the required payments for obtaining the above licenses and permits, including making adjustments in the Leasehold should these be required for the purpose of obtaining the aforesaid licenses or permits. The Renter shall not be liable in any way or form to obtain the permits and/or confirmations required for the business license in the Leasehold. The Renter shall provide its consent, insomuch that it is required to provide it by law as the owners and Renter of the Leasehold and pursuant to any law, to file an application for the business license, provided that this shall not impose on it any financial or other duty. To remove any doubt, if the Tenant fails to obtain a business license for its business following a deed or omission of the Tenant and/or unsuitability of the Tenant’s business and/or the use it wants to make of the Leasehold, to the provisions of the UBP, and the provisions of any law which applies to the Leasehold, this shall not derogate form any of the Tenant’s undertakings under this agreement, including payment of Rent and Management Fee.

It is explicitly agreed and declared that the Renter shall have no liability of any kind and form to the Tenant and/or anyone on its behalf for any Damage caused, if caused, to the property and/or business of the Tenant and of anyone situated in them for any reason, and for any Damage to the Leasehold, and with respect of everything, without derogating from the generality of the foregoing, also indirect Damage and constructive Damage, except for Damage caused by the Renter deliberately or as a result of negligent and/or malicious deed and/or failure of the Renter and/or the Management Company and/or anyone on their behalf and/or Damage to which the Renter and/or the Management Company and/or anyone on their behalf is liable pursuant to the law.

To remove any doubt, it is clarified that the entire content of this Section 17.1 above also constitutes a provision in favor of a third party within its meaning in Chapter D of the Contracts (General Part) Law, 5733-1973, with said third party being the Management Company.

Without derogating from the Tenant’s liability under the agreement and/or under any law, the Tenant undertakes to keep, at its liability and exclusive expense, throughout the term of rent, all the insurances for the contents of the Leasehold as well as all the insurances, according to all the requirements as set forth in the Insurance Appendix attached to this agreement as an integral part thereof and marked as Appendix E.

The Tenant may not make any changes or additions to the Leasehold, whether internal or external, without obtaining the Renter’s prior, written consent which shall not be withheld other than for reasonable reasons (hereinafter: “Changes and Additions”).

The performance of the Changes and Additions is conditioned on their performance being made by duly certified contractors, and if the Changes require a building permit and/or a permit of a competent authority, the Changes shall only be performed in accordance with the requirements of the competent authorities and a due building permit.

Without prejudicing and/or derogating from the foregoing, if and when the Tenant makes and/or performs Changes and Additions to the Leasehold, the Renter shall have the right to demand their removal at the end of the term of rent and the reinstitution of the Leasehold to its former condition, at the end of the Exemption Period and without the Changes and Additions. If the Renter does not demand to remove the Changes and Additions, these shall become the Renter’s exclusive property and the Tenant shall have no claim and/or demand against the Renter for the Changes and/or Additions and/or for its investment in them. This is a material term of this agreement.

Without derogating from the generality of the foregoing, the Tenant shall not lease the Leasehold or any part thereof by sublet and/or subtenancy, shall not transfer the Leasehold or any part thereof to another in any way, shall not deliver possession of it or of any part of it to another, and shall not confer any right to it or allow any use of it or of any part of it by another, whether with or without consideration, whether permanently or one-off or temporarily, without the Renter’s consent which shall not be withheld other than for reasonable reasons, nor shall the Tenant charge or mortgage any of its rights under this agreement.

The breach of the provisions of this Section 20.1 above constitutes a material breach of the agreement.

The parties declare that after they had made a calculation, they found that the Liquidated Damage shall constitute reasonable, adequate compensation and payment with respect of any damage incurred by the Renter as a result of such breach and as a result of handling its outcome.

“Material breach” in this agreement means a breach with respect of which it is explicitly stated in this agreement that it shall be material as well as a breach that shall be deemed material under any law notwithstanding that it is not explicitly stated in this agreement that it shall be material. It is clarified that a Tenant’s breach shall not be deemed material and the Renter’s shall not be afforded remedies for it as a material breach unless a 30-day prior, written warning has been given for it and insomuch that the breach has not been rectified.

Delay in any payment the Tenant is obligated to make under the provisions of the agreement to the Renter and/or the Management Company and/or anyone on their behalf, for a period exceeding fourteen (14) days of the delivery date of a written warning and/or such delay for a shorter period than such 7 days, this being more than three times in any one year of rent (which will be counted as of the Beginning of the Term of Rent onwards – one whole calendar year each time) (hereinafter: “Year of Rent”); a delay in the payment of the adjustment cost by the Renter to the Tenant; non-receipt/cancellation of the permits and confirmations required by law which relate to the Building and to the Leasehold, hazard and/or nuisance which prevents the proper use of the Leasehold and its vicinity which was formed as a result of the actions of the Renter and/or the Management Company and/or anyone on their behalf and which has not been removed without 14 days.

To remove any doubt, it is clarified that any object and/or equipment and/or accessories and/or stock which are not considered the Renter’s property under this agreement and are left in the Leasehold following its evacuation by the Tenant shall become the Renter’s property, without any consideration upon the evacuation, and the Tenant waives any claim and/or contention and/or demand for them subject to a 45-day written warning.

To remove any doubt, the Tenant declares that the provision of this section shall not prejudice any of the Renter’s rights and that no such payment according to this section shall release the Tenant from its duty to evacuate the Leasehold.

For the purpose of making the final accounting, the Tenant shall provide the Renter with a confirmation from any municipal and governmental and/or other authority and/or from any other entity to which the Tenant has committed under this agreement to make various payments directly, attesting that as of the date of the end of the term of rent, all the payments referring to the term of rent have been repaid by the Tenant, including principal and/or interest and/or Linkage Differentials and/or fines and/or any other debt, for said period.

To secure the timely fulfillment of all the Tenant’s undertakings under the agreement, without derogating from any of its undertakings under this agreement and without derogating from any relief and/or remedy and/or right afforded to it under this agreement and/or any law, the Tenant shall provide the Renter, on the following dates, all the following securities:

The Tenant shall provide the Renter, on the date of signing hereof, a letter of guarantee of the parent company, in such form and under such terms as stated in Appendix F (hereinafter: “the Guarantor”), when it is duly signed and certified by an attorney. If this is a corporation, the Tenant shall provide, in addition to all of the foregoing, minutes from the board meeting of such corporation-Guarantor when they are duly certified, which approve providing the guarantee by the corporation.

It is clarified that such Guarantor’s guarantee is jointly and severally with the Tenant.

The Tenant shall provide the Renter, on the possession Delivery Date as aforesaid and as a condition for such delivery, autonomous bank guarantee in the form specified in Appendix G (hereinafter: “the Bank Guarantee”).

Without derogating from the provisions of Appendix G as aforesaid, the Bank Guarantee shall be subject to all of the following provisions:

If the amount charged by the Renter in realizing the Promissory Note exceeds the amount it is due under this agreement together with the collection expenses, the Renter shall keep the extra money as guarantee instead of the Promissory Note until the guarantee is no longer required and may collect from the extra money any amount due to it from the Tenant thereafter.

Notwithstanding the foregoing and for the removal of any doubt, it is noted that the Promissory Note shall only be realized in the event of a material breach of the Tenant which has not been rectified within 21 days of providing a written notice and only at the amount that the Tenant is required to pay in accordance with the provisions hereof.

It is agreed that the provisions of the Tenants’ Protection Law (Consolidated Version) 5732-1972 as well as other tenant protection laws and the regulations and orders thereof (hereinafter: “the Law”) shall not apply to the Leasehold and/or to this rental agreement, and that no law that confers upon the Tenant the status of a protected tenant or a right not to evacuate the Leasehold in the events and on the dates that the Tenant is required to evacuate the Leasehold under this agreement shall not apply to the Leasehold.

The parties explicitly declare and confirm that the Leasehold shall be situated in a building the construction of which has been completed following August 20, 1968 and that this rent is made under the explicit condition that the Law shall not apply to the rent. The Tenant declares that it has not paid and shall not pay the Renter key money or any other consideration which is not Rent in connection with this agreement and that the Tenant or anyone acting on its behalf, including any of its individuals and/or shareholders, shall not be a protected tenant in the Leasehold pursuant to any law and it will be prevented from making any claims or contentions in connection with being a protected tenant or that it has more rights to the Leasehold than those conferred upon it explicitly in this agreement.

The Tenant declares that all the investments it shall make in the Leasehold and/or in the Commercial Center, including equipment and facilities and including its share in the air conditioning, shall be made for its own purpose only and it shall be prevented from claiming that these investments constitute key money or substitute to key money or payment under Section 82 to said Law or any payment that confers upon it any rights to the Leasehold and it shall also be prevented from demanding the Renter any participation or refund, full or partial, for such investments.

It is further agreed that it was not the parties’ intention to form a protected tenancy relationship under the tenant protection laws and that this statement is a precondition to obtain the Renter’s consent to this agreement.

Whenever a duty is imposed on one of the parties under this agreement to perform any action or work or to pay any payment and that party (hereinafter: “the Breaching Party”) fails to perform such action or work or payment by the date stated in this agreement to that end, and in the absence of such date – by the date stated to that end in a written request it shall receive from the other party, the other party and/or the Management Company may, but are not required to, perform the action or work or payment instead of and at the expense of the Breaching Party, whether by themselves or by others. In such case, the Breaching Party is required to immediately pay upon the request of the complying party (the other party), all the amounts or losses or damages that the other party paid or borne in connection with performing such action or work or payment, together with Interest for Delay, as defined above, as of the date on which the other party borne the expense until the actual date of refund of the full amount to the other party (namely, principal together with Interest for Delay).

In technical issues – the technical specification shall govern the agreement itself.

In legal issues (including definitions) – the agreement itself shall govern the technical specification.

The appendix of changes to the technical specification shall govern the agreement and specification.

To remove any doubt, it is further clarified that the Tenant shall not be entitled at any time to register a warning note by virtue of its rights under this agreement.

The Tenant declares and confirms that it knows that the Renter’s attorneys represent the Renter only, and that it may and is entitled to consult with an attorney on its behalf, without any limitation.

The parties’ addresses are as follows:

The Renter - 3 Har Sinai Street Tel Aviv

The Tenant – at the Leasehold (until occupancy, the Tenant’s address as specified in the preface)

IN WITNESS WHEREOF, the parties hereto have signed this agreement.

Attorney’s confirmation

I, the undersigned, [Stamp] Yan Feldman, Adv., License No. 55820, Isras Group, 3 Har Sinai Street, Tel Aviv, Tel: 03-7130236, Fax: 0747500037, Tel: [Stamp], hereby confirm the signature of Messrs _________________ in the name of the Renter, who are authorized to sign in its above name and bind it.

Attorney’s confirmation

I, the undersigned, Marina Gofman, Adv., of 3 Sapir Street, Ness Ziona, hereby confirm the signature of Messrs Yehiel Tal and Eran Rotem in the name of the Tenant, who are authorized to sign in its above name and bind it.

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[***] = Information that has been omitted and submitted separately to the Securities and Exchange Commission and for which confidential treatment has been requested.