definiens: means any financial year of twelve ( 12 ) calendar months ending 31 December ; ( p ) means a report on the operations of the Business of the Company detailing theprogress of Business for the period that such report relates ; ( q ) means a report on the research and development activities of the Companydetailing the progress of research and development activities for the period that such report relates ; ( r ) means any shares of the Company of any class ; ( s ) means the shareholders of the Company ; ( t ) has the meaning ascribed thereto in the Articles ; ( u ) means an initial underwritten public offering by the Company of its Shares pursuantto an effective registration statement under the US Securities Act of 1933, as amended or anyequivalent law of another jurisdiction including the Israeli law ( pertaining to public offering at TASE)at a Company valuation of at least US$ 25,000,000 ( Twenty Five Million Dollars ) ; ( v ) means the United States of America ; ( w ) refers to the lawful currency of US ; ( x ) means $ 8,000,000 ; ( y ) means an initial underwritten public offering by the Company of its Sharespursuant to an effective registration statement under the US Securities Act of 1933, as amended or anyequivalent law of another jurisdiction including the Israeli law ( pertaining to public offering at TASE)at a Company valuation of less than US$ 25,000,000 ( Twenty Five Million Dollars ) ; ( z ) means any person registered in the Company ’s register of Shareholders asthe owner of at least three percent ( 3 % ) or more of the share capital of the Company on an issued andoutstanding basis