Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 79

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 79
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 be subject to limitations on the transfer of their ADSs and the withdrawal of the underlying Ordinary Shares.

ADSs are transferable on the books of the depositary.
However, the depositary may close its books at any time or from time to time when it deems expedient in connection with the performance
of its duties. The depositary may refuse to deliver, transfer or register transfers of ADSs generally when our books or the books of the
depositary are closed, or at any time if we or the depositary think it is advisable to do so because of any requirement of law, government
or governmental body, or under any provision of the deposit agreement, or for any other reason, subject to the right of ADS holders to
cancel their ADSs and withdraw the underlying Ordinary Shares. Temporary delays in the cancellation of the ADSs and withdrawal of the
underlying Ordinary Shares may arise because the depositary has closed its transfer books or we have closed our transfer books, the transfer
of Ordinary Shares is blocked to permit voting at a shareholders’ meeting or we are paying a dividend on our Ordinary Shares. In
addition, ADS holders may not be able to cancel their ADSs and withdraw the underlying Ordinary Shares when they owe money for fees, taxes,
and similar charges, and when it is necessary to prohibit withdrawals in order to comply with any laws or governmental regulations that
apply to ADSs or to the withdrawal of Ordinary Shares or other deposited securities. See Exhibit 2.3 attached to this Annual Report.

  45  

We and the
depositary are entitled to amend the deposit agreement and to change the rights of ADS holders under the terms of such agreement, or to
terminate the deposit agreement, without the prior consent of the ADS holders.

We and the depositary are entitled to amend the deposit
agreement and to change the rights of the ADS holders under the terms of such agreement, without the prior consent of the ADS holders.
We and the depositary may agree to amend the deposit agreement in any way we decide is necessary or advantageous to us or to the depositary.
Amendments may reflect, among other things, operational changes in the ADS program, legal developments affecting ADSs or changes in the
terms of our business relationship with the depositary. In the event that the terms of an amendment are materially disadvantageous to
ADS holders, ADS holders will only receive 30 days’ advance notice of the amendment, and no prior consent of the ADS holders is
required under the deposit agreement. Furthermore