Company: GAUZ
Filing Date: 2025-07-03
Form Type: F-3
Source: 0001213900-25-061387
Chunk: 34

Company: Gauzy Ltd.
Filing Date: 2025-07-03
Form: F-3
Chunk 34
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 our sole discretion, not to have such securities 
 represented by one or more global securities; or                  |

| ● | an Event of Default has occurred and is continuing with respect 
 to such series of securities,                                   |

we will prepare and deliver certificates for such securities in exchange
for beneficial interests in the global securities. Any beneficial interest in a global security that is exchangeable under the circumstances
described in the preceding sentence will be exchangeable for securities in definitive certificated form registered in the names that the
depositary directs. It is expected that these directions will be based upon directions received by the depositary from its participants
with respect to ownership of beneficial interests in the global securities.

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Euroclear and Clearstream

If so provided in the applicable prospectus supplement,
you may hold interests in a global security through Clearstream Banking S.A., or Clearstream, or Euroclear Bank S.A./N.V., as operator
of the Euroclear System, or Euroclear, either directly if you are a participant in Clearstream or Euroclear or indirectly through organizations
which are participants in Clearstream or Euroclear. Clearstream and Euroclear will hold interests on behalf of their respective participants
through customers’ securities accounts in the names of Clearstream and Euroclear, respectively, on the books of their respective
U.S. depositaries, which in turn will hold such interests in customers’ securities accounts in such depositaries’ names on
DTC’s books.

Clearstream and Euroclear are securities clearance
systems in Europe. Clearstream and Euroclear hold securities for their respective participating organizations and facilitate the clearance
and settlement of securities transactions between those participants through electronic book-entry changes in their accounts, thereby
eliminating the need for physical movement of certificates.

Payments, deliveries, transfers, exchanges, notices
and other matters relating to beneficial interests in global securities owned through Euroclear or Clearstream must comply with the rules
and procedures of those systems. Transactions between participants in Euroclear or Clearstream, on one hand, and other participants in
DTC, on the other hand, are also subject to DTC’s rules and procedures.

Investors will be able to make and receive through
Euroclear and Clearstream payments, deliveries, transfers and other transactions involving any beneficial interests in global securities
held through those systems only on days when those systems are open for business. Those systems may not be open for business on days when
banks, brokers and other institutions are open for business in the