Company: SVREW
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001013762-25-001028
Chunk: 89

Company: SaverOne 2014 Ltd.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 6
Chunk 89
---

of the appointment. The Companies Law specifies certain qualifications for alternate directors, and provides that one director may not
serve as an alternate on the board of directors for another director, nor as an alternate on a committee of which he or she is already
a member. The Companies Law stipulates that an external director may not appoint an alternate director except under very limited circumstances.
As of March 19, 2025, no director has appointed any other person as an alternate director.

External
Directors

As
a public Israeli company, we are required by the Companies Law to have at least two external directors who meet certain independence
criteria to ensure that they are unaffiliated with us and our controlling shareholder.

An
external director must also have either financial and accounting expertise or professional qualifications, as defined in the regulations
promulgated under the Companies Law, and at least one of the external directors is required to have financial and accounting expertise.
An external director is entitled to reimbursement of expenses and compensation as provided in the regulations promulgated under the Companies
Law, but is otherwise prohibited from receiving any other compensation from us, directly or indirectly, during his or her term and for
two years thereafter.

Under
the Companies Law, external directors must be elected at a shareholders’ meeting by a simple majority of the votes cast on the
matter, provided that such majority includes a majority of the votes cast by non-controlling shareholders and shareholders who do not
have a personal interest in the election (excluding a personal interest that did not result from the shareholder’s relationship
with the controlling shareholder), unless the votes cast by such shareholders against the election did not exceed 2% of our aggregate
voting rights. External directors serve for up to three terms of three years each, and our audit committee and board of directors may
nominate them for additional terms under certain circumstances. Even if an external director is not nominated by our board of directors
for re-election for a second or third term, shareholders holding at least 1% of our voting rights have the right to nominate the external
director for reelection. In such a case, the reelection can be approved by a majority of the votes cast by non-controlling shareholders
and shareholders who do not have a personal interest in the election (excluding a personal interest that did not result from the shareholder’s
relationship with the controlling shareholder) and the votes cast by such shareholders approving the election exceed 2% of our aggregate
voting rights. A term of an external director may be terminated