Company: BWAY
Filing Date: 2025-04-22
Form Type: F-3
Source: 0001171843-25-002378
Chunk: 21

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: F-3
Chunk 21
---
 by a person holding 25% or more of any type of controlling means of the acquiring company, the merger
will not be approved if a majority of the shareholders of the target company attending and voting at the meeting at which the merger is
considered (without taking into account, for that purpose, the shares held by the acquiring company or by a person holding 25% or more
of any type of controlling means of the acquiring company) object to and do not vote in favor of the merger. If a person holds 25% or
more of any type of controlling means of more than one merging company, the same provisions shall apply with regard to the shareholders’
vote with respect to each such company. Upon the request of a creditor of either party to the proposed merger, the court may delay or
prevent the merger if the court concludes that there exists a reasonable concern that as a result of the merger the surviving company
will be unable to satisfy the target company’s obligations. Furthermore, a merger may not close unless at least 30 days have passed
from the time that the general meeting of each of the merging companies was held and at least 50 days have passed from the date on which
the merger proposal was sent to the Israeli Registrar of Companies.

Anti-takeover Measures

The Israeli Companies Law allows us to
create and issue shares having rights different from those attached to our Ordinary Shares, including shares providing certain preferred
or additional rights to voting, distributions or other matters and shares having preemptive rights. We do not have any authorized or issued
shares other than Ordinary Shares. In the future, if we do create and issue a class of shares other than Ordinary Shares, such class of
shares, depending on the specific rights that may be attached to them, may delay or prevent a takeover or otherwise prevent our shareholders
from realizing a potential premium over the market value of their Ordinary Shares. The authorization of a new class of shares will require
an amendment to our articles of association which requires the prior approval of a majority of the shares represented and voting at a
general meeting.

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<div align='center'>DESCRIPTION OF AMERICAN DEPOSITARY SHARES</div>

A description of the ADSs, each of which represents
two of our Ordinary Shares, can be found in Item 12.D. and Exhibit 2.3 to our Annual Report on Form 20-F for the year ended December 31,
2024, filed with the SEC on April 21, 2025.

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